Cash conversion efficiency is poor, evidenced by an operating cash flow to net income ratio of -0.02 in 2026Q1, largely driven by volatile working capital requirements and high capital intensity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 5.54B | 4.81B | 4.85B | 7.64B | 10.2B | 9.9B | 4.08B | 6.02B | 4.2B | 4.56B | 2.71B | 2.15B | 3.87B | 4.3B | 5.29B | 1.78B | 4.01B | 7.28B | 14.65B | 16.53B | 7.12B | 3.97B | 4.61B | 189M | 168M | 40M | 381M | 599M | 253M | 259M |
| Operating CF Margin % | - | 7.84% | 7.77% | 11.2% | 12.78% | 12.94% | 7.66% | 8.52% | 5.52% | 6.64% | 4.77% | 3.38% | 4.88% | 5.41% | 6.29% | 1.89% | 5.15% | 11.18% | 11.73% | 15.71% | 12.1% | 14.13% | 20.77% | 3.47% | 3.44% | 0.89% | 7.47% | 12.8% | 7.25% | 11.83% |
| Operating CF Growth % | 101.38% | -0.91% | -36.53% | -25.07% | 3.01% | 142.65% | -32.16% | 43.4% | -8.04% | 68.5% | 25.89% | -44.42% | -9.92% | -18.85% | 197.92% | -55.74% | -44.83% | -50.33% | -11.37% | 132.13% | 79.21% | -13.81% | 2339.68% | 12.5% | 320% | -89.5% | -36.39% | 136.76% | -2.32% | - |
| Net Income | 2.92B | 3.24B | 1.38B | 1.02B | 9.54B | 15.56B | -578M | -2.39B | 5.15B | 4.57B | 1.78B | -7.95B | -1.09B | -2.54B | -3.73B | 1.8B | 3.25B | 118M | 10.44B | 11.85B | 6.09B | 3.37B | 4.7B | 66M | 49M | -312M | 99M | 85M | 237M | 289M |
| Depreciation & Amortization | 4.44B | 2.94B | 2.63B | 2.67B | 2.58B | 2.52B | 2.96B | 3.07B | 3.61B | 2.97B | 2.93B | 7.96B | 4.2B | 5.14B | 9.72B | 5B | 4.92B | 5.46B | 6.1B | 4.57B | 2.3B | 829M | 553M | 183M | 177M | 216M | 177M | 164M | 91M | 88M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31M | 31M | 13M | 0 | 0 | 5M | 25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -304.37M | 359M | 510M | 238M | 1.72B | 2.46B | 1.67B | 459M | -1.28B | -151M | 732M | 571M | -90M | -90M | -2.43B | -136M | -2.3B | -4.87B | 0 | 0 | 0 | 155M | 86M | -30M | -61M | -114M | 3M | 25M | 45M | 3M |
| Other Non-Cash Items | -526.03M | -1.47B | 515M | 2B | -3.02B | -3.56B | -898M | 2.79B | 4.71B | -507M | -1.09B | 1.6B | 475M | 1.03B | -1.1B | -874M | 435M | 6.61B | 7.13B | -681M | -634M | -113M | 444M | -202M | -15M | -66M | -85M | -81M | 21M | -39M |
| Working Capital Changes | -2.25B | -267M | -185M | 1.71B | -615M | -7.08B | 932M | 2.09B | -4.38B | -1.87B | -1.02B | -31M | 368M | 764M | 2.83B | -3.83B | -2.53B | 3.28B | -9.02B | 793M | -626M | -520M | -1.17B | 172M | 18M | 316M | 187M | 406M | -96M | -82M |
| Change in Receivables | 0 | 597M | -192M | 307M | 1.13B | -2.54B | -76M | 964M | -646M | -620M | -373M | 335M | 537M | 115M | 1.15B | -694M | -433M | 1.58B | 2.14B | 548M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 820M | 238M | 1.57B | -2.06B | -8.65B | 1.79B | 2.47B | -4.65B | -2.35B | -2.06B | 925M | -122M | -609M | 2.78B | -3.06B | -5.54B | 5.36B | -7.72B | -690M | -584M | 40M | -1.37B | 106M | -37M | 169M | 27M | 136M | -11M | -81M |
| Change in Payables | 0 | -942M | 56M | -271M | -294M | 4.78B | -214M | -1.24B | 914M | 1.09B | 1.41B | -1.29B | -47M | 1.26B | -1.1B | -74M | 3.44B | -360M | -2.48B | 565M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -7.46B | -4.55B | -4.99B | -5.85B | -4.48B | -340M | -2.01B | -3.82B | -3.76B | -2.83B | -1.14B | -2.17B | -3.08B | -2.88B | -3.66B | -3.68B | -3.44B | -2.78B | -12.43B | -11.91B | -8.58B | -7.61B | -801M | -124M | -80M | -48M | -195M | -184M | -1.47B | -286M |
| Capital Expenditures | -6.83B | -4.34B | -4.41B | -4.61B | -3.47B | -3.01B | -2.44B | -3.57B | -3.31B | -2.82B | -2.44B | -2.71B | -3.67B | -3.45B | -4.68B | -4.84B | -3.31B | -2.79B | -5.53B | -5.45B | -2.94B | -1.18B | -898M | -164M | -108M | -97M | -184M | -214M | -1.47B | -288M |
| CapEx % of Revenue | 11.02% | 7.07% | 7.05% | 6.76% | 4.34% | 3.93% | 4.58% | 5.06% | 4.35% | 4.1% | 4.3% | 4.26% | 4.62% | 4.35% | 5.56% | 5.15% | 4.24% | 4.29% | 4.43% | 5.18% | 4.99% | 4.2% | 4.05% | 3.01% | 2.21% | 2.16% | 3.61% | 4.57% | 42.21% | 13.15% |
| Acquisitions | 48.87M | -169M | 0 | -2.34B | -939M | -43M | 358M | -487M | 246M | 22M | 1.21B | 0 | -26M | -139M | 501M | -860M | -75M | -120M | -6.2B | -7.25B | -5.84B | -6.22B | -19M | 0 | 0 | 0 | 0 | 9M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -752.89M | -45M | -582M | 548M | -44M | 111M | 11M | 39M | -3.76B | -11M | 1.3B | 342M | 588M | 575M | 1.02B | 1.26B | -28M | 8M | -696M | 787M | 201M | 30M | 116M | 40M | 28M | 41M | -9M | 21M | 0 | 2M |
| Cash from Financing | -426.62M | -1.77B | -680M | -3.67B | -477M | -10.9B | -1.5B | 514M | -689M | -1.73B | -2.93B | 395M | -2.75B | 241M | -1.04B | -540M | -7M | -6.35B | -2.13B | -3.42B | 5.45B | 3.35B | -2.33B | -63M | -101M | -123M | -139M | -432M | 987M | 532M |
| Debt Issued (Net) | 673.38M | -874M | 1.03B | -1.93B | 3.12B | -4.96B | -1.42B | 936M | 262M | -1.53B | -4.8B | 808M | -1.55B | 1.45B | -311M | 522M | 1.99B | -7.8B | 4.87B | 1.44B | 6.14B | 5.45B | -1.36B | -110M | -105M | -127M | -120M | -414M | 1.08B | 163M |
| Equity Issued (Net) | -261.32M | -262M | -1.3B | -1.21B | -2.94B | -5.17B | 240M | -90M | -226M | 0 | 3.12B | 0 | -657M | 1.76B | 0 | 0 | 1.36B | 3.15B | -4.44B | -2.5B | 8M | 3M | -45M | -8M | 4M | 4M | -1M | 0 | -78M | 368M |
| Dividends Paid | -533.9M | -421M | -393M | -369M | -332M | -312M | -181M | -203M | -220M | -141M | -61M | -416M | -458M | -415M | -1.19B | -1.19B | -1.26B | -1.34B | -2.58B | -2.27B | -660M | -2.09B | -763M | 0 | 0 | 0 | -18M | -18M | -19M | 0 |
| Share Repurchases | -261.32M | -262M | -1.3B | -1.21B | -2.94B | -5.17B | -500M | -90M | -226M | 0 | 0 | 0 | -657M | 0 | 0 | 0 | 0 | 0 | -4.44B | -2.55B | 0 | 0 | -54M | -8M | -1M | -1M | -1M | 0 | -78M | -32M |
| Other Financing | -304.78M | -209M | -15M | -162M | -331M | -459M | -135M | -129M | -624M | 28M | -1.18B | -82M | -82M | -2.58B | 483M | 117M | -2.14B | -371.48M | 11M | -85M | -46M | -11M | -211M | -164M | 0 | 0 | 0 | 0 | 0 | 1M |
| Net Change in Cash | -6.37B | -1.01B | -1.29B | -1.61B | 5.08B | -1.39B | 733M | 2.69B | -432M | 171M | -1.49B | 86M | -2.22B | 1.69B | 631M | -2.51B | 288M | -1.66B | -284M | 1.84B | 3.98B | -460M | 1.74B | 3M | -8M | -129M | 44M | -18M | -231M | 480M |
| Free Cash Flow | -1.3B | 471M | 447M | 3.03B | 6.74B | 6.9B | 1.64B | 2.44B | 891M | 1.74B | 264M | -556M | 205M | 844M | 611M | -3.06B | 707M | 4.49B | 9.12B | 11.08B | 4.19B | 2.79B | 3.71B | 25M | 60M | -57M | 197M | 385M | -1.22B | -29M |
| FCF Margin % | -2.09% | 0.77% | 0.72% | 4.44% | 8.44% | 9.01% | 3.08% | 3.46% | 1.17% | 2.54% | 0.46% | -0.87% | 0.26% | 1.06% | 0.73% | -3.26% | 0.91% | 6.89% | 7.3% | 10.53% | 7.11% | 9.93% | 16.73% | 0.46% | 1.23% | -1.27% | 3.86% | 8.23% | -34.97% | -1.32% |
| FCF Growth % | -48.31% | 5.37% | -85.26% | -54.98% | -2.35% | 319.78% | -32.8% | 174.41% | -48.91% | 560.61% | 147.48% | -371.22% | -75.71% | 38.13% | 119.96% | -532.96% | -84.24% | -50.82% | -17.71% | 164.72% | 49.91% | -24.78% | 14752% | -58.33% | 205.26% | -128.93% | -48.83% | 131.53% | -4110.34% | - |
| FCF per Share | -1.70 | 0.61 | 0.57 | 3.59 | 7.37 | 6.22 | 1.44 | 2.41 | 0.87 | 1.70 | 0.28 | -0.72 | 0.27 | 1.13 | 0.94 | -4.53 | 1.05 | 7.39 | 15.69 | 18.86 | 10.09 | 9.66 | 75.00 | 0.49 | 1.16 | -1.12 | 3.91 | 7.65 | -23.47 | -0.59 |
| FCF Conversion (FCF/Net Income) | -0.44x | 1.53x | 3.62x | 8.32x | 1.10x | 0.66x | -5.57x | -2.45x | 0.81x | 1.00x | 1.52x | -0.27x | -3.56x | -1.69x | -1.42x | 0.79x | 1.38x | 61.68x | 1.56x | 1.59x | 1.36x | 1.18x | 0.98x | 2.86x | 3.43x | -0.13x | 3.85x | 7.05x | 1.07x | 0.90x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical working capital volatility
Based on reported financial statements, ArcelorMittal's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -0.02 in 2026Q1, which suggests that reported accounting profits frequently fail to translate into actual cash generation due to significant non-cash adjustments and accrual volatility.
The persistent divergence between net income and operating cash flow indicates that the company's earnings quality is heavily influenced by accounting conventions rather than operational cash efficiency. Investors should monitor this gap, as it implies that reported profitability may overstate the company's ability to fund its capital-intensive operations internally.
As indicated by recent quarterly filings, ArcelorMittal's free cash flow trajectory is highly inconsistent, with periods of significant cash burn such as the $1.3 billion outflow in 2026Q1, highlighting the company's struggle to maintain positive cash generation amidst fluctuating steel spreads and high capital requirements.
The inability to sustain positive free cash flow across consecutive quarters suggests that the company's business model is highly sensitive to cyclical downturns. This volatility complicates the sustainability of shareholder returns and necessitates a cautious view on the company's long-term cash-generating capacity.
According to the provided data, ArcelorMittal's capital expenditure as a percentage of revenue has reached as high as 18.0% in 2023Q4, reflecting the heavy maintenance burden required to sustain its global blast furnace fleet and the ongoing transition toward more capital-intensive green steel production technologies.
The high level of capital intensity suggests that a substantial portion of operating cash flow is immediately consumed by maintenance requirements, leaving little room for discretionary spending. This structural necessity for high reinvestment may continue to suppress free cash flow margins during periods of softening industrial demand.
Based on recent SEC filings, ArcelorMittal's working capital changes have been a primary driver of cash flow instability, with a massive $2.0 billion outflow in 2025Q2 followed by a $1.7 billion outflow in 2025Q1, indicating significant challenges in managing inventory and receivables cycles.
These dramatic swings in working capital suggest that the company's cash position is highly vulnerable to shifts in inventory valuation and supply chain timing. Such fluctuations often mask the underlying operational performance, making it difficult to assess the true cash-generating potential of the core steelmaking business.
Quick answers to the most common questions about buying MT stock.
ArcelorMittal S.A. (MT) generated $4.81B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ArcelorMittal S.A. (MT) generated $471.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ArcelorMittal S.A. (MT) spent $4.34B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ArcelorMittal S.A. (MT) returned $421.0M to shareholders via cash dividends and spent $262.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.