Alcoa Corp vs ArcelorMittal, two Steel stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Alcoa smelts aluminum, ArcelorMittal makes steel, two commodity-metal producers whose fortunes ride the same cyclical wave. ArcelorMittal is the deep-value name, trading below book at 0.81 and throwing off a fat 10.52% free-cash yield, its 5.29% net margin thin but its cash real; Alcoa earns more, 8.17% net and a 15.15% return on equity, and trades at 2.11 times book on a 13.9 P/E. Both carry almost no net debt. The pair is two ways to buy the metals cycle near its value end: ArcelorMittal cheaper against its assets and gushing cash, Alcoa more profitable and priced above book, and the choice comes down to whether you want the higher current return or the harder asset discount.
Comparison updated 2026-07-11.
| Metric | AA | MT |
|---|---|---|
| Price | $54.10 | $59.90 |
| Market cap | $14.4B | $45.7B |
| Sector | Steel | Steel |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +3.6% | +10.0% |
| P/E | 13.9 | 14.5 |
| P/B | 2.11 | 0.81 |
| P/S | 1.14 | 0.74 |
| EV/EBITDA | 20.6 | 6.1 |
| Revenue growth | +0.2% | -5.1% |
| Gross margin | — | 7.1% |
| Operating margin | — | 5.9% |
| Net margin | 8.2% | 5.3% |
| Return on equity | 15.2% | 5.7% |
| Return on assets | 6.2% | 3.3% |
| Return on invested capital | — | 5.8% |
| FCF yield | 2.0% | 10.5% |
| Dividend yield | 0.2% | — |
| Debt / equity | 0.02 | 0.00 |
| Current ratio | 1.48 | 1.36 |
| Altman Z (solvency) | 1.79 | 2.23 |
| Piotroski F (quality) | 4 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.