Arcelormittal key statistics and ratios

In fiscal 2025, Arcelormittal had return on equity of 6.1%, an operating margin of 5.9%, debt equal to 24.6% of equity and a current ratio of 1.36. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Arcelormittal: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	−2.5%	11.2%	11.4%	11.8%	2.4%	7.8%	25.1%	15.7%	6.9%	9.3%	7.1%
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%
Return on equity	−28.8%	6.2%	13.3%	12.7%	−6.1%	−1.9%	34.2%	18.2%	1.7%	2.6%	6.1%
Return on assets	—	2.4%	5.7%	5.8%	−2.7%	−0.9%	17.3%	10.1%	1.0%	1.5%	3.4%
Asset turnover	—	0.76	0.86	0.86	0.79	0.63	0.89	0.86	0.72	0.68	0.66
Current ratio	—	1.23	1.25	1.38	1.34	1.23	1.45	1.66	1.53	1.35	1.36
Debt to equity	0.0%	41.4%	33.3%	29.7%	37.2%	32.2%	17.1%	21.9%	19.8%	23.5%	24.6%
Interest cover (operating income ÷ interest)	n/m	3.6x	6.2x	9.5x	n/m	4.4x	47.6x	25.6x	3.3x	6.5x	6.3x
Effective tax rate	—	36.3%	8.6%	−7.0%	—	—	13.6%	15.3%	18.9%	52.7%	10.0%
R&D as % of revenue	0.4%	0.4%	0.4%	0.4%	0.4%	0.5%	0.4%	0.4%	0.4%	0.5%	0.5%
Dividends ÷ net income	—	3.4%	3.1%	4.3%	—	—	3.8%	7.1%	57.8%	43.3%	17.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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Figures from Arcelormittal's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Arcelormittal.