| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 66 | 27.4x | 17.4x | Around median | |
Growth | 27 | 3.6% | 7.1% | Bottom tier | |
Quality | 19 | 3.6% | 4.5% | Bottom tier | |
Safety | 60 | 1.3x | 2.6x | Around median | |
Capital Return | 45 | 1.16% | 0.18% | Around median | |
Momentum | 79 | 99.3% | 1.3% | Top tier | |
Sentiment | 73 | 5 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
82% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 5.28% as of 2026-10-02. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
ArcelorMittal S.A. (MT) is a globally integrated steel group whose operations are based on producing steel locally to serve domestic demand across Europe, North America, Brazil, and India, alongside mining in Liberia and joint ventures. Its portfolio includes flat steel, value-added products, electrical steel, and sustainable construction products, while it is expanding electric arc furnace capacity in Calvert to reduce reliance on imported steel slabs and serve advanced applications, including exposed automotive steel grades.
In Q2 FY2026 (the period ended 2026-06-30), revenue increased 5.2% year over year to $16.8 billion from $15.9 billion, while net income reached $683.0 million and diluted earnings per share were 0.9. Gross margin was 6.3% and operating margin was 6.3%, while operating cash flow reached $952.9 million. Operationally, the improvement came from across the steel segments, with strength in Europe, India, and joint ventures, alongside continued mining expansion in Liberia.
Over the last 12 months through 2026-06-30, the company recorded revenue of $62.8 billion, net income of $1.8 billion, and operating cash flow of $5.4 billion, but free cash flow was -$1.9 billion. In Q2 FY2026, it held $4.9 billion in cash and investments against total debt of $14.4 billion. The diluted share count declined 0.9% to 764.0 million shares from 771.0 million shares in the comparable quarter.
Q2 FY2026
Last 12 months to 2026-06-30
When: 2026-11-05
Q3 FY2026 revenue at the $16.8 billion threshold
Q3 FY2026 operating margin at the 6.3% threshold
Q3 FY2026 operating cash flow at the $952.9 million threshold
The industry-multiple value is $105 within a range of $84 to $161, pricing ArcelorMittal like its peers based on next year's earnings and a median multiple of 16.2 for 11 companies. The median analyst target is $75 within a range of $62 to $82 for nine analysts, while the consensus average is $73; this method incorporates growth expectations and is inherently inclined toward optimism. The no-growth value is $12 at a discount rate of 13.0%, measuring what remains if current after-tax operating profit stays constant forever, while cash flow models are inherently inclined toward conservatism. The industry-multiple value and analyst targets converge relatively around continued growth, but they diverge clearly from the no-growth value because the former prices the company like its peers while the latter excludes any future growth; Deutsche Bank also raised its target from $67 to $70 on 2026-07-07 and then to $75 on 2026-07-31.
Figures in the text are as of 2026-09-27; the live price is shown at the top of the page.
In Q2 FY2026 (the period ended 2026-06-30), revenue increased 5.2% year over year to $16.8 billion and net income reached $683.0 million. Operating margin reached 6.3% and operating cash flow reached $952.9 million. The company noted improvement across all steel segments and strength in Europe, India, and joint ventures.
Management expects Q3 FY2026 shipments to be stable or higher than Q2, contrary to the usual seasonal decline. The company restarted capacity in Spain, Poland, and France, and all its European furnaces became operational beginning in Q3. The positive case depends on lower imports due to the TRQ measure and improved fixed-cost absorption, while carbon costs will increase as production rises.
The company held $4.9 billion in cash and investments against total debt of $14.4 billion in Q2 FY2026. Over the last 12 months through
Automated analysis for informational purposes only — not investment advice.
The company expects an additional $1.8 billion contribution to earnings before interest, taxes, depreciation, and amortization from its strategic projects beginning in FY2026. Of this contribution, $300 million was achieved in the first half, and management expects an additional $400 million in the second half. The drivers include the Liberia expansion toward a shipment target of 18 million tonnes, increased capacity in India, the start-up of the first EAF in Calvert, and consideration of a second furnace.
On 2026-09-25, ArcelorMittal informed the Ukrainian government that it could not safely and sustainably restart the Kryvyi Rih plant after four strikes over five weeks left 5 dead and 17 injured. The company expects a non-cash impairment loss of approximately $1 billion, while preserving the infrastructure to keep a restart as an available option. In Duisburg, it plans to end steelmaking starting in October 2027, subject to Supervisory Board approval, affecting approximately 550 jobs out of nearly 800 jobs.
