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Cleveland-Cliffs Inc. (CLF) vs Gerdau S.A. (GGB)

Cleveland-Cliffs Inc. and Gerdau S.A. are both Steel companies. Cleveland-Cliffs Inc. is the larger, with a market value of $6.4B against $5.5B — 1.2× the size. Cleveland-Cliffs Inc. has negative trailing earnings, so its P/E is not meaningful; Gerdau S.A. trades at 19.2×. Gerdau S.A. grew revenue faster over the last twelve months: 9.42% against 7.79%. Gerdau S.A. has the higher net margin (3.40% vs −2.36%) and the higher return on invested capital (4.96% vs −1.30%). Across the 20 metrics below, Gerdau S.A. leads on 15 and Cleveland-Cliffs Inc. on 5.

Valuation

Metric CLF GGB Steel median
P/E n/m 19.17 16.37
P/S 0.32 0.66 0.70
P/B 1.09 0.82 1.10
Price to free cash flow n/m 13.33 22.15
EV/EBITDA 18.56 6.18 8.16
EV/Sales 0.71 0.79 0.79
Earnings yield (7.40%) 5.22% 5.02%
Free cash flow yield (7.47%) 7.50% 0.00%

Profitability

Metric CLF GGB Steel median
Gross margin 1.54% 13.16% 13.96%
Operating margin (1.40%) 7.45% 6.93%
Net margin (2.36%) 3.40% 3.14%
Free cash flow margin (2.42%) 4.94% 0.00%
Return on equity (8.10%) 4.39% 2.21%
Return on assets (2.33%) 2.84% 1.83%
Return on invested capital (1.30%) 4.96% 3.18%

Growth

Metric CLF GGB Steel median
Revenue growth (TTM) 7.79% 9.42% 15.40%
EPS growth (last fiscal year) (85.35%) (70.00%) (18.80%)
Revenue growth, 5-year CAGR 28.30% 8.04% 7.46%
Net income growth, 5-year CAGR 0.00% (11.55%) 0.00%

Health

Metric CLF GGB Steel median
Debt to equity 1.28 0.26 0.25
Current ratio 1.87 2.87 2.56
Net debt to EBITDA (20.92) 1.07 0.10

Dividend

Metric CLF GGB Steel median
Dividend yield — 3.41% 1.20%
Payout ratio — 0.65 0.36

Size

Metric CLF GGB Steel median
Market cap 6.43b 5.47b 2.07b

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