ArcelorMittal

MT · NYSE · Materials · Financials, fiscal 2016 to 2025

MT · Last close · October 26, 2026

$59.43

ArcelorMittal's revenue fell 1.7% to $61.4 billion in fiscal 2025. Its operating margin was 5.9%, up from 5.3% a year earlier. Free cash flow was $471 million, up 5.4%. It paid out $804 million in dividends and buybacks, 171% of free cash flow. The diluted share count fell 3.2%.

ArcelorMittal Latest fiscal year ended December 31, 2025 20-F filed March 6, 2026 · 0001243429-26-000020 Updated October 23, 2026

Revenue

$61.4B

1.7%

Operating margin

5.9%

0.6 pts

Net income

$3.2B

135.4%

Free cash flow

$471M

5.4%

Return on capital

5.4%

2.5 pts

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

About these figures. ArcelorMittal is a foreign company: it files an annual report on Form 20-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 9.2% a year and net income 6.6% a year, as buybacks cut the share count by 20%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per ordinary share, fiscal years; loss years in red. One US-listed ADS can stand for several ordinary shares.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	4.2	9.3	7.7	6.4	5.4
Debt incl. finance leases	8.2	11.4	10.5	11.4	13.2
Net debt (negative means net cash)	4.0	2.1	2.8	5.0	7.8
Net debt to EBITDA	0.2x	0.2x	0.6x	0.8x	1.2x
Debt to equity	0.2x	0.2x	0.2x	0.2x	0.2x
Interest coverage	47.5x	25.6x	3.3x	6.5x	6.3x
Current ratio	1.4x	1.7x	1.5x	1.4x	1.4x
Quick ratio	0.6x	0.8x	0.7x	0.6x	0.5x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 9	6 of 9	7 of 9
Accruals ratio	−7.1%	−3.8%	−1.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put ArcelorMittal side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
ArcelorMittal	FY25	−1.7%	5.9%	0.8%	5.4%	1.2x	7
Nucor	FY25	5.7%	—	−0.6%	8.6%	1.0x	6	Compare
Cleveland-Cliffs	FY25	−3.0%	−8.5%	−5.5%	−8.8%	—	2	Compare
Steel Dynamics	FY25	3.6%	8.1%	2.8%	10.0%	1.7x	6	Compare
Reliance	FY25	3.3%	7.1%	3.5%	9.4%	0.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	56.8	68.7	76.0	70.6	53.3	76.6	79.8	68.3	62.4	61.4
Revenue growth	−10.7%	20.9%	10.7%	−7.1%	−24.6%	43.7%	4.3%	−14.5%	−8.5%	−1.7%
Gross profit	6.4	7.8	9.0	1.7	4.1	19.2	12.5	4.7	5.8	4.4
Research and development	0.2	0.3	0.3	0.3	0.2	0.3	0.3	0.3	0.3	0.3
Operating income	4.2	5.4	6.5	−0.6	2.1	17.0	10.3	2.3	3.3	3.6
Net income	1.8	4.6	5.1	−2.5	−0.7	15.0	9.3	0.9	1.3	3.2
Diluted EPS (US$)	1.86	4.46	5.04	−2.42	−0.64	13.49	10.18	1.09	1.69	4.11
Diluted shares (millions)	955	1,024	1,021	1,013	1,140	1,108	914	845	791	766
Cash flow
Cash from operations	2.7	4.6	4.2	6.0	4.1	9.9	10.2	7.6	4.9	4.8
Capital expenditure	2.4	2.8	3.3	3.6	2.4	3.0	3.5	4.6	4.4	4.3
Free cash flow	0.3	1.7	0.9	2.4	1.6	6.9	6.7	3.0	0.4	0.5
Dividends paid	0.1	0.1	0.2	0.3	0.2	0.6	0.7	0.5	0.6	0.5
Share buybacks	0.0	0.0	0.0	0.1	0.5	5.2	2.9	1.2	1.3	0.3
Acquisitions	0.0	0.0	0.0	0.0	0.0	0.0	0.9	2.5	0.2	0.0
Stock-based compensation	0.0	0.0	0.0	0.0	0.0	0.0	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	2.5	2.6	2.2	4.9	5.6	4.2	9.3	7.7	6.4	5.4
Debt incl. finance leases	12.5	12.9	12.4	14.1	12.1	8.2	11.4	10.5	11.4	13.2
Total assets	75.1	85.3	91.2	87.9	82.1	90.5	94.5	93.9	89.4	97.7
Total liabilities	42.8	44.4	47.1	47.4	41.8	39.2	39.0	37.8	38.1	41.2
Shareholders' equity	30.1	38.8	42.1	38.5	38.3	49.1	53.2	54.0	49.2	54.5
Margins and ratios
Gross margin	11.2%	11.4%	11.8%	2.5%	7.8%	25.1%	15.7%	6.9%	9.3%	7.1%
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%	1.4%	2.1%	5.1%
Free cash flow margin	0.5%	2.5%	1.2%	3.5%	3.1%	9.0%	8.4%	4.4%	0.7%	0.8%
Return on capital	—	10.6%	12.4%	−0.9%	2.2%	28.7%	15.4%	3.3%	2.9%	5.4%
Return on equity	—	13.3%	12.7%	−6.1%	−1.9%	34.2%	18.2%	1.7%	2.6%	6.1%
Return on assets	—	5.7%	5.8%	−2.7%	−0.9%	17.3%	10.1%	1.0%	1.5%	3.4%
Net debt to EBITDA	1.4x	1.2x	1.1x	3.8x	1.3x	0.2x	0.2x	0.6x	0.8x	1.2x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: ArcelorMittal's Form 20-F filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with ArcelorMittal.