Want to see MT full AI Analyst Report?
Top Page
ArcelorMittal
(NYSE:MT)
Select Model
Select Model
Rating:64Neutral
Price Target:
$75.00
â–²(12.14% Upside)
Action:Reiterated
Date:08/01/26
MT scores in the mid-range primarily due to mixed financial performance: strong revenue rebound and a resilient, moderately levered balance sheet are offset by compressed margins and negative TTM free cash flow. Technicals are supportive with price above key moving averages, while valuation is less compelling (P/E 22.5 and ~0.82% yield). The earnings call adds meaningful support through improving per-ton profitability, constructive shipment guidance, and reiterated EBITDA/FCF improvement initiatives, tempered by carbon-cost and cycle/execution risks.
Positive Factors
Balance sheet strength
Moderate leverage and a large equity base give ArcelorMittal structural financial flexibility through cycles. With debt-to-equity around 0.26 and substantial asset backing, the company can fund capex, strategic projects and weather cyclical downturns without resorting to aggressive refinancing or higher leverage that would materially weaken long-term solvency.
Negative Factors
Negative trailing free cash flow
Negative TTM free cash flow signals that capex, working-capital swings or strategic investments are currently outpacing operating cash generation. Persistently negative FCF would constrain capital allocation, increase reliance on debt or asset sales, and hamper the firm's ability to fund dividends, buybacks or incremental growth without weakening balance-sheet resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Moderate leverage and a large equity base give ArcelorMittal structural financial flexibility through cycles. With debt-to-equity around 0.26 and substantial asset backing, the company can fund capex, strategic projects and weather cyclical downturns without resorting to aggressive refinancing or higher leverage that would materially weaken long-term solvency.
Read all positive factors
ArcelorMittal Key Performance Indicators (KPIs)
Any
Average Steel Selling Price Per Tonne
Indicates the average price at which steel is sold, reflecting market demand, pricing power, and potential revenue growth or pressure.
Indicates the average price at which steel is sold, reflecting market demand, pricing power, and potential revenue growth or pressure.
Data provided by:
The Fly
The FlyArcelorMittal (MT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$55.02B
Dividend Yield0.98%
Average Volume (3M)1.61M
Price to Earnings (P/E)31.0
Beta (1Y)1.22
Revenue Growth3.25%
EPS Growth-27.63%
CountryUS
Employees125,554
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)2.39
Shares Outstanding775,000,000
10 Day Avg. Volume1,550,855
30 Day Avg. Volume1,610,363
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.64
Price to Sales (P/S)0.57
P/FCF Ratio73.82
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$79.00Price Target Upside18.12% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)4.42
Revenue Forecast (FY)$66.88B
ArcelorMittal Business Overview & Revenue Model
Company Description
ArcelorMittal S.A. and its subsidiaries operate as a comprehensive, globally integrated steel production and mining enterprise, with operations spanning Europe, North and South America, Asia, and Africa. The firm's core steel offerings encompass a...
How the Company Makes Money
ArcelorMittal makes money primarily by manufacturing and selling steel products. Its core revenue stream comes from shipping steel to customers under spot sales and contract arrangements, with pricing generally linked to regional steel benchmarks,...
ArcelorMittal Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call conveyed clear positive operational and financial momentum across the portfolio: stronger Q2 EBITDA ($2.1bn), elevated per-ton margins ($155/ton company-wide; $98/ton in Europe), counterseasonal production restarts, improved order books and positive free cash flow prospects (annualized $2.5bn excluding seasonal items). Strategic growth projects (targeting $1.8bn incremental EBITDA) and progress on Calvert, India expansion and sustainable solutions add to the constructive outlook. Headwinds are manageable but notable — rising carbon costs in Europe, import/inventory dynamics earlier in the year, China overcapacity timing risk, and near-term execution disruptions (Liberia rainy season). On balance, the highlights and catalysts materially outweigh the challenges.Positive Updates
Record Safety Performance
Frequency rate of lost time injuries in the first six months reached a record low for the company, indicating measurable progress on safety.
Negative Updates
Rising Carbon Costs with Increased European Production
Management warned that increasing European production will raise incremental carbon costs (ETS) which must be balanced against fixed-cost absorption benefits; this adds cost pressure and modeling uncertainty.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Safety Performance
Frequency rate of lost time injuries in the first six months reached a record low for the company, indicating measurable progress on safety.
Read all positive updates
Company Guidance
The company guided to continued improvement across the business, citing Q2 EBITDA of $2.1 billion (≈$155/ton, well above through‑the‑cycle averages) and European EBITDA/ton of $98 (a three‑year high), with all blast furnaces back in operation by August and third‑quarter shipments expected to be stable to higher versus Q2 (a counter‑seasonal outcome). Underlying free cash flow annualized at about $2.5 billion (excluding seasonal working capital and strategic growth CapEx), and management reiterated that its strategic growth projects are expected to add $1.8 billion of incremental EBITDA from 2026 onward (with ~$700 million of that already in scope for 2025–26: $300 million captured in H1 and a further ~$400 million expected in H2). Other metrics highlighted include an India growth ambition to 40 Mtpa, Liberia production guidance of 18 Mt (with ~10 Mt to ship in H2 to hit plan), a sustainable‑solutions target of $750 million EBITDA medium‑term (current run‑rate >$500 million), and the Calvert EAF reaching full capacity later in H2 while a second EAF is being progressed.ArcelorMittal Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
74
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 62.85B | 61.35B | 62.44B | 68.28B | 79.84B | 76.57B |
| Gross Profit | 19.28B | 5.91B | 5.79B | 5.78B | 13.96B | 19.05B |
| EBITDA | 7.28B | 5.91B | 6.06B | 5.58B | 14.23B | 19.15B |
| Net Income | 1.81B | 3.15B | 1.34B | 919.00M | 9.30B | 14.96B |
Balance Sheet | ||||||
| Total Assets | 99.15B | 97.70B | 89.39B | 93.92B | 94.55B | 90.51B |
| Cash, Cash Equivalents and Short-Term Investments | 4.90B | 5.48B | 6.40B | 7.69B | 9.30B | 4.21B |
| Total Debt | 14.42B | 13.41B | 11.56B | 10.68B | 11.65B | 8.40B |
| Total Liabilities | 42.33B | 41.17B | 38.10B | 37.85B | 38.96B | 39.17B |
| Stockholders Equity | 54.82B | 54.47B | 49.22B | 53.96B | 53.15B | 49.11B |
Cash Flow | ||||||
| Free Cash Flow | -1.92B | 471.00M | 447.00M | 3.03B | 6.74B | 6.90B |
| Operating Cash Flow | 5.42B | 4.81B | 4.85B | 7.64B | 10.20B | 9.90B |
| Investing Cash Flow | -7.49B | -4.55B | -4.99B | -5.85B | -4.48B | -340.00M |
| Financing Cash Flow | 744.07M | -1.77B | -680.00M | -3.67B | -477.00M | -10.90B |
ArcelorMittal Technical Analysis
Positive
66.88
Price Trends
66.87
Positive
62.84
Positive
55.98
Positive
Market Momentum
2.44
Negative
65.22
Neutral
79.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MT, the sentiment is Positive. The current price of 66.88 is below the 20-day moving average (MA) of 69.25, above the 50-day MA of 66.87, and above the 200-day MA of 55.98, indicating a bullish trend. The MACD of 2.44 indicates Negative momentum. The RSI at 65.22 is Neutral, neither overbought nor oversold. The STOCH value of 79.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MT.
ArcelorMittal Risk Analysis
ArcelorMittal disclosed 37 risk factors in its most recent earnings report. ArcelorMittal reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ArcelorMittal Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $21.62B | 24.69 | 12.35% | 1.20% | 15.44% | 25.45% | |
73 Outperform | $61.93B | 21.66 | 13.53% | 0.90% | 17.19% | 126.69% | |
69 Neutral | $37.79B | 23.77 | 17.60% | 0.83% | 19.77% | 60.80% | |
66 Neutral | $10.74B | 15.16 | 4.74% | 4.65% | -0.65% | 18.90% | |
64 Neutral | $55.02B | 30.96 | 3.31% | 0.86% | 3.25% | -27.63% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | $17.07B | 18.74 | 2.55% | 3.10% | -3.30% | 157.76% |
* Basic Materials Sector Average
MT
ArcelorMittal
74.18
40.59
120.84%
NUE
Nucor
271.81
127.90
88.87%
PKX
POSCO
57.09
0.70
1.24%
RS
Reliance Steel
427.11
138.14
47.81%
STLD
Steel Dynamics
263.18
135.47
106.07%
TX
Ternium SA
54.89
23.52
74.99%
ArcelorMittal Corporate Events
ArcelorMittal Restructures European Leadership as Geert Van Poelvoorde Retires as CEO
Jul 6, 2026
On 6 July 2026, ArcelorMittal announced that Geert Van Poelvoorde, CEO of ArcelorMittal Europe and member of the Group Management Committee, will retire from his executive role at the end of July. He will remain closely involved with the business ...
ArcelorMittal Releases 2025 Payments to Governments Report on Extractive Activities
Jun 26, 2026
On 26 June 2026, ArcelorMittal filed and published its 2025 Payments to Governments in respect of extractive activities report, providing a consolidated view of payments made in 2025 by the company and its subsidiaries to governments in connection...
ArcelorMittal Strikes AWS Alliance to Boost AI Automation and Supply Low-Carbon Steel
Jun 22, 2026
On June 22, 2026, ArcelorMittal announced a strategic collaboration with Amazon Web Services to accelerate industrial automation across its global steelmaking operations using cloud, artificial intelligence and edge technologies. The company plans...
ArcelorMittal Discloses Management Share Transaction Under EU Market Abuse Rules
Jun 3, 2026
On June 3, 2026, ArcelorMittal announced that a notification of a share transaction carried out by a designated person, such as a director or executive officer, has been filed under the EU Market Abuse Regulation framework. The details of this ins...
ArcelorMittal Discloses Management Share Transaction Under EU Market Abuse Rules
May 27, 2026
On May 27, 2026, ArcelorMittal reported that a share transaction involving a designated person, such as a director or executive officer, had been notified in line with Article 19(3) of the EU Market Abuse Regulation. Details of the transaction hav...
ArcelorMittal Sells 10% Vallourec Stake to Fund $667 Million Share Buyback
May 19, 2026
On May 19, 2026, ArcelorMittal announced it had priced and completed a secondary offering of approximately 23.9 million shares in Vallourec, equal to about 10% of Vallourec’s share capital, at €24.00 per share, raising roughly $667 mil...
ArcelorMittal Establishes New $1 Billion 5.375% Notes Due 2036 via Sixth Supplemental Indenture
May 19, 2026
On May 19, 2026, ArcelorMittal filed a Form 6-K in the United States announcing the execution of a Sixth Supplemental Indenture under its existing senior indenture, enabling the issuance of a new series of U.S.$1 billion 5.375% senior notes due 20...
ArcelorMittal Reports Management Share Transaction Under EU Market Abuse Rules
May 14, 2026
On May 12, 2026, ArcelorMittal announced that a notification of a share transaction by a designated person, such as a director or executive officer, had been filed in line with EU Market Abuse Regulations. The disclosure is available via the Luxem...
ArcelorMittal Prices $1 Billion 2036 Dollar Notes Under New Underwriting Deal
May 13, 2026
On May 12, 2026, ArcelorMittal entered into an underwriting agreement to issue $1 billion of 5.375% notes due 2036 under its existing U.S. shelf registration, with J.P. Morgan Securities acting as representative for a syndicate of global banks. Th...
ArcelorMittal Prices US$1 Billion 5.375% Notes Due 2036
May 13, 2026
On 12 May 2026, ArcelorMittal priced a US$1 billion bond offering of 5.375% notes maturing on 19 May 2036, with net proceeds of about US$987.1 million earmarked for general corporate purposes. The transaction, announced on 13 May 2026 and expected...
ArcelorMittal Posts Resilient Q1 2026 Results as European Policy Shift Bolsters Outlook
May 12, 2026
ArcelorMittal reported resilient first-quarter 2026 results on April 30, 2026, with net income of $0.6 billion and basic earnings per share of $0.76, supported by structurally improved margins and diversified market exposure. The company delivered...
ArcelorMittal Shareholders Back All Proposals at May 5 General Meetings
May 6, 2026
On May 5, 2026, ArcelorMittal held its Annual General Meeting and Extraordinary General Meeting in Luxembourg, where shareholders approved all resolutions with a strong majority, with 82.28% of voting rights represented. The meetings endorsed a di...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.