This paper focuses on two passages of Aristotle’s Metaphysics, one in Z 3, the other in H1, in which Aristotle seems to assert that the hupokeimenon is said in three ways, as matter, form, and the compound of matter and form. From these two passages it is often said that subjecthood is a criterion for being substance. A consequence of this is that, if form is to be substance, and form is substance, namely first substance, it has to comply with (...) the subject-criterion. This paper challenges this reading, purporting to show that these two passages need not commit Aristotle to the subject-criterion, and that there are good reasons not to commit him to it. (shrink)