A Business at a Glance
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CLEVELAND-CLIFFS INC.
CLF
$6.1B
Mkt Cap
$11.93
+8.85%
CLEVELAND-CLIFFS INC. (CLF) has a 5-year average return on invested capital (ROIC) of 7.0%. This is below average and may indicate limited pricing power.
CLEVELAND-CLIFFS INC. (CLF) has a market capitalization of $6.8B. It is classified as a mid-cap stock.
CLEVELAND-CLIFFS INC. (CLF) does not currently pay a regular dividend.
CLEVELAND-CLIFFS INC. (CLF) operates in the Metal Mining industry, within the Materials sector.
CLEVELAND-CLIFFS INC. (CLF) reported annual revenue of $18.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
CLEVELAND-CLIFFS INC. (CLF) has a net profit margin of -7.9%. The company is currently unprofitable.
CLEVELAND-CLIFFS INC. (CLF) generated $-1.0 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Cleveland-Cliffs is a leading North America-based steel producer headquartered in Cleveland, Ohio, employing approximately 25,000 people across operations in the United States and Canada. The company is vertically integrated from iron ore mining, pellet production, and direct reduced iron (DRI) through primary steelmaking and downstream finishing, stamping, tooling, and tubing, with a strategic focus on value-added sheet products for the automotive industry. The company's competitive strengths include its unique vertically integrated profile that provides predictable costs and control over manufacturing inputs and end-product destination, its position as a leading supplier of automotive-grade steel in the U.S., and its ability to source primary feedstock domestically and primarily internally, reducing exposure to volatile global pricing and supply disruptions. Automotive steel is higher quality, more operationally and technologically intensive, and generates higher through-the-cycle margins compared to other steel end markets; the company also produces electrical steels critical for grid modernization, is the first and only producer of HBI in the Great Lakes region, and offers a comprehensive flat-rolled steel product selection including advanced high-strength steel, galvanized products, cold-rolled coil, plate, and stainless steels. The company's business model benefits from decades of infrastructure and customer service dedication to the automotive sector, with demand expected to be supported by government support for domestically produced vehicles, the shift away from aluminum, and vehicle replacement cycles.
【Automotive demand strengthening】 Management expects substantial improvement in realized prices and shipment volumes in 2026, with full-year shipment expectations in the 16.5–17 million ton range, driven by increased domestic vehicle production and market share gains from the shift away from aluminum. Unit costs are expected to decline for a fourth consecutive year, down approximately $10 per ton in 2026, supported by locked-in coal contracts generating over $100 million in year-over-year savings and higher mill utilizations. The company is targeting a definitive agreement with POSCO in the first half of 2026 as its number one strategic priority, which would unlock significant throughput, efficiency, and profitability improvements. Free cash flow generation is expected to return to healthy levels in 2026, with all proceeds directed toward debt reduction, and the company anticipates completing multiple real estate transactions generating approximately $425 million in proceeds throughout the year to further strengthen the balance sheet.
| Metric | Target | Period |
|---|---|---|
| Shipment volume | 16.5–17 million tons | FY2026 |
| Unit cost reduction | $10 per ton decline | FY2026 vs FY2025 |
| Property asset sale proceeds | $425 million | FY2026 |
| Coal contract savings | over $100 million | FY2026 vs FY2025 |
Shipment volume (FY2026): “My expectation for full-year 2026 shipment level is in the 16.5 million -17 million ton range, an improvement from 2025 as we run our mills at higher utilizations.”
Unit cost reduction (FY2026 vs FY2025): “Combining this with some partial offsets in utilities and labor costs, we expect unit costs to decline again for a fourth straight year, down another $10 per ton in 2026.”
Property asset sale proceeds (FY2026): “My expectation of the $425 million in total proceeds from these sales remains intact.”
Coal contract savings (FY2026 vs FY2025): “We have further momentum heading into 2026 as we locked in coal contracts that generate over $100 million of savings year-over-year and an expectation of much higher utilizations, both in melt and in our finishing operations.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 18.9B | 18.6B | 19.2B | 22.0B | 23.0B | 20.4B |
| Net Income | -1.2B | -1.5B | -760M | 385M | 1.3B | 3.0B |
| EPS | $-2.34 | $-2.91 | $-1.58 | $0.75 | $2.55 | $5.36 |
| Free Cash Flow | -997M | -1.0B | -590M | 1.6B | 1.5B | 2.1B |
| ROIC | -7.3% | -10.9% | -6.1% | 4.3% | 12.8% | 34.8% |
| Gross Margin | - | -4.6% | 0.3% | 6.2% | 11.0% | 22.2% |
| Debt/Equity | 1.33 | 1.24 | 1.12 | 0.43 | 0.59 | 1.02 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -1.3B | -1.6B | -763M | 659M | 1.9B | 4.0B |
| Operating Margin | -6.6% | -8.5% | -4.0% | 3.0% | 8.4% | 19.6% |
| ROE | -21.0% | -23.2% | -10.5% | 4.9% | 20.1% | 79.6% |
| Shares Outstanding | 570M | 508M | 481M | 513M | 524M | 557M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | 2.0B | 1.6B | 1.9B | 2.3B | 2.0B | 5.4B | 20.4B | 23.0B | 22.0B | 19.2B | 18.6B | 18.9B |
| Gross Margin | N/A | 11.7% | 18.0% | 25.1% | 34.7% | 28.9% | 4.7% | 22.2% | 11.0% | 6.2% | 0.3% | -4.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 155M | 110M | 116M | 103M | 113M | 113M | 244M | 422M | 465M | 577M | 486M | 543M | 535M |
| EBIT | N/A | 151M | 131M | 390M | 673M | 429M | -142M | 4.0B | 1.9B | 659M | -763M | -1.6B | -1.3B |
| Op. Margin | N/A | 7.5% | 8.4% | 20.9% | 28.9% | 21.6% | -2.7% | 19.6% | 8.4% | 3.0% | -4.0% | -8.5% | -6.6% |
| Net Income | -7.3B | -788M | 174M | 367M | 1.1B | 293M | -122M | 3.0B | 1.3B | 385M | -760M | -1.5B | -1.2B |
| Net Margin | N/A | -39.1% | 11.2% | 19.7% | 48.4% | 14.7% | -2.3% | 14.6% | 5.8% | 1.8% | -4.0% | -7.9% | -6.5% |
| Non-Recurring | 74M | 0 | 0 | 0 | 1.0M | 2.0M | 38M | 0 | 0 | 125M | 129M | 86M | 83M |
| Returns on Capital | |||||||||||||
| ROIC | N/A | 11.5% | 30.8% | 60.2% | 52.3% | 21.2% | -2.5% | 34.8% | 12.8% | 4.3% | -6.1% | -10.9% | -7.3% |
| ROE | -313.7% | 46.2% | -10.1% | -38.5% | 265.9% | 74.9% | -10.3% | 79.6% | 20.1% | 4.9% | -10.5% | -23.2% | -21.0% |
| ROA | -89.5% | -29.8% | 8.6% | 15.0% | 34.8% | 8.3% | -1.2% | 16.7% | 7.1% | 2.1% | -3.9% | -7.2% | -6.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 359M | 38M | 303M | 338M | 479M | 568M | -258M | 2.8B | 2.4B | 2.3B | 105M | -462M | -436M |
| Free Cash Flow | 75M | -43M | 296M | 203M | 183M | -88M | -783M | 2.1B | 1.5B | 1.6B | -590M | -1.0B | -997M |
| Owner Earnings | -167M | -106M | 174M | 237M | 376M | 465M | -579M | 1.9B | 1.4B | 1.3B | -891M | -1.8B | -1.7B |
| CapEx | 284M | 81M | 7.4M | 135M | 296M | 656M | 525M | 705M | 943M | 646M | 695M | 561M | 561M |
| Maint. CapEx | 504M | 134M | 115M | 88M | 89M | 85M | 308M | 897M | 1.0B | 973M | 951M | 1.2B | 1.2B |
| Growth CapEx | 0 | 0 | 0 | 47M | 207M | 571M | 217M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 504M | 134M | 115M | 88M | 89M | 85M | 308M | 897M | 1.0B | 973M | 951M | 1.2B | 1.2B |
| CapEx/OCF | 79.2% | 213.2% | 2.4% | 5.0% | 43.6% | 116.5% | N/A | 25.3% | 38.9% | 28.5% | 661.9% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 93M | 0 | 0 | 0 | 0 | 72M | 41M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 4.2% | N/A | N/A | N/A | N/A | 2.9% | 1.6% | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 48M | 253M | 0 | 0 | 240M | 152M | 733M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 2.1% | 11.1% | N/A | N/A | 2.8% | 1.4% | 16.5% | N/A | 0.0% |
| Stock-Based Comp | 22M | 9.8M | 14M | 14M | 14M | 18M | 13M | 20M | 19M | 23M | 45M | 54M | 54M |
| Debt Repayment | 1.2B | 310M | 105M | 1.7B | 235M | 729M | 1.0B | 1.4B | 1.4B | 0 | 845M | 685M | 685M |
| Balance Sheet | |||||||||||||
| Net Debt | 2.6B | 2.4B | 1.9B | 1.3B | 1.3B | 1.8B | 5.6B | 5.6B | 4.6B | 3.2B | 7.4B | 7.5B | 7.7B |
| Cash & Equiv. | 271M | 285M | 313M | 978M | 823M | 353M | 112M | 48M | 26M | 198M | 54M | 57M | 45M |
| Long-Term Debt | 2.8B | 2.7B | 2.2B | 2.3B | 2.1B | 2.1B | 5.4B | 5.2B | 4.2B | 3.1B | 7.1B | 7.3B | 7.8B |
| Debt/Equity | -1.99 | -1.36 | -1.50 | -5.19 | 4.93 | 5.91 | 2.82 | 1.02 | 0.59 | 0.43 | 1.12 | 1.24 | 1.33 |
| Interest Coverage | N/A | 0.7 | 0.7 | 3.1 | 5.7 | 214.5 | -35.5 | 445.8 | 242.4 | 59.9 | -50.9 | -68.7 | -68.7 |
| Equity | -1.4B | -2.0B | -1.5B | -444M | 424M | 358M | 2.0B | 5.5B | 7.8B | 7.9B | 6.6B | 6.1B | 5.8B |
| Total Assets | 3.1B | 2.1B | 1.9B | 3.0B | 3.5B | 3.5B | 16.8B | 19.0B | 18.8B | 17.5B | 20.9B | 20.0B | 20.1B |
| Total Liabilities | 4.9B | 3.9B | 3.3B | 3.4B | 3.1B | 3.1B | 13.7B | 13.2B | 10.7B | 9.4B | 14.1B | 13.7B | 14.1B |
| Intangibles | 63M | 58M | 54M | N/A | N/A | N/A | 188M | 221M | 214M | 201M | 1.2B | 1.1B | 1.1B |
| Retained Earnings | -4.0B | -4.7B | -4.6B | -4.2B | -3.1B | -2.8B | -3.0B | -1.0M | 1.3B | 1.7B | 949M | -529M | -766M |
| Working Capital | 471M | 401M | 434M | 1.1B | 1.0B | 489M | 2.4B | 4.1B | 3.9B | 3.1B | 3.5B | 3.1B | 3.4B |
| Current Assets | 1.4B | 983M | 825M | 1.5B | 1.5B | 898M | 5.3B | 7.7B | 7.4B | 6.6B | 6.9B | 6.4B | 6.7B |
| Current Liabilities | 955M | 582M | 391M | 452M | 468M | 409M | 2.9B | 3.6B | 3.5B | 3.5B | 3.4B | 3.3B | 3.3B |
| Per Share Data | |||||||||||||
| EPS | -47.52 | -5.13 | 0.87 | 1.26 | 3.71 | 1.03 | -0.32 | 5.36 | 2.55 | 0.75 | -1.58 | -2.91 | -2.34 |
| Owner EPS | -1.09 | -0.69 | 0.87 | 0.81 | 1.24 | 1.63 | -1.52 | 3.35 | 2.62 | 2.48 | -1.85 | -3.45 | -2.98 |
| Book Value | -9.35 | -12.90 | -7.32 | -1.53 | 1.40 | 1.26 | 5.29 | 9.85 | 14.88 | 15.36 | 13.79 | 12.04 | 10.21 |
| Cash Flow/Share | 2.34 | 0.25 | 1.51 | 1.16 | 1.58 | 2.00 | -0.68 | 5.00 | 4.63 | 4.42 | 0.22 | -0.91 | -0.01 |
| Dividends/Share | 0.60 | 0.00 | 0.00 | 0.00 | 0.05 | 0.27 | 0.11 | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 153.1M | 153.5M | 200.1M | 291.3M | 304.0M | 284.5M | 381.3M | 557.5M | 523.5M | 513.3M | 481.0M | 507.9M | 570.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 9.8 | 5.5 | 2.0 | 7.8 | N/A | 3.9 | 6.4 | 26.7 | N/A | N/A | -5.1 |
| P/FCF | 12.2 | N/A | 5.8 | 9.9 | 12.4 | N/A | N/A | 5.6 | 5.7 | 6.6 | N/A | N/A | N/A |
| EV/EBIT | N/A | 17.6 | 27.4 | 6.2 | 4.0 | 8.6 | N/A | 4.2 | 6.6 | 19.8 | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | N/A | 5.3 | 6.4 | 2.6 | 2.1 | 1.1 | 1.4 | 0.7 | 1.1 | 1.2 |
| Price/Sales | N/A | 0.3 | 0.6 | 1.1 | 1.1 | 1.3 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.3 | 0.4 |
| FCF Yield | 8.2% | -17.5% | 17.4% | 10.1% | 8.1% | -3.9% | -15.0% | 17.9% | 17.4% | 15.2% | -13.3% | -14.6% | -14.7% |
| Market Cap | 915M | 246M | 1.7B | 2.0B | 2.3B | 2.3B | 5.2B | 11.6B | 8.5B | 10.7B | 4.4B | 7.0B | 6.8B |
| Avg. Price | 14.34 | 4.15 | 4.76 | 7.17 | 8.46 | 8.77 | 6.73 | 20.02 | 19.61 | 17.07 | 15.86 | 10.16 | 11.93 |
| Year-End Price | 5.98 | 1.60 | 8.49 | 6.94 | 7.44 | 8.03 | 13.66 | 20.89 | 16.25 | 20.82 | 9.24 | 13.83 | 11.93 |
CLEVELAND-CLIFFS INC. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 7.0% with a gross margin of 7.0%. At current prices, the estimated annualized return to fair value is +37.5%.
CLEVELAND-CLIFFS INC. (CLF) has a debt-to-equity ratio of 1.24. This indicates moderate leverage.
CLEVELAND-CLIFFS INC. (CLF) reported earnings per share (EPS) of $-2.91 in its most recent fiscal year.
CLEVELAND-CLIFFS INC. (CLF) has a return on equity (ROE) of -23.2%. A negative ROE may indicate losses or negative equity.
CLEVELAND-CLIFFS INC. (CLF) has a 5-year average gross margin of 7.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for CLEVELAND-CLIFFS INC. (CLF), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CLEVELAND-CLIFFS INC. (CLF) has a book value per share of $12.04, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects substantial improvement in realized prices and shipment volumes in 2026, with full-year shipment expectations in the 16.5–17 million ton range, driven by increased domestic vehicle production and market share gains from the shift away from aluminum. Unit costs are expected to decline for a fourth consecutive year, down approximately $10 per ton in 2026, supported by locked-in coal contracts generating over $100 million in year-over-year savings and higher mill utilizations. The company is targeting a definitive agreement with POSCO in the first half of 2026 as its number one strategic priority, which would unlock significant throughput, efficiency, and profitability improvements. Free cash flow generation is expected to return to healthy levels in 2026, with all proceeds directed toward debt reduction, and the company anticipates completing multiple real estate transactions generating approximately $425 million in proceeds throughout the year to further strengthen the balance sheet.
Based on recent SEC filings and earnings calls, CLEVELAND-CLIFFS INC. (CLF) has provided the following forward guidance: Shipment volume: 16.5–17 million tons (FY2026); Unit cost reduction: $10 per ton decline (FY2026 vs FY2025); Property asset sale proceeds: $425 million (FY2026); Coal contract savings: over $100 million (FY2026 vs FY2025).