Cleveland-Cliffs
CLF NYSE· Steel
Last close · Oct 27, 2026
$13.90
KIRA · Stoqly’s AI analyst, in plain words
- Cleveland-Cliffs had $18.6B of revenue in fiscal 2025, down 3.0% on the year before. Over five years, revenue changed +28.3% a year on average.
- Its operating margin was −8.5%, down 4.5 pts: of every 100 in sales, about −8 is left after running the business.
- Cleveland-Cliffs lost $1.5B in fiscal 2025.
- Free cash flow was −$1.0B in fiscal 2025, −5.5% of revenue.
- Cleveland-Cliffs returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 5.8%.
- Cleveland-Cliffs owes $7.6B more than it holds in cash.
Market cap
$8.0B
P/E
—
Revenue
$18.6B
Net income
−$1.5B
Free cash flow
−$1.0B
Operating margin
−8.5%
Cleveland-Cliffs in 30 seconds · fiscal 2025
Are sales growing?
−3.0%
No. Sales fell 3.0% last year.
Does it make a profit?
−7.9%
No. It lost money last year.
Does profit turn into cash?
−5.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 9
Weak. It passes 2 of 9 health tests.
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.
Biggest risks, in its own words
- Swings in commodity prices, including steel, scrap metal and iron ore.
- Heavy dependence on the automotive market, where changes in demand or production can hurt sales.
- Steel overcapacity and imports, which can push global steel prices down.
- Trade actions by the U.S. and other governments.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 9, 2026
- Legal name
- CLEVELAND-CLIFFS INC.
- CIK
- 0000764065
Cleveland-Cliffs · CLF
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $20.4B | $23.0B | $22.0B | $19.2B | $18.6B |
| Revenue growth | 281.9% | 12.5% | −4.3% | −12.8% | −3.0% |
| Gross margin | 22.2% | 11.0% | 6.2% | 0.3% | −4.6% |
| Operating margin | 19.6% | 8.4% | 3.0% | −4.0% | −8.5% |
| Net income | $3.0B | $1.3B | $385M | −$760M | −$1.5B |
| Net margin | 14.6% | 5.8% | 1.8% | −4.0% | −7.9% |
| Diluted EPS | $5.36 | $2.55 | $0.75 | −$1.58 | −$2.91 |
| Cash | |||||
| Cash from operations | $2.8B | $2.4B | $2.3B | $105M | −$462M |
| Capital expenditure | $705M | $943M | $646M | $695M | $561M |
| Free cash flow | $2.1B | $1.5B | $1.6B | −$590M | −$1.0B |
| FCF margin | 10.2% | 6.4% | 7.4% | −3.1% | −5.5% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $240M | $152M | $733M | $0.0M |
| Share count change | 47.2% | −6.1% | −2.5% | −6.1% | 5.8% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $5.5B | $7.8B | $7.9B | $6.6B | $6.1B |
| Net debt / EBITDA | 1.1x | 1.5x | 1.9x | 39.3x | — |
| Current ratio | 2.2x | 2.1x | 1.9x | 2.1x | 2.0x |
| Interest coverage | 13.4x | 7.8x | 2.6x | −3.0x | −3.4x |
| Returns and quality | |||||
| Return on capital | 33.2% | 12.5% | 4.2% | −4.7% | −8.9% |
| Return on equity | 79.6% | 20.1% | 4.9% | −10.5% | −23.2% |
| Piotroski F-score | 6 | 5 | 5 | 4 | 2 |
| Altman Z'' | 3.3 | 3.1 | 2.7 | 1.5 | 0.9 |
Insiders bought, 12 months
$0.3M
1 insider
Insiders sold, 12 months
$42.2M
3 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cleveland-Cliffs · CLF
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Cleveland-Cliffs CLF | $8.0B | −3.0% | −8.5% | −5.5% | −8.9% | — | 2 |
| Steel Dynamics STLD | $35.4B | 3.6% | 8.1% | 2.8% | 10.0% | 18.2x | 6 |
| Reliance RS | $22.5B | 3.3% | 7.1% | 3.5% | 9.4% | 28.2x | 6 |
| Nucor NUE | $61.9B | 5.7% | — | −0.6% | 8.6% | 21.6x | 6 |
| Commercial Metals CMC | $7.1B | 20.5% | — | 5.1% | 12.9% | — | 7 |
KIRA
At $13.90 a share, the company is worth $8.0B.
Cleveland-Cliffs grew sales faster than 0 of its 4 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0000764065). Data updated October 20, 2026. For information only — not investment advice. Check the original filings before relying on any figure.