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Cleveland-Cliffs Inc. (CLF) vs Steel Dynamics, Inc. (STLD)

Cleveland-Cliffs Inc. and Steel Dynamics, Inc. are both Steel companies. Steel Dynamics, Inc. is the larger, with a market value of $31.6B against $6.4B — 4.9× the size. Cleveland-Cliffs Inc. has negative trailing earnings, so its P/E is not meaningful; Steel Dynamics, Inc. trades at 16.4×. Steel Dynamics, Inc. grew revenue faster over the last twelve months: 26.0% against 7.79%. Steel Dynamics, Inc. has the higher net margin (8.82% vs −2.36%) and the higher return on invested capital (12.4% vs −1.30%). Across the 20 metrics below, Steel Dynamics, Inc. leads on 15 and Cleveland-Cliffs Inc. on 5.

Valuation

Metric CLF STLD Steel median
P/E n/m 16.37 16.37
P/S 0.32 1.43 0.70
P/B 1.09 3.31 1.10
Price to free cash flow n/m 29.12 22.15
EV/EBITDA 18.56 10.96 8.16
EV/Sales 0.71 1.58 0.79
Earnings yield (7.40%) 6.11% 5.02%
Free cash flow yield (7.47%) 3.43% 0.00%

Profitability

Metric CLF STLD Steel median
Gross margin 1.54% 15.90% 13.96%
Operating margin (1.40%) 11.50% 6.93%
Net margin (2.36%) 8.82% 3.14%
Free cash flow margin (2.42%) 4.93% 0.00%
Return on equity (8.10%) 21.22% 2.21%
Return on assets (2.33%) 11.59% 1.83%
Return on invested capital (1.30%) 12.37% 3.18%

Growth

Metric CLF STLD Steel median
Revenue growth (TTM) 7.79% 26.00% 15.40%
EPS growth (last fiscal year) (85.35%) (18.80%) (18.80%)
Revenue growth, 5-year CAGR 28.30% 13.61% 7.46%
Net income growth, 5-year CAGR 0.00% 16.57% 0.00%

Health

Metric CLF STLD Steel median
Debt to equity 1.28 0.44 0.25
Current ratio 1.87 3.14 2.56
Net debt to EBITDA (20.92) 1.70 0.10

Dividend

Metric CLF STLD Steel median
Dividend yield — 0.94% 1.20%
Payout ratio — 0.15 0.36

Size

Metric CLF STLD Steel median
Market cap 6.43b 31.56b 2.07b

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