MT

MKT CAP:$46B

ArcelorMittal S.A.

Market Cap

$46B

Basic Materials·Steel·🇱🇺 Luxembourg·NYSE

Materials·Steel·🇱🇺·NYSE

Stock Price

$59.70+$12.49 (+26.47%)

Apr 24, 2026

Company Details

ArcelorMittal S.A., together with its subsidiaries, operates as integrated steel and mining companies in Europe, North and South America, Asia, and Africa. Its principal steel products include semi-finished flat products, including slabs; f...

CEO

Aditya Mittal

IPO Date

Aug 7, 1997

Website

corporate.arcelormittal.com

Key Metrics TTM

Revenue

$60.6B

-10.5% YoY

Net Income

$1.6B

EPS (Diluted)

$2.13

Free Cash Flow

$301M

Revenue / Share

$79.35

Gross Margin

54.0%

Operating Margin

3.9%

Net Margin

2.7%

FCF Margin

0.5%

P/S

0.8x

P/E

27.8x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Mar 6, 2026

$61.4BEPS $4.11

Q4 2025

Mar 6, 2026

$15.0BEPS $0.23

Q3 2025

Nov 6, 2025

$15.7B+3.0%EPS $0.49

Q1 2025

Apr 30, 2025

$14.8B-9.1%EPS $1.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$19.3B	$18.7B	$4.4B
Q3 21	$20.2B	$19.6B	$5.3B
Q4 21	$20.8B	$4.9B	$4.6B
Q1 22	$21.8B	$21.2B	$4.4B
Q2 22	$22.1B	$21.5B	$4.5B
Q3 22	$19.0B	$18.3B	$1.7B
Q4 22	$16.9B	-$48.5B	-$306M
Q1 23	$18.5B	$1.8B	$1.2B
Q2 23	$18.6B	$17.9B	$1.9B
Q3 23	$16.6B	$16.0B	$1.2B
Q1 24	$16.3B	$16.3B	$1.1B
Q2 24	$16.2B	$16.2B	$1.0B
Q3 24	$15.2B	$15.2B	$663M
Q1 25	$14.8B	$14.8B	$825M
Q3 25	$15.7B	$1.4B	$544M
Q4 25	$15.0B	$1.4B	$327M

Valuation

Quarter	P/S	P/E
Q2 21	0.6x	4.9x
Q3 21	0.5x	2.8x
Q4 21	0.4x	2.1x
Q1 22	0.4x	1.9x
Q2 22	0.3x	1.3x
Q3 22	0.2x	1.3x
Q4 22	0.3x	2.7x
Q1 23	0.3x	4.0x
Q2 23	0.3x	5.4x
Q3 23	0.3x	4.9x
Q1 24	0.3x	4.6x
Q2 24	0.3x	4.2x
Q3 24	0.3x	7.7x
Q1 25	0.4x	8.7x
Q3 25	0.5x	14.2x
Q4 25	0.6x	21.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$2.3B	$1.7B
Q3 21	$2.4B	$1.8B
Q4 21	$4.2B	$3.0B
Q1 22	$2.0B	$1.5B
Q2 22	$2.6B	$1.9B
Q3 22	$2.0B	$1.2B
Q4 22	$3.6B	$2.1B
Q1 23	$949M	$11M
Q2 23	$2.1B	$1.0B
Q3 23	$1.3B	$116M
Q1 24	-$100M	-$1.3B
Q2 24	$973M	-$1.2B
Q3 24	$1.4B	$360M
Q1 25	-$354M	-$1.3B
Q3 25	$751M	-$486M
Q4 25	$3.0B	$1.7B

Capital Expenditures

Quarter	CapEx
Q2 21	$569M
Q3 21	$675M
Q4 21	$1.1B
Q1 22	$529M
Q2 22	$655M
Q3 22	$784M
Q4 22	$1.5B
Q1 23	$938M
Q2 23	$1.1B
Q3 23	$1.2B
Q1 24	$1.2B
Q2 24	$2.2B
Q3 24	$1.1B
Q1 25	$967M
Q3 25	$1.2B
Q4 25	$1.2B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+76.2%	+32.8%
Q3 21	+52.5%	+18.6%
Q4 21	+46.7%	+33.3%
Q1 22	+34.8%	+28.4%
Q2 22	+14.5%	+18.4%
Q3 22	-6.2%	+16.4%
Q4 22	-18.8%	+5.8%
Q1 23	-15.3%	-0.5%
Q2 23	-16.0%	-5.5%
Q3 23	-12.4%	-11.0%
Q1 24	-3.6%	-11.6%
Q2 24	-12.2%	-12.2%
Q3 24	-18.3%	-12.9%
Q1 25	-10.9%	-9.3%
Q3 25	-3.8%	-0.6%
Q4 25	-7.9%	-3.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$35M	0.2%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$38M	0.2%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D
Q4 21	$270M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$5.6B	$0	$5.6B
Q2 22	$4.5B	$0	$4.5B
Q3 22	$5.1B	$0	$5.1B
Q4 22	$9.3B	$0	$9.3B
Q1 23	$6.3B	$0	$6.3B
Q2 23	$5.8B	$0	$5.8B
Q3 23	$6.3B	$0	$6.3B
Q4 23	$7.7B	$0	$7.7B
Q1 24	$5.4B	$0	$5.4B
Q2 24	$5.9B	$0	$5.9B
Q3 24	$5.1B	$0	$5.1B
Q4 24	$6.4B	$0	$6.4B
Q1 25	$5.3B	$0	$5.3B
Q2 25	$5.4B	$0	$5.4B
Q3 25	$5.7B	$0	$5.7B
Q4 25	$5.5B	$0	$5.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	1.16B	-2.2%	+3.4%
Q3 21	1.11B	-3.9%	-9.4%
Q4 21	1.03B	-7.1%	-14.2%
Q1 22	966M	-6.5%	-18.3%
Q2 22	926M	-4.1%	-20.0%
Q3 22	895M	-3.3%	-19.5%
Q4 22	868M	-3.0%	-16.0%
Q1 23	862M	-0.7%	-10.8%
Q2 23	853M	-1.0%	-7.9%
Q3 23	841M	-1.4%	-6.0%
Q1 24	811M	-3.6%	-6.6%
Q2 24	804M	-0.9%	-6.7%
Q3 24	781M	-2.9%	-8.4%
Q1 25	771M	-1.3%	-8.3%
Q3 25	764M	-0.9%	-5.8%
Q4 25	764M	0.0%	-5.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$115.1K	168K
Q3 21	$120.4K	168K
Q4 21	$131.7K	158K
Q1 22	$138.2K	158K
Q2 22	$140.1K	158K
Q3 22	$120.1K	158K
Q4 22	$109.4K	154K
Q1 23	$119.9K	154K
Q2 23	$120.5K	154K
Q3 23	$107.7K	154K
Q1 24	$128.5K	127K
Q2 24	$128.2K	127K
Q3 24	$119.9K	127K
Q1 25	$118.0K	125K
Q3 25	$124.8K	125K
Q4 25	$119.2K	126K

Revenue / Employee