Tearsheet

ArcelorMittal (MT)

Market Price (10/17/2025): $38.78 | Market Cap: $29.6 Bil
Sector: Materials | Industry: Steel

ArcelorMittal (MT)

Market Price (10/17/2025): $38.78
Market Cap: $29.6 Bil
Sector: Materials
Industry: Steel

Investment Highlights

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -2.0%
1	Attractive cash flow generation CFO LTM is 4.9 Bil
2	Low stock price volatility Vol 12M is 41%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%
1	Attractive cash flow generation CFO LTM is 4.9 Bil
2	Low stock price volatility Vol 12M is 41%
3	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -2.0%

Market Valuation & Key Metrics

Valuation
Key Metrics

	10/17/25	2024	2023	2022	2021
Share Price CYE	$38.78	$22.93	$27.59	$25.02	$29.95
Market Cap CYE ($ Bil)	29.6	17.7	22.8	21.7	30.8
Total Debt ($ Bil)	13.7	11.6	10.7	11.7	8.4
Total Cash ($ Bil)	5.4	6.4	7.7	9.3	4.2
Enterprise Value ($ Bil)	37.9	29.3	33.5	33.4	39.2
Valuation Ratios
P/S TTM	0.5	0.3	0.3	0.3	0.5
P/EBIT TTM	12.9	5.3	12.1	2.0	1.9
P/E TTM	11.8	13.6	26.0	2.6	2.4
Sector Ratios
P/S TTM (Sector)	1.6	1.2	1.3	1.1	1.5
P/EBIT TTM (Sector)	6.8	6.3	6.6	4.8	5.7
P/E TTM (Sector)	4.3	5.5	7.5	4.6	7.1

	10/17/25	2024	2023
Share Price CYE	$38.78	$22.93	$27.59
Market Cap CYE ($ Bil)	29.6	17.7	22.8
Total Debt ($ Bil)	13.7	11.6	10.7
Total Cash ($ Bil)	5.4	6.4	7.7
Enterprise Value ($ Bil)	37.9	29.3	33.5
Valuation Ratios
P/S TTM	0.5	0.3	0.3
P/EBIT TTM	12.9	5.3	12.1
P/E TTM	11.8	13.6	26.0
Sector Ratios
P/S TTM (Sector)	1.6	1.2	1.3
P/EBIT TTM (Sector)	6.8	6.3	6.6
P/E TTM (Sector)	4.3	5.5	7.5

	MT	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	60.6
Rev Chg Q	-2.0%	6.2%
Rev Chg LTM	-4.8%	5.2%
Rev Chg 3Y Avg	-10.6%	5.4%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	1.9
Op Mgn LTM	3.1%	18.6%
CFO LTM ($ Bil)	4.9
CFO/Rev LTM	8.1%	20.3%
Net Inc LTM ($ Bil)	2.5
Net Inc Mgn	4.1%	12.7%
VALUATION	MODERATE
P/S	0.5	3.3
P/CFO	6.0	15.9
P/FCF	32.7	20.8
P/E	11.8	24.0
STABILITY	GOOD
Debt/Equity	0.46	0.21
Cash/Assets	0.05	0.07

MT Stock

Return (1M):

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MT Return	31%	40%	-16%	10%	-17%	69%	127%
Peers Return	18%	48%	-7%	9%	-31%	15%	41%
S&P 500 Return	16%	27%	-19%	24%	23%	13%	103%
Monthly Win Rates [3]
MT Win Rate	67%	58%	50%	42%	42%	100%
Peers Win Rate	33%	46%	37%	49%	47%	58%
S&P 500 Win Rate	58%	75%	42%	67%	75%	67%
Max Drawdowns [4]
MT Max Drawdown	-60%	-8%	-37%	-17%	-25%	-6%
Peers Max Drawdown	-33%	-5%	-33%	-13%	-36%	-29%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: NUE, STLD, CLF, HLP, HUDI. See MT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/16/2025 (YTD)

Downturns Compared

Unique Key	Event	MT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-46.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	87.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	1098 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-61.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	159.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	251 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-66.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	194.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	2240 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-85.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	571.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1480 days

How Low Can It Go?

ArcelorMittal's stock fell -46.8% during the 2022 Inflation Shock from a high on 1/13/2022. A -46.8% loss requires a 87.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Interactive Breakdown

ArcelorMittal Interactive Breakdown Analysis

Better Bets than ArcelorMittal (MT)

	MT	Better Performance than MT
Metric	Value	Industry (Steel)
Rev Chg LTM	-4.8%	RS (-3.9%), CRS (4.3%), CMC (-1.6%), NWPX (5.8%), MSB (0.2%)
Rev Chg 3Y Avg	-10.6%	NUE (-10.4%), STLD (-8.2%), RS (-6.9%), CRS (17.1%), CLF (-7.9%)
Op Mgn LTM	3.1%	NUE (7.0%), STLD (8.2%), RS (7.3%), CRS (18.3%), CMC (6.7%)
CFO/Rev LTM	8.1%	NUE (10.2%), STLD (9.1%), RS (9.0%), CRS (15.3%), CMC (9.2%)
FCF/Rev LTM	1.5%	RS (6.1%), CRS (9.9%), CMC (4.0%), METC (1.7%), AMR (7.3%)
Total Yield	8.4%	WS (10.1%), SXC (16.4%), MSB (23.0%)

	MT	Better Performance than MT
Metric	Value	Sector (Materials)
Rev Chg LTM	-4.8%	LIN (1.3%), NEM (38.4%), SCCO (23.2%), AEM (28.5%), SHW (0.3%)
Rev Chg 3Y Avg	-10.6%	LIN (0.6%), NEM (20.6%), SCCO (3.3%), AEM (28.4%), SHW (3.7%)
Op Mgn LTM	3.1%	LIN (26.9%), NEM (39.1%), SCCO (49.4%), AEM (41.8%), SHW (15.8%)
CFO/Rev LTM	8.1%	LIN (29.8%), NEM (41.7%), SCCO (37.5%), AEM (47.3%), SHW (13.3%)
FCF/Rev LTM	1.5%	LIN (15.2%), NEM (25.9%), SCCO (28.0%), AEM (26.1%), SHW (9.3%)
Total Yield	8.4%	VALE (11.0%), NTR (8.8%), LYB (13.6%), CF (12.2%), AA (11.5%)

	MT	Better Performance than MT
Metric	Value	All Other Sectors
Rev Chg LTM	-4.8%	NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg	-10.6%	NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM	3.1%	NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM	8.1%	NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM	1.5%	NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), AMZN (2.0%)
Total Yield	8.4%	XOM (10.1%), BABA (38.2%), UNH (9.0%), WFC (9.5%), CVX (9.8%)

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	MT Dip Buy Analysis
2	ArcelorMittal (MT) Valuation Ratios Comparison	Financials
3	ArcelorMittal Total Shareholder Return (TSR): -16.9% in 2024 and -8.5% 3-yr compounded annual returns (below peer average)
4	Why You Shouldn?t Be Buying ArcelorMittal Stock	Buy or Fear
5	ArcelorMittal (MT) Operating Cash Flow Comparison	Financials
6	ArcelorMittal (MT) Net Income Comparison	Financials
7	ArcelorMittal (MT) Operating Income Comparison	Financials
8	ArcelorMittal (MT) Revenue Comparison	Financials
9	Fundamental Metrics: ...
10	Arcelor Mittal (MT) Stock Has 55% Chance Of Rise In The Next One Month
11	ARTICLES
12	Buy Or Fear ArcelorMittal Stock?		September 9th, 2025
13	Mid Cap Stocks Trading At 52-Week High		July 12th, 2025
14	Is ArcelorMittal Stock Still A Strong Bet?		June 18th, 2025
15	Why Are ArcelorMittal’s Net Margins So Low?		May 15th, 2025
16	Why Is ArcelorMittal Stock Up 50% In Six Months?		March 10th, 2025

	Title
0	DASHBOARDS
1	Buy Or Fear ArcelorMittal Stock?
2	Mid Cap Stocks Trading At 52-Week High
3	Is ArcelorMittal Stock Still A Strong Bet?
4	Why Are ArcelorMittal’s Net Margins So Low?
5	Why Is ArcelorMittal Stock Up 50% In Six Months?
6	ARTICLES
7	MT Dip Buy Analysis
8	ArcelorMittal (MT) Valuation Ratios Comparison
9	ArcelorMittal Total Shareholder Return (TSR): -16.9% in 2024 and -8.5% 3-yr compounded annual returns (below peer average)
10	Why You Shouldn?t Be Buying ArcelorMittal Stock
11	ArcelorMittal (MT) Operating Cash Flow Comparison
12	ArcelorMittal (MT) Net Income Comparison
13	ArcelorMittal (MT) Operating Income Comparison
14	ArcelorMittal (MT) Revenue Comparison
15	Fundamental Metrics: ...
16	Arcelor Mittal (MT) Stock Has 55% Chance Of Rise In The Next One Month

Trade Ideas

Select past ideas related to MT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
AXTA_9302025_Dip_Buyer_FCFYield	09302025	AXTA	Axalta Coating Systems	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.0%	-3.0%	-7.8%
GPK_9302025_Dip_Buyer_ValueBuy	09302025	GPK	Graphic Packaging	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-12.2%	-12.2%	-12.2%
FCX_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	FCX	Freeport-McMoRan	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	6.7%	6.7%	-0.9%
KWR_7312025_Dip_Buyer_FCFYield	07312025	KWR	Quaker Houghton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.0%	14.0%	0.0%
TGLS_6302025_Quality_Momentum_RoomToRun_10%	06302025	TGLS	Tecnoglass	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-19.5%	-19.5%	-19.6%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
AXTA_9302025_Dip_Buyer_FCFYield	09302025	AXTA	Axalta Coating Systems	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.0%	-3.0%	-7.8%
GPK_9302025_Dip_Buyer_ValueBuy	09302025	GPK	Graphic Packaging	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-12.2%	-12.2%	-12.2%
FCX_9302025_Monopoly_xInd_xCD_Getting_Cheaper	09302025	FCX	Freeport-McMoRan	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	6.7%	6.7%	-0.9%
KWR_7312025_Dip_Buyer_FCFYield	07312025	KWR	Quaker Houghton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	14.0%	14.0%	0.0%
TGLS_6302025_Quality_Momentum_RoomToRun_10%	06302025	TGLS	Tecnoglass	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-19.5%	-19.5%	-19.6%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	183.7%	111.4%
2	JBHT	JB Hunt Transport Services	22.1%	0.3%
3	PSNL	Personalis	20.5%	77.9%
4	GRAL	GRAIL	14.4%	384.1%
5	GTLB	GitLab	10.6%	-14.3%
6	KYIV	Kyivstar	9.3%
7	HL	Hecla Mining	7.6%	211.0%
8	TFIN	Triumph Financial	7.1%	-43.6%
9	TFII	TFI International	7.1%	-28.3%
10	RAPT	RAPT Therapeutics	7.0%	128.9%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	AIV	Apartment Investment & Management	-29.3%	-8.6%
2	LAC	Lithium Americas	-21.7%	148.8%
3	IIIN	Insteel Industries	-19.2%	12.6%
4	BITF	Bitfarms	-18.4%	254.4%
5	BKSY	BlackSky Technology	-17.6%	141.5%
6	EOSE	Eos Energy Enterprises	-15.5%	217.9%
7	USAR	USA Rare Earth	-15.3%	95671.8%
8	SLDP	Solid Power	-15.2%	219.6%
9	LAR	Lithium Argentina	-14.9%
10	RGTI	Rigetti Computing	-14.9%	214.4%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	197.1%	111.4%
2	NVTS	Navitas Semiconductor	95.4%	337.8%
3	MVST	Microvast	41.0%	209.2%
4	EXK	Endeavour Silver	33.7%	177.3%
5	BE	Bloom Energy	32.8%	418.2%
6	FLNC	Fluence Energy	31.4%	23.3%
7	BITF	Bitfarms	26.6%	254.4%
8	ASM	Avino Silver & Gold Mines	26.6%	635.5%
9	BTDR	Bitdeer Technologies	26.2%	19.4%
10	POWI	Power Integrations	25.4%	-22.8%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	BNT	Brookfield Wealth Solutions	-34.9%	15.4%
2	BN	Brookfield	-34.8%	15.5%
3	SOC	Sable Offshore	-33.2%	-42.7%
4	SRRK	Scholar Rock	-28.2%	-31.9%
5	ALAB	Astera Labs	-27.4%	23.5%
6	VG	Venture Global	-27.4%
7	AIV	Apartment Investment & Management	-27.0%	-8.6%
8	TLRY	Tilray Brands	-26.7%	15.8%
9	ONDS	Ondas	-21.8%	220.3%
10	BBBY	Bed Bath & Beyond	-21.6%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	WOLF	Wolfspeed	1092.6%	387.1%
2	QURE	uniQure	323.7%	239.7%
3	PRAX	Praxis Precision Medicines	269.5%	111.4%
4	FLNC	Fluence Energy	163.2%	23.3%
5	NVTS	Navitas Semiconductor	142.0%	337.8%
6	SES	SES AI	141.5%	43.4%
7	CLPT	ClearPoint Neuro	137.1%	64.4%
8	LAC	Lithium Americas	126.7%	148.8%
9	GRAL	GRAIL	125.5%	384.1%
10	UAMY	United States Antimony	124.3%	609.6%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	SOC	Sable Offshore	-46.4%	-42.7%
2	FLY	Firefly Aerospace	-35.3%
3	VG	Venture Global	-34.5%
4	ALAB	Astera Labs	-34.4%	23.5%
5	LDI	loanDepot	-34.2%	47.1%
6	PGY	Pagaya Technologies	-34.0%	198.2%
7	OPEN	Opendoor Technologies	-30.4%	344.4%
8	USNA	Usana Health Sciences	-30.2%	-41.3%
9	UPST	Upstart	-29.9%	-22.4%
10	UP	Wheels Up Experience	-29.7%	-6.7%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	183.7%	111.4%
2	JBHT	JB Hunt Transport Services	22.1%	0.3%
3	PSNL	Personalis	20.5%	77.9%
4	GRAL	GRAIL	14.4%	384.1%
5	GTLB	GitLab	10.6%	-14.3%
6	KYIV	Kyivstar	9.3%
7	HL	Hecla Mining	7.6%	211.0%
8	TFIN	Triumph Financial	7.1%	-43.6%
9	TFII	TFI International	7.1%	-28.3%
10	RAPT	RAPT Therapeutics	7.0%	128.9%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	AIV	Apartment Investment & Management	-29.3%	-8.6%
2	LAC	Lithium Americas	-21.7%	148.8%
3	IIIN	Insteel Industries	-19.2%	12.6%
4	BITF	Bitfarms	-18.4%	254.4%
5	BKSY	BlackSky Technology	-17.6%	141.5%
6	EOSE	Eos Energy Enterprises	-15.5%	217.9%
7	USAR	USA Rare Earth	-15.3%	95671.8%
8	SLDP	Solid Power	-15.2%	219.6%
9	LAR	Lithium Argentina	-14.9%
10	RGTI	Rigetti Computing	-14.9%	214.4%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	197.1%	111.4%
2	NVTS	Navitas Semiconductor	95.4%	337.8%
3	MVST	Microvast	41.0%	209.2%
4	EXK	Endeavour Silver	33.7%	177.3%
5	BE	Bloom Energy	32.8%	418.2%
6	FLNC	Fluence Energy	31.4%	23.3%
7	BITF	Bitfarms	26.6%	254.4%
8	ASM	Avino Silver & Gold Mines	26.6%	635.5%
9	BTDR	Bitdeer Technologies	26.2%	19.4%
10	POWI	Power Integrations	25.4%	-22.8%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	BNT	Brookfield Wealth Solutions	-34.9%	15.4%
2	BN	Brookfield	-34.8%	15.5%
3	SOC	Sable Offshore	-33.2%	-42.7%
4	SRRK	Scholar Rock	-28.2%	-31.9%
5	ALAB	Astera Labs	-27.4%	23.5%
6	VG	Venture Global	-27.4%
7	AIV	Apartment Investment & Management	-27.0%	-8.6%
8	TLRY	Tilray Brands	-26.7%	15.8%
9	ONDS	Ondas	-21.8%	220.3%
10	BBBY	Bed Bath & Beyond	-21.6%

Peer Comparisons for ArcelorMittal

Financials

	MT	NUE	STLD	CLF	HLP	HUDI	Median
Name	ArcelorM.	Nucor	Steel Dy.	Clevelan.	Hongli	Huadi In.
Mkt Price	38.78	132.66	142.65	13.56	1.47	1.32	26.17
Mkt Cap	29.6	30.6	21.2	6.7	-	-	25.4
Rev LTM	60,634	30,806	17,148	18,457	-	-	24,631
Op Inc LTM	1,889	2,143	1,399	-1,588	-	-	1,644
FCF LTM	904	-385	-107	-1,482	-	-	-246
FCF 3Y Avg	2,006	3,115	1,251	337	-	-	1,629
CFO LTM	4,941	3,130	1,561	-862	-	-	2,345
CFO 3Y Avg	6,391	5,842	2,819	1,030	-	-	4,331

Growth & Margins

	MT	NUE	STLD	CLF	HLP	HUDI	Median
Name	ArcelorM.	Nucor	Steel Dy.	Clevelan.	Hongli	Huadi In.
Rev Chg LTM	-4.8%	-5.8%	-5.5%	-12.1%	-	-	-5.6%
Rev Chg 3Y Avg	-10.6%	-10.4%	-8.2%	-7.9%	-	-	-9.3%
Rev Chg Q	-2.0%	4.7%	-1.5%	-3.1%	-	-	-1.7%
QoQ Delta Rev Chg LTM	-0.5%	1.2%	-0.4%	-0.8%	-	-	-0.5%
Op Mgn LTM	3.1%	7.0%	8.2%	-8.6%	-	-	5.0%
Op Mgn 3Y Avg	3.6%	13.9%	14.7%	-1.3%	-	-	8.8%
QoQ Delta Op Mgn LTM	-1.6%	-0.0%	-1.1%	-2.3%	-	-	-1.3%
CFO/Rev LTM	8.1%	10.2%	9.1%	-4.7%	-	-	8.6%
CFO/Rev 3Y Avg	9.6%	17.0%	14.8%	4.6%	-	-	12.2%
FCF/Rev LTM	1.5%	-1.2%	-0.6%	-8.0%	-	-	-0.9%
FCF/Rev 3Y Avg	2.9%	8.7%	6.3%	1.2%	-	-	4.6%

Valuation

	MT	NUE	STLD	CLF	HLP	HUDI	Median
Name	ArcelorM.	Nucor	Steel Dy.	Clevelan.	Hongli	Huadi In.
Mkt Cap	29.6	30.6	21.2	6.7	-	-	25.4
P/S	0.5	1.0	1.2	0.4	-	-	0.7
P/EBIT	12.9	14.0	15.3	-4.2	-	-	13.5
P/E	11.8	23.6	20.3	-4.0	-	-	16.1
P/CFO	6.0	9.8	13.6	-7.8	-	-	7.9
Total Yield	8.4%	5.9%	6.3%	-24.8%	-	-	6.1%
Dividend Yield	0.0%	1.7%	1.4%	0.0%	-	-	0.7%
FCF Yield 3Y Avg	8.9%	7.7%	6.7%	-2.5%	-	-	7.2%
D/E	0.5	0.2	0.2	1.2	-	-	0.3
Net D/E	0.3	0.1	0.2	1.1	-	-	0.2

Returns

	MT	NUE	STLD	CLF	HLP	HUDI	Median
Name	ArcelorM.	Nucor	Steel Dy.	Clevelan.	Hongli	Huadi In.
1M Rtn	11.6%	-6.8%	2.5%	15.7%	45.5%	-10.2%	7.0%
3M Rtn	19.0%	-5.4%	9.2%	44.4%	127.3%	2.3%	14.1%
6M Rtn	43.7%	21.0%	21.5%	85.8%	42.7%	-9.0%	32.1%
12M Rtn	64.3%	-12.5%	11.6%	3.9%	19.5%	-40.3%	7.7%
3Y Rtn	88.4%	13.6%	86.4%	-8.9%	-	-95.5%	13.6%
1M Excs Rtn	12.3%	-7.2%	4.2%	19.7%	45.1%	-13.0%	8.2%
3M Excs Rtn	14.2%	-10.6%	3.5%	37.8%	121.6%	-1.4%	8.8%
6M Excs Rtn	19.7%	-2.9%	-3.0%	63.2%	29.9%	-35.9%	8.4%
12M Excs Rtn	48.1%	-24.8%	-1.8%	-9.2%	0.8%	-59.3%	-5.5%
3Y Excs Rtn	11.5%	-68.1%	3.9%	-96.4%	-	-179.9%	-68.1%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/1/2025	3/10/2025	2/28/2024	3/8/2023	3/11/2022	3/8/2021	3/3/2020
Key Financials
Total Revenue	60,634	62,441	68,275	79,844	76,571	53,270	70,615
EBITDA	5,004	6,057	4,650	14,236	20,905	4,525	1,830
Operating Income	1,889	3,108	2,097	10,221	16,812	1,785	-1,032
Net Income	2,495	1,339	919	9,302	14,956	-733	-2,454
EPS	3.26	1.70	1.09	10.21	13.53	-0.64	-2.42
Growth Rates
Total Revenue Growth	-4.8%	-8.5%	-14.5%	4.3%	43.7%	-24.6%	-7.1%
EBITDA Growth	63.2%	30.3%	-67.3%	-31.9%	362.0%	147.3%	-78.4%
Operating Income Growth	72.0%	48.2%	-79.5%	-39.2%	841.8%	273.0%	-116.7%
Net Income Growth	519.3%	45.7%	-90.1%	-37.8%	2140.4%	70.1%	-147.7%
Margins
EBITDA Margin	8.3%	9.7%	6.8%	17.8%	27.3%	8.5%	2.6%
Operating Income Margin	3.1%	5.0%	3.1%	12.8%	22.0%	3.4%	-1.5%
Net Income Margin	4.1%	2.1%	1.3%	11.7%	19.5%	-1.4%	-3.5%
Cash & Debt
Total Cash	5,358	6,400	7,686	9,300	4,215	5,600	4,867
Total Debt	13,732	11,563	10,681	11,650	8,401	12,322	14,340
Net Debt / (Cash)	8,374	5,163	2,995	2,350	4,186	6,722	9,473
Cash Flows
Net Cash from Operations	4,941	4,852	7,645	10,203	9,905	4,082	6,017
Free Cash from Operations	904	447	3,032	6,735	6,897	1,643	2,445
Returns to Shareholders
Dividends	449	393	369	332	312	181	203
Share Repurchases	672	1,300	1,208	2,937	5,170	500	90

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/1/2025	4/30/2025	3/10/2025	11/7/2024	8/2/2024	5/2/2024	2/28/2024	11/9/2023	7/28/2023	5/4/2023	3/8/2023	11/10/2022
Key Financials Quarterly
Total Revenue	15,926	14,798	14,714	15,196	16,249	16,282	14,552	16,616	18,606	18,501	16,891	18,975
Ebitda	557	1,695	1,448	1,304	1,429	1,876	-2,164	1,926	2,865	2,023	1,088	2,091
Operating Income	74	825	327	663	1,046	1,072	-2,223	1,203	1,925	1,192	-357	1,651
Net Income	1,793	805	-390	287	504	938	-2,966	929	1,860	1,096	261	993
EPS	2.34	1.06	-0.51	0.37	0.63	1.16	-3.57	1.11	2.21	1.28	0.30	1.11
Key Financials TTM
Total Revenue TTM	60,634	60,957	62,441	62,279	63,699	66,056	68,275	70,614	72,973	76,509	79,844	83,759
Ebitda TTM	5,004	5,876	6,057	2,445	3,067	4,503	4,650	7,902	8,067	10,760	14,236	18,690
Operating Income TTM	1,889	2,861	3,108	558	1,098	1,977	2,097	3,963	4,411	6,980	10,221	15,136
Net Income TTM	2,495	1,206	1,339	-1,237	-595	761	919	4,146	4,210	6,273	9,302	13,086
Growth Rates Quarterly
Total Revenue Growth	-2.0%	-9.1%	1.1%	-8.5%	-12.7%	-12.0%	-13.8%	-12.4%	-16.0%	-15.3%	-18.8%	-6.2%
EBITDA Growth	-61.0%	-9.6%	166.9%	-32.3%	-50.1%	-7.3%	-298.9%	-7.9%	-48.5%	-63.2%	-80.4%	-67.2%
Operating Income Growth	-92.9%	-23.0%	114.7%	-44.9%	-45.7%	-10.1%	-522.7%	-27.1%	-57.2%	-73.1%	-107.8%	-69.1%
Net Income Growth	255.8%	-14.2%	86.9%	-69.1%	-72.9%	-14.4%	-1236.4%	-6.4%	-52.6%	-73.4%	-93.5%	-78.5%
Margins Quarterly
EBITDA Margin	3.5%	11.5%	9.8%	8.6%	8.8%	11.5%	-14.9%	11.6%	15.4%	10.9%	6.4%	11.0%
Operating Income Margin	0.5%	5.6%	2.2%	4.4%	6.4%	6.6%	-15.3%	7.2%	10.3%	6.4%	-2.1%	8.7%
Net Income Margin	11.3%	5.4%	-2.7%	1.9%	3.1%	5.8%	-20.4%	5.6%	10.0%	5.9%	1.5%	5.2%
Cash & Debt
Total Cash	5,358	5,319	6,400	5,094	5,838	5,437	7,686	6,289	5,825	6,290	9,300	5,067
Total Debt	13,732	12,047	11,563	11,259	11,127	10,221	10,681	10,543	10,460	11,477	11,650	8,994
Net Debt / (Cash)	8,374	6,728	5,163	6,165	5,289	4,784	2,995	4,254	4,635	5,187	2,350	3,927
Cash Flows Quarterly
FCF from Operations	1,416	-354	2,468	1,411	1,073	-100	3,328	1,281	2,087	949	3,634	1,981
Cash Flows TTM
FCF from Operations TTM	4,941	4,598	4,852	5,712	5,582	6,596	7,645	7,951	8,651	9,118	10,203	10,723
Returns to Shareholders Quarterly
Dividends	256	0	193	0	200	0	184	0	185	0	0	0
Share Repurchases	168	94	133	277	293	597	466	38	227	477	288	649
Return on Invested Capital (ROIC) Quarterly
ROIC	1.9%	5.7%	25.3%	2.2%	32.3%	7.3%	-78.4%	6.3%	58.8%	6.9%	-17.5%	8.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.8%	2.8%	36.6%	0.9%	7.6%	3.4%	17.3%	5.8%	32.2%	11.8%	125.2%	27.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Europe	31,695	39,639	43,334	27,989	37,487
Brazil	13,163	13,732	12,856	5,613	6,980
North America	12,978	13,774	12,530	13,438	18,590
Sustainable solutions	11,467	13,658
Others	5,455	6,397	34	11	71
Mining	3,077	3,396	4,045	1,185	981
India and joint ventures (JVs)	0	0
Elimination	-9,560	-10,752	-6,082	0	0
Africa and Commonwealth of Independent States (ACIS)			9,854	5,034	6,506
Total	68,275	79,844	76,571	53,270	70,615

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
North America	1,917	2,818	2,800	1,684	-1,144
Brazil	1,461	2,775	3,798	777	853
Mining	1,144	1,483	2,371	1,247	1,026
Europe	879	3,521	5,672	-1,439	-1,101
Sustainable solutions	225	778
Elimination	91	105	-142	-100	-7
India and joint ventures (JVs)	0	0
Others	-3,377	-1,208	-228	-268	-285
Africa and Commonwealth of Independent States (ACIS)			2,705	209	31
Total	2,340	10,272	16,976	2,110	-627

Price Behavior

Price Behavior

Market Price	$38.78
Market Cap ($ Bil)	29.6
First Trading Date	08/07/1997
Distance from 52W High	-5.3%
	50 Days	200 Days
DMA Price	$35.33	$30.60
DMA Trend	up	up
Distance from DMA	9.8%	26.7%
	3M	1YR
Volatility	33.7%	41.4%
Downside Capture	142.11	72.38
Upside Capture	200.04	112.98
Correlation (SPY)	52.6%	55.6%

MT Betas & Captures as of 9/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.41	0.98	1.29	1.34	1.11	1.14
Up Beta	3.13	0.93	0.94	1.43	1.39	1.25
Down Beta	1.05	1.47	1.29	1.35	1.11	0.99
Up Capture	165%	127%	157%	130%	91%	146%
Bmk +ve Days	13	23	35	74	144	420
Stock +ve Days	12	23	32	66	124	385
Down Capture	56%	37%	127%	113%	79%	103%
Bmk -ve Days	8	19	29	52	107	330
Stock -ve Days	9	19	31	59	126	364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	9302025
Short Interest: Shares Quantity	2,733,525
Short Interest: % Change Since 9152025	22.4%
Average Daily Volume	1,008,156
Days-to-Cover Short Interest	2.71
Basic Shares Quantity	762,000,000
Short % of Basic Shares	0.4%

Returns Analyses

	Title
0	Arcelor Mittal (MT) Stock Has 48% Chance Of Rise In The Next One Month
1	ArcelorMittal Stock Return Comparison
2	[10/11/2021] Arcelor Mittal (MT) Stock Price Forecast: AI Forecasts MT Stock Price To Be Around $29.10 In A Month (Up 0.5%)

SEC Filings

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Report Date	Filing Date	Filing
6302025	8012025	6-K 6/30/2025
3312025	4302025	6-K 3/31/2025
12312024	3102025	20-F 12/31/2024
9302024	11072024	6-K 9/30/2024
6302024	8022024	6-K 6/30/2024
3312024	5022024	6-K 3/31/2024
12312023	2282024	20-F 12/31/2023
9302023	11092023	6-K 9/30/2023
6302023	7282023	6-K 6/30/2023
3312023	5042023	6-K 3/31/2023
12312022	3082023	20-F 12/31/2022
9302022	11102022	6-K 9/30/2022
6302022	7292022	6-K 6/30/2022
3312022	5052022	6-K 3/31/2022
12312021	3112022	20-F 12/31/2021
9302021	11122021	6-K 9/30/2021

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5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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ArcelorMittal (MT)

Market Price (10/17/2025): $38.78 | Market Cap: $29.6 BilSector: Materials | Industry: Steel

ArcelorMittal (MT)

Market Price (10/17/2025): $38.78Market Cap: $29.6 BilSector: MaterialsIndustry: Steel

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Market Price (10/17/2025): $38.78 | Market Cap: $29.6 Bil
Sector: Materials | Industry: Steel

Market Price (10/17/2025): $38.78
Market Cap: $29.6 Bil
Sector: Materials
Industry: Steel