ArcelorMittal S.A.
ArcelorMittal S.A., together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and el…
ArcelorMittal S.A., together with its subsidiaries, operates as integrated steel and mining companies in the Americas, Europe, Asia, and Africa. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes. The company also provides mining products, such as iron ore lumps, fines, concentrate, pellets, and sinter feeds; and coking coal. It sells its products to various customers in the automotive, appliance, engineering, construction, energy, and machinery industries through a centralized marketing organization, and distributors. The company operates iron ore mining activities in Brazil, Bosnia, Liberia, Mexico, South Africa, and Ukraine, as well as in India and in Canada. ArcelorMittal S.A. was founded in 1976 and is headquartered in Luxembourg, Luxembourg.Looks undervalued
5-year outlook: Not shown because confidence is low: Normalised free-cash-flow DCF disagrees strongly.
Other models: EUR 30.23–92.25 (median 61.24). The recommended value is 51% above that median, so treat the upside with extra caution.
Why: Free cash flow is far below earnings (heavy investment), and even a three-year average understates value, so an EV/EBITDA multiple, which is not distorted by capex timing, fits best.
Details and the full model are below.
Market price below modeled range
EV/EBITDA (12x) using TTM through 30 Jun 2026 EBITDA at a 12x enterprise multiple, after subtracting debt and adding cash. Used because free cash flow is depressed by heavy investment, so cash-flow models understate value. The range uses 10x to 14x; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 3% (limited from 4.03% because the latest annual revenue declined), discount rate 9.80%, terminal growth 2.60%. See a worked example.
Blended growth assumption: 4.0% (sector default 5.8%, own revenue history -8.4%, analyst revenue consensus 9.4%).
Analyst consensus expects revenue growth of 9.4% a year; the growth assumption used is 3.0%.
Adjust assumptions
Why this model: Free cash flow is far below earnings (heavy investment), and even a three-year average understates value, so an EV/EBITDA multiple, which is not distorted by capex timing, fits best.
Compare models- Recommended: EV/EBITDA (12x) — EUR 92.25 (+64.7%)
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EPS-based Gordon proxy
— EUR 30.23 (-46.0%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
- EV/EBITDA (12x) — EUR 92.25 (+64.7%)
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— EUR 205.33 (+266.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 75.01 | 25.3% |
| Base EUR 92.25 | 39.3% |
| Bull EUR 109.48 | 48.8% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 70 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 4 of 5 years | 16 / 20 |
| Growth | revenue -5.8% a year | 4 / 20 |
| Balance sheet | net debt 1.3x EBITDA | 20 / 20 |
| Margins | EBITDA margin 12% | 10 / 20 |
Peers in Materials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| MT.AS (this company) | EUR 56.00 | 39.3% | 26.4 | 0.9 | 1.1% | 70 |
| CF CF Industries | USD 118.57 | -3.0% | 8.2 | 2.0 | 2.2% | 84 |
| HOLN.SW Holcim AG | CHF 73.70 | -8.3% | 3.1 | – | 4.2% | 74 |
| UPM.HE UPM-Kymmene Oyj | EUR 22.40 | -10.6% | 17.2 | 1.2 | 6.7% | 70 |
| YAR.OL Yara International ASA | NOK 396.30 | -17.0% | 7.6 | 1.2 | 1.2% | 74 |
| AMCR Amcor | USD 45.84 | -20.9% | 19.6 | 0.6 | 5.8% | 90 |
| MOS Mosaic Company (The) | USD 22.33 | -35.5% | 13.2 | – | 3.9% | 79 |
| VSVS.L Vesuvius plc | GBP 4.60 | -39.4% | 22.0 | 1.0 | 5.0% | 68 |
| SSAB-A.ST SSAB AB | SEK 92.94 | -60.9% | 16.3 | 1.3 | 2.8% | 62 |
| Peer median | 14.7 | 1.2 | ||||
Dividends
Paid in the last 12 months: EUR 0.62 per share · yield 1.11% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.384 |
| 2025 | 0.483 |
| 2024 | 0.465 |
| 2023 | 0.407 |
| 2022 | 0.360 |
| 2021 | 0.209 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:29
| Revenue | EUR 56,222,032,671 |
|---|---|
| EBITDA | EUR 6,582,835,834 |
| EBIT | EUR 3,125,732,460 |
| Net income | EUR 1,621,015,231 |
| Free cash flow | EUR -1,244,624,846 |
| Capital expenditures | EUR 5,597,664,379 |
| Debt | EUR 12,898,431,611 |
| Cash | EUR 4,380,869,702 |
| Working capital | EUR 8,583,748,891 |
| Shares outstanding | 764,000,000 |
| Reported dividends per share | EUR 0.6084 |