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ArcelorMittal

MT NYSE Steel Financials FY2016–FY2025

ArcelorMittal's revenue fell 1.7% to $61.4 billion in fiscal 2025. Its operating margin was 5.9%, up from 5.3% a year earlier. Free cash flow was $471 million, up 5.4%. It paid out $804 million in dividends and buybacks, 171% of free cash flow. The diluted share count fell 3.2%.

Last close Β· Oct 23, 2026

$59.43

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Revenue Total sales reported in the income statement.
$61.4B
1.7% vs prior year
Operating margin Operating income as a share of revenue.
5.9%
0.6 pts
Net income Profit after all expenses, interest and tax.
$3.2B
135.4%
Free cash flow Cash from operations minus capital spending.
$471M
5.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.4%
2.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$45.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. ArcelorMittal is a foreign company: it files an annual report on Form 20-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.

What ArcelorMittal does

No business description yet.

Legal name
ArcelorMittal
Fiscal year ends
December 31, 2025
Latest annual report
β€”
Accession Β· CIK
0001243429-26-000020
0001243429

Revenue and margins

ArcelorMittal had $61.4B of revenue in fiscal 2025, down 1.7% on the year before.

Revenue
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.2% a year. Loss periods are shown in red.

Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $471M in fiscal 2025, 0.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

ArcelorMittal returned $804M to shareholders in fiscal 2025, 171% of free cash flow. The diluted share count fell 3.2%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably ArcelorMittal can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $4.2B$9.3B$7.7B$6.4B$5.4B
Debt incl. finance leases $8.2B$11.4B$10.5B$11.4B$13.2B
Net debt / EBITDA 0.2x0.2x0.6x0.8x1.2x
Debt / equity 0.2x0.2x0.2x0.2x0.2x
Interest coverage 47.6x25.6x3.3x6.5x6.3x
Current ratio 1.5x1.7x1.5x1.4x1.4x
Quick ratio 0.6x0.8x0.7x0.6x0.5x
Total assets $90.5B$94.5B$93.9B$89.4B$97.7B
Total liabilities $39.2B$39.0B$37.8B$38.1B$41.2B
Shareholders' equity $49.1B$53.2B$54.0B$49.2B$54.5B
Net debt (βˆ’ = net cash) $4.0B$2.1B$2.8B$5.0B$7.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

β€”

$0.0M

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

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive βœ“ βœ“ βœ“
Cash from operations is positive βœ“ βœ“ βœ“
Return on assets rose βœ• βœ“ βœ“
Cash from operations exceeds net income βœ“ βœ“ βœ“
Debt fell relative to assets βœ“ βœ• βœ•
Current ratio rose βœ• βœ• βœ“
Share count didn't rise βœ“ βœ“ βœ“
Gross margin rose βœ• βœ“ βœ•
Revenue rose relative to assets βœ• βœ• βœ“
F-score 5 / 96 / 97 / 9
Accruals ratio βˆ’7.1%βˆ’3.8%βˆ’1.8%
Altman Z'' 4.133.943.90

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
ArcelorMittal MT $45.5B βˆ’1.7% 5.9% 0.8% 5.4% β€” 7
Nucor NUE $59.0B 5.7% β€” βˆ’0.6% 8.6% 20.6x 6 Compare β†’
Cleveland-Cliffs CLF $8.0B βˆ’3.0% βˆ’8.5% βˆ’5.5% βˆ’8.9% β€” 2 Compare β†’
Steel Dynamics STLD $34.7B 3.6% 8.1% 2.8% 10.0% 17.8x 6 Compare β†’
Reliance RS $21.6B 3.3% 7.1% 3.5% 9.4% 27.1x 6 Compare β†’

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $56.8B $68.7B $76.0B $70.6B $53.3B $76.6B $79.8B $68.3B $62.4B $61.4B
Gross profit $6.4B $7.8B $9.0B $1.7B $4.1B $19.2B $12.5B $4.7B $5.8B $4.4B
Research and development $239M $278M $290M $301M $245M $270M $286M $299M $285M $335M
Operating income $4.2B $5.4B $6.5B βˆ’$627M $2.1B $17.0B $10.3B $2.3B $3.3B $3.6B
Interest expense $1.2B $879M $687M $695M $477M $357M $401M $715M $510M $577M
Pretax income $2.7B $5.0B $5.0B βˆ’$1.9B $1.1B $18.0B $11.3B $1.3B $2.9B $3.6B
Income tax $986M $432M βˆ’$349M $459M $1.7B $2.5B $1.7B $238M $1.5B $359M
Net income $1.8B $4.6B $5.1B βˆ’$2.5B βˆ’$733M $15.0B $9.3B $919M $1.3B $3.2B
Diluted EPS $1.86 $4.46 $5.04 βˆ’$2.42 βˆ’$0.64 $13.49 $10.18 $1.09 $1.69 $4.11
Diluted shares 0.96B 1.02B 1.02B 1.01B 1.14B 1.11B 0.91B 0.85B 0.79B 0.77B
Cash flow
Cash from operations $2.7B $4.6B $4.2B $6.0B $4.1B $9.9B $10.2B $7.6B $4.9B $4.8B
Capital expenditure $2.4B $2.8B $3.3B $3.6B $2.4B $3.0B $3.5B $4.6B $4.4B $4.3B
Free cash flow $264M $1.7B $891M $2.4B $1.6B $6.9B $6.7B $3.0B $447M $471M
Depreciation and amortization $2.7B $2.8B $2.8B $3.1B $3.0B $2.5B $2.6B $2.7B $2.6B $2.9B
Stock-based compensation $13.0M $31.0M $0.0M $0.0M $0.0M $0.0M β€” β€” β€” β€”
Acquisitions $7.0M $16.0M $39.0M $46.0M $0.0M $25.0M $939M $2.5B $184M $47.0M
Share buybacks $0.0M $0.0M $0.0M $90.0M $500M $5.2B $2.9B $1.2B $1.3B $262M
Dividends paid $61.0M $141M $220M $332M $181M $572M $663M $531M $580M $542M
Dividends and buybacks $61.0M $141M $220M $422M $681M $5.7B $3.6B $1.7B $1.9B $804M
Balance sheet
Cash and short-term investments $2.5B $2.6B $2.2B $4.9B $5.6B $4.2B $9.3B $7.7B $6.4B $5.4B
Total debt $12.5B $12.9B $12.4B $14.1B $12.1B $8.2B $11.4B $10.5B $11.4B $13.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $22.2B $26.7B $32.5B $28.6B $28.0B $34.9B $37.1B $33.2B $29.4B $30.6B
Current liabilities $18.1B $21.4B $23.5B $21.3B $22.7B $24.2B $22.4B $21.8B $21.8B $22.5B
Inventory $14.7B $18.0B $20.7B $17.3B $12.3B $19.9B $20.1B $18.8B $16.5B $18.6B
Property and equipment, net $34.8B $37.0B $35.6B $36.2B $30.6B $30.1B $30.2B $33.7B $33.3B $41.0B
Total assets $75.1B $85.3B $91.2B $87.9B $82.1B $90.5B $94.5B $93.9B $89.4B $97.7B
Total liabilities $42.8B $44.4B $47.1B $47.4B $41.8B $39.2B $39.0B $37.8B $38.1B $41.2B
Shareholders' equity $30.1B $38.8B $42.1B $38.5B $38.3B $49.1B $53.2B $54.0B $49.2B $54.5B
Margins
Gross margin 11.2% 11.4% 11.9% 2.5% 7.8% 25.1% 15.7% 6.9% 9.3% 7.1%
Operating margin 7.3% 7.9% 8.6% βˆ’0.9% 4.0% 22.2% 12.9% 3.4% 5.3% 5.9%
EBITDA margin 12.1% 11.9% 12.3% 3.5% 9.5% 25.5% 16.1% 7.4% 9.5% 10.7%
Net margin 3.1% 6.7% 6.8% βˆ’3.5% βˆ’1.4% 19.5% 11.7% 1.4% 2.1% 5.1%
FCF margin 0.5% 2.5% 1.2% 3.5% 3.1% 9.0% 8.4% 4.4% 0.7% 0.8%
Returns
Return on capital β€” 10.6% 12.4% βˆ’1.0% 2.2% 28.7% 15.4% 3.3% 2.9% 5.4%
Return on capital employed β€” 9.0% 9.9% βˆ’0.9% 3.4% 27.0% 14.8% 3.2% 4.7% 5.1%
Return on equity β€” 13.3% 12.7% βˆ’6.1% βˆ’1.9% 34.2% 18.2% 1.7% 2.6% 6.1%
Return on assets β€” 5.7% 5.8% βˆ’2.7% βˆ’0.9% 17.3% 10.1% 1.0% 1.5% 3.4%
Growth
Revenue growth βˆ’10.7% 20.9% 10.7% βˆ’7.1% βˆ’24.6% 43.7% 4.3% βˆ’14.5% βˆ’8.5% βˆ’1.7%
Net income growth β€” 156.8% 12.7% βˆ’147.7% β€” β€” βˆ’37.8% βˆ’90.1% 45.7% 135.4%
EPS growth β€” 139.8% 13.0% βˆ’148.0% β€” β€” βˆ’24.5% βˆ’89.3% 55.1% 143.2%
FCF growth β€” 560.6% βˆ’48.9% 174.4% βˆ’32.8% 319.8% βˆ’2.4% βˆ’55.0% βˆ’85.3% 5.4%
Share count change 23.7% 7.2% βˆ’0.3% βˆ’0.8% 12.5% βˆ’2.8% βˆ’17.5% βˆ’7.6% βˆ’6.4% βˆ’3.2%
Financial health
Net debt / EBITDA 1.5x 1.3x 1.1x 3.8x 1.3x 0.2x 0.2x 0.6x 0.8x 1.2x
Debt / equity 0.4x 0.3x 0.3x 0.4x 0.3x 0.2x 0.2x 0.2x 0.2x 0.2x
Interest coverage 3.6x 6.2x 9.5x βˆ’0.9x 4.4x 47.6x 25.6x 3.3x 6.5x 6.3x
Current ratio 1.2x 1.3x 1.4x 1.3x 1.2x 1.5x 1.7x 1.5x 1.4x 1.4x
Quick ratio 0.4x 0.4x 0.5x 0.5x 0.7x 0.6x 0.8x 0.7x 0.6x 0.5x
Capital allocation
Capex / revenue 4.3% 4.1% 4.4% 5.1% 4.6% 3.9% 4.3% 6.8% 7.1% 7.1%
Stock comp / revenue 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% β€” β€” β€” β€”
Payouts / FCF 23.1% 8.1% 24.7% 17.3% 41.5% 83.3% 53.5% 57.4% 420.6% 170.7%
Quality scores
Piotroski F-score β€” β€” 6.0 3.0 5.0 8.0 5.0 5.0 6.0 7.0
Altman Z'' 2.2 2.6 3.0 2.2 2.5 4.7 4.8 4.1 3.9 3.9
Accruals ratio β€” 0.0% 1.1% βˆ’9.5% βˆ’5.7% 5.9% βˆ’1.0% βˆ’7.1% βˆ’3.8% βˆ’1.8%

Source: SEC EDGAR XBRL filings (CIK 0001243429). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β€” not investment advice. Check the original filings before relying on any figure.

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