MT vs. PAAS: ArcelorMittal vs. Pan American Silver Stock Comparison

November 11, 2026

How do ArcelorMittal (MT) and Pan American Silver (PAAS) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

ArcelorMittal (MT) and Pan American Silver (PAAS) both belong to the Metals & Mining industry, though MT is classified under Steel while PAAS falls under Silver.

Pan American Silver (PAAS) trades as ordinary local shares, while ArcelorMittal (MT) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for ArcelorMittal (MT) and Pan American Silver (PAAS)
Profile Item	MT	PAAS
Name	ArcelorMittal NY Registry Shares	Pan American Silver Corp.
Country/Region	Luxembourg	Canada
GICS Sector	Materials	Materials
GICS Industry Group	Materials	Materials
GICS Industry	Metals & Mining	Metals & Mining
GICS Sub-Industry	Steel	Silver
Market Capitalization	45.85 billion USD	16.98 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	August 7, 1997	June 12, 1995
Security Type	ADR	Common Stock

Price Performance

Cumulative Growth

PAAS

GSPC

ArcelorMittal (MT) vs. Pan American Silver (PAAS), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for ArcelorMittal (MT) and Pan American Silver (PAAS). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for ArcelorMittal (MT) and Pan American Silver (PAAS). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for ArcelorMittal (MT) and Pan American Silver (PAAS)
Metric	MT	PAAS
Total Return (1Y)	65.49%	22.43%
Total Return (3Y, Annualized)	45.03%	47.84%
Total Return (5Y, Annualized)	16.55%	11.59%

Risk Profile

Drawdown History

PAAS

GSPC

ArcelorMittal (MT) vs. Pan American Silver (PAAS), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for ArcelorMittal (MT) and Pan American Silver (PAAS). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for ArcelorMittal (MT) and Pan American Silver (PAAS)
Metric	MT	PAAS
Volatility (1Y, Annualized)	44.08%	58.13%
Beta (5Y)	1.49	0.72
Max Drawdown (5Y)	-45.99%	-57.39%
Avg. Volume (3M)	1.35M	4.31M

Risk-Adjusted Performance

Risk-Return Positioning

MT and PAAS are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for ArcelorMittal (MT) and Pan American Silver (PAAS)
Metric	MT	PAAS
Sharpe Ratio (1Y)	1.39	0.31
Sortino Ratio (1Y)	2.23	0.45

Profitability

ROE (TTM)

Pan American Silver (PAAS) at 22.39% sits in the top ROE quartile, while ArcelorMittal (MT) at 1.83% is closer to the peer norm — stronger capital efficiency for PAAS.

MT

Materials industry group

1.83%

Max: 52.88%
Q3: 19.49%
Median: 8.76%
MT: 1.83%
Q1: -3.41%
Min: -32.81%

PAAS

Materials industry group

22.39%

Max: 52.88%
PAAS: 22.39%
Q3: 19.49%
Median: 8.76%
Q1: -3.41%
Min: -32.81%

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their ROE against the Materials industry group benchmark.

Net Margin (TTM)

Pan American Silver (PAAS) at 35.16% retains a top-quartile share of revenue as profit, ahead of ArcelorMittal (MT) at 1.64%, which keeps about the industry-typical share.

MT

Materials industry group

1.64%

Max: 38.66%
Q3: 15.98%
Median: 5.28%
MT: 1.64%
Q1: 0.00%
Min: -20.40%

PAAS

Materials industry group

35.16%

Max: 38.66%
PAAS: 35.16%
Q3: 15.98%
Median: 5.28%
Q1: 0.00%
Min: -20.40%

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their net margin against the Materials industry group benchmark.

Operating Margin (TTM)

Pan American Silver (PAAS) at 34.29% operates in the top operating margin quartile, ahead of ArcelorMittal (MT) at 6.16%, which runs around its industry’s norm.

MT

Materials industry group

6.16%

Max: 66.70%
Q3: 28.92%
Median: 12.56%
MT: 6.16%
Q1: 3.28%
Min: -14.07%

PAAS

Materials industry group

34.29%

Max: 66.70%
PAAS: 34.29%
Q3: 28.92%
Median: 12.56%
Q1: 3.28%
Min: -14.07%

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their operating margin against the Materials industry group benchmark.

Profitability Metrics

Profitability metrics for ArcelorMittal (MT) and Pan American Silver (PAAS)
Metric	MT	PAAS
ROE (TTM)	1.83%	22.39%
ROA (TTM)	1.31%	11.27%
Net Margin (TTM)	1.64%	35.16%
Operating Margin (TTM)	6.16%	34.29%
Gross Margin (TTM)	8.16%	55.17%

Growth

Revenue Growth

Pan American Silver (PAAS) at 28.38% is around its peer norm for revenue growth, while ArcelorMittal (MT) at -1.74% drops into the bottom quartile, signaling weaker demand or pricing momentum.

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both companies show strong earnings momentum, but Pan American Silver (PAAS) at 725.81% is the standout with EPS growth above its industry range; ArcelorMittal (MT) at 143.20% also sits in the top quartile.

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for ArcelorMittal (MT) and Pan American Silver (PAAS)
Metric	MT	PAAS
Revenue Growth (YoY)	-1.74%	28.38%
Revenue Growth (3Y CAGR)	-8.41%	34.28%
EPS Growth (YoY)	143.20%	725.81%
EPS Growth (3Y CAGR)	-26.09%	--

Financial Strength

Current Ratio (MRQ)

Pan American Silver (PAAS) at 2.72 keeps current ratio within its industry’s typical mid-range, while ArcelorMittal (MT) at 1.41 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for MT.

MT

Materials industry group

1.41

Max: 5.96
Q3: 3.30
Median: 2.24
Q1: 1.45
MT: 1.41
Min: 0.16

PAAS

Materials industry group

2.72

Max: 5.96
Q3: 3.30
PAAS: 2.72
Median: 2.24
Q1: 1.45
Min: 0.16

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their current ratio against the Materials industry group benchmark.

Debt / Equity (MRQ)

Pan American Silver (PAAS) at 0.11 keeps leverage in the lower industry quartile, while ArcelorMittal (MT) at 0.24 runs a more typical debt-to-equity mix.

MT

Materials industry group

0.24

Max: 1.98
Q3: 0.89
Median: 0.47
MT: 0.24
Q1: 0.13
Min: 0.00

PAAS

Materials industry group

0.11

Max: 1.98
Q3: 0.89
Median: 0.47
Q1: 0.13
PAAS: 0.11
Min: 0.00

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their debt-to-equity ratio against the Materials industry group benchmark.

Financial Strength Metrics

Financial strength metrics for ArcelorMittal (MT) and Pan American Silver (PAAS)
Metric	MT	PAAS
Current Ratio (MRQ)	1.41	2.72
Debt / Equity (MRQ)	0.24	0.11
Net Debt / EBITDA	2.08	-0.39

Dividends

Dividend Yield (TTM)

Both ArcelorMittal (MT) at 0.99% and Pan American Silver (PAAS) at 1.69% pay solid, industry-typical yields, sitting squarely within their peers’ usual range.

MT

Materials industry group

0.99%

Max: 4.52%
Q3: 1.85%
MT: 0.99%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

PAAS

Materials industry group

1.69%

Max: 4.52%
Q3: 1.85%
PAAS: 1.69%
Median: 0.38%
Q1: 0.00%
Min: 0.00%

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their dividend yield against the Materials industry group benchmark.

Dividend Payout Ratio (TTM)

Pan American Silver (PAAS) at 18.00% pays out a band-typical share of earnings, while ArcelorMittal (MT) at 52.92% distributes more than its industry norm — less retained, thinner cover.

MT

Materials industry group

52.92%

Max: 83.62%
MT: 52.92%
Q3: 41.37%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

PAAS

Materials industry group

18.00%

Max: 83.62%
Q3: 41.37%
PAAS: 18.00%
Median: 9.54%
Q1: 0.00%
Min: 0.00%

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their payout ratio against the Materials industry group benchmark.

Dividend Metrics

Dividend metrics for ArcelorMittal (MT) and Pan American Silver (PAAS)
Metric	MT	PAAS
Dividend Yield (TTM)	0.99%	1.69%
Dividend Payout Ratio (TTM)	52.92%	18.00%

Valuation

P/E Ratio (TTM)

Pan American Silver (PAAS) at 10.83 sits in the cheaper P/E ratio quartile, while ArcelorMittal (MT) at 44.51 sits in the richer quartile — a clear split in what investors pay for each dollar of trailing earnings.

MT

Materials industry group

44.51

Max: 59.00
MT: 44.51
Q3: 32.93
Median: 18.82
Q1: 11.96
Min: 3.93

PAAS

Materials industry group

10.83

Max: 59.00
Q3: 32.93
Median: 18.82
Q1: 11.96
PAAS: 10.83
Min: 3.93

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their P/E ratio against the Materials industry group benchmark.

P/S Ratio (TTM)

ArcelorMittal (MT) at 0.72 sits in the cheaper P/S ratio quartile while Pan American Silver (PAAS) at 3.80 prices around its industry’s middle — MT costs less per dollar of sales, though read it alongside growth and margins.

MT

Materials industry group

0.72

Max: 9.62
Q3: 4.34
Median: 1.87
Q1: 0.73
MT: 0.72
Min: 0.00

PAAS

Materials industry group

3.80

Max: 9.62
Q3: 4.34
PAAS: 3.80
Median: 1.87
Q1: 0.73
Min: 0.00

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their P/S ratio against the Materials industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both ArcelorMittal (MT) at 1.70 and Pan American Silver (PAAS) at 2.29 are valued close to their industries’ norm against book — neither stands out from peers.

MT

Materials industry group

1.70

Max: 6.59
Q3: 3.55
Median: 2.08
MT: 1.70
Q1: 1.26
Min: -0.17

PAAS

Materials industry group

2.29

Max: 6.59
Q3: 3.55
PAAS: 2.29
Median: 2.08
Q1: 1.26
Min: -0.17

ArcelorMittal (MT) vs. Pan American Silver (PAAS): A comparison of their P/B ratio against the Materials industry group benchmark.

Valuation Metrics

Valuation metrics for ArcelorMittal (MT) and Pan American Silver (PAAS)
Metric	MT	PAAS
P/E Ratio (TTM)	44.51	10.83
P/S Ratio (TTM)	0.72	3.80
P/B Ratio (MRQ)	1.70	2.29
Free Cash Flow Yield (TTM)	-1.75%	8.01%