ArcelorMittal vs Nucor
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KIRA’s take AI analyst
I put ArcelorMittal and Nucor side by side, using each one’s latest annual report. Here is what stands out:
- ArcelorMittal is the larger business, with $61.4B of revenue in fiscal 2025 against $32.5B for Nucor, about 1.9 times as much.
- Nucor grew revenue faster (5.7%, against −1.7%).
- ArcelorMittal turned more of its sales into free cash flow (0.8% FCF margin, against −0.6%).
- Nucor earned a higher return on the capital invested in it (8.6%, against 5.4%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
ArcelorMittal
MT
3/10
FCF marginPiotroski F-scoreShare count change
Nucor
NUE
7/10
Revenue growth5-year growthGross marginNet marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | MT FY25 | NUE FY25 |
|---|---|---|
| Size | ||
| Market cap | $45.5B | $58.8B |
| Revenue | $61.4B | $32.5B |
| Free cash flow | $471M | −$188M |
| Net income | $3.2B | $1.7B |
| Growth | ||
| Revenue growth | −1.7% | 5.7% |
| 5-year growth | 2.9% | 10.0% |
| Share count change | −3.2% | −3.1% |
| Profitability | ||
| Gross margin | 7.1% | 11.9% |
| Operating margin | 5.9% | — |
| Net margin | 5.1% | 5.4% |
| FCF margin | 0.8% | −0.6% |
| Return on capital | 5.4% | 8.6% |
| Return on equity | 6.1% | 8.5% |
| Balance sheet | ||
| Net debt | $7.8B | $4.4B |
| Net debt / EBITDA | 1.2x | 1.0x |
| Dividends and buybacks | $804M | $1.2B |
| Valuation & quality | ||
| P/E | — | 20.5x |
| Piotroski F-score | 7 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.