Cleveland-Cliffs vs Steel Dynamics
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The short version
- Cleveland-Cliffs is the larger business, with $18.6B of revenue in fiscal 2025 against $18.2B for Steel Dynamics.
- Steel Dynamics grew revenue faster (3.6%, against −3.0%).
- Steel Dynamics kept more of each dollar of sales as operating profit (8.1% operating margin, against −8.5%).
- Steel Dynamics turned more of its sales into free cash flow (2.8% FCF margin, against −5.5%).
- Steel Dynamics earned a higher return on the capital invested in it (10.0%, against −8.9%).
| Latest fiscal year | CLF · FY25 | STLD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.0B | $34.7B |
| Revenue | $18.6B | $18.2B |
| Free cash flow | −$1.0B | $502M |
| Net income | −$1.5B | $1.2B |
| Growth | ||
| Revenue growth | −3.0% | 3.6% |
| 5-year growth | 28.3% | 13.6% |
| Share count change | 5.8% | −5.0% |
| Profitability | ||
| Gross margin | −4.6% | 13.2% |
| Operating margin | −8.5% | 8.1% |
| Net margin | −7.9% | 6.5% |
| FCF margin | −5.5% | 2.8% |
| Return on capital | −8.9% | 10.0% |
| Return on equity | −23.2% | 13.3% |
| Balance sheet | ||
| Net debt | $7.6B | $3.4B |
| Net debt / EBITDA | — | 1.7x |
| Dividends and buybacks | $0.0M | $1.2B |
| Valuation & quality | ||
| P/E | — | 17.8x |
| Piotroski F-score | 2 | 6 |
FY16
CLF $1.6B
STLD $7.8B
FY17
CLF $1.9B
STLD $9.5B
FY18
CLF $2.3B
STLD $11.8B
FY19
CLF $2.0B
STLD $10.5B
FY20
CLF $5.4B
STLD $9.6B
FY21
CLF $20.4B
STLD $18.4B
FY22
CLF $23.0B
STLD $22.3B
FY23
CLF $22.0B
STLD $18.8B
FY24
CLF $19.2B
STLD $17.5B
FY25
CLF $18.6B
STLD $18.2B
CLF
STLD
FY16
CLF 8.4%
STLD 9.4%
FY17
CLF 20.9%
STLD 11.2%
FY18
CLF 28.9%
STLD 14.6%
FY19
CLF 21.6%
STLD 9.4%
FY20
CLF −2.7%
STLD 8.8%
FY21
CLF 19.6%
STLD 23.4%
FY22
CLF 8.4%
STLD 22.9%
FY23
CLF 3.0%
STLD 16.8%
FY24
CLF −4.0%
STLD 11.1%
FY25
CLF −8.5%
STLD 8.1%
CLF
STLD
FY16
CLF $296M
STLD $655M
FY17
CLF $203M
STLD $574M
FY18
CLF $183M
STLD $1.2B
FY19
CLF −$88.0M
STLD $944M
FY20
CLF −$783M
STLD −$211M
FY21
CLF $2.1B
STLD $1.2B
FY22
CLF $1.5B
STLD $3.6B
FY23
CLF $1.6B
STLD $1.9B
FY24
CLF −$590M
STLD −$23.5M
FY25
CLF −$1.0B
STLD $502M
CLF
STLD
FY16
CLF 22.7%
STLD 10.7%
FY17
CLF 54.6%
STLD 20.8%
FY18
CLF 52.3%
STLD 27.7%
FY19
CLF 21.2%
STLD 15.1%
FY20
CLF −2.2%
STLD 12.5%
FY21
CLF 33.2%
STLD 47.8%
FY22
CLF 12.5%
STLD 47.1%
FY23
CLF 4.2%
STLD 26.3%
FY24
CLF −4.7%
STLD 14.5%
FY25
CLF −8.9%
STLD 10.0%
CLF
STLD
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.