ArcelorMittal
ArcelorMittal’s revenue for fiscal 2025 (year ended December 2025) was $61.4 billion, down 1.74% from fiscal 2024. In the quarter to June 2026, revenue grew 5.24%, EPS fell 61.7%, free cash flow fell 126.6% and total debt rose 5.02%, each against the same quarter a year earlier.
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ArcelorMittal (MT) Altman Z-score
ArcelorMittal's Altman Z-score for fiscal 2025 is 1.78, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.78 | 0.19 |
| FY2024 | 1.58 | (0.16) |
| FY2023 | 1.74 | (0.39) |
| FY2022 | 2.14 | (0.30) |
| FY2021 | 2.43 | 1.21 |
| FY2020 | 1.23 | 0.06 |
| FY2019 | 1.17 | (0.40) |
| FY2018 | 1.57 | (0.03) |
| FY2017 | 1.60 | 0.39 |
| FY2016 | 1.21 | 0.52 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.08 | — | 0.10 | |
| Retained earnings / total assets | 0.30 | — | 0.42 | |
| EBIT / total assets | 0.04 | — | 0.12 | |
| Market value of equity / total liabilities | 0.84 | — | 0.51 | |
| Sales / total assets | 0.63 | — | 0.63 | |
| Altman Z-score | Distress zone | 1.78 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.21 | ||
Z and Z″ put ArcelorMittal in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SIM Grupo Simec, S.A. de C.V. compare | 6.7× |
| RS Reliance, Inc. compare | 5.9× |
| STLD Steel Dynamics, Inc. compare | 5.0× |
| NUE Nucor Corporation compare | 4.4× |
| GGB Gerdau S.A. compare | 2.6× |
| TX Ternium S.A. compare | 2.4× |
| PKX POSCO Holdings Inc. compare | 2.0× |
| MT ArcelorMittal | 1.8× |
| CLF Cleveland-Cliffs Inc. compare | 1.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets