undamentalytics Newsletter
Sign in

Arcelormittal (MT) stock

Add to watchlist

Add holding +

NYSE: MT NYSE Steel Next results ~November 5, 2026

C+ Fundamentals grade

Arcelormittal is a US-listed company in the steel industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$60

Cash-flow model

Base case. Range ~$41–$84 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 2% above our base value.

Price used: $61.20, November 2, 2026

Arcelormittal valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds147 adding, 152 cuttingOf 36 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Arcelormittal files

Where Arcelormittal stands after its latest Filing

Revenue for the twelve months was $61.4bn, down 1.7% on a year earlier, a smaller fall than the 8.5% decline a quarter earlier. That puts it 13 of 15 for growth among the steel companies we cover. Free-cash-flow margin fell to 3.0% from 9.6% a year earlier. Operating margin narrowed to 5.9% from 22.2%. The diluted share count is down 3.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $59.73 a share, against a share price of $59.81. At that price, our model says the market is pricing in about 2.0% a year of cash-flow growth for five years, close to the 2.9% a year revenue growth it has delivered.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Arcelormittal's trailing-twelve-month revenue fell 1.7% year on year, with a free-cash-flow margin of 3.0%. Where it stands out: days sales outstanding of 21 days ranks 1 of 12 steel companies we cover. Where it lags: revenue growth of -1.7% ranks 13 of 15 steel companies we cover.

Our discounted-cash-flow model values the business at ~$60 per share in the base case (~$41–$84 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 16.1% while net income grew 135.4%: a 151pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 3.2% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 1.7% over the last 12 months.
  • Gross margin slipping. Gross margin is down 2.1 points on a year ago.
  • Weak cash conversion. Free cash flow was 59% of net income over the last 12 months.

Latest results

Earnings per share
$0.89 against an average estimate of $1.09: missed by 18.4%
Next report
November 5, 2026; average EPS estimate $0.94

Arcelormittal's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.3%
  • 1 week+3.0%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$61.4B
Operating margin
5.9%
Net margin
5.1%
EPS (TTM, diluted)
$4.11

Growth

Revenue growth
−1.7%
Change in growth rate
+6.8 pts
Share count change
−3.2%

Cash

Free cash flow (TTM)
$1.9B
FCF margin
3.0%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for MT from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Arcelormittal valuation models and calculator

What the price is pricing in

The share price implies about 2.3% a year of cash-flow growth for five years.That is close to the 2.9% a year revenue growth Arcelormittal has delivered.

  • Priced in2.3%
  • Last 12 months-1.7%
  • 3 years a year-8.4%
  • 5 years a year2.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($61.17, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$60
Price used
$61.17close November 3, 2026
Implied change
▼ 2%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Arcelormittal's free cash flow after stock-based pay with after-tax interest added back ($3.3B, FY2025 Q4 TTM), growing 2% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$41–~$84 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Arcelormittal's free cash flow after stock-based pay ( $3.3B, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Arcelormittal as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.03 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$60 ~$41–$84 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$91 ~$76–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$100 ~$71–$150 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$100 ~$90–$120 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$83 ~$60–$100 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Arcelormittal with Steel in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −34%
  • Revenue growth 5 points higher ▲ +45%
  • Free-cash-flow margin 1 point lower ▼ −36%
  • Last year's free-cash-flow margin change, if it persists ▼ −16%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $50$73$103$143$194$261
8.5% $35$52$73$102$139$186
10% $26$39$56$77$105$141

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $16.9bn and EPS of $0.94 (range $0.91 to $0.98) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.91 +2% $67.2bn +10%
Next $7.10 +82% $73.5bn +9%

Next year's EPS estimate has moved −1.7% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −14.9% on 90 days ago. In the last 30 days, 0 analysts raised Arcelormittal's forecast and 5 cut it.

Consensus EPS forecast Arcelormittal, last 90 days
$3.00 $4.00 $5.00 $6.00 $7.00 $8.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.59 Current fiscal year, 60 days ago: $4.40 Current fiscal year, 30 days ago: $4.32 Current fiscal year, 7 days ago: $3.91 Current fiscal year, Now: $3.91 $3.91 Next fiscal year, 90 days ago: $7.22 Next fiscal year, 60 days ago: $7.31 Next fiscal year, 30 days ago: $7.41 Next fiscal year, 7 days ago: $7.10 Next fiscal year, Now: $7.10 $7.10

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.59$7.22
60 days ago $4.40$7.31
30 days ago $4.32$7.41
7 days ago $3.91$7.10
Now $3.91$7.10

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.09 $0.89 −18.4%
Mar 2026 $0.71 $0.75 +6.1%
Dec 2025 $0.55 $0.86 +56.9%
Sept 2025 $0.55 $0.62 +12.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

8 analysts, Nov 2026
Buy563%
Hold338%
Sell00%

Monthly trend

  1. Nov 20262338
  2. Oct 20262338
  3. Sep 20261337

Counts of recommendations published by analysts covering Arcelormittal, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.3%
of tradable shares
Days to cover
1.03
at average volume
Short interest, 1 month
−15%
to October 15, 2026
Held by institutions
5%
of shares
Held by insiders
0.0%
of shares
Employees
125,554
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Arcelormittal’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Not enough history

There is not enough price history to measure realised volatility.

  • Puts and calls are priced at about the same implied volatility.
  • Why: not enough price history to measure realised volatility.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MT Arcelormittal Grade C+ $61.21

Own 100 shares, sell the $70.00 call expiring December 18, 2026 (46 days) for $1.25 a share — $125 per contract.

Previous session · Bid $1.25, ask $1.45, quoted Mon 2 Nov, 17:30 New York time with MT at $61.21. Option prices move with the shares: check the live chain at your broker before trading.

  • If MT ends below $70.00: you keep your shares and the $125 — 2.0% extra on the position, 16.2% a year at that pace.
  • If it ends above $70.00: your shares are sold at $70.00, a total return of 16.4% including the premium — at or above our value of ~$60.
$1.0k $0 −$1.2k Break-even $59.96 Our value $60.00 Price $61.21
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$125
Annualised
16.2%
Break-even
$59.96
Max gain
$1,004.5
Chance of selling
~25%

Collar

Own the shares, buy the $55.00 put and sell the $70.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.45 a share ($45.00 per contract of 100 shares).
  • Worst case at expiry: -10.9%, if the shares fall below $55.00 (-10.1% from today).
  • Best case at expiry: +13.6%, if the shares rise above $70.00 (+14.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $60.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Arcelormittal in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Arcelormittal
$50B $60B $70B $80B FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY15 Q4: $63.6B Revenue (TTM), FY16 Q4: $56.8B Revenue (TTM), FY17 Q4: $68.7B Revenue (TTM), FY18 Q4: $76B Revenue (TTM), FY19 Q4: $70.6B Revenue (TTM), FY20 Q4: $53.3B Revenue (TTM), FY21 Q4: $76.6B Revenue (TTM), FY22 Q4: $79.8B Revenue (TTM), FY23 Q4: $68.3B Revenue (TTM), FY24 Q4: $62.4B Revenue (TTM), FY25 Q4: $61.4B $61.4B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY15 Q4 $63.6B
FY16 Q4 $56.8B
FY17 Q4 $68.7B
FY18 Q4 $76B
FY19 Q4 $70.6B
FY20 Q4 $53.3B
FY21 Q4 $76.6B
FY22 Q4 $79.8B
FY23 Q4 $68.3B
FY24 Q4 $62.4B
FY25 Q4 $61.4B
Revenue growth, TTM YoY Arcelormittal
-40% -20% 0% 20% 40% 60% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue growth, TTM YoY, FY16 Q4: -10.7% Revenue growth, TTM YoY, FY17 Q4: 20.9% Revenue growth, TTM YoY, FY18 Q4: 10.7% Revenue growth, TTM YoY, FY19 Q4: -7.1% Revenue growth, TTM YoY, FY20 Q4: -24.6% Revenue growth, TTM YoY, FY21 Q4: 43.7% Revenue growth, TTM YoY, FY22 Q4: 4.3% Revenue growth, TTM YoY, FY23 Q4: -14.5% Revenue growth, TTM YoY, FY24 Q4: -8.5% Revenue growth, TTM YoY, FY25 Q4: -1.7% -1.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY16 Q4 -10.7%
FY17 Q4 20.9%
FY18 Q4 10.7%
FY19 Q4 -7.1%
FY20 Q4 -24.6%
FY21 Q4 43.7%
FY22 Q4 4.3%
FY23 Q4 -14.5%
FY24 Q4 -8.5%
FY25 Q4 -1.7%
Operating margin (TTM) Arcelormittal
-10% 0% 10% 20% 30% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY15 Q4: -6.5% Operating margin (TTM), FY16 Q4: 7.3% Operating margin (TTM), FY17 Q4: 7.9% Operating margin (TTM), FY18 Q4: 8.6% Operating margin (TTM), FY19 Q4: -0.9% Operating margin (TTM), FY20 Q4: 4.0% Operating margin (TTM), FY21 Q4: 22.2% Operating margin (TTM), FY22 Q4: 12.9% Operating margin (TTM), FY23 Q4: 3.4% Operating margin (TTM), FY24 Q4: 5.3% Operating margin (TTM), FY25 Q4: 5.9% 5.9%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY15 Q4 -6.5%
FY16 Q4 7.3%
FY17 Q4 7.9%
FY18 Q4 8.6%
FY19 Q4 -0.9%
FY20 Q4 4.0%
FY21 Q4 22.2%
FY22 Q4 12.9%
FY23 Q4 3.4%
FY24 Q4 5.3%
FY25 Q4 5.9%
FCF margin (TTM) Arcelormittal
-5% 0% 5% 10% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY15 Q4: -1.6% FCF margin (TTM), FY16 Q4: -0.0% FCF margin (TTM), FY17 Q4: 2.6% FCF margin (TTM), FY18 Q4: 1.8% FCF margin (TTM), FY19 Q4: 4.2% FCF margin (TTM), FY20 Q4: 2.1% FCF margin (TTM), FY21 Q4: 9.6% FCF margin (TTM), FY22 Q4: 9.5% FCF margin (TTM), FY23 Q4: 7.3% FCF margin (TTM), FY24 Q4: 3.6% FCF margin (TTM), FY25 Q4: 3.0% 3.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY15 Q4 -1.6%
FY16 Q4 -0.0%
FY17 Q4 2.6%
FY18 Q4 1.8%
FY19 Q4 4.2%
FY20 Q4 2.1%
FY21 Q4 9.6%
FY22 Q4 9.5%
FY23 Q4 7.3%
FY24 Q4 3.6%
FY25 Q4 3.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Arcelormittal took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $61.4B
  2. Cost of revenue $57B · 92.9%
  3. Gross profit $4.4B · 7.1%
  4. Research and development $335M · 0.5%
  5. Other operating costs $413M · 0.7%
  6. Operating income $3.6B · 5.9%
  7. Income tax $359M · 0.6%
  8. Net income $3.2B · 5.1%

Shares of revenue. Source: Arcelormittal's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 63.6 56.8 68.7 76.0 70.6 53.3 76.6 79.8 68.3 62.4 61.4
Gross profit −1.6 6.4 7.8 9.0 1.7 4.1 19.2 12.5 4.7 5.8 4.4
EBITDA −1.0 6.9 8.2 9.3 2.4 5.1 19.5 12.9 5.0 5.9 6.6
Operating income −4.2 4.2 5.4 6.5 −0.6 2.1 17.0 10.3 2.3 3.3 3.6
Net income −7.9 1.8 4.6 5.1 −2.5 −0.7 15.0 9.3 0.9 1.3 3.2
Diluted EPS −$10.29 $1.86 $4.46 $5.04 −$2.42 −$0.64 $13.49 $10.18 $1.09 $1.69 $4.11
Growth (year on year)
Revenue — −10.7% +20.9% +10.7% −7.1% −24.6% +43.7% +4.3% −14.5% −8.5% −1.7%
EBITDA — — +19.2% +13.9% −73.9% +107.8% +284.6% −34.1% −61.0% +18.5% +10.6%
Operating income — — +30.6% +20.3% −109.6% — +704.5% −39.5% −77.2% +41.5% +9.6%
Net income — — +156.8% +12.7% −147.7% — — −37.8% −90.1% — +135.4%
Diluted EPS — — +139.8% +13.0% −148.0% — — −24.5% −89.3% — +143.2%
Margins
Gross margin −2.5% 11.2% 11.4% 11.8% 2.4% 7.8% 25.1% 15.7% 6.9% 9.3% 7.1%
EBITDA margin −1.5% 12.1% 11.9% 12.3% 3.5% 9.5% 25.5% 16.1% 7.3% 9.5% 10.7%
Operating margin −6.5% 7.3% 7.9% 8.6% −0.9% 4.0% 22.2% 12.9% 3.4% 5.3% 5.9%
Net margin −12.5% 3.1% 6.7% 6.8% −3.5% −1.4% 19.5% 11.7% 1.3% 2.1% 5.1%
Cash flow
Cash from operations 2.2 2.7 4.6 4.2 6.0 4.1 9.9 10.2 7.6 4.9 4.8
Balance sheet
Cash 4.0 2.5 2.6 2.2 4.9 5.6 4.2 9.3 7.7 6.4 5.4
Total debt 0.0 12.5 12.9 12.5 14.3 12.3 8.4 11.7 10.7 11.6 13.4
Net debt (negative = net cash) −4.0 10.0 10.4 10.3 9.5 6.7 4.2 2.4 3.0 5.2 8.0
Diluted shares 772m 955m 1,024m 1,021m 1,013m 1,140m 1,108m 914m 845m 791m 766m
Returned to shareholders
Dividends 0.4 0.1 0.1 0.2 0.3 0.2 0.6 0.7 0.5 0.6 0.5
Total returned 0.4 0.1 0.1 0.2 0.3 0.2 0.6 0.7 0.5 0.6 0.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · December 31, 2025
What it owns · $97.7bn
Short-term assets $30.6bnLonger-term assets $67.1bn
What it owes, and who funded it · $95.6bn
Short-term liabilities $22.5bnLonger-term liabilities $18.6bnShareholders' equity $54.5bn
  • Short-term assets cover short-term liabilities $30.6bn of assets due within a year against $22.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $30.6bn short-term assets against $18.6bn of longer-dated liabilities.
  • More cash than debt $5.4bn of cash against $13.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 24% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 26% to 24% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.8bn of operating cash flow against $13.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.6bn against $577m of interest.

From Arcelormittal's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$542M
Returned to shareholders
29%
of free cash flow
Diluted share count
−3.2%
year over year
Total shareholder yield
1.2%
dividends 1.2% + buybacks 0.0% of market value
Dividend payout ratio
17%
of net income paid out
R&D spending
0.5%
of revenue
Days sales outstanding
21 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in steel
Last 12 months unless stated MT NUE STLD CLF RS CMC Median
Revenue, last 12 months $61.4bn $36.1bn $22.2bn $20.1bn $17.4bn $9.4bn $5.3bn
Revenue growth, last 12 months −1.7% 17.2% 26.0% 7.8% 24.7% 20.5% 14.2%
Revenue growth, 3-year average — −1.2% 4.6% −2.9% 4.8% 2.2% 2.2%
Revenue growth, latest quarter — 23.0% 34.8% 18.5% 42.8% 25.7% 23.0%
Gross margin 7.1% 15.5% 15.9% 1.5% 31.5% 18.6% 11.2%
Operating margin 5.9% — 11.5% −1.4% 8.8% — 0.5%
Operating margin, 3-year average 12.0% — 10.6% −4.2% 8.5% — 3.6%
Net margin 5.1% 8.0% 8.8% −2.4% 6.4% 7.0% 1.7%
Cash from operations / revenue 7.8% 12.3% 7.6% 0.6% 4.6% 11.3% 4.6%
Free-cash-flow margin 3.0% 4.4% 4.9% −2.4% 2.8% 5.1% 2.8%
Free-cash-flow margin, 3-year average 5.1% 4.4% 3.0% −2.6% 5.0% 5.5% 4.4%
Stock pay / revenue — 0.4% 0.3% 0.7% 0.4% 0.5% 0.4%
Change in share count −3.2% −1.7% −3.4% 14.8% −3.1% −1.9% −0.8%

Median of all 15 companies we cover in steel. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

15 steel companies
Measure Company Peer median Rank
Revenue growth Growth -1.7% 14.2% 13 of 15
Change in growth rate Growth +6.8pp +4.9pp 5 of 15
Gross margin Profitability 7.1% 10.8% 11 of 13
Operating margin Profitability 5.9% 0.1% 4 of 11
Net margin Profitability 5.1% 1.7% 6 of 15
Free-cash-flow margin Cash generation 3.0% 2.8% 7 of 15
Long-term debt as % of assets Balance sheet 10.9% 18.5% 4 of 12
Change in share count Balance sheet -3.2% -0.8% 3 of 15
Days sales outstanding Balance sheet 21 days 52 days 1 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$2.2B
Institutions reporting
318
Shares held vs prior quarter
▲ 29.7%
Positions opened / closed
57 / 39

Top buyers and sellers, Q2 2026: 147 institutions bought and 152 sold ; the biggest buyer was FMR LLC (+9.8M shares) and the biggest seller Bank Of Montreal (−790K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $686M 11.4M 30.5% ▲ 631.4%
Dimensional Fund Advisors LP $196M 3.3M 8.7% ▲ 0.6%
Maple Rock Capital Partners Inc. $132M 2.2M 5.9% ▲ 54.9%
Morgan Stanley $90.6M 1.5M 4.0% ▼ 25.1%
Blackrock, Inc. $88.6M 1.5M 3.9% ▲ 2.9%
Goldman Sachs Group Inc $78.3M 1.3M 3.5% ▼ 1.8%
Castle Hook Partners LP $77.7M 1.3M 3.5% New
Bank Of New York Mellon Corp $56.7M 942K 2.5% ▼ 14.7%
Connor, Clark & Lunn Investment Management Ltd. $56.3M 934K 2.5% ▲ 4.9%
American Century Companies Inc $49.9M 828K 2.2% ▲ 10.9%
Man Group PLC $45.5M 756K 2.0% ▲ 30.8%
Retirement Systems Of Alabama $40.6M 674K 1.8% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Arcelormittal's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 7 trades and filings

No trades in Arcelormittal disclosed in the last 12 months; 7 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded June 24, 2025, filed August 13, 2025
  • Thomas MacArthur(NJ):Sale (full), $15,001 - $50,000, traded December 10, 2018, filed January 11, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Arcelormittal was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Arcelormittal in brief

What does Arcelormittal do?
Arcelormittal is a US-listed company in the steel industry. Its financial year ends in December.
What is Arcelormittal's stock ticker?
Arcelormittal trades under the ticker MT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Arcelormittal's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Arcelormittal reported revenue of $61.4B, 1.7% lower than a year earlier, according to its SEC filings.
What is Arcelormittal's free cash flow?
Arcelormittal's free-cash-flow margin is 3.0% of revenue over the trailing twelve months, ranking 7 of the 15 steel companies we cover.
What is Arcelormittal's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Arcelormittal's free cash flow after stock-based pay gives ~$60 per share in the base case, and ~$41–$84 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Arcelormittal's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Dimensional Fund Advisors LP and Maple Rock Capital Partners Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Arcelormittal pay a dividend?
Yes: Arcelormittal paid $542M in dividends over the trailing twelve months, a dividend yield of 1.16% and a payout ratio of 17.2%.
How much debt does Arcelormittal have?
Arcelormittal's debt-to-equity ratio is 24.2%, from its latest balance sheet (25.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Arcelormittal's competitors?
In our Steel peer group, the companies closest to Arcelormittal are Nucor, Steel Dynamics, Cleveland-cliffs Inc., Reliance, Inc. and Commercial Metals Co. The side-by-side comparison below sets their revenue, margins and growth against Arcelormittal's.
When is Arcelormittal's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Arcelormittal announces its own schedule.