ArcelorMittal S.A. (MT) Financial Ratios
29 years of historical data (1997–2025) · Basic Materials · Steel
EV/EBITDA
↑
8.59
↑+113% vs avg
5yr avg: 4.04
30Y Low0.8·High25.9
P/FCF
↑
103.02
↑+291% vs avg
5yr avg: 26.33
30Y Low1.5·High124.4
P/B Ratio
↓
0.86
↑+71% vs avg
5yr avg: 0.50
30Y Low0.4·High9.1
ROE
↓
5.8%
↑-52% vs avg
5yr avg: 12.1%
30Y Low-51%·High122%
Debt/EBITDA
↑
2.04
↑+35% vs avg
5yr avg: 1.51
30Y Low0.3·High7.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
ArcelorMittal S.A. trades at 15.5x earnings, 41% above its 5-year average of 11.0x, sitting at the 76th percentile of its historical range. Compared to the Basic Materials sector median P/E of 23.4x, the stock trades at a discount of 34%. On a free-cash-flow basis, the stock trades at 103.0x P/FCF, 291% above the 5-year average of 26.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $48.5B | $34.9B | $18.3B | $24.0B | $24.0B | $35.3B | $26.1B | $17.8B | $21.1B | $33.1B | $20.9B |
| Enterprise Value | $56.5B | $42.8B | $23.5B | $27.0B | $26.3B | $39.5B | $33.7B | $27.4B | $31.2B | $43.2B | $32.0B |
| P/E Ratio → | 15.51 | 11.09 | 13.69 | 26.05 | 2.58 | 1.72 | — | — | 4.10 | 7.24 | 11.77 |
| P/S Ratio | 0.79 | 0.57 | 0.29 | 0.35 | 0.30 | 0.46 | 0.49 | 0.25 | 0.28 | 0.48 | 0.37 |
| P/B Ratio | 0.86 | 0.62 | 0.36 | 0.43 | 0.43 | 0.69 | 0.66 | 0.44 | 0.48 | 0.81 | 0.65 |
| P/FCF | 103.02 | 74.11 | 40.93 | 7.91 | 3.56 | 5.11 | 15.89 | 7.27 | 23.69 | 18.97 | 79.22 |
| P/OCF | 10.09 | 7.26 | 3.77 | 3.14 | 2.35 | 3.56 | 6.40 | 2.95 | 5.03 | 7.25 | 7.72 |
P/E links to full P/E history page with 30-year chart
MT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
ArcelorMittal S.A.'s enterprise value stands at 8.6x EBITDA, 113% above its 5-year average of 4.0x. The Basic Materials sector median is 11.0x, placing the stock at a 22% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.70 | 0.38 | 0.40 | 0.33 | 0.52 | 0.63 | 0.39 | 0.41 | 0.63 | 0.56 |
| EV / EBITDA | 8.59 | 6.52 | 3.95 | 5.65 | 2.05 | 2.02 | 6.65 | 11.21 | 3.34 | 5.27 | 4.65 |
| EV / EBIT | 15.56 | 14.47 | 6.85 | 8.60 | 2.26 | 2.37 | 14.66 | 30.57 | 5.51 | 7.34 | 8.22 |
| EV / FCF | — | 90.96 | 52.48 | 8.90 | 3.91 | 5.72 | 20.51 | 11.19 | 35.05 | 24.79 | 121.11 |
MT Profitability
Margins and return-on-capital ratios measuring operating efficiency
ArcelorMittal S.A. earns an operating margin of 5.9%, below the Basic Materials sector average of 10.3%. Operating margins have expanded from 3.4% to 5.9% over the past 3 years, signaling improving operational efficiency. ROE of 5.8% is modest. ROIC of 4.5% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.6% | 9.6% | 9.3% | 8.5% | 17.5% | 24.9% | 8.7% | 5.2% | 11.8% | 11.4% | 11.2% |
| Operating Margin | 5.9% | 5.9% | 5.3% | 3.4% | 12.9% | 22.2% | 4.0% | -0.9% | 8.6% | 7.9% | 7.3% |
| Net Profit Margin | 5.1% | 5.1% | 2.1% | 1.3% | 11.7% | 19.5% | -1.4% | -3.5% | 6.8% | 6.7% | 3.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.8% | 5.8% | 2.5% | 1.6% | 17.4% | 33.0% | -1.8% | -5.8% | 12.1% | 12.5% | 5.9% |
| ROA | 3.4% | 3.4% | 1.5% | 1.0% | 10.1% | 17.3% | -0.9% | -2.7% | 5.8% | 5.7% | 2.3% |
| ROIC | 4.5% | 4.5% | 4.3% | 3.0% | 13.6% | 24.8% | 3.3% | -0.9% | 9.3% | 8.6% | 7.2% |
| ROCE | 5.1% | 5.1% | 4.7% | 3.2% | 14.8% | 27.0% | 3.3% | -0.9% | 9.9% | 9.0% | 7.2% |
MT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
ArcelorMittal S.A. carries a Debt/EBITDA ratio of 2.0x, which is manageable (16% below the sector average of 2.4x). Net debt stands at $7.9B ($13.4B total debt minus $5.5B cash). Interest coverage of 10.0x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.23 | 0.19 | 0.21 | 0.16 | 0.33 | 0.35 | 0.28 | 0.32 | 0.42 |
| Debt / EBITDA | 2.04 | 2.04 | 1.95 | 2.23 | 0.91 | 0.43 | 2.60 | 5.88 | 1.34 | 1.58 | 1.99 |
| Net Debt / Equity | — | 0.14 | 0.10 | 0.05 | 0.04 | 0.08 | 0.19 | 0.24 | 0.23 | 0.25 | 0.34 |
| Net Debt / EBITDA | 1.21 | 1.21 | 0.87 | 0.63 | 0.18 | 0.21 | 1.50 | 3.93 | 1.08 | 1.24 | 1.61 |
| Debt / FCF | — | 16.85 | 11.55 | 0.99 | 0.35 | 0.61 | 4.62 | 3.92 | 11.37 | 5.82 | 41.89 |
| Interest Coverage | 9.97 | 9.97 | 6.72 | 4.39 | 29.06 | 46.57 | 4.82 | 1.29 | 8.25 | 6.70 | 3.32 |
MT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.36x means ArcelorMittal S.A. can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.53x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 1.53x to 1.36x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.36 | 1.36 | 1.35 | 1.53 | 1.66 | 1.45 | 1.23 | 1.34 | 1.38 | 1.25 | 1.23 |
| Quick Ratio | 0.53 | 0.53 | 0.59 | 0.67 | 0.76 | 0.62 | 0.69 | 0.53 | 0.50 | 0.41 | 0.41 |
| Cash Ratio | 0.24 | 0.24 | 0.29 | 0.35 | 0.42 | 0.17 | 0.26 | 0.23 | 0.10 | 0.13 | 0.14 |
| Asset Turnover | — | 0.63 | 0.70 | 0.73 | 0.84 | 0.85 | 0.65 | 0.80 | 0.83 | 0.81 | 0.76 |
| Inventory Turnover | 2.98 | 2.98 | 3.43 | 3.33 | 3.28 | 2.90 | 3.94 | 3.87 | 3.23 | 3.38 | 3.42 |
| Days Sales Outstanding | — | 20.68 | 33.06 | 27.78 | 28.41 | 33.77 | 28.71 | 27.15 | 26.05 | 24.81 | 22.89 |
MT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
ArcelorMittal S.A. returns 1.4% to shareholders annually — split between a 0.9% dividend yield and 0.5% buyback yield. The payout ratio of 13.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 6.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 1.2% | 2.1% | 1.5% | 1.4% | 0.9% | 0.7% | 1.1% | 1.0% | 0.4% | 0.3% |
| Payout Ratio | 13.4% | 13.4% | 29.4% | 40.2% | 3.6% | 2.1% | — | — | 4.3% | 3.1% | 3.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 9.0% | 7.3% | 3.8% | 38.8% | 58.1% | — | — | 24.4% | 13.8% | 8.5% |
| FCF Yield | 1.0% | 1.3% | 2.4% | 12.6% | 28.1% | 19.6% | 6.3% | 13.8% | 4.2% | 5.3% | 1.3% |
| Buyback Yield | 0.5% | 0.8% | 7.1% | 5.0% | 12.3% | 14.7% | 1.9% | 0.5% | 1.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.4% | 2.0% | 9.3% | 6.6% | 13.6% | 15.5% | 2.6% | 1.6% | 2.1% | 0.4% | 0.3% |
| Shares Outstanding | — | $766M | $791M | $845M | $914M | $1.1B | $1.1B | $1.0B | $1.0B | $1.0B | $955M |
Peer Comparison
Compare MT with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MTYou | $49B | 15.5 | 8.6 | 103.0 | 9.6% | 5.9% | 5.8% | 4.5% | 2.0 |
 NUE | $56B | 32.6 | 14.7 | — | 11.9% | 8.2% | 8.0% | 7.7% | 1.7 |
 STLD | $36B | 31.4 | 19.6 | 72.5 | 13.0% | 8.1% | 13.3% | 9.2% | 2.1 |
 CLF | $7B | -4.0 | — | — | -4.6% | -7.5% | -22.4% | -7.5% | — |
 RS | $21B | 28.9 | 17.2 | 41.1 | 26.8% | 7.2% | 10.3% | 8.9% | 1.5 |
 CMC | $8B | 99.0 | 10.5 | 26.1 | 15.6% | 6.7% | 2.0% | 8.5% | 1.7 |
 ATI | $28B | 71.6 | 36.3 | 83.7 | 21.8% | 13.8% | 20.9% | 14.5% | 2.4 |
 TS | $31B | 15.6 | 10.7 | 15.7 | 34.4% | 19.1% | 11.5% | 10.2% | 0.2 |
 WOR | $3B | 32.0 | 31.8 | 19.1 | 27.6% | 4.3% | 10.5% | 3.8% | 3.3 |
 ZEUS | $533M | 24.3 | 10.6 | 127.1 | 23.2% | 2.5% | 4.1% | 4.3% | 4.0 |
 SXC | $710M | -16.1 | 5.9 | 16.8 | 7.1% | 3.5% | -6.6% | 4.3% | 3.1 |
| Basic Materials Median | — | 23.4 | 11.0 | 28.7 | 30.9% | 10.3% | -0.0% | 4.6% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 29 years · Updated daily
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MT — Frequently Asked Questions
Quick answers to the most common questions about buying MT stock.
What is ArcelorMittal S.A.'s P/E ratio?
ArcelorMittal S.A.'s current P/E ratio is 15.5x. The historical average is 11.4x. This places it at the 76th percentile of its historical range.
What is ArcelorMittal S.A.'s EV/EBITDA?
ArcelorMittal S.A.'s current EV/EBITDA is 8.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.2x.
What is ArcelorMittal S.A.'s ROE?
ArcelorMittal S.A.'s return on equity (ROE) is 5.8%. The historical average is 11.2%.
Is MT stock overvalued?
Based on historical data, ArcelorMittal S.A. is trading at a P/E of 15.5x. This is at the 76th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is ArcelorMittal S.A.'s dividend yield?
ArcelorMittal S.A.'s current dividend yield is 0.86% with a payout ratio of 13.4%.
What are ArcelorMittal S.A.'s profit margins?
ArcelorMittal S.A. has 9.6% gross margin and 5.9% operating margin.
How much debt does ArcelorMittal S.A. have?
ArcelorMittal S.A.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.