stockrowCleveland-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
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Cleveland-Cliffs Inc. (CLF) Altman Z-score
Cleveland-Cliffs Inc.'s Altman Z-score for fiscal 2025 is 1.12, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.12 | (0.14) |
| FY2024 | 1.25 | (1.14) |
| FY2023 | 2.39 | 0.01 |
| FY2022 | 2.38 | (0.14) |
| FY2021 | 2.53 | 2.09 |
| FY2020 | 0.44 | (0.01) |
| FY2019 | 0.45 | (0.41) |
| FY2018 | 0.86 | 0.98 |
| FY2017 | −0.12 | 1.60 |
| FY2016 | −1.72 | (0.05) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | (0.03) | — | −0.04 | |
| EBIT / total assets | (0.08) | — | −0.26 | |
| Market value of equity / total liabilities | 0.49 | — | 0.30 | |
| Sales / total assets | 0.93 | — | 0.93 | |
| Altman Z-score | Distress zone | 1.12 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.90 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SIM Grupo Simec, S.A. de C.V. compare | 6.7× |
| RS Reliance, Inc. compare | 5.9× |
| STLD Steel Dynamics, Inc. compare | 5.0× |
| WS Worthington Steel, Inc. compare | 3.0× |
| GGB Gerdau S.A. compare | 2.6× |
| TX Ternium S.A. compare | 2.4× |
| PKX POSCO Holdings Inc. compare | 2.0× |
| MT ArcelorMittal compare | 1.8× |
| CLF Cleveland-Cliffs Inc. | 1.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on CLF
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- The full statement