ArcelorMittal S.A.

ARRD.DE

Steel · Basic Materials

Price

€62.60

+1.76 (+2.89%)

Market Cap

€47.20B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Good

Stability

Strong

Valuation

Mixed

Dividends

Weak

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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)

Winston Score History

The full picture

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

The company earns money by selling steel and related products like iron ore, which it also mines. It operates in over 60 countries, with major production in Europe, the Americas, and Asia, generating roughly $60–70 billion in annual revenue. Its scale and vertical integration — owning mines as well as steel mills — give it a cost advantage over smaller rivals. However, steel is a cyclical industry, meaning profits rise and fall sharply with global economic conditions and steel prices, and ArcelorMittal faces ongoing pressure from cheaper Chinese steel exports, which remain the biggest risk to its margins and earnings.

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

+98.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-30.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$349M/ year

↑ Rising (+22% vs prior year)

0.6% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

44.8%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~3 years

$14.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$14.8B cash & investments at current burn rate

Revenue accelerating

ArcelorMittal S.A. grew revenue 98% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

10.1%

Thin — 10.1% gross margin

Profit after running costs

Operating Margin

5.6%

Thin — 5.6% operating margin

Return on the money invested

ROCE

2.6%

Weak — 2.6% 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 growth

Sales YoY

+28.1%

Fast-growing sales (+28.1% YoY)

Profit growth

EPS YoY

-3.7%

Earnings shrinking (-3.7% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

195%

Turns 195% of profit into real cash

Spare cash per sale

FCF Margin

-1.8%

Burning cash (-1.8%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.26

Conservative — low debt load (0.26)

Covers its interest

Interest Cover

2.77x

Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

20.1x

Growth-priced — P/E 20.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.82%

Small dividend — 0.82% yield

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

Dividend record

Dividend Growth

-43.2%

Dividend cut (-43.2% YoY) — warning sign

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