Detailed financial statements for ArcelorMittal S.A. (MT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
ArcelorMittal S.A. and its subsidiaries operate as a comprehensive, globally integrated steel production and mining enterprise, with operations spanning Europe, North and South America, Asia, and Africa. The firm's core steel offerings encompass a wide array of items.
Analysis Summary
ArcelorMittal S.A. reported revenue of $61.35B in the most recent fiscal year, growing at a 5-year CAGR of 2.9%.
Trailing-twelve-month margins: gross margin 9.6%, operating margin 4.3%, net margin 2.9%. Free cash flow grew at -22.1% CAGR over 5 years.
At $59.81 (closing price, October 30, 2026), MT trades at a P/E of 25.34 and an ROE of 3.31%. Market capitalisation stands at $45.1B, placing it among large-cap names.
Balance sheet quality for MT: debt-to-equity ratio of 0.26, current ratio of 1.43 over the last 12 months, net debt of $7.93B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $471.0M represents 15% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $56.79B | $68.68B | $76.03B | $70.61B | $53.27B | $76.57B | $79.84B | $68.28B | $62.44B | $61.35B |
| Cost of Revenue | $50.43B | $60.88B | $67.03B | $66.96B | $48.62B | $57.52B | $65.88B | $62.50B | $56.65B | $55.45B |
| Gross Profit | $6.36B | $7.80B | $9.01B | $3.65B | $4.64B | $19.05B | $13.96B | $5.78B | $5.79B | $5.91B |
| Research & Development | $239.0M | $278.0M | $290.0M | $301.0M | $245.0M | $270.0M | $286.0M | $299.0M | $285.0M | 0 |
| Selling, General & Admin | $1.96B | $2.09B | $2.18B | 0 | $2.10B | $1.98B | 0 | 0 | $2.48B | 0 |
| Operating Expenses | $2.20B | $2.37B | $2.47B | $4.28B | $2.54B | $2.07B | $3.69B | $3.44B | $2.48B | $2.28B |
| Operating Income | $4.16B | $5.43B | $6.54B | -$627.0M | $2.11B | $16.98B | $10.27B | $2.34B | $3.31B | $3.63B |
| EBITDA | $7.09B | $8.41B | $9.77B | $3.96B | $5.26B | $19.15B | $14.23B | $5.81B | $6.06B | $5.91B |
| Interest Expense | $1.17B | $879.0M | $687.0M | $695.0M | $477.0M | $357.0M | $401.0M | $715.0M | $510.0M | $296.9M |
| Pre-tax Income | $2.72B | $5.01B | $4.98B | -$1.93B | $1.09B | $18.02B | $11.26B | $1.26B | $2.92B | $3.60B |
| Income Tax | $986.0M | $432.0M | -$349.0M | $459.0M | $1.67B | $2.46B | $1.72B | $238.0M | $1.53B | $359.0M |
| Net Income | $1.78B | $4.57B | $5.15B | -$2.45B | -$733.0M | $14.96B | $9.30B | $919.0M | $1.34B | $3.15B |
| EPS | $1.86 | $4.48 | $5.07 | -$2.36 | -$0.64 | $13.53 | $10.21 | $1.09 | $1.70 | $4.13 |
| EPS (Diluted) | $1.86 | $4.46 | $5.04 | -$2.36 | -$0.64 | $13.49 | $10.18 | $1.09 | $1.69 | $4.11 |
| Shares Outstanding (Diluted) | 955.0 M | 1,024.0 M | 1,021.0 M | 1,013.0 M | 1,140.0 M | 1,108.0 M | 914.0 M | 845.0 M | 791.0 M | 766.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $15.66B | $14.97B | $15.46B | $16.76B |
| Gross Profit | $1.38B | $1.39B | $1.50B | $1.05B |
| Operating Income | $544.0M | $327.0M | $753.0M | $1.05B |
| EBITDA | $1.32B | $2.33B | $1.60B | $2.78B |
| Net Income | $377.0M | $177.0M | $575.0M | $683.0M |
| EPS | $0.49 | $0.23 | $0.76 | $0.90 |
| EPS (Diluted) | $0.49 | $0.23 | $0.75 | $0.89 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.50B | $2.57B | $2.17B | $4.75B | $5.57B | $4.21B | $9.30B | $7.69B | $6.40B | $5.48B |
| Short-term Investments | 0 | 0 | 0 | $246.0M | $393.0M | 0 | 0 | 0 | 0 | 0 |
| Receivables | $3.56B | $4.67B | $5.43B | $5.25B | $4.19B | $7.08B | $6.21B | $5.20B | $5.66B | $3.48B |
| Inventory | $14.73B | $17.99B | $20.74B | $17.30B | $12.33B | $19.86B | $20.09B | $18.76B | $16.50B | $18.59B |
| Total Current Assets | $22.25B | $26.75B | $32.48B | $28.62B | $27.97B | $34.94B | $37.12B | $33.24B | $29.38B | $30.61B |
| Property, Plant & Equipment | $34.83B | $36.97B | $35.64B | $36.23B | $30.62B | $30.07B | $30.17B | $33.66B | $33.31B | $41.04B |
| Goodwill | $5.25B | $5.29B | $4.99B | $5.10B | $3.99B | $3.93B | $3.77B | $3.91B | $3.60B | 0 |
| Intangible Assets | $403.0M | $443.0M | $742.0M | $328.0M | $320.0M | $494.0M | $1.14B | $1.19B | $848.0M | $5.25B |
| Total Assets | $75.14B | $85.30B | $91.25B | $87.91B | $82.05B | $90.51B | $94.55B | $93.92B | $89.39B | $97.70B |
| Accounts Payable | $11.63B | $13.43B | $13.98B | $12.61B | $11.53B | $14.66B | $13.17B | $13.61B | $12.63B | $13.01B |
| Short-term Debt | $1.89B | $2.71B | $3.10B | $2.87B | $2.51B | $1.72B | $2.35B | $2.10B | $2.57B | $2.74B |
| Total Current Liabilities | $18.11B | $21.41B | $23.45B | $21.29B | $22.67B | $24.17B | $22.40B | $21.77B | $21.82B | $22.52B |
| Long-term Debt | $11.32B | $9.73B | $8.96B | $10.61B | $10.02B | $5.80B | $8.24B | $7.43B | $7.96B | $10.67B |
| Total Liabilities | $42.82B | $44.44B | $47.14B | $47.42B | $42.66B | $39.17B | $38.96B | $37.85B | $38.10B | $41.17B |
| Retained Earnings | $16.05B | $20.64B | $25.61B | $22.88B | $22.10B | $36.70B | $45.44B | $46.26B | $47.25B | 0 |
| Total Equity | $30.14B | $38.79B | $42.09B | $38.52B | $37.44B | $49.11B | $53.15B | $53.96B | $49.22B | $54.47B |
| Total Debt | $13.67B | $12.93B | $12.48B | $14.34B | $13.16B | $8.40B | $11.65B | $10.68B | $11.56B | $13.41B |
| Net Debt | $11.17B | $10.35B | $10.31B | $9.35B | $7.20B | $4.19B | $2.35B | $3.00B | $5.16B | $7.93B |
| Working Capital | $4.13B | $5.33B | $9.02B | $7.33B | $5.31B | $10.77B | $14.72B | $11.47B | $7.56B | $8.09B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $5.73B | $5.48B | $4.36B | $4.90B |
| Total Assets | $98.77B | $97.70B | $98.27B | $99.15B |
| Total Liabilities | $42.09B | $41.17B | $41.06B | $42.33B |
| Total Equity | $54.60B | $54.47B | $55.19B | $54.82B |
| Total Debt | $14.87B | $13.41B | $13.68B | $14.42B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.78B | $4.57B | $5.15B | -$2.39B | -$578.0M | $15.56B | $9.54B | $1.02B | $1.38B | $3.24B |
| Depreciation & Amortization | $2.72B | $2.77B | $2.80B | $3.07B | $2.96B | $2.52B | $2.58B | $2.67B | $2.63B | $2.94B |
| Stock-based Compensation | 0 | $31.0M | $31.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$1.75B | -$2.83B | -$4.34B | $2.09B | $932.0M | -$7.08B | -$615.0M | $1.71B | -$185.0M | -$267.0M |
| Operating Cash Flow | $2.71B | $4.56B | $4.20B | $6.02B | $4.08B | $9.90B | $10.20B | $7.64B | $4.85B | $4.81B |
| Capital Expenditure | -$2.44B | -$2.82B | -$3.31B | -$3.57B | -$2.44B | -$3.01B | -$3.47B | -$4.61B | -$4.41B | -$4.34B |
| Acquisitions | $1.21B | $22.0M | $246.0M | -$487.0M | $358.0M | -$43.0M | -$939.0M | -$2.34B | 0 | -$169.0M |
| Stock Repurchased | 0 | 0 | -$226.0M | -$90.0M | -$500.0M | -$5.17B | -$2.94B | -$1.21B | -$1.30B | -$262.0M |
| Dividends Paid | -$61.0M | -$141.0M | -$15.1M | -$203.0M | -$181.0M | -$312.0M | -$332.0M | -$369.0M | -$393.0M | -$421.0M |
| Free Cash Flow | $264.0M | $1.74B | $891.0M | $2.44B | $1.64B | $6.90B | $6.74B | $3.03B | $447.0M | $471.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $751.0M | $3.72B | -$9.0M | $952.9M |
| Capital Expenditure | -$1.24B | -$2.46B | -$1.27B | -$2.38B |
| Free Cash Flow | -$486.0M | $1.27B | -$1.28B | -$1.42B |
| Dividends Paid | 0 | -$161.9M | -$114.0M | -$300.3M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.9% | +10.7% | -7.1% | -24.6% | +43.7% | +4.3% | -14.5% | -8.5% | -1.7% | |
| Net Income Growth (YoY) | +156.8% | +12.7% | -147.7% | +70.1% | +2,140.4% | -37.8% | -90.1% | +45.7% | +135.4% | |
| EPS Growth (YoY) | +140.9% | +13.2% | -146.5% | +72.9% | +2,214.1% | -24.5% | -89.3% | +56.0% | +142.9% | |
| Shares Change (YoY) | +7.2% | -0.3% | -0.8% | +12.5% | -2.8% | -17.5% | -7.5% | -6.4% | -3.2% | |
| FCF Growth (YoY) | +560.6% | -48.9% | +174.4% | -32.8% | +319.8% | -2.3% | -55.0% | -85.3% | +5.4% | |
| Gross Margin | 11.2% | 11.4% | 11.8% | 5.2% | 8.7% | 24.9% | 17.5% | 8.5% | 9.3% | 9.6% |
| Operating Margin | 7.3% | 7.9% | 8.6% | -0.9% | 4.0% | 22.2% | 12.9% | 3.4% | 5.3% | 5.9% |
| EBITDA Margin | 12.5% | 12.2% | 12.9% | 5.6% | 9.9% | 25.0% | 17.8% | 8.5% | 9.7% | 9.6% |
| Net Margin | 3.1% | 6.7% | 6.8% | -3.5% | -1.4% | 19.5% | 11.7% | 1.3% | 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% |
| Effective Tax Rate | 36.2% | 8.6% | -7.0% | -23.8% | 153.1% | 13.6% | 15.3% | 18.9% | 52.7% | 10.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.28 | $1.70 | $0.87 | $2.41 | $1.44 | $6.22 | $7.37 | $3.59 | $0.57 | $0.61 |
| Dividends Per Share | $0.06 | $0.14 | $0.01 | $0.20 | $0.16 | $0.28 | $0.36 | $0.44 | $0.50 | $0.55 |
| Shares Outstanding (Basic) | 953.0 M | 1,020.0 M | 1,015.0 M | 1,013.0 M | 1,140.0 M | 1,105.0 M | 911.0 M | 842.0 M | 788.0 M | 763.0 M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | 3.31% |
| Return on Invested Capital | 3.02% |
| Return on Assets | 1.83% |
| Gross Margin | 9.58% |
| Operating Margin | 4.26% |
| Net Margin | 2.88% |
Financial Health
| Debt / Equity | 0.26 |
| Current Ratio | 1.43 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.36 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 11.77 | 7.61 | 4.08 | -7.43 | -35.78 | 2.35 | 2.57 | 26.05 | 13.61 | 11.03 |
| P/B | 0.69 | 0.90 | 0.50 | 0.46 | 0.70 | 0.72 | 0.45 | 0.44 | 0.37 | 0.64 |
| P/S | 0.37 | 0.51 | 0.28 | 0.25 | 0.49 | 0.46 | 0.30 | 0.35 | 0.29 | 0.57 |
| Gross Margin | 11.2% | 11.4% | 11.8% | 5.2% | 8.7% | 24.9% | 17.5% | 8.5% | 9.3% | 9.6% |
| Operating Margin | 7.3% | 7.9% | 8.6% | -0.9% | 4.0% | 22.2% | 12.9% | 3.4% | 5.3% | 5.9% |
| Net Margin | 3.1% | 6.7% | 6.8% | -3.5% | -1.4% | 19.5% | 11.7% | 1.3% | 2.1% | 5.1% |
Related companies: STLD · NUE · PKX · GGB · TX
Explore sector: Basic Materials · Steel
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