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ArcelorMittal vs Tenaris: revenue, profit, margins and growth compared

ArcelorMittal brought in $61.4B of revenue in fiscal 2025, Tenaris $12B in fiscal 2025. Revenue changed by -1.7% at ArcelorMittal and -4.3% at Tenaris on the year before, so ArcelorMittal grew faster. ArcelorMittal kept 5.1% of its revenue as net profit, Tenaris 16.1%.

Side by side, latest fiscal year

MTTS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$61.4B$12B
Revenue growth-1.7%-4.3%
Net income$3.2B$1.9B
Net margin5.1%16.1%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)$4.11n/a
Cash$5.4B$572.6M
Debt$13.4B$305.7M
Price to earningsn/an/a
Market value$53.2B$30.1B
Dividend yieldn/an/a
Rank by revenue in sector#9 of 587 · Industrials#59 of 587 · Industrials

Over the years

Revenue
MT FY2018: $76BMT FY2019: $70.6BMT FY2020: $53.3BMT FY2021: $76.6BMT FY2022: $79.8BMT FY2023: $68.3BMT FY2024: $62.4BMT FY2025: $61.4BTS FY2018: $7.7BTS FY2019: $7.3BTS FY2019: $5.1BTS FY2021: $6.5BTS FY2022: $11.8BTS FY2023: $14.9BTS FY2024: $12.5BTS FY2025: $12BFY18FY19FY20FY21FY22FY23FY24FY25
MT $61.4BTS $12B
Net income
MT FY2018: $5.1BMT FY2019: -$2.5BMT FY2020: -$733MMT FY2021: $15BMT FY2022: $9.3BMT FY2023: $919MMT FY2024: $1.3BMT FY2025: $3.2BTS FY2018: $876.1MTS FY2019: $742.7MTS FY2019: -$634.4MTS FY2021: $1.1BTS FY2022: $2.6BTS FY2023: $3.9BTS FY2024: $2BTS FY2025: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
MT $3.2BTS $1.9B
Net margin
MT FY2018: 6.8%MT FY2019: -3.5%MT FY2020: -1.4%MT FY2021: 19.5%MT FY2022: 11.7%MT FY2023: 1.3%MT FY2024: 2.1%MT FY2025: 5.1%TS FY2018: 11.4%TS FY2019: 10.2%TS FY2019: -12.3%TS FY2021: 16.9%TS FY2022: 21.7%TS FY2023: 26.4%TS FY2024: 16.3%TS FY2025: 16.1%FY18FY19FY20FY21FY22FY23FY24FY25
MT 5.1%TS 16.1%
Revenue growth
MT FY2019: -7.1%MT FY2020: -24.6%MT FY2021: +43.7%MT FY2022: +4.3%MT FY2023: -14.5%MT FY2024: -8.5%MT FY2025: -1.7%TS FY2019: -4.8%TS FY2019: -29.4%TS FY2021: +26.7%TS FY2022: +80.4%TS FY2023: +26.4%TS FY2024: -15.8%TS FY2025: -4.3%FY19FY20FY21FY22FY23FY24FY25
MT -1.7%TS -4.3%

Fiscal years as each company reports them; the two may end in different months.

Questions about ArcelorMittal and Tenaris

Which is bigger by revenue, ArcelorMittal or Tenaris?

ArcelorMittal is bigger by revenue: $61.4B in fiscal 2025, against $12B for Tenaris in fiscal 2025.

Which keeps more of its revenue as profit, ArcelorMittal or Tenaris?

ArcelorMittal had a net margin of 5.1% in fiscal 2025; Tenaris had 16.1% in fiscal 2025.

Which grew revenue faster, ArcelorMittal or Tenaris?

In their latest fiscal years revenue changed by -1.7% at ArcelorMittal and -4.3% at Tenaris.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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