ArcelorMittal's near-term outlook is constrained by cyclical headwinds, with gross margin compressing to 6.3% in 2026Q2 from 10.5% in 2024Q1 and revenue growth decelerating to 5.2%, reflecting weak European demand and softer steel spreads.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue growth has stalled at 5.2% in 2026Q2, while gross margin compressed to 6.3% from 10.5% in 2024Q1, and operating margin fell to 6.3% from 12.1% in 2025Q2, indicating strained profitability amid cyclical weakness.
ArcelorMittal is the world's leading and most innovative steel and mining company, serving customers in 126 countries with a strong industrial footprint.
The company is redefining steel for the modern world, building smarter steels for people and the planet.
The bull case hinges on protective policies lifting realized selling prices faster than costs rise, including CBAM-related pressures, improving economics per tonne.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 5, 2026 | $1.15+43.8% vs $0.80 | $16.5B-7.3% vs $17.8B |
Q3 2026 Jul 30, 2026 | $0.89-24.6% vs $1.18 | $16.8B-3.1% vs $17.3B |
Q2 2026 Apr 30, 2026 | $0.75+4.2% vs $0.72 | $15.5B-9.3% vs $17.0B |
Q1 2026 Feb 5, 2026 | $0.86+53.6% vs $0.56 | $15.0B-7.6% vs $16.2B |
While the top- and bottom-line numbers for ArcelorMittal (MT) give a sense of how the business performed in the quarter ended September 2026, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Flat steel shipments in Europe rose from a quarter earlier, contrary to normal seasonal patterns, ArcelorMittal said.
ArcelorMittal beats profit expectations as European market strengthens
Luxembourg, 04 November 2026, 09:30 CET With reference to Article 19(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation), ArcelorMittal announces that a notification of share transactions by Lumen Investments S.à r.l., an entity forming part of the Significant Shareholder structure, is available in the Luxembourg Stock Exchange's electronic database OAM on www.bourse.lu and on ArcelorMittal's website www.arcelormittal.com under Investors > Share Transactions by Management: https://corporate.arcelormittal.com/investors/corporate-governance/share-transactions-by-management.
Benchmark MT against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for ArcelorMittal S.A. (MT)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $60.98 | $46.41B | 43.98 | -1.74% | 1.64% | 1.84% | 0.9% | |
| $244.97 | $55.79B | 15.44 | 5.73% | 9.26% | 15.63% | 0.91% | |
| $222.90 | $32.15B | 16.34 | 3.63% | 8.82% | 21.07% | 0.88% | |
| $11.46 | $6.54B | -14.16 | -3% | -2.36% | -7.84% | — | |
| $417.00 | $21.29B | 19.33 | 3.32% | 6.38% | 15.05% | 1.16% | |
| $62.28 | $6.89B | 10.59 | 20.46% | 6.98% | 14.62% | 1.21% |
ArcelorMittal S.A. (MT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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ArcelorMittal S.A. (MT) stock FAQ — growth, dividends, profitability & financials explained
ArcelorMittal S.A. (MT) reported $63.66B in revenue over the trailing twelve months. Revenue was $61.35B in fiscal year 2025. That is 2701% more than the $2.19B of fiscal year 1997.
ArcelorMittal S.A. (MT) grew revenue by 4.2% over the trailing twelve months, compared with the twelve months before.
Yes. ArcelorMittal S.A. (MT) earned $1.04B in net income over the trailing twelve months (a 1.6% net margin).
Yes. ArcelorMittal S.A. (MT) pays a dividend that yields 0.90% at the current price, a small yield.
ArcelorMittal S.A. (MT) had a return on equity (ROE) of 1.8% over the trailing twelve months. That is below the market's typical 10-15%.
ArcelorMittal S.A. (MT) had negative free cash flow of $1.84B over the trailing twelve months.
