ArcelorMittal (MT) intrinsic value & 10-year financials
ArcelorMittal (MT) has a Graham intrinsic value of $86.87 per share. Over the last 10 fiscal years revenue grew 0.9% a year to $61.4B, with an average return on invested capital of 8.6%.
- Graham intrinsic value
- $86.87
- Revenue (FY2025)
- $61.4B
- Revenue growth (10-yr CAGR)
- 0.9%
- ROIC (10-yr avg)
- 8.6%
- Free cash flow (FY2025)
- —
MT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $61.4B | $3.2B | $4.11 | — | 5.9% | 5.4% |
| FY2024 | $62.4B | $1.4B | $1.69 | — | 5.3% | 2.9% |
| FY2023 | $68.3B | $1.0B | $1.09 | — | 3.4% | 3.2% |
| FY2022 | $79.8B | $9.5B | $10.18 | — | 12.9% | 15.3% |
| FY2021 | $76.6B | $15.6B | $13.49 | — | 22.2% | 28.6% |
| FY2020 | $53.3B | -$578.0M | -$0.64 | — | 4.0% | 2.2% |
| FY2019 | $70.6B | -$2.4B | -$2.42 | — | -0.9% | -1.2% |
| FY2018 | $76.0B | $5.3B | $5,040,000.00 | — | 8.6% | 12.4% |
| FY2017 | $68.7B | $4.6B | $4.46 | — | 7.9% | 10.6% |
| FY2016 | $56.8B | $1.7B | $1.86 | — | 7.3% | 6.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ArcelorMittal has demonstrated mature, steady growth, with revenue compounding at 0.9% annually over the past decade.
ArcelorMittal returns on capital have been average, hovering around 8.6% ROIC over the decade.
Over the decade, ArcelorMittal shows that management has aggressively returned capital to shareholders by retiring 19.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ArcelorMittal is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $86.87 per share.