MT vs STLD: ArcelorMittal SA ADR and Steel Dynamics compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- ArcelorMittal SA ADR is the larger company, worth $44.7B, about 1.3 times Steel Dynamics.
- Steel Dynamics grew revenue faster over the last year (+33.4% vs -1.7%).
- Steel Dynamics keeps more of each dollar of revenue as operating profit (10.0% vs 5.9%).
- On earnings, ArcelorMittal SA ADR is the cheaper stock (15.6x vs 24.7x).
- ArcelorMittal SA ADR's price assumes faster free cash flow growth: about 26% a year, against 21% for Steel Dynamics (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MT | STLD |
|---|---|---|
| Market cap | $44.7B | $33.3B |
| Share price | $64.11 | $238.38 |
| Revenue (last fiscal year) | $61.4B | $18.2B |
| Free cash flow (last fiscal year) | $471M | $502M |
| Revenue growth, last year | -1.7% | +33.4% |
| Revenue growth per year, last 5 fiscal years | -5.4% | -0.3% |
| Operating margin | 5.9% | 10.0% |
| Net margin | 5.1% | 7.8% |
| Return on equity | 5.8% | 17.1% |
| P/E (trailing) | 15.6x | 24.7x |
| Price / free cash flow | 95.0x | 66.3x |
| EV / EBITDA | 7.65x | 13.7x |
| FCF growth the price implies | 25.7% | 20.8% |
| Dividend yield | 0.98% | 0.87% |
| Debt / equity | 0.76x | 0.82x |
| Fundamental grade | C | B |
| Superinvestors holding it | 3 | 2 |
| Insider purchases, last 12 months | 0 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
ArcelorMittal SA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $76.6B | $6.9B | 22.2% |
| 2022 | $79.8B | $6.7B | 12.9% |
| 2023 | $68.3B | $3.0B | 3.4% |
| 2024 | $62.4B | $447M | 5.3% |
| 2025 | $61.4B | $471M | 5.9% |
Steel Dynamics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $18.4B | $1.2B | 23.4% |
| 2022 | $22.3B | $3.6B | 22.9% |
| 2023 | $18.8B | $1.9B | 16.8% |
| 2024 | $17.5B | -$24M | 11.1% |
| 2025 | $18.2B | $502M | 8.1% |
Where the revenue comes from
ArcelorMittal SA ADR · by segments, 2025
Europe$25.6B44%
North America$12.3B21%
Brazil$9.5B16%
Sustainable Solutions$9.3B16%
Mining$1.4B2%
Steel Dynamics · by regions, 2025
U.S.$17.0B94%
Non-U.S.$1.2B6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MT in InvestinglyQuestions
Which is bigger, ArcelorMittal SA ADR or Steel Dynamics?
ArcelorMittal SA ADR (MT), at $44.7B against $33.3B.
Is MT or STLD cheaper?
By trailing P/E, ArcelorMittal SA ADR (15.6x) is cheaper than Steel Dynamics (24.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, MT or STLD?
Steel Dynamics: revenue grew +33.4% over the last year, against -1.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.