Cleveland-Cliffs vs Reliance
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The short version
- Cleveland-Cliffs is the larger business, with $18.6B of revenue in fiscal 2025 against $14.3B for Reliance.
- Reliance grew revenue faster (3.3%, against −3.0%).
- Reliance kept more of each dollar of sales as operating profit (7.1% operating margin, against −8.5%).
- Reliance turned more of its sales into free cash flow (3.5% FCF margin, against −5.5%).
- Reliance earned a higher return on the capital invested in it (9.4%, against −8.9%).
| Latest fiscal year | CLF · FY25 | RS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.0B | $21.6B |
| Revenue | $18.6B | $14.3B |
| Free cash flow | −$1.0B | $503M |
| Net income | −$1.5B | $739M |
| Growth | ||
| Revenue growth | −3.0% | 3.3% |
| 5-year growth | 28.3% | 10.2% |
| Share count change | 5.8% | −6.0% |
| Profitability | ||
| Gross margin | −4.6% | — |
| Operating margin | −8.5% | 7.1% |
| Net margin | −7.9% | 5.2% |
| FCF margin | −5.5% | 3.5% |
| Return on capital | −8.9% | 9.4% |
| Return on equity | −23.2% | 10.3% |
| Balance sheet | ||
| Net debt | $7.6B | $1.2B |
| Net debt / EBITDA | — | 0.9x |
| Dividends and buybacks | $0.0M | $594M |
| Valuation & quality | ||
| P/E | — | 27.1x |
| Piotroski F-score | 2 | 6 |
Revenue
FY16
CLF $1.6B
RS $8.6B
FY17
CLF $1.9B
RS $9.7B
FY18
CLF $2.3B
RS $11.5B
FY19
CLF $2.0B
RS $11.0B
FY20
CLF $5.4B
RS $8.8B
FY21
CLF $20.4B
RS $14.1B
FY22
CLF $23.0B
RS $17.0B
FY23
CLF $22.0B
RS $14.8B
FY24
CLF $19.2B
RS $13.8B
FY25
CLF $18.6B
RS $14.3B
CLF
RS
Operating margin
FY16
CLF 8.4%
RS 6.0%
FY17
CLF 20.9%
RS 6.8%
FY18
CLF 28.9%
RS 8.1%
FY19
CLF 21.6%
RS 9.2%
FY20
CLF −2.7%
RS 6.4%
FY21
CLF 19.6%
RS 13.8%
FY22
CLF 8.4%
RS 14.7%
FY23
CLF 3.0%
RS 11.8%
FY24
CLF −4.0%
RS 8.4%
FY25
CLF −8.5%
RS 7.1%
CLF
RS
Free cash flow
FY16
CLF $296M
RS $472M
FY17
CLF $203M
RS $237M
FY18
CLF $183M
RS $425M
FY19
CLF −$88.0M
RS $1.1B
FY20
CLF −$783M
RS $1.0B
FY21
CLF $2.1B
RS $563M
FY22
CLF $1.5B
RS $1.8B
FY23
CLF $1.6B
RS $1.2B
FY24
CLF −$590M
RS $999M
FY25
CLF −$1.0B
RS $503M
CLF
RS
Return on capital
FY16
CLF 22.7%
RS 6.4%
FY17
CLF 54.6%
RS 10.8%
FY18
CLF 52.3%
RS 10.9%
FY19
CLF 21.2%
RS 11.6%
FY20
CLF −2.2%
RS 7.0%
FY21
CLF 33.2%
RS 21.7%
FY22
CLF 12.5%
RS 26.2%
FY23
CLF 4.2%
RS 18.0%
FY24
CLF −4.7%
RS 11.3%
FY25
CLF −8.9%
RS 9.4%
CLF
RS
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.