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. In the quarter to June 2026, revenue grew 5.92%, EPS grew 74.2%, free cash flow grew 209.0% and total debt was flat, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Cleveland-Cliffs Inc. (CLF) Beneish M-score
Cleveland-Cliffs Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: gross margin index cannot be worked out.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2024 | 6.94 | 9.61 |
| FY2023 | −2.68 | (0.48) |
| FY2022 | −2.20 | (1.33) |
| FY2021 | −0.87 | (4.43) |
| FY2020 | 3.56 | 6.88 |
| FY2019 | −3.32 | (3.25) |
| FY2018 | −0.07 | 1.91 |
| FY2017 | −1.98 | 0.90 |
| FY2016 | −2.89 | (0.68) |
| FY2015 | −2.20 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.94 | — | 0.87 | |
| Gross margin index | — | — | n/a | — |
| Asset quality index | 1.05 | — | 0.42 | |
| Sales growth index | 0.97 | — | 0.87 | |
| Depreciation index | 0.76 | — | 0.09 | |
| SG&A index | 1.15 | — | −0.20 | |
| Total accruals to total assets | (0.05) | — | −0.22 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | n/a — gross margin index cannot be worked out | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GGB Gerdau S.A. compare | −2.9× |
| TX Ternium S.A. compare | −2.9× |
| WS Worthington Steel, Inc. compare | −2.8× |
| PKX POSCO Holdings Inc. compare | −2.7× |
| SID National Steel Company compare | −2.6× |
| SIM Grupo Simec, S.A. de C.V. compare | −2.5× |
| RS Reliance, Inc. compare | −2.5× |
| STLD Steel Dynamics, Inc. compare | −2.4× |
| CLF Cleveland-Cliffs Inc. | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI