Pricing Log in Create free account
Saturday 17 October 2026 Export CLF’s income statement to Excel — free account

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.

12.00 0.15 −1.23%
Market cap
$6.9B
P/E
0.0×
Fwd P/E
−29.0×
Dividend yield
—
F-score
2/9
Altman Z
1.12
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.20
Total sells 42.22
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — 1 — — — — — — — —
Sell — — — 2 — — — 1 — — — —
Insider Ownership 1.82%

Capital & Financial Ratios $m

Market Cap 6,930.00
Revenue 19,195.00
Net Income (832.00)
Free Cash Flow (857.00)
Net Debt 7,633.00
Current Ratio 1.89 (at or above 1.5: strong)
Debt/Equity 1.32
P/E ratio 0.00
Fwd P/E (29.00) (negative: loss-making)
P/S ratio 0.36
P/B ratio 1.18
Past 5Y EPS Growth —
This Y EPS Growth 93.54% (at or above 15%: strong)
Next Y EPS Growth 597.11% (at or above 15%: strong)
Next Y revenue growth 15.77% (at or above 10%: strong)
Next 5Y EPS Growth 73.47% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.8×, 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 26.98%
10-year low 10-year high
P/B against its own 10 years 44.90%
10-year low 10-year high
EV/Sales against its own 10 years 37.38%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 0.12
0.06
0.06
2019 0.16
0.05
0.05
0.06
0.06
2018 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 198 54 57 70
Receivables 1,840 1,576 1,442 2,044
Inventory 4,460 5,094 4,772 4,525
Other 138 183 164 175
6,636 6,907 6,435 6,814
2023 2024 2025 Q'26
Payables 2,099 2,008 1,893 2,159
ST’ Debt — — — —
Other 518 492 496 560
3,508 3,361 3,302 3,606

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 4,922 5,226 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.42) (0.25) — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 1.20 5.56 6.30 6.59 2.63 12.77 11.83 13.61 8.99 5.63

Analyst estimates 2026–2028

Powerpack
High 10.90 12.37 13.10 12.26 14.72 26.51 34.04 22.83 22.97 16.70
People
People Employees 2,927 2,938 2,926 2,372 25,000 26,000 27,000 26,000 30,000 25,000
Revenue/emp, $m 0.53 0.64 0.80 0.84 0.21 0.79 0.85 0.85 0.64 0.74
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
Gross margin, % 18.02 25.06 34.69 28.94 4.71 22.18 10.95 6.24 0.33 (4.62)
EBT 110 108 565 313 (193) 3,803 1,796 579 (950) (2,004)
EBT margin, % 7.10 5.80 24.23 15.73 (3.60) 18.60 7.81 2.63 (4.95) (10.77)
Net income 199 363 1,128 293 (81) 3,033 1,376 436 (714) (1,428)
Depreciation 115 88 89 85 404 1,058 1,034 1,098 951 1,235
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
Earnings 0.88 1.30 3.80 1.06 (0.32) 5.63 2.57 0.78 (1.57) (2.91)
Cash flow 1.53 1.17 1.61 2.05 (0.68) 5.59 4.67 4.45 0.22 (0.91)
Capex (0.31) (0.47) (1.00) (2.37) (1.39) (1.42) (1.82) (1.27) (1.45) (1.10)
Free cash flow 1.22 0.70 0.62 (0.32) (2.07) 4.18 2.85 3.18 (1.23) (2.01)
Book value (6.73) (1.54) 1.43 1.29 6.18 11.59 15.50 15.93 14.31 12.45
Shares, m 198 288 297 277 379 498 519 510 480 508
Valuation, ×
Valuation, × P/E 9.46 6.37 2.03 7.78 0.00 3.81 6.53 25.35 0.00 0.00
P/S 1.09 1.22 0.98 1.17 1.03 0.53 0.38 0.46 0.24 0.36
P/B 0.00 0.00 5.38 6.50 2.36 1.88 1.08 1.24 0.66 1.07
EV/Sales 2.44 2.06 1.62 2.17 2.06 0.80 0.57 0.60 0.61 0.76
EV/FCF 15.70 18.89 20.70 (49.12) (14.09) 7.82 8.90 8.18 (19.93) (13.86)
Cash, $m
Cash, $m Operating cash flow 303 338 479 568 (258) 2,785 2,423 2,267 105 (462)
Capex (62) (135) (296) (656) (525) (705) (943) (646) (695) (561)
Free cash flow 241 203 183 (88) (783) 2,080 1,480 1,621 (590) (1,023)
Balance, $m
Balance, $m Working capital 434 1,092 1,011 489 2,369 4,092 3,873 3,128 3,546 3,133
Total debt 2,175 2,304 2,093 2,114 5,390 5,238 4,249 3,137 7,065 7,253
Net debt 1,852 1,326 1,270 1,761 5,278 5,190 4,223 2,939 7,011 7,196
Shareholders’ equity (1,330) (444) 424 358 2,341 5,774 8,042 8,122 6,867 6,323
Returns, %
Returns, % ROA 8.58 15.05 34.80 8.33 (1.20) 16.72 7.08 2.12 (3.95) (7.22)
ROIC 15.67 27.66 24.83 12.65 (1.16) 22.87 9.88 3.72 (3.44) (7.30)
ROE (8.99) (41.36) (11,336.74) 74.92 (9.04) 73.64 19.33 4.76 (10.14) (22.41)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
STLD Steel Dynamics, Inc. $34.5B 21.7× 17.8× +33.44% (above 0%: growing) +84.58% (above 0%: growing) +2,189.86% (above 0%: growing) 15.74% 11.50% Compare
RS Reliance, Inc. $20.8B 23.8× 20.2× +26.51% (above 0%: growing) +42.57% (above 0%: growing) −45.43% (below 0%: shrinking) 28.09% 9.54% Compare
PKX POSCO Holdings Inc. $16.7B 20.8× — +9.70% (above 0%: growing) +271.43% (above 0%: growing) −156.79% (below 0%: shrinking) 8.62% 4.25% Compare
TX Ternium S.A. $11.2B 16.0× 9.2× +9.97% (above 0%: growing) +59.09% (above 0%: growing) −174.72% (below 0%: shrinking) 21.68% 12.17% Compare
CLF Cleveland-Cliffs Inc. $6.9B — (loss-making) — (loss-making) +5.92% (above 0%: growing) n/m +208.96% (above 0%: growing) 2.53% (0.94%)
GGB Gerdau S.A. $6.3B 21.8× — +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. $4.6B 23.3× 28.5× +29.60% (above 0%: growing) n/m +51.13% (above 0%: growing) 24.99% 15.91% Compare
WS Worthington Steel, Inc. $2.0B — (loss-making) 14.3× +212.36% (above 0%: growing) n/m −42.57% (below 0%: shrinking) 9.58% 2.05% Compare
SID National Steel Company $1.5B — (loss-making) 199× +18.55% (above 0%: growing) n/m +8.38% (above 0%: growing) 25.92% 5.54% Compare
Median of peers $8.7B 21.7× 19.0× +22.53% +84.58% −17.10% 18.76% 10.52%

All 21 Steel stocks →

Cleveland-Cliffs Inc. (CLF) key facts

  • Concern: Cleveland-Cliffs Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.6 billion, down 3.00% from fiscal 2024.
  • Concern: Cleveland-Cliffs Inc. reported a net loss of $1.4 billion, or a loss of $2.91 per share, for fiscal 2025.
  • Cleveland-Cliffs Inc. (CLF) is a Steel company in the Basic Materials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, CLF traded at $12.00, a market capitalization of $6.9 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 0.4× sales.
  • Return on equity was −22.4% and debt-to-equity 1.32.
  • Its Piotroski F-score is 2 out of 9 and its Altman Z-score is 1.12 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Cleveland-Cliffs Inc. (CLF) Latest News

1 Jun

Impact 5 ·
stockrow.com/CLF · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com