MT Basic Materials

ArcelorMittal S.A.

$60.42-1.27%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Basic Materials
Industry: Steel
Country: Luxembourg
Market cap: 45.5B USD
Enterprise value: 56.0B USD
Full-time employees: 125,554

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.75 vs a peer median of 0.69) and less short-term liquidity (current ratio 1.36 vs a peer median of 1.76)higher risk: bigger price swings (beta 1.75 vs peers 0.69) and less liquidity (current ratio 1.36 vs peers 1.76)
About average: profitability

Ranks #705 of 1,217 basic materials companies (bottom 43%)

See how it ranks against its peers

Worth knowing

Profit isn't fully turning into cash. Free cash flow is only 15% of reported profit.
Free cash flow is only 15% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.
Investment surge. Capital spending 7.1% of revenue, up from 4.3% in 2022.
ArcelorMittal is spending 7.1% of revenue on facilities and equipment, up from 4.3% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.
ArcelorMittal's fiscal-year revenue declined in each of the three years to 2025.
Sales growing faster than profits. Since 2022: revenue −23%, operating profit −65%.
Since 2022, ArcelorMittal's revenue changed −23% while operating profit fell 65%: costs rose faster than sales.

StockQuotient Score

47/ 100

Oct 5 47 → Nov 4 47

Valuation

Is the price right?

60/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ Earnings yield
▲ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield6.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value30% base weight · Z-score 0.88Sector median: 0.0364 · MAD: 0.0364

EBITDA yield11.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value50% base weight · Z-score 0.66Sector median: 0.0854 · MAD: 0.0520

Free cash flow yield1.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.61Sector median: 0.0261 · MAD: 0.0261

Other data (not scored)

Book yield118.4%

SEC filings (IFRS mapped) · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5947 · MAD: 0.3137

Growth

Is it growing?

68/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth137.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 3.89Sector median: 0.0941 · MAD: 0.3300

3-year revenue growth-8.4%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -1.15Sector median: -0.0005 · MAD: 0.0725

Revenue growth-1.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.53Sector median: 0.0335 · MAD: 0.0952

Profitability

Does it earn well?

45/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 44 → 45

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Held back by:

▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin5.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.27Sector median: 0.0757 · MAD: 0.0617

Return on assets3.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.28Sector median: 0.0249 · MAD: 0.0265

Return on invested capital4.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.38Sector median: 0.0675 · MAD: 0.0575

Other data (not scored)

Gross margin7.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.2138 · MAD: 0.1202

Return on equity5.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0537 · MAD: 0.0694

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.75

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.77Sector median: 0.6950 · MAD: 0.2810

Current ratio1.36×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.59Sector median: 1.7610 · MAD: 0.6770

Debt / equity0.25×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.38Sector median: 0.3578 · MAD: 0.2929

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about ArcelorMittal

Is ArcelorMittal getting weaker?: Its latest SEC filing (Mar 6, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.
How is ArcelorMittal valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 60/100 against 1,371 basic materials peers. Earnings yield 6.9% vs a peer median of 3.6% (stronger than 73% of peers).Earnings yield 6.9% vs peers 3.6% (stronger than 73% of peers).
Is ArcelorMittal growing?: Yes, faster than most of its peers. Growth scores 68/100 against 1,371 basic materials peers. Earnings per share growth 137.7% vs a peer median of 9.4% (stronger than 87% of peers).Earnings per share growth 137.7% vs peers 9.4% (stronger than 87% of peers). 3-year revenue growth -8.4% vs a peer median of -0.0% (weaker than 78% of peers).3-year revenue growth -8.4% vs peers -0.0% (weaker than 78% of peers).
How profitable is ArcelorMittal?: About as profitable as its peers. Profitability scores 45/100 against 1,371 basic materials peers. Return on invested capital 4.6% vs a peer median of 6.7% (weaker than 61% of peers).Return on invested capital 4.6% vs peers 6.7% (weaker than 61% of peers).
How risky is ArcelorMittal?: Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Beta 1.75 vs a peer median of 0.69 (weaker than 94% of peers).Beta 1.75 vs peers 0.69 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Mar 6, 2026 · compared with the quarter ended Jun 30, 2025

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	60.6B USD	61.4B USD	+1.2%
Net income (12 months)	2.5B USD	3.2B USD	+26.3%
Operating margin	6.5%	5.9%	−0.6 pts
Free cash flow (12 months)	904.0M USD	471.0M USD	−47.9%
Debt	13.7B USD	13.4B USD	−2.3%
Cash	5.4B USD	5.4B USD	+0.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	25.1%	15.7%	6.9%	9.3%	7.1%	▼ 2.1 pts
Operating margin	22.2%	12.9%	3.4%	5.3%	5.9%	▲ 0.6 pts
Net margin	19.5%	11.7%	1.3%	2.1%	5.1%	▲ 3.0 pts
Return on assets (ROA)	16.5%	9.8%	1.0%	1.5%	3.2%	▲ 1.7 pts
Return on equity (ROE)	30.5%	17.5%	1.7%	2.7%	5.8%	▲ 3.1 pts
Free cash flow margin	9.0%	8.4%	4.4%	0.7%	0.8%	▲ 0.1 pts
Current ratio	1.45×	1.66×	1.53×	1.35×	1.36×	▲ 0.9%
Quick ratio	0.62×	0.76×	0.67×	0.59×	0.53×	▼ 9.6%
Debt to equity	0.17×	0.22×	0.20×	0.23×	0.25×	▲ 4.8%
Interest coverage	47.55×	25.62×	3.27×	6.49×	6.29×	▼ 3.1%

MT price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.75 vs a peer median of 0.69) and less short-term liquidity (current ratio 1.36 vs a peer median of 1.76)higher risk: bigger price swings (beta 1.75 vs peers 0.69) and less liquidity (current ratio 1.36 vs peers 1.76)

About average: profitability

Ranks #705 of 1,217 basic materials companies (bottom 43%)

See how it ranks against its peers

Worth knowing

Profit isn't fully turning into cash. Free cash flow is only 15% of reported profit.

Free cash flow is only 15% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.

Investment surge. Capital spending 7.1% of revenue, up from 4.3% in 2022.

ArcelorMittal is spending 7.1% of revenue on facilities and equipment, up from 4.3% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.

ArcelorMittal's fiscal-year revenue declined in each of the three years to 2025.

Sales growing faster than profits. Since 2022: revenue −23%, operating profit −65%.

Since 2022, ArcelorMittal's revenue changed −23% while operating profit fell 65%: costs rose faster than sales.

Questions investors ask about ArcelorMittal

Is ArcelorMittal getting weaker?

Its latest SEC filing (Mar 6, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.

How is ArcelorMittal valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 60/100 against 1,371 basic materials peers. Earnings yield 6.9% vs a peer median of 3.6% (stronger than 73% of peers).Earnings yield 6.9% vs peers 3.6% (stronger than 73% of peers).

Is ArcelorMittal growing?

Yes, faster than most of its peers. Growth scores 68/100 against 1,371 basic materials peers. Earnings per share growth 137.7% vs a peer median of 9.4% (stronger than 87% of peers).Earnings per share growth 137.7% vs peers 9.4% (stronger than 87% of peers). 3-year revenue growth -8.4% vs a peer median of -0.0% (weaker than 78% of peers).3-year revenue growth -8.4% vs peers -0.0% (weaker than 78% of peers).

How profitable is ArcelorMittal?

About as profitable as its peers. Profitability scores 45/100 against 1,371 basic materials peers. Return on invested capital 4.6% vs a peer median of 6.7% (weaker than 61% of peers).Return on invested capital 4.6% vs peers 6.7% (weaker than 61% of peers).

How risky is ArcelorMittal?

Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings. Beta 1.75 vs a peer median of 0.69 (weaker than 94% of peers).Beta 1.75 vs peers 0.69 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

60.6B USD

61.4B USD

+1.2%

Net income (12 months)

2.5B USD

3.2B USD

+26.3%

Operating margin

6.5%

5.9%

−0.6 pts

Free cash flow (12 months)

904.0M USD

471.0M USD

−47.9%

Debt

13.7B USD

13.4B USD

−2.3%

Cash

5.4B USD

5.4B USD

+0.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

25.1%

15.7%

6.9%

9.3%

7.1%

▼ 2.1 pts

Operating margin

22.2%

12.9%

3.4%

5.3%

5.9%

▲ 0.6 pts

Net margin

19.5%

11.7%

1.3%

2.1%

5.1%

▲ 3.0 pts

Return on assets (ROA)

16.5%

9.8%

1.0%

1.5%

3.2%

▲ 1.7 pts

Return on equity (ROE)

30.5%

17.5%

1.7%

2.7%

5.8%

▲ 3.1 pts

Free cash flow margin

9.0%

8.4%

4.4%

0.7%

0.8%

▲ 0.1 pts

Current ratio

1.45×

1.66×

1.53×

1.35×

1.36×

▲ 0.9%

Quick ratio

0.62×

0.76×

0.67×

0.59×

0.53×

▼ 9.6%

Debt to equity

0.17×

0.22×

0.20×

0.23×

0.25×

▲ 4.8%

Interest coverage

47.55×

25.62×

3.27×

6.49×

6.29×

▼ 3.1%