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Cleveland-Cliffs Inc.

CLF Basic Materials Steel

Cleveland-Cliffs Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.6 billion, down 3.00% from fiscal 2024.

Revenue
+18.6%
EPS
+152.9%
Free cash flow
+124.0%
Total debt
−4.90%

Quarter to September 2026, against a year earlier

11.35 1.49 −11.60%
Market cap
$6.4B
P/E
0.0×
Fwd P/E
216×
Dividend yield
—
F-score
2/9
Altman Z
1.12
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2023

  • United States
  • Canada
  • Other countries

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.30
Sold, $m 42.22
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — 1 —
Sell — — 2 — — — 1 — — — — —
Insider Ownership 1.99%

Capital & Financial Ratios $m

Size
Market Cap 6,430.00
Revenue ttm 20,073.00
Net income ttm (433.00)
Free cash flow ttm (485.00)
Net debt Q 7,568.00
Valuation
P/E 0.00
Forward P/E 216.00 (above 35: high)
Price / sales 0.32
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.09
Financial health
Current ratio Q 1.87 (at or above 1.5: strong)
Debt / equity Q 1.28
Interest coverage Q 2.10
Growth
Revenue growth Q +18.55% (above 0%: growing)
Operating income growth Q +252.45% (above 0%: growing)
EPS, this year +101.62% (at or above 15%: strong)
EPS, next year A +3,475.28% (at or above 15%: strong)
Revenue, next year A +15.17% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +73.47% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 1.4×; over the ten years it ranged from 0.5× in 2024 to 3.0× in 2018.
P/S against its own 10 years 18.23%
10-year low 10-year high
P/B against its own 10 years 34.55%
10-year low 10-year high
EV/Sales against its own 10 years 32.09%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2019–23
−100.0%/yr
  1. 0.16 ’19
  2. 0.12 ’20 −25
  3. 0.00 ’21 −100
  4. 0.00 ’22
  5. 0.00 ’23
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 198 54 57 77
Receivables 1,840 1,576 1,442 2,159
Inventory 4,460 5,094 4,772 4,694
Other 138 183 164 174
6,636 6,907 6,435 7,104
2023 2024 2025 Q'26
Payables 2,099 2,008 1,893 2,327
ST’ Debt — — — —
Other 518 492 496 628
3,508 3,361 3,302 3,792

Compound Annual Growth %

10y 5y 3y
Sales 24.91% 28.30% (6.80%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 21.98% (7.70%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.24 Actual 0.28

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.62 −0.43 Beat by 0.19
Q1 FY26 −0.44 −0.40 Beat by 0.04
Q2 FY26 −0.21 −0.20 Beat by 0.01
Q3 FY26 0.24 0.28 Beat by 0.04
Q4 FY26 0.42 — Reports 8 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.42) (0.25) 0.26 — —
’25 (1.00) (0.97) (0.51) (0.44) (2.91)
’24 (0.14) 0.00 (0.52) (0.92) (1.57)
’23 (0.11) 0.67 0.52 (0.31) 0.78
’22 1.50 1.13 0.29 (0.41) 2.55
’21 0.07 1.33 2.33 1.69 5.36
’20 (0.18) (0.31) (0.02) 0.14 (0.32)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,922 5,226 5,612 — —
’25 4,629 4,934 4,734 4,313 18,610
’24 5,199 5,092 4,569 4,325 19,185
’23 5,295 5,984 5,605 5,112 21,996
’22 5,955 6,337 5,653 5,044 22,989
’21 4,049 5,045 6,004 5,346 20,444
’20 359 1,093 1,646 2,256 5,354
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (325) 230 224 — —
’25 (351) 45 (143) (13) (462)
’24 142 519 (84) (472) 105
’23 (39) 887 767 652 2,267
’22 533 865 536 489 2,423
’21 (379) 511 1,516 1,137 2,785
’20 (164) (134) 247 (207) (258)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (477) 73 72 — —
’25 (503) (67) (300) (153) (1,023)
’24 (40) 362 (235) (677) (590)
’23 (227) 756 605 487 1,621
’22 297 633 288 262 1,480
’21 (515) 349 1,341 905 2,080
’20 (302) (279) 151 (353) (783)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −2.7% a year for ten years.

Implied
−2.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,555 1,866 2,332 1,990 5,354 20,444 22,989 21,996 19,185 18,610 20,073 +31.8% 21,433 23,121 22,707 +6.9%
Gross margin, % 18.02 25.06 34.69 28.94 4.71 22.18 10.95 6.24 0.33 (4.62) 1.54 (22.6) pt
EBT 110 108 565 313 (193) 3,803 1,796 579 (950) (2,004) (685) n/m
EBT margin, % 7.10 5.80 24.23 15.73 (3.60) 18.60 7.81 2.63 (4.95) (10.77) (3.41) (17.9) pt
Net income 199 363 1,128 293 (81) 3,033 1,376 436 (714) (1,428) (433) n/m
Per share, $
Per share, $ Revenue 7.86 6.47 7.85 7.18 14.13 41.05 44.29 43.13 39.97 36.63 35.09 +18.6%
Earnings 0.88 1.30 3.80 1.06 (0.32) 5.63 2.57 0.78 (1.57) (2.91) (0.84) n/m
Cash flow 1.53 1.17 1.61 2.05 (0.68) 5.59 4.67 4.45 0.22 (0.91) 0.20 n/m
Capex (0.31) (0.47) (1.00) (2.37) (1.39) (1.42) (1.82) (1.27) (1.45) (1.10) (1.05) +15.1%
Free cash flow 1.22 0.70 0.62 (0.32) (2.07) 4.18 2.85 3.18 (1.23) (2.01) (0.85) n/m
Book value (6.73) (1.54) 1.43 1.29 6.18 11.59 15.50 15.93 14.31 12.45 10.43 n/m
Shares, m 198 288 297 277 379 498 519 510 480 508 555 +11.1%
Valuation, ×
Valuation, × P/E 9.46 6.37 2.03 7.78 0.00 3.81 6.53 25.35 0.00 0.00 0.00 6.1
P/S 1.09 1.22 0.98 1.17 1.03 0.53 0.38 0.46 0.24 0.36 0.32 0.7
P/B 0.00 0.00 5.38 6.50 2.36 1.88 1.08 1.24 0.66 1.07 1.09 2.0
EV/Sales 2.44 2.06 1.62 2.17 2.06 0.80 0.57 0.60 0.61 0.76 0.71 1.4
EV/FCF 15.70 18.89 20.70 (49.12) (14.09) 7.82 8.90 8.18 (19.93) (13.86) (29.47) (1.7)
Cash, $m
Cash, $m Operating cash flow 303 338 479 568 (258) 2,785 2,423 2,267 105 (462) 116 n/m
Capex (62) (135) (296) (656) (525) (705) (943) (646) (695) (561) (601) +27.8%
Free cash flow 241 203 183 (88) (783) 2,080 1,480 1,621 (590) (1,023) (485) n/m
Balance, $m
Balance, $m Working capital 434 1,092 1,011 489 2,369 4,092 3,873 3,128 3,546 3,133 3,312 +24.6%
Net debt 1,852 1,326 1,270 1,761 5,278 5,190 4,223 2,939 7,011 7,196 7,568 +16.3%
Shareholders’ equity (1,330) (444) 424 358 2,341 5,774 8,042 8,122 6,867 6,323 5,966 n/m
Returns, %
Returns, % ROA 8.58 15.05 34.80 8.33 (1.20) 16.72 7.08 2.12 (3.95) (7.22) (2.33) (15.8) pt
ROIC 15.67 27.66 24.83 12.65 (1.16) 22.87 9.88 3.72 (3.44) (7.30) (1.30) (23.0) pt
ROE (8.99) (41.36) (11,336.74) 74.92 (9.04) 73.64 19.33 4.76 (10.14) (22.41) (8.10) (13.4) pt
People
People Employees 2,927 2,938 2,926 2,372 25,000 26,000 27,000 26,000 30,000 25,000 — +26.9%
Revenue/emp, $m 0.53 0.64 0.80 0.84 0.21 0.79 0.85 0.85 0.64 0.74 — +3.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Cleveland-Cliffs is a North American steel producer focused on sheet products, particularly steel used by the automotive industry. Founded in 1846, it is headquartered in Cleveland, Ohio. Lourenco Goncalves is chairman, president and chief executive officer.

The company takes part in several stages of making steel. It mines iron ore, turns it into pellets, produces direct reduced iron and processes scrap metal. It then makes steel and finishes it to customer specifications. It also makes products such as tubing, stamped components and tooling used in manufacturing.

Where the money comes from and where it goes Fiscal 2023

Fiscal 2023: revenue by regions, and margins
United States 20,000 90.93%
Canada 1,046 4.76%
Other countries 950 4.32%
Gross margin 6.24%
Operating margin 3.00%
Pre-tax margin 2.63%

Revenue by segment since 2009

Cleveland-Cliffs Inc. vs peers in Steel (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MT ArcelorMittal $45.6B 25.3× 19.6× +5.24% (above 0%: growing) −61.70% (below 0%: shrinking) −126.60% (below 0%: shrinking) 10.95% 6.29% Compare
STLD Steel Dynamics, Inc. $31.6B 16.4× 14.2× +34.82% (above 0%: growing) +92.36% (above 0%: growing) +25.01% (above 0%: growing) 19.70% 15.46% Compare
RS Reliance, Inc. $21.1B 19.2× 16.3× +42.78% (above 0%: growing) +118.84% (above 0%: growing) −26.28% (below 0%: shrinking) 27.89% 10.59% Compare
PKX POSCO Holdings Inc. $14.7B 15.8× — +9.70% (above 0%: growing) +352.74% (above 0%: growing) −156.79% (below 0%: shrinking) 8.62% 4.25% Compare
TX Ternium S.A. $9.6B 9.1× 8.3× +17.43% (above 0%: growing) +1,773.00% (above 0%: growing) +224.47% (above 0%: growing) 22.31% 12.42% Compare
CLF Cleveland-Cliffs Inc. $6.4B — (loss-making) 216× +18.55% (above 0%: growing) n/m +124.00% (above 0%: growing) 8.29% 5.54%
GGB Gerdau S.A. $5.5B 19.2× — +14.33% (above 0%: growing) +87.50% (above 0%: growing) +171.99% (above 0%: growing) 15.83% 13.05% Compare
SIM Grupo Simec, S.A. de C.V. $4.3B 20.7× 28.5× +17.46% (above 0%: growing) +38.87% (above 0%: growing) +96.72% (above 0%: growing) 24.99% 15.91% Compare
WS Worthington Steel, Inc. $1.8B — (loss-making) 8.7× +212.36% (above 0%: growing) n/m −42.57% (below 0%: shrinking) 9.58% 2.05% Compare
Median of peers $12.1B 19.2× 15.3× +17.45% +92.36% −0.63% 17.77% 11.51%

All 19 Steel stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.28%
Held by the ten largest 44.42%
Holder Shares Stake Change
BlackRock 55.67m 9.76% −2.94m
Vanguard 55.58m 9.74% +329.69k
State Street 33.25m 5.83% −6.06m
Slate Path Capital LP 28.41m 4.98% +9.17m
D. E. Shaw 15.39m 2.70% +2.66m
Two Sigma 15.20m 2.66% +1.28m
FAIRFAX FINANCIAL HOLDINGS LTD/ CAN 14.90m 2.61% 0.00
Dimensional Fund Advisors 12.45m 2.18% −3.03m
Assenagon Asset Management S.A. 12.04m 2.11% +10.09m
Geode Capital Management 10.54m 1.85% +79.32k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 19.02m 20.47m 91.20
2024 15.25m (5.70m) 64.55
2023 26.09m 24.28m 140.24
2022 18.46m 5.09m 110.64
2021 24.49m 39.03m 149.52
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Cleveland-Cliffs Inc. (CLF) Latest News

28 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

26 Oct

Impact 4 · · Zacks
Impact 3 · · Business Wire

22 Oct

Impact 3 · · euronews.com

21 Oct

Impact 4 · · Trefis
Impact 3 · · Zacks

20 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · manufacturingdive.com
Impact 4 · · 24/7 Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · MoneyShow
Impact 4 · · The Daily Upside
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

19 Oct

Impact 4 · · TIKR
Impact 4 · · journal-news.com
Impact 4 · · Insider Monkey
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool
Impact 4 · · Moby
Impact 4 · · TIKR
Impact 4 · · The Motley Fool
Impact 4 · · financialpost.com
Impact 4 · · manufacturingdive.com
Impact 3 · · MT Newswires

CLF metrics, ten years each

stockrow.com/CLF · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com