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Cleveland-Cliffs

CLF NYSE Steel Financials FY2016–FY2025

Cleveland-Cliffs' revenue fell 3.0% to $18.6 billion in fiscal 2025. Its operating margin was −8.5%, down from −4.0% a year earlier. Free cash flow was −$1.0 billion. The diluted share count rose 5.8%.

Last close · Oct 23, 2026

$13.90

6.5%
Value it Compare
Revenue Total sales reported in the income statement.
$18.6B
3.0% vs prior year
Operating margin Operating income as a share of revenue.
−8.5%
4.5 pts
Net income Profit after all expenses, interest and tax.
−$1.5B
Free cash flow Cash from operations minus capital spending.
−$1.0B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−8.9%
4.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Cleveland-Cliffs' 2025 operating loss made its EBITDA negative, so net debt to EBITDA is blank for that year.

What Cleveland-Cliffs does

Cleveland-Cliffs is a North American steel maker based in Cleveland, Ohio. It focuses on value-added sheet steel, especially for the automotive industry, and says automotive-grade steel is its main strength in the U.S. It employs approximately 25,000 people in the United States and Canada, and over 18,000 of its employees are covered by collective bargaining agreements.

The company is vertically integrated, which means it handles steps from start to finish. It mines iron ore, makes pellets and direct reduced iron (a form of iron used in steelmaking), processes scrap metal, makes steel, and then finishes the steel and makes stamped parts, tooling and tubing. It has four operating segments: Steelmaking, Tubular, Tooling and Stamping, and European Operations. It mainly reports one, the Steelmaking segment.

Steel prices drive its results. The company says the price of domestic hot-rolled coil, the index with the most effect on its Steelmaking revenue and profit, averaged $851 per net ton in 2025, against $772 in 2024. It sells approximately 35-40% of its flat-rolled steel shipments under fixed price contracts.

Legal name
CLEVELAND-CLIFFS INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 9, 2026
Accession · CIK
0000764065-26-000025
0000764065

Revenue and margins

Cleveland-Cliffs had $18.6B of revenue in fiscal 2025, down 3.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$1.0B in fiscal 2025, −5.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cleveland-Cliffs returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 5.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cleveland-Cliffs yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$7.6B and divides by 508.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Cleveland-Cliffs can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $48.0M$26.0M$198M$54.0M$57.0M
Debt incl. finance leases $5.5B$4.5B$3.4B$7.4B$7.7B
Net debt / EBITDA 1.1x1.5x1.9x39.3x—
Debt / equity 1.0x0.6x0.4x1.1x1.3x
Interest coverage 13.4x7.8x2.6x−3.0x−3.4x
Current ratio 2.2x2.1x1.9x2.1x2.0x
Quick ratio 0.7x0.7x0.6x0.5x0.5x
Total assets $19.0B$18.8B$17.5B$20.9B$20.0B
Total liabilities $13.2B$10.7B$9.4B$14.1B$13.7B
Shareholders' equity $5.5B$7.8B$7.9B$6.6B$6.1B
Net debt (− = net cash) $5.5B$4.4B$3.2B$7.4B$7.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$42.2M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 5, 2026 Celso L Goncalves JrEVP, CFO Sold 214,308 $13.41 $2.9M Form 4
Feb 17, 2026 Clifford T SmithEVP & Chief Operating Officer Sold 200,000 $10.46 $2.1M Form 4
Feb 13, 2026 Edilson CamaraDirector Bought 19,700 $10.13 $0.2M Form 4
Feb 11, 2026 Lourenco GoncalvesChairman, President & CEO, Director Sold 3,000,000 $12.42 $37.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✕
Cash from operations is positive ✓ ✓ ✕
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 94 / 92 / 9
Accruals ratio −10.4%−4.5%−5.0%
Altman Z'' 2.651.530.90

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cleveland-Cliffs CLF $8.0B −3.0% −8.5% −5.5% −8.9% — 2
Steel Dynamics STLD $34.7B 3.6% 8.1% 2.8% 10.0% 17.8x 6 Compare →
Reliance RS $21.6B 3.3% 7.1% 3.5% 9.4% 27.1x 6 Compare →
Nucor NUE $59.0B 5.7% — −0.6% 8.6% 20.6x 6 Compare →
Commercial Metals CMC $7.0B 20.5% — 5.1% 12.9% 10.7x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.6B $1.9B $2.3B $2.0B $5.4B $20.4B $23.0B $22.0B $19.2B $18.6B
Gross profit $280M $468M $810M $576M $252M $4.5B $2.5B $1.4B $63.0M −$860M
Operating income $131M $390M $673M $429M −$142M $4.0B $1.9B $659M −$763M −$1.6B
Interest expense $184M $139M $106M $98.0M $170M $299M $249M $256M $255M $459M
Pretax income $110M $108M $565M $313M −$193M $3.8B $1.8B $579M −$950M −$2.0B
Income tax −$12.2M −$252M −$475M $18.0M −$111M $773M $423M $144M −$236M −$581M
Net income $174M $367M $1.1B $293M −$122M $3.0B $1.3B $385M −$760M −$1.5B
Diluted EPS $0.87 $1.26 $3.71 $1.03 −$0.32 $5.36 $2.55 $0.75 −$1.58 −$2.91
Diluted shares 0.20B 0.29B 0.30B 0.28B 0.38B 0.56B 0.52B 0.51B 0.48B 0.51B
Cash flow
Cash from operations $303M $338M $479M $568M −$258M $2.8B $2.4B $2.3B $105M −$462M
Capital expenditure $7.4M $135M $296M $656M $525M $705M $943M $646M $695M $561M
Free cash flow $296M $203M $183M −$88.0M −$783M $2.1B $1.5B $1.6B −$590M −$1.0B
Depreciation and amortization $115M $87.7M $89.0M $85.0M $308M $897M $1.0B $973M $951M $1.2B
Stock-based compensation $13.6M $18.2M $15.0M $18.0M $17.0M $18.0M $28.0M $41.0M $50.0M $57.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $48.0M $253M $0.0M $0.0M $240M $152M $733M $0.0M
Dividends paid $0.0M $0.0M $0.0M $72.0M $41.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $48.0M $325M $41.0M $0.0M $240M $152M $733M $0.0M
Balance sheet
Cash and short-term investments $313M $978M $823M $353M $112M $48.0M $26.0M $198M $54.0M $57.0M
Total debt $2.2B $2.3B $2.1B $2.1B $5.4B $5.2B $4.2B $3.1B $7.1B $7.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $335M $291M $215M $215M $382M $402M
Current assets $825M $1.5B $1.5B $898M $5.3B $7.7B $7.4B $6.6B $6.9B $6.4B
Current liabilities $391M $452M $468M $409M $2.9B $3.6B $3.5B $3.5B $3.4B $3.3B
Inventory $178M $138M $181M $317M $3.8B $5.2B $5.1B $4.5B $5.1B $4.8B
Property and equipment, net $984M $1.0B $1.3B $1.9B $8.7B $9.2B $9.1B $8.9B $9.9B $9.5B
Total assets $1.9B $3.0B $3.5B $3.5B $16.8B $19.0B $18.8B $17.5B $20.9B $20.0B
Total liabilities $3.3B $3.4B $3.1B $3.1B $13.7B $13.2B $10.7B $9.4B $14.1B $13.7B
Shareholders' equity −$1.5B −$444M $424M $358M $2.0B $5.5B $7.8B $7.9B $6.6B $6.1B
Margins
Gross margin 18.0% 25.1% 34.7% 28.9% 4.7% 22.2% 11.0% 6.2% 0.3% −4.6%
Operating margin 8.4% 20.9% 28.9% 21.6% −2.7% 19.6% 8.4% 3.0% −4.0% −8.5%
EBITDA margin 15.8% 25.6% 32.7% 25.8% 3.1% 24.0% 12.9% 7.4% 1.0% −1.9%
Net margin 11.2% 19.7% 48.4% 14.7% −2.3% 14.6% 5.8% 1.8% −4.0% −7.9%
FCF margin 19.0% 10.9% 7.9% −4.4% −14.6% 10.2% 6.4% 7.4% −3.1% −5.5%
Returns
Return on capital 22.7% 54.6% 52.3% 21.2% −2.2% 33.2% 12.5% 4.2% −4.7% −8.9%
Return on capital employed 8.5% 19.4% 24.2% 13.9% −1.7% 27.4% 12.7% 4.5% −4.8% −9.2%
Return on equity — — — 74.9% −10.3% 79.6% 20.1% 4.9% −10.5% −23.2%
Return on assets 8.6% 15.1% 34.8% 8.3% −1.2% 16.7% 7.1% 2.1% −4.0% −7.2%
Growth
Revenue growth −22.8% 20.0% 25.0% −14.7% 169.1% 281.9% 12.5% −4.3% −12.8% −3.0%
Net income growth — 110.8% 207.4% −74.0% −141.6% — −55.3% −71.2% −297.4% —
EPS growth — 44.8% 194.4% −72.2% −131.1% — −52.4% −70.6% −310.7% —
FCF growth — −31.3% −9.9% −148.1% — — −28.9% 9.5% −136.4% —
Share count change 30.3% 46.4% 3.8% −6.6% 33.5% 47.2% −6.1% −2.5% −6.1% 5.8%
Financial health
Net debt / EBITDA 7.6x 2.8x 1.7x 3.4x 34.0x 1.1x 1.5x 1.9x 39.3x —
Debt / equity — — 4.9x 5.9x 2.9x 1.0x 0.6x 0.4x 1.1x 1.3x
Interest coverage 0.7x 2.8x 6.4x 4.4x −0.8x 13.4x 7.8x 2.6x −3.0x −3.4x
Current ratio 2.1x 3.4x 3.2x 2.2x 1.8x 2.2x 2.1x 1.9x 2.1x 2.0x
Quick ratio 1.7x 3.1x 2.8x 1.4x 0.5x 0.7x 0.7x 0.6x 0.5x 0.5x
Capital allocation
Capex / revenue 0.5% 7.2% 12.7% 33.0% 9.8% 3.5% 4.1% 2.9% 3.6% 3.0%
Stock comp / revenue 0.9% 1.0% 0.6% 0.9% 0.3% 0.1% 0.1% 0.2% 0.3% 0.3%
Payouts / FCF 0.0% 0.0% 26.2% — — 0.0% 16.2% 9.4% — —
Quality scores
Piotroski F-score 7.0 7.0 5.0 5.0 2.0 6.0 5.0 5.0 4.0 2.0
Altman Z'' −6.3 −1.5 0.5 −0.8 0.5 3.3 3.1 2.7 1.5 0.9
Accruals ratio −6.4% 1.2% 20.0% −7.8% 1.3% 1.1% −5.8% −10.4% −4.5% −5.0%

Source: SEC EDGAR XBRL filings (CIK 0000764065). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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