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Stocks · Materials · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

ArcelorMittal

MT Clue Score42
Luxembourg Fiscal year ends December CIK 0001243429
$64.11 +4.58% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $64.11 +114.77% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue56.79Operating income4.16Net income1.78EPS, diluted1.86Fiscal year 2017Revenue68.68 +20.9%Operating income5.43Net income4.57 +156.8%EPS, diluted4.46 +139.8%Fiscal year 2018Revenue76.03 +10.7%Operating income6.54Net income5.15 +12.7%EPS, diluted5.04 +13.0%Fiscal year 2019Revenue70.62 −7.1%Operating income−0.63Net income−2.45 −147.7%EPS, diluted−2.42 −148.0%Fiscal year 2020Revenue53.27 −24.6%Operating income2.11Net income−0.73EPS, diluted−0.64Fiscal year 2021Revenue76.57 +43.7%Operating income16.98Net income14.96EPS, diluted13.49Fiscal year 2022Revenue79.84 +4.3%Operating income10.27Net income9.30 −37.8%EPS, diluted10.18 −24.5%Fiscal year 2023Revenue68.28 −14.5%Operating income2.34Net income0.92 −90.1%EPS, diluted1.09 −89.3%Fiscal year 2024Revenue62.44 −8.5%Operating income3.31Net income1.34 +45.7%EPS, diluted1.69 +55.0%Fiscal year 2025Revenue61.35 −1.7%Operating income3.63Net income3.15 +135.4%EPS, diluted4.11 +143.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 56.79 68.68 76.03 70.62 53.27 76.57 79.84 68.28 62.44 61.35
Growth +20.9% +10.7% −7.1% −24.6% +43.7% +4.3% −14.5% −8.5% −1.7%
Operating income 4.16 5.43 6.54 −0.63 2.11 16.98 10.27 2.34 3.31 3.63
Net income 1.78 4.57 5.15 −2.45 −0.73 14.96 9.30 0.92 1.34 3.15
Growth +156.8% +12.7% −147.7% −37.8% −90.1% +45.7% +135.4%
EPS, diluted 1.86 4.46 5.04 −2.42 −0.64 13.49 10.18 1.09 1.69 4.11
Growth +139.8% +13.0% −148.0% −24.5% −89.3% +55.0% +143.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin11.2%Operating margin7.3%Net margin3.1%Fiscal year 2017Gross margin11.4%Operating margin7.9%Net margin6.7%Fiscal year 2018Gross margin11.8%Operating margin8.6%Net margin6.8%Fiscal year 2019Gross margin2.4%Operating margin−0.9%Net margin−3.5%Fiscal year 2020Gross margin7.8%Operating margin4.0%Net margin−1.4%Fiscal year 2021Gross margin25.1%Operating margin22.2%Net margin19.5%Fiscal year 2022Gross margin15.7%Operating margin12.9%Net margin11.7%Fiscal year 2023Gross margin6.9%Operating margin3.4%Net margin1.3%Fiscal year 2024Gross margin9.3%Operating margin5.3%Net margin2.1%Fiscal year 2025Gross margin7.1%Operating margin5.9%Net margin5.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 11.2% 11.4% 11.8% 2.4% 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% 1.3% 2.1% 5.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow2.71Dividends paid−0.06Fiscal year 2017Operating cash flow4.56Dividends paid−0.14Fiscal year 2018Operating cash flow4.20Dividends paid−0.22Fiscal year 2019Operating cash flow6.02Dividends paid−0.33Fiscal year 2020Operating cash flow4.08Dividends paid−0.18Fiscal year 2021Operating cash flow9.91Dividends paid−0.57Fiscal year 2022Operating cash flow10.20Dividends paid−0.66Fiscal year 2023Operating cash flow7.65Dividends paid−0.53Fiscal year 2024Operating cash flow4.85Dividends paid−0.58Fiscal year 2025Operating cash flow4.81Dividends paid−0.54
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.71 4.56 4.20 6.02 4.08 9.91 10.20 7.65 4.85 4.81
Dividends paid −0.06 −0.14 −0.22 −0.33 −0.18 −0.57 −0.66 −0.53 −0.58 −0.54

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.50Total debt12.49Net cash (debt)−9.99Shareholders’ equity30.14Debt to equity0.41Fiscal year 2017Cash2.57Total debt11.12Net cash (debt)−8.55Shareholders’ equity38.79Debt to equity0.29Fiscal year 2018Cash2.17Total debt10.45Net cash (debt)−8.27Shareholders’ equity42.09Debt to equity0.25Fiscal year 2019Cash4.87Total debt12.24Net cash (debt)−7.37Shareholders’ equity38.52Debt to equity0.32Fiscal year 2020Cash5.60Total debt10.49Net cash (debt)−4.89Shareholders’ equity38.28Debt to equity0.27Fiscal year 2021Cash4.22Total debt7.32Net cash (debt)−3.11Shareholders’ equity49.11Debt to equity0.15Fiscal year 2022Cash9.30Total debt10.41Net cash (debt)−1.11Shareholders’ equity53.15Debt to equity0.20Fiscal year 2023Cash7.69Total debt9.49Net cash (debt)−1.81Shareholders’ equity53.96Debt to equity0.18Fiscal year 2024Cash6.40Total debt10.37Net cash (debt)−3.97Shareholders’ equity49.22Debt to equity0.21Fiscal year 2025Cash5.39Total debt12.08Net cash (debt)−6.69Shareholders’ equity54.47Debt to equity0.22
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.50 2.57 2.17 4.87 5.60 4.22 9.30 7.69 6.40 5.39
Total debt 12.49 11.12 10.45 12.24 10.49 7.32 10.41 9.49 10.37 12.08
Net cash (debt) −9.99 −8.55 −8.27 −7.37 −4.89 −3.11 −1.11 −1.81 −3.97 −6.69
Shareholders’ equity 30.14 38.79 42.09 38.52 38.28 49.11 53.15 53.96 49.22 54.47
Debt to equity 0.41 0.29 0.25 0.32 0.27 0.15 0.20 0.18 0.21 0.22

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
56.79 68.68 76.03 70.62 53.27 76.57 79.84 68.28 62.44 61.35
Growth +20.9% +10.7% −7.1% −24.6% +43.7% +4.3% −14.5% −8.5% −1.7%
50.43 60.88 67.03 68.89 49.14 57.34 67.31 63.54 56.65 56.98
6.36 7.80 9.01 1.73 4.13 19.23 12.54 4.74 5.79 4.38
Growth +22.6% +15.4% −80.8% +139.1% +365.5% −34.8% −62.2% +22.2% −24.4%
0.24 0.28 0.29 0.30 0.25 0.27 0.29 0.30 0.29 0.34
2.20 2.37 2.47 2.36 2.02 2.26 2.26 2.40 2.48 2.61
4.16 5.43 6.54 −0.63 2.11 16.98 10.27 2.34 3.31 3.63
Growth +30.6% +20.3% −109.6% +704.5% −39.5% −77.2% +41.5% +9.6%
2.72 5.01 4.98 −1.93 1.09 18.03 11.26 1.26 2.92 3.60
0.99 0.43 −0.35 0.46 1.67 2.46 1.72 0.24 1.54 0.36
1.78 4.57 5.15 −2.45 −0.73 14.96 9.30 0.92 1.34 3.15
Growth +156.8% +12.7% −147.7% −37.8% −90.1% +45.7% +135.4%
Per share
1.87 4.48 5.07 −2.42 −0.64 13.53 10.21 1.09 1.70 4.13
1.86 4.46 5.04 −2.42 −0.64 13.49 10.18 1.09 1.69 4.11
Growth +139.8% +13.0% −148.0% −24.5% −89.3% +55.0% +143.2%
953.0 1,020 1,015 1,013 1,140 1,105 911.0 842.0 788.0 763.0
955.0 1,024 1,021 1,013 1,140 1,108 914.0 845.0 791.0 766.0
Growth +7.2% −0.3% −0.8% +12.5% −2.8% −17.5% −7.5% −6.4% −3.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 2.9% a year over five years.
  • The diluted share count fell 32.8% in five years, so buybacks did some of the work per share.
  • Operating margin is up 2.0 points on five years ago, at 5.9%.
  • A net loss in 2 of 10 years on file.