ArcelorMittal S.A. (MT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-11.0%

$55.13

vs $61.91 price

Levered DCF

$28.08

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.24

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.03×	13.61×	26.05×	2.57×	2.35×	-35.78×	-7.43×	4.08×
P/B	0.64×	0.37×	0.44×	0.45×	0.72×	0.7×	0.46×	0.5×
P/S	0.57×	0.29×	0.35×	0.3×	0.46×	0.49×	0.25×	0.28×
EV / EBITDA	7.23×	3.86×	4.63×	1.84×	2.06×	6.41×	6.91×	3.2×
Gross margin	9.6%	9.3%	8.5%	17.5%	24.9%	8.7%	5.2%	11.8%
Operating margin	5.9%	5.3%	3.4%	12.9%	22.2%	4.0%	-0.9%	8.6%
Net margin	5.1%	2.1%	1.3%	11.7%	19.5%	-1.4%	-3.5%	6.8%
Current ratio	1.36×	1.35×	1.53×	1.66×	1.45×	1.23×	1.34×	1.38×
Debt / equity	0.25×	0.23×	0.2×	0.22×	0.17×	0.35×	0.37×	0.3×
Interest coverage	12.22×	6.49×	3.27×	25.62×	47.55×	4.42×	-0.9×	9.52×
Dividend yield	1.2%	2.2%	1.5%	1.4%	0.9%	0.7%	1.1%	0.1%
Payout ratio	13.4%	29.4%	40.2%	3.6%	2.1%	-24.7%	-8.3%	0.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.8%	2.7%	1.7%	17.5%	30.5%	-2.0%	-6.4%	12.2%
Return on invested capital	4.2%	2.2%	2.5%	11.6%	21.5%	-1.8%	-0.9%	9.2%
Return on assets	3.2%	1.5%	1.0%	9.8%	16.5%	-0.9%	-2.8%	5.6%
Free cash flow yield	1.4%	2.5%	12.7%	28.2%	19.6%	6.3%	13.8%	4.2%
Earnings yield	9.1%	7.3%	3.8%	38.9%	42.5%	-2.8%	-13.8%	24.5%
Enterprise value	$42.7B	$23.4B	$26.9B	$26.2B	$39.4B	$33.7B	$27.4B	$31.3B
Net debt / EBITDA	1.34×	0.85×	0.52×	0.17×	0.22×	1.44×	2.42×	1.05×
Cash conversion cycle (days)	57	58	58	67	67	35	53	63