NYSE : MT
ArcelorMittal S.A. — Financial statements
Materials · Steel · Luxembourg
Last price 59.81 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 45.13B
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Financial statements
ArcelorMittal S.A. (MT) reported revenue of 62.85B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 62.85B | 61.35B | 62.44B | 68.28B | 79.84B | 76.57B |
| Cost of Revenue | 57.19B | 56.77B | 56.32B | 62.50B | 65.88B | 57.52B |
| Gross Profit | 5.66B | 4.58B | 6.12B | 5.78B | 13.96B | 19.05B |
| Selling, General & Admin | 3.08B | 2.91B | 2.68B | 2.64B | 2.02B | 2.15B |
| Research & Development | 6.00M | 286.00M | 270.00M | |||
| Operating Expenses | 3.08B | 2.91B | 2.68B | 2.64B | 2.31B | 2.42B |
| Operating Income | 2.58B | 1.67B | 3.44B | 3.13B | 11.65B | 16.62B |
| Interest Expense | -725.00M | -577.00M | -510.00M | -715.00M | -401.00M | -357.00M |
| Interest & Investment Income | 281.00M | 281.00M | 400.00M | 570.00M | 188.00M | 79.00M |
| Earnings From Equity Investments | 826.00M | 806.00M | 779.00M | 1.18B | 1.32B | 2.20B |
| Currency Exchange Gain (Loss) | -257.00M | 256.00M | -565.00M | -48.00M | 191.00M | -155.00M |
| Other Non Operating Income (Expenses) | -336.00M | -360.00M | -297.00M | -423.00M | -261.00M | -204.00M |
| EBT Excluding Unusual Items | 2.37B | 2.07B | 3.25B | 3.70B | 12.69B | 18.19B |
| Merger & Restructuring Charges | -2.00M | -2.00M | -220.00M | -7.00M | -55.00M | |
| Impairment of Goodwill | -194.00M | |||||
| Gain (Loss) on Sale of Investments | -83.00M | -123.00M | -1.41B | |||
| Asset Writedown | -204.00M | -204.00M | -116.00M | -844.00M | -1.53B | 218.00M |
| Legal Settlements | -163.00M | |||||
| Other Unusual Items | 1.86B | 100.00M | -167.00M | |||
| Pretax Income | 2.08B | 3.60B | 2.92B | 1.26B | 11.26B | 18.02B |
| Income Tax Expense | 216.00M | 359.00M | 1.53B | 238.00M | 1.72B | 2.46B |
| Earnings From Continuing Operations | 1.86B | 3.24B | 1.38B | 1.02B | 9.54B | 15.56B |
| Minority Interest in Earnings | -48.00M | -91.00M | -41.00M | -103.00M | -236.00M | -609.00M |
| Net Income | 1.81B | 3.15B | 1.34B | 919.00M | 9.30B | 14.96B |
| Net Income to Common | 1.81B | 3.15B | 1.34B | 919.00M | 9.30B | 14.96B |
| Shares Outstanding (Basic) | 761.00M | 763.00M | 788.00M | 842.00M | 911.00M | 1.10B |
| Shares Outstanding (Diluted) | 764.00M | 766.00M | 791.00M | 845.00M | 914.00M | 1.11B |
| EPS (Basic) | 2.38 | 4.13 | 1.70 | 1.09 | 10.21 | 13.53 |
| EPS (Diluted) | 2.37 | 4.11 | 1.69 | 1.09 | 10.18 | 13.49 |
| Free Cash Flow | -159.00M | 471.00M | 447.00M | 3.03B | 6.74B | 6.90B |
| Free Cash Flow Per Share | -0.21 | 0.61 | 0.56 | 3.59 | 7.37 | 6.22 |
| Dividend Per Share | 0.60 | 0.60 | 0.55 | 0.50 | 0.44 | 0.38 |
| Gross Margin | 9.00% | 7.46% | 9.80% | 8.46% | 17.48% | 24.88% |
| Operating Margin | 4.10% | 2.72% | 5.52% | 4.59% | 14.60% | 21.71% |
| Profit Margin | 2.88% | 5.14% | 2.14% | 1.35% | 11.65% | 19.53% |
| Free Cash Flow Margin | -0.25% | 0.77% | 0.72% | 4.44% | 8.43% | 9.01% |
| EBITDA | 5.45B | 4.37B | 5.85B | 5.81B | 14.23B | 19.15B |
| EBITDA Margin | 8.67% | 7.13% | 9.37% | 8.51% | 17.83% | 25.01% |
| D&A For EBITDA | 2.87B | 2.71B | 2.40B | 2.67B | 2.58B | 2.52B |
| EBIT | 2.58B | 1.67B | 3.44B | 3.13B | 11.65B | 16.62B |
| EBIT Margin | 4.10% | 2.72% | 5.52% | 4.59% | 14.60% | 21.71% |
| Effective Tax Rate | 10.41% | 9.97% | 52.66% | 18.89% | 15.25% | 13.65% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.85B | 5.39B | 6.40B | 7.69B | 9.30B | 4.21B |
| Cash & Short-Term Investments | 4.85B | 5.39B | 6.40B | 7.69B | 9.30B | 4.21B |
| Accounts Receivable | 4.51B | 3.48B | 3.38B | 3.66B | 3.84B | 5.14B |
| Other Receivables | 1.51B | 1.67B | 1.53B | 1.64B | 1.38B | |
| Receivables | 4.51B | 4.99B | 5.05B | 5.20B | 5.48B | 6.52B |
| Inventory | 19.28B | 18.59B | 16.50B | 18.76B | 20.09B | 19.86B |
| Prepaid Expenses | 3.16B | 954.00M | 610.00M | 658.00M | 732.00M | 566.00M |
| Restricted Cash | 50.00M | 84.00M | 84.00M | 97.00M | 114.00M | 156.00M |
| Other Current Assets | 140.00M | 598.00M | 741.00M | 844.00M | 1.40B | 3.63B |
| Total Current Assets | 31.99B | 30.61B | 29.38B | 33.24B | 37.12B | 34.94B |
| Property, Plant & Equipment | 41.40B | 41.04B | 33.31B | 33.66B | 30.17B | 30.07B |
| Long-Term Investments | 10.22B | 10.75B | 11.72B | 10.59B | 11.88B | 11.46B |
| Goodwill | 4.27B | 3.60B | 3.91B | 3.77B | 3.93B | |
| Other Intangible Assets | 5.46B | 986.00M | 848.00M | 1.19B | 1.14B | 494.00M |
| Long-Term Deferred Tax Assets | 8.56B | 8.86B | 8.94B | 9.47B | 8.55B | 8.15B |
| Other Long-Term Assets | 1.52B | 1.20B | 1.58B | 1.86B | 1.92B | 1.46B |
| Total Assets | 99.15B | 97.70B | 89.39B | 93.92B | 94.55B | 90.51B |
| Accounts Payable | 12.93B | 13.01B | 12.92B | 13.61B | 13.53B | 15.09B |
| Accrued Expenses | 5.32B | 3.43B | 2.85B | 3.23B | 3.12B | 3.58B |
| Short-Term Debt | 1.43B | 1.12B | 1.02B | 980.00M | 1.02B | 888.00M |
| Current Portion of Long-Term Debt | 1.08B | 1.41B | 1.55B | 1.12B | 1.34B | 836.00M |
| Current Portion of Leases | 185.00M | 214.00M | 182.00M | 207.00M | 228.00M | 189.00M |
| Current Income Taxes Payable | 455.00M | 547.00M | 480.00M | 297.00M | 318.00M | 1.27B |
| Current Unearned Revenue | 94.00M | 88.00M | 109.00M | 67.00M | 63.00M | |
| Other Current Liabilities | 993.00M | 2.70B | 2.74B | 2.22B | 2.78B | 2.25B |
| Total Current Liabilities | 22.39B | 22.52B | 21.82B | 21.77B | 22.40B | 24.17B |
| Long-Term Debt | 10.82B | 9.70B | 7.96B | 7.43B | 8.24B | 5.80B |
| Long-Term Leases | 910.00M | 967.00M | 852.00M | 939.00M | 828.00M | 691.00M |
| Pension & Post-Retirement Benefits | 2.43B | 2.53B | 2.34B | 2.74B | 2.61B | 3.77B |
| Long-Term Deferred Tax Liabilities | 2.33B | 2.29B | 2.34B | 2.43B | 2.67B | 2.37B |
| Other Long-Term Liabilities | 3.45B | 3.16B | 2.78B | 2.54B | 2.22B | 2.37B |
| Total Liabilities | 42.33B | 41.17B | 38.10B | 37.85B | 38.96B | 39.17B |
| Common Stock | 275.00M | 275.00M | 303.00M | 303.00M | 312.00M | 350.00M |
| Additional Paid-In Capital | 25.26B | 25.25B | 27.19B | 27.18B | 28.65B | 31.80B |
| Retained Earnings | 50.74B | 49.92B | 47.25B | 46.26B | 45.44B | 36.70B |
| Treasury Stock | -841.00M | -355.00M | -2.12B | -849.00M | -1.90B | -2.19B |
| Comprehensive Income & Other | -20.61B | -20.62B | -23.41B | -18.94B | -19.36B | -17.56B |
| Total Common Equity | 54.82B | 54.47B | 49.22B | 53.96B | 53.15B | 49.11B |
| Minority Interest | 2.00B | 2.07B | 2.06B | 2.11B | 2.44B | 2.24B |
| Shareholders' Equity | 56.82B | 56.54B | 51.29B | 56.07B | 55.59B | 51.34B |
| Total Liabilities & Equity | 99.15B | 97.70B | 89.39B | 93.92B | 94.55B | 90.51B |
| Total Debt | 14.42B | 13.41B | 11.56B | 10.68B | 11.65B | 8.40B |
| Net Cash (Debt) | -9.57B | -8.02B | -5.16B | -3.00B | -2.35B | -4.19B |
| Net Cash Per Share | -12.53 | -10.47 | -6.53 | -3.54 | -2.57 | -3.78 |
| Filing Date Shares Outstanding | 754.04M | 761.13M | 768.55M | 819.27M | 805.34M | 910.89M |
| Total Common Shares Outstanding | 754.04M | 761.13M | 768.55M | 819.27M | 805.34M | 910.89M |
| Working Capital | 9.60B | 8.09B | 7.56B | 11.47B | 14.72B | 10.77B |
| Book Value Per Share | 72.70 | 71.56 | 64.05 | 65.86 | 66.00 | 53.91 |
| Tangible Book Value | 49.36B | 49.21B | 44.77B | 48.86B | 48.25B | 44.68B |
| Tangible Book Value Per Share | 65.46 | 64.66 | 58.25 | 59.64 | 59.91 | 49.05 |
| Land | 12.78B | 10.05B | 10.85B | 9.48B | 10.12B | |
| Machinery | 44.23B | 33.45B | 35.97B | 34.13B | 35.35B | |
| Construction In Progress | 8.57B | 8.35B | 7.34B | 5.89B | 4.53B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.81B | 3.15B | 1.34B | 919.00M | 9.30B | 14.96B |
| Depreciation & Amortization | 3.12B | 2.94B | 2.63B | 2.67B | 2.58B | 2.52B |
| Loss (Gain) From Sale of Assets | 33.00M | 63.00M | 1.47B | -104.00M | ||
| Asset Writedown & Restructuring Costs | 10.00M | 204.00M | 116.00M | 1.04B | 1.03B | -218.00M |
| Loss (Gain) From Sale of Investments | 83.00M | 123.00M | 1.41B | |||
| Loss (Gain) on Equity Investments | -826.00M | -806.00M | -779.00M | -1.18B | -1.32B | -2.20B |
| Other Operating Activities | 547.00M | -838.00M | 1.93B | -400.00M | -363.00M | 2.16B |
| Change in Accounts Receivable | 597.00M | 597.00M | -192.00M | 307.00M | 1.13B | -2.54B |
| Change in Inventory | 820.00M | 820.00M | 238.00M | 1.57B | -2.06B | -8.65B |
| Change in Accounts Payable | -942.00M | -942.00M | 56.00M | -271.00M | -294.00M | 4.78B |
| Change in Other Net Operating Assets | -557.00M | -510.00M | -491.00M | 119.00M | 198.00M | -795.00M |
| Operating Cash Flow | 4.70B | 4.81B | 4.85B | 7.64B | 10.20B | 9.90B |
| Capital Expenditures | -4.86B | -4.34B | -4.41B | -4.61B | -3.47B | -3.01B |
| Sale of Property, Plant & Equipment | 100.00M | 100.00M | 568.00M | 718.00M | 95.00M | 105.00M |
| Cash Acquisitions | -127.00M | 47.00M | -184.00M | -2.52B | -939.00M | -25.00M |
| Divestitures | 23.00M | -10.00M | 254.00M | -4.00M | ||
| Investment in Securities | 438.00M | -225.00M | -952.00M | 487.00M | -32.00M | 2.60B |
| Other Investing Activities | -365.00M | -427.00M | -125.00M | -170.00M | -139.00M | -8.00M |
| Investing Cash Flow | -4.59B | -4.55B | -4.99B | -5.85B | -4.48B | -340.00M |
| Short-Term Debt Issued | 32.00M | 257.00M | 218.00M | 434.00M | 287.00M | |
| Long-Term Debt Issued | 2.11B | 2.23B | 134.00M | 3.89B | 147.00M | |
| Total Debt Issued | 2.92B | 2.14B | 2.48B | 352.00M | 4.33B | 434.00M |
| Short-Term Debt Repaid | -2.36B | -1.19B | -1.67B | -1.04B | -1.66B | |
| Long-Term Debt Repaid | -654.00M | -264.00M | -269.00M | -160.00M | -3.93B | |
| Lease Payments | -247.00M | -234.00M | -203.00M | -253.00M | -160.00M | -199.00M |
| Total Debt Repaid | -2.36B | -3.01B | -1.46B | -1.94B | -1.20B | -5.59B |
| Net Debt Issued (Repaid) | 555.00M | -874.00M | 1.03B | -1.59B | 3.12B | -5.16B |
| Repurchase of Common Stock | -483.00M | -262.00M | -1.30B | -1.21B | -2.94B | -5.17B |
| Common Dividends Paid | -439.00M | -421.00M | -393.00M | -369.00M | -332.00M | -312.00M |
| Other Financing Activities | -235.00M | -209.00M | -15.00M | -502.00M | -331.00M | -260.00M |
| Financing Cash Flow | -602.00M | -1.77B | -680.00M | -3.67B | -477.00M | -10.90B |
| Foreign Exchange Rate Adjustments | -24.00M | 504.00M | -471.00M | 255.00M | -158.00M | -55.00M |
| Miscellaneous Cash Flow Adjustments | 6.00M | -3.00M | 3.00M | |||
| Net Cash Flow | -510.00M | -1.01B | -1.29B | -1.61B | 5.08B | -1.39B |
| Free Cash Flow | -159.00M | 471.00M | 447.00M | 3.03B | 6.74B | 6.90B |
| Free Cash Flow Margin | -0.25% | 0.77% | 0.72% | 4.44% | 8.43% | 9.01% |
| Free Cash Flow Per Share | -0.21 | 0.61 | 0.56 | 3.59 | 7.37 | 6.22 |
| Levered Free Cash Flow | -779.12M | -2.18B | 2.29B | 1.52B | 6.65B | 3.46B |
| Unlevered Free Cash Flow | -326.00M | -1.82B | 2.61B | 1.97B | 6.90B | 3.68B |
| Free Cash Flow After Leases | -406.00M | 237.00M | 244.00M | 2.78B | 6.58B | 6.70B |
| Cash Interest Paid | 821.00M | 828.00M | 799.00M | 788.00M | 440.00M | 479.00M |
| Cash Income Tax Paid | 663.00M | 633.00M | 763.00M | 977.00M | 2.94B | 2.13B |
| Change in Working Capital | -82.00M | -35.00M | -389.00M | 1.72B | -1.02B | -7.20B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 46.38B | 34.91B | 18.24B | 23.78B | 21.43B | 29.17B |
| Enterprise Value | 57.69B | 46.13B | 25.87B | 30.45B | 28.28B | 35.13B |
| Last Close Price | 59.81 | 45.31 | 22.69 | 27.40 | 24.91 | 29.88 |
| PE Ratio | 26.43 | 11.07 | 13.62 | 25.88 | 2.30 | 1.95 |
| PS Ratio | 0.72 | 0.57 | 0.29 | 0.35 | 0.27 | 0.38 |
| PB Ratio | 0.79 | 0.62 | 0.36 | 0.42 | 0.39 | 0.57 |
| P/TBV Ratio | 0.91 | 0.71 | 0.41 | 0.49 | 0.44 | 0.65 |
| P/FCF Ratio | 74.12 | 40.80 | 7.84 | 3.18 | 4.23 | |
| P/OCF Ratio | 9.61 | 7.26 | 3.76 | 3.11 | 2.10 | 2.94 |
| EV/Sales Ratio | 0.90 | 0.75 | 0.41 | 0.45 | 0.35 | 0.46 |
| EV/EBITDA Ratio | 10.36 | 10.55 | 4.42 | 5.24 | 1.99 | 1.83 |
| EV/EBIT Ratio | 21.91 | 27.67 | 7.51 | 9.71 | 2.43 | 2.11 |
| EV/FCF Ratio | 97.93 | 57.87 | 10.04 | 4.20 | 5.09 | |
| Debt / Equity Ratio | 0.25 | 0.24 | 0.23 | 0.19 | 0.21 | 0.16 |
| Debt / EBITDA Ratio | 2.53 | 2.91 | 1.90 | 1.84 | 0.82 | 0.44 |
| Debt / FCF Ratio | 28.47 | 25.87 | 3.52 | 1.73 | 1.22 | |
| Net Debt / Equity Ratio | 0.17 | 0.14 | 0.10 | 0.05 | 0.04 | 0.08 |
| Net Debt / EBITDA Ratio | 1.76 | 1.83 | 0.88 | 0.52 | 0.17 | 0.22 |
| Net Debt / FCF Ratio | -60.21 | 17.02 | 11.55 | 0.99 | 0.35 | 0.61 |
| Asset Turnover | 0.64 | 0.66 | 0.68 | 0.72 | 0.86 | 0.89 |
| Inventory Turnover | 2.98 | 3.24 | 3.19 | 3.22 | 3.30 | 3.57 |
| Quick Ratio | 0.42 | 0.46 | 0.52 | 0.59 | 0.66 | 0.44 |
| Current Ratio | 1.43 | 1.36 | 1.35 | 1.53 | 1.66 | 1.45 |
| Return on Equity (ROE) | 3.28% | 6.02% | 2.57% | 1.83% | 17.84% | 33.99% |
| Return on Assets (ROA) | 1.63% | 1.11% | 2.35% | 2.08% | 7.87% | 12.04% |
| Return on Invested Capital (ROIC) | 3.47% | 2.48% | 2.82% | 4.35% | 17.41% | 28.02% |
| Return on Capital Employed (ROCE) | 3.40% | 2.20% | 5.10% | 4.30% | 16.20% | 25.10% |
| Earnings Yield | 3.78% | 9.03% | 7.34% | 3.86% | 43.40% | 51.27% |
| FCF Yield | -0.35% | 1.35% | 2.45% | 12.75% | 31.43% | 23.64% |
| Dividend Yield | 0.83% | 1.31% | 2.32% | 1.72% | 1.65% | 1.19% |
| Payout Ratio | 21.99% | 13.36% | 29.35% | 40.15% | 3.57% | 2.09% |
| Buyback Yield / Dilution | 1.16% | 3.16% | 6.39% | 7.55% | 17.51% | 2.81% |
| Total Shareholder Return | 1.98% | 4.47% | 8.71% | 9.27% | 19.16% | 3.99% |