Cleveland-Cliffs vs ArcelorMittal
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The short version
- ArcelorMittal is the larger business, with $61.4B of revenue in fiscal 2025 against $18.6B for Cleveland-Cliffs, about 3.3 times as much.
- ArcelorMittal grew revenue faster (−1.7%, against −3.0%).
- ArcelorMittal kept more of each dollar of sales as operating profit (5.9% operating margin, against −8.5%).
- ArcelorMittal turned more of its sales into free cash flow (0.8% FCF margin, against −5.5%).
- ArcelorMittal earned a higher return on the capital invested in it (5.4%, against −8.9%).
| Latest fiscal year | CLF · FY25 | MT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.0B | $45.5B |
| Revenue | $18.6B | $61.4B |
| Free cash flow | −$1.0B | $471M |
| Net income | −$1.5B | $3.2B |
| Growth | ||
| Revenue growth | −3.0% | −1.7% |
| 5-year growth | 28.3% | 2.9% |
| Share count change | 5.8% | −3.2% |
| Profitability | ||
| Gross margin | −4.6% | 7.1% |
| Operating margin | −8.5% | 5.9% |
| Net margin | −7.9% | 5.1% |
| FCF margin | −5.5% | 0.8% |
| Return on capital | −8.9% | 5.4% |
| Return on equity | −23.2% | 6.1% |
| Balance sheet | ||
| Net debt | $7.6B | $7.8B |
| Net debt / EBITDA | — | 1.2x |
| Dividends and buybacks | $0.0M | $804M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 2 | 7 |
Revenue
FY16
CLF $1.6B
MT $56.8B
FY17
CLF $1.9B
MT $68.7B
FY18
CLF $2.3B
MT $76.0B
FY19
CLF $2.0B
MT $70.6B
FY20
CLF $5.4B
MT $53.3B
FY21
CLF $20.4B
MT $76.6B
FY22
CLF $23.0B
MT $79.8B
FY23
CLF $22.0B
MT $68.3B
FY24
CLF $19.2B
MT $62.4B
FY25
CLF $18.6B
MT $61.4B
CLF
MT
Operating margin
FY16
CLF 8.4%
MT 7.3%
FY17
CLF 20.9%
MT 7.9%
FY18
CLF 28.9%
MT 8.6%
FY19
CLF 21.6%
MT −0.9%
FY20
CLF −2.7%
MT 4.0%
FY21
CLF 19.6%
MT 22.2%
FY22
CLF 8.4%
MT 12.9%
FY23
CLF 3.0%
MT 3.4%
FY24
CLF −4.0%
MT 5.3%
FY25
CLF −8.5%
MT 5.9%
CLF
MT
Free cash flow
FY16
CLF $296M
MT $264M
FY17
CLF $203M
MT $1.7B
FY18
CLF $183M
MT $891M
FY19
CLF −$88.0M
MT $2.4B
FY20
CLF −$783M
MT $1.6B
FY21
CLF $2.1B
MT $6.9B
FY22
CLF $1.5B
MT $6.7B
FY23
CLF $1.6B
MT $3.0B
FY24
CLF −$590M
MT $447M
FY25
CLF −$1.0B
MT $471M
CLF
MT
Return on capital
FY16
CLF 22.7%
MT —
FY17
CLF 54.6%
MT 10.6%
FY18
CLF 52.3%
MT 12.4%
FY19
CLF 21.2%
MT −1.0%
FY20
CLF −2.2%
MT 2.2%
FY21
CLF 33.2%
MT 28.7%
FY22
CLF 12.5%
MT 15.4%
FY23
CLF 4.2%
MT 3.3%
FY24
CLF −4.7%
MT 2.9%
FY25
CLF −8.9%
MT 5.4%
CLF
MT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.