ArcelorMittal SA
MT—
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ArcelorMittal SA AI Insights
Informational only. Not investment advice.Snapshot
- Trading at 0.7x P/B with 49.5B tangible book value - 36% discount to hard assets despite 61.1B TTM revenue[P/B Ratio]
- FCF collapsed to 58M TTM (0.1% margin) as 4.2B capex consumed 98.6% of operating cash flow[Free Cash Flow TTM]
- Inventory at 18.9B (31% of revenue) vs 12.1B payables - 6.8B working capital drag on returns[Inventory]
Watch Triggers
- Free Cash Flow TTM: Sustained above 1.5B for 2+ quarters — Validates capex cycle completion thesis and unlocks dividend/buyback capacity
- Operating Margin TTM: Falls below 4% or rises above 8% — Signals steel price direction and cost structure leverage
- Inventory: Declines below 16B without revenue drop — Working capital release could add 2-3B to FCF
Bull Case
Deep value at 0.7x book and 11.7x P/E with 54.6B equity base - trading below liquidation value despite profitable operations generating 2.6B net income TTM
P/B RatioP/E RatioNet Income TTM
Conservative balance sheet with 0.27 debt/equity and 5.7B cash provides downside protection and M&A optionality through steel cycle
Debt to EquityCash and EquivalentsNet Debt
Bear Case
Capital intensity destroying shareholder value - 4.2B capex generating only 58M FCF with ROIC at 3.9% vs cost of capital likely 8-10%
ROIC TTMFree Cash Flow TTMCapital Expenditure TTM
Structural underperformance with ROE 4.8% vs industry 10.6% median and asset turnover 0.64x vs 1.06x - inefficient capital deployment
ROE TTMAsset Turnover TTMROIC TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
Capex cycle peak suggests FCF recovery to 2-3B range as major investments complete
1-3ymed
- Capex at 4.2B (6.9% of revenue) vs typical 3-4% maintenance levels
- Net PPE purchases of 1.2B indicate expansion phase
- Operating cash flow of 4.3B proves underlying generation capacity
Cash flow TTM 4.3B vs FCF 58M - 98% capex absorptionPPE at 40.3B (41% of assets) - heavy asset baseDebt/equity 0.27 provides capacity for cycle
Margin compression risk if steel prices decline - operating margin at 5.9% vs 6.8% median
3-12mmed
- Commodity exposure with limited pricing power
- High fixed cost base from 40.3B PPE
- Revenue growth only 3.4% 5Y CAGR vs 8.8% industry
Operating margin TTM 5.9% below industry 6.8%Asset turnover 0.64x vs 1.06x median - underutilization556M unusual items drag on earnings
Valuation Context
Caveats
Public Strategies Rankings
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MT Fundamentals
Manufacturing → Primary Metal Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$40.38B | — | ||
$48.4B | — | ||
13 | — | ||
$61.35B | -1.7% | — | |
$4.11 | -21.6% | — | |
2.38% | -2.6% | — | |
5.14% | +3.0% | — | |
$471.0M | +5.4% | — | |
6.08% | +3.5% | — | |
Beta 5Y (Monthly) | unknown | — |
MT Dividend History
48 dividends
2026
$0.600011/13/26$0.1500
08/07/26$0.1500
05/13/26$0.1500
02/20/26$0.1500
2025
$0.550011/13/25$0.2750
05/16/25$0.2750
2024
$0.500011/12/24$0.2500
05/16/24$0.2500
2023
$0.440011/13/23$0.2200
05/22/23$0.2200
2022
$0.380005/13/22$0.3800
2021
$0.300006/10/21$0.3000
2019
$0.200005/16/19$0.2000
2018
$0.100005/17/18$0.1000
2015
$0.600005/07/15$0.6000
2014
$0.600005/12/14$0.6000
2013
$0.600005/10/13$0.6000
2012
$2.250011/19/12$0.5625
08/20/12$0.5625
05/23/12$0.5625
02/16/12$0.5625
2011
$2.250011/18/11$0.5625
08/19/11$0.5625
05/20/11$0.5625
02/17/11$0.5625
2010
$1.912511/19/10$0.4781
08/20/10$0.4781
05/21/10$0.4781
02/19/10$0.4781
2009
$1.912511/20/09$0.4781
08/21/09$0.4781
05/21/09$0.4781
02/20/09$0.4781
2008
$4.162512/02/08$0.9562
09/02/08$0.9562
06/02/08$1.1250
03/03/08$1.1250
2007
$3.900011/30/07$0.9750
08/31/07$0.9750
05/31/07$0.9750
02/28/07$0.9750
2006
$1.125011/29/06$0.3750
09/05/06$0.3750
03/03/06$0.3750
2005
$0.900012/06/05$0.3000
09/22/05$0.3000
06/28/05$0.3000
2000
$0.112505/30/00$0.1125
MT Stock Splits
1 stock split
05/22/173:1 split
MT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/06/26 | 12/31/25 | Unknown | |
11/06/25 | 09/30/25 | 6-K | |
08/01/25 | 06/30/25 | 6-K | |
04/30/25 | 03/31/25 | 6-K | |
03/10/25 | 12/31/24 | 20-F | |
11/07/24 | 09/30/24 | 6-K | |
07/31/25 | 06/30/24 | 6-K | |
08/02/24 | 06/30/24 | 6-K | |
05/02/24 | 03/31/24 | 6-K | |
02/28/24 | 12/31/23 | 20-F | |
11/09/23 | 09/30/23 | 6-K | |
08/01/24 | 06/30/23 | 6-K | |
07/28/23 | 06/30/23 | 6-K | |
05/04/23 | 03/31/23 | 6-K | |
03/08/23 | 12/31/22 | 20-F | |
11/10/22 | 09/30/22 | 6-K | |
07/27/23 | 06/30/22 | 6-K | |
07/29/22 | 06/30/22 | 6-K | |
05/05/22 | 03/31/22 | 6-K | |
05/05/22 | 12/31/21 | 6-K | |
11/12/21 | 09/30/21 | 6-K | |
07/30/21 | 06/30/21 | 6-K | |
07/28/22 | 06/30/21 | 6-K | |
05/06/21 | 03/31/21 | 6-K | |
05/06/21 | 12/31/20 | 6-K | |
11/05/20 | 09/30/20 | 6-K | |
07/29/21 | 06/30/20 | 6-K | |
07/31/20 | 06/30/20 | 6-K | |
05/11/20 | 03/31/20 | 6-K | |
05/11/20 | 12/31/19 | 6-K | |
11/07/19 | 09/30/19 | 6-K | |
08/02/19 | 06/30/19 | 6-K | |
07/11/19 | 03/31/19 | 6-K | |
07/11/19 | 12/31/18 | 6-K | |
11/01/18 | 09/30/18 | 6-KP | |
08/01/19 | 06/30/18 | 6-K | |
08/03/18 | 06/30/18 | 6-K | |
05/11/18 | 03/31/18 | 6-K | |
05/11/18 | 12/31/17 | 6-K | |
11/13/17 | 09/30/17 | 6-K | |
08/01/18 | 06/30/17 | 6-K | |
07/31/17 | 06/30/17 | 6-K | |
05/19/17 | 03/31/17 | 6-K | |
05/19/17 | 12/31/16 | 6-K | |
11/08/16 | 09/30/16 | 6-K | |
07/27/17 | 06/30/16 | 6-K | |
08/02/16 | 06/30/16 | 6-K | |
05/06/16 | 03/31/16 | 6-K | |
05/06/16 | 12/31/15 | 6-K | |
11/09/15 | 09/30/15 | 6-K | |
08/03/15 | 06/30/15 | 6-K | |
07/29/16 | 06/30/15 | 6-K | |
05/27/15 | 03/31/15 | 6-K | |
05/27/15 | 12/31/14 | 6-K | |
11/07/14 | 09/30/14 | 6-K | |
07/31/15 | 06/30/14 | 6-K | |
08/01/14 | 06/30/14 | 6-K | |
05/09/14 | 03/31/14 | 6-K | |
05/09/14 | 12/31/13 | 6-K | |
11/07/13 | 09/30/13 | 6-K | |
08/01/13 | 06/30/13 | 6-K | |
05/10/13 | 03/31/13 | 6-K | |
05/10/13 | 12/31/12 | 6-K | |
10/31/12 | 09/30/12 | 6-K | |
07/25/12 | 06/30/12 | 6-K | |
05/10/12 | 03/31/12 | 6-K | |
02/22/12 | 12/31/11 | 20-F | |
02/25/14 | 12/31/11 | 20-F | |
11/03/11 | 09/30/11 | 6-K | |
07/27/11 | 06/30/11 | 6-K | |
05/11/11 | 03/31/11 | 6-K | |
02/22/11 | 12/31/10 | 20-F | |
10/26/10 | 09/30/10 | 6-K | |
11/08/11 | 09/30/10 | 6-K/A | |
07/28/10 | 06/30/10 | 6-K | |
05/12/10 | 03/31/10 | 6-K | |
02/12/10 | 12/31/09 | 20-F | |
10/28/09 | 09/30/09 | 6-K | |
07/29/09 | 06/30/09 | 6-K | |
04/29/09 | 03/31/09 | 6-K | |
02/20/09 | 12/31/08 | 20-F | |
09/30/08 | 09/30/08 | 6-K | |
06/30/08 | 06/30/08 | 6-K | |
03/31/08 | 03/30/08 | Unknown | -- |
03/19/08 | 12/31/07 | 20-F | |
09/30/07 | 09/30/07 | Unknown | -- |
06/30/07 | 06/30/07 | Unknown | -- |
03/31/07 | 03/30/07 | Unknown | -- |
12/31/06 | 12/31/06 | Unknown | -- |
09/30/06 | 09/30/06 | Unknown | -- |
06/30/06 | 06/30/06 | Unknown | -- |
03/31/06 | 03/30/06 | Unknown | -- |
12/31/05 | 12/31/05 | ARS | |
09/30/05 | 09/30/05 | Unknown | -- |
06/30/05 | 06/30/05 | Unknown | -- |
03/31/05 | 03/30/05 | Unknown | -- |
12/31/04 | 12/31/04 | ARS | |
09/30/04 | 09/30/04 | Unknown | -- |
06/30/04 | 06/30/04 | Unknown | -- |
03/31/04 | 03/30/04 | Unknown | -- |
12/31/03 | 12/31/03 | ARS | |
09/30/03 | 09/30/03 | SUPPL | |
06/30/03 | 06/30/03 | Unknown | -- |
03/31/03 | 03/30/03 | Unknown | -- |
12/31/02 | 12/31/02 | ARS | |
09/30/02 | 09/30/02 | Unknown | -- |
06/30/02 | 06/30/02 | Unknown | -- |
03/31/02 | 03/30/02 | Unknown | -- |
12/31/01 | 12/31/01 | Unknown | -- |
09/30/01 | 09/30/01 | Unknown | -- |
06/30/01 | 06/30/01 | Unknown | -- |
03/31/01 | 03/30/01 | Unknown | -- |
12/31/00 | 12/31/00 | Unknown | -- |
09/30/00 | 09/30/00 | Unknown | -- |
06/30/00 | 06/30/00 | Unknown | -- |
03/31/00 | 03/30/00 | Unknown | -- |