ArcelorMittal S.A.

AMSYF

Steel · Basic Materials

Price

$66.45

+1.96 (+3.04%)

Market Cap

$50.58B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−30.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.11B (2021) → 766.0M (2025)

ArcelorMittal is one of the largest steel companies in the world. It makes steel products used in cars, buildings, bridges, appliances, and packaging. Its customers include automakers, construction companies, and manufacturers across dozens of industries.

The company earns money by selling steel and related products, with revenue tied closely to global steel prices and raw material costs like iron ore and coal. ArcelorMittal operates in over 60 countries, with major production in Europe, the Americas, and Africa, generating roughly $60–70 billion in annual revenue. Its scale gives it a cost advantage over smaller rivals, but steel is a commodity business with thin margins, as the 9.6% gross margin reflects. The biggest risk the company faces is falling steel prices driven by oversupply, particularly from heavily subsidized Chinese steel producers flooding global markets.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-27.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$349M/ year

↑ Rising (+28% vs prior year)

0.6% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

45.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

$14.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$14.9B cash & investments at current burn rate

Growth context

ArcelorMittal S.A. is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

4.9%

Thin — 4.9% operating margin

ROCE

1.1%

Weak — 1.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+1.7%

Nearly flat sales (1.7% YoY)

EPS YoY

+180.5%

Earnings growing fast (180.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

192%

Turns 192% of profit into real cash

FCF Margin

0.1%

Thin free cash flow (0.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.25

Conservative — low debt load (0.25)

Interest Cover

5.04x

Adequate interest coverage (5.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

15.4x

Fair value — P/E 15.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

0.83%

Small dividend — 0.83% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-42.9%

Dividend cut (-42.9% YoY) — warning sign

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