MT
ArcelorMittal S.A.
MT's fundamentals are mixed, but it looks expensive: trading at 27x earnings, about three times its usual 9.4x.
MT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Healthy |
MT's balance sheet is currently healthy, and its revenue and profitability are stable, but its cash flow is under pressure.
MT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.3x | $5.50 | -91% |
| Fair | 7.6x | $17.83 | -72% |
| Expensive | 22x | $52.05 | -19% |
| Current | 27x | $64.29 | — |
Historical ranges are pointers, not guarantees.
MT's PE is in its expensive range at 27x.
MT Forward outlook
There aren't enough analyst estimates for MT to show an outlook.
MT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $2.36 | -27% |
| Q1 2026 | $3.80 | +148% |
| Q4 2025 | $4.09 | +148% |
| Q3 2025 | $3.35 | +$4.76 |
| Q2 2025 | $3.23 | +$3.91 |
| Q1 2025 | $1.53 | +72% |
| Q4 2024 | $1.65 | +65% |
| Q3 2024 | -$1.41 | -129% |
MT's earnings per share have fallen from their peak: $2.36 over the past year, against $16.59 in mid-2022.
MT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $16.8B | +5.2% |
| Q1 2026 | $15.5B | +4.5% |
| Q4 2025 | $15B | +1.7% |
| Q3 2025 | $15.7B | +3% |
| Q2 2025 | $15.9B | -2% |
| Q1 2025 | $14.8B | -9.1% |
| Q4 2024 | $14.7B | +1.1% |
| Q3 2024 | $15.2B | -8.5% |
MT's revenue is recovering but still below its 2022 peak: $16.8B last quarter, up 5.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 6.3% | -5.8 points |
| Q1 2026 | 4.9% | -0.7 points |
| Q4 2025 | 2.2% | -1.4 points |
| Q3 2025 | 3.5% | -0.9 points |
| Q2 2025 | 12% | +5.7 points |
| Q1 2025 | 5.6% | -1 points |
| Q4 2024 | 3.6% | +17 points |
| Q3 2024 | 4.4% | -2.9 points |
MT's operating margin was 6.3% last quarter, down 5.8 points from the same quarter a year ago.
MT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$1.4B | -$625.1M |
| Q1 2026 | -$1.3B | +$41M |
| Q4 2025 | $1.3B | -25% |
| Q3 2025 | -$486M | -235% |
| Q2 2025 | -$797.3M | +$448.7M |
| Q1 2025 | -$1.3B | +$15M |
| Q4 2024 | $1.7B | -15% |
| Q3 2024 | $360M | +210% |
MT's free cash flow was −$1.9B over the past year, against −$66M the year before.
MT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -0.9% | -7M shares |
| 3 years | -10% | -89M shares |
| 5 years | -34% | -393M shares |
| Available history | -25% | -248M shares |
MT has 764M diluted shares, down 0.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $483.5M |
| Q1 2026 | — |
| Q4 2025 | $2.8M |
| Q3 2025 | — |
| Q2 2025 | $264.1M |
| Q1 2025 | $94M |
| Q4 2024 | $408.9M |
| Q3 2024 | $277M |
MT spent $486M buying back its own shares over the past year, down 53% from the year before.
MT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.2x | Healthy |
| Q1 2026 | 1.6x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.6x | Healthy |
| Q2 2025 | 1.5x | Healthy |
| Q1 2025 | 1.0x | Healthy |
| Q4 2024 | 0.8x | Very low |
| Q3 2024 | 2.5x | Moderate |
MT's net debt is about 1.2 years of its operating earnings (EBITDA), down from 1.5 years a year ago.
MT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.4 | Neutral |
| Stochastic | 14.2 | Oversold |
MT's weekly RSI is 49 (neutral) and its Stochastic is 14 (oversold).
MT PE vs Basic Materials Sector
| Metric | MT | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 19x | 46% above |
| PE % | 95 | 40 | 55 pts above |
MT is trading at 27x earnings, a 46% premium to the Basic Materials sector's median of 19x.
MT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $63.4 | 1.5% above |
| 20 week MA | $68.0 | 5.4% below |
| 50 week MA | $61.2 | 5.1% above |
| 100 week MA | $46.3 | 39% above |
| 200 week MA | $36.2 | 78% above |
MT's trend is mixed: it's above four of its five weekly moving averages, and 78% above its 200-week average.
MT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $17.4 | $23.2 | +33% |
| 2021 | $23.2 | $32.1 | +39% |
| 2022 | $32.1 | $26.7 | -17% |
| 2023 | $26.7 | $28.4 | +6.5% |
| 2024 | $28.4 | $23.1 | -18% |
| 2025 | $23.1 | $46.3 | +100% |
| 2026 YTD | $46.3 | $64.3 | +39% |
MT has finished higher in four of the last six years. It's up 39% so far in 2026.