ArcelorMittal S.A.

Steel · Basic Materials

Price

$66.45

+1.07 (+1.64%)

Market Cap

$50.58B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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 like flat-rolled steel, long steel, and pipes that are sold to industries including automotive, construction, appliances, and packaging. The company operates mines as well, supplying its own iron ore and coal to feed its steel mills.

ArcelorMittal earns money by selling steel and related products, with revenue tied closely to global steel prices and raw material costs. It operates across more than 60 countries, with major production in Europe, the Americas, and Africa, generating roughly $60–70 billion in annual revenue. Its scale and vertical integration — owning mines alongside mills — give it a cost advantage over smaller rivals. The biggest risk the company faces is the cyclical nature of steel demand: when economies slow down, construction and manufacturing pull back sharply, which squeezes steel prices and profit margins quickly.

Winston Score History

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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

-28.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.0%ownership

Relatively low insider ownership

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

Every number that matters to educated investors.

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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

+146.5%

Earnings growing fast (146.5% 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

190%

Turns 190% of profit into real cash

FCF Margin

-2.1%

Burning cash (-2.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.25

Conservative — low debt load (0.25)

Interest Cover

11.55x

Comfortably covers interest (11.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

17.4x

Fair value — P/E 17.4

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

P/E vs Forward

+3.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.4 → 13.8)

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Dividends

Dividend Yield

0.86%

Small dividend — 0.86% 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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