Cleveland-Cliffs

CLF · NYSE · Materials · Financials, fiscal 2016 to 2025

CLF · Last close · October 26, 2026

$13.38

Cleveland-Cliffs' revenue fell 3.0% to $18.6 billion in fiscal 2025. Its operating margin was −8.5%, down from −4.0% a year earlier. Free cash flow was −$1.0 billion. The diluted share count rose 5.8%.

CLEVELAND-CLIFFS INC. Latest fiscal year ended December 31, 2025 10-K filed February 9, 2026 · 0000764065-26-000025 Updated October 20, 2026

Revenue

$18.6B

3.0%

Operating margin

−8.5%

4.5 pts

Net income

−$1.5B

Free cash flow

−$1.0B

Return on capital

−8.8%

4.1 pts

Market cap

$7.7B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Cleveland-Cliffs' 2025 operating loss made its EBITDA negative, so net debt to EBITDA is blank for that year.

What Cleveland-Cliffs does

Cleveland-Cliffs is a North American steel maker based in Cleveland, Ohio. It focuses on value-added sheet steel, especially for the automotive industry, and says automotive-grade steel is its main strength in the U.S. It employs approximately 25,000 people in the United States and Canada, and over 18,000 of its employees are covered by collective bargaining agreements.

The company is vertically integrated, which means it handles steps from start to finish. It mines iron ore, makes pellets and direct reduced iron (a form of iron used in steelmaking), processes scrap metal, makes steel, and then finishes the steel and makes stamped parts, tooling and tubing. It has four operating segments: Steelmaking, Tubular, Tooling and Stamping, and European Operations. It mainly reports one, the Steelmaking segment.

Steel prices drive its results. The company says the price of domestic hot-rolled coil, the index with the most effect on its Steelmaking revenue and profit, averaged $851 per net ton in 2025, against $772 in 2024. It sells approximately 35-40% of its flat-rolled steel shipments under fixed price contracts.

Its biggest risks, as it describes them

Swings in commodity prices, including steel, scrap metal and iron ore.
Heavy dependence on the automotive market, where changes in demand or production can hurt sales.
Steel overcapacity and imports, which can push global steel prices down.
Trade actions by the U.S. and other governments.
Debt that limits cash for investing in the business, and the cost of environmental rules and permits.

From Cleveland-Cliffs's annual report on Form 10-K, filed February 9, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2023, earnings per share fell 2.1% a year and net income grew 12.0% a year, as new shares raised the share count by 155% and diluted each share's earnings. Cleveland-Cliffs then lost money in fiscal 2024 and 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Cleveland-Cliffs yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Cleveland-Cliffs says to expect

Fourth quarter 2026: adjusted EBITDAThe Company expects fourth-quarter 2026 adjusted EBITDA 2 to be approximately $715 million, an increase from the third quarter as a result of increased pricing, partially offset by seasonality, increased maintenance outages, input costs and incentive compensation accruals.
Full year 2027: adjusted EBITDABased on 2027 contract changes and prevailing price forecasts, the Company would expect 2027 adjusted EBITDA to exceed $4 billion.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 19, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Cleveland-Cliffs' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Cleveland-Cliffs' 3-year average free cash flow of $3M, net cash of −$7.6B at December 31, 2025 and 508 million diluted shares, from its filings. The scenarios are fitted to Cleveland-Cliffs: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -6.8% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Steel), plus 1 point as a smaller company, worth $7.7B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Cleveland-Cliffs' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

The average of fiscal 2023 to 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Cleveland-Cliffs's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $13.38
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Cleveland-Cliffs' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	0.0	0.0	0.2	0.1	0.1
Debt incl. finance leases	5.5	4.5	3.4	7.4	7.7
Net debt (negative means net cash)	5.5	4.4	3.2	7.4	7.6
Net debt to EBITDA	1.1x	1.5x	1.9x	39.3x	—
Debt to equity	1.0x	0.6x	0.4x	1.1x	1.2x
Interest coverage	13.4x	7.8x	2.6x	−3.0x	−3.4x
Current ratio	2.1x	2.1x	1.9x	2.1x	1.9x
Quick ratio	0.7x	0.7x	0.6x	0.5x	0.5x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $299,387 of Cleveland-Cliffs shares on the open market, and 3 insiders sold $42.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 22, 2026	Edilson CamaraDirector	Bought	7,400	$13.49	$99,826	Form 4
Jun 5, 2026	Celso L Goncalves JrEVP, CFO	Sold	214,308	$13.41	$2.9 million	Form 4
Feb 17, 2026	Clifford T SmithEVP & Chief Operating Officer	Sold	200,000	$10.46	$2.1 million	Form 4
Feb 13, 2026	Edilson CamaraDirector	Bought	19,700	$10.13	$199,561	Form 4
Feb 11, 2026	Lourenco GoncalvesChairman, President & CEO, Director	Sold	3,000,000	$12.42	$37.3 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Fail
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	5 of 9	4 of 9	2 of 9
Accruals ratio	−10.4%	−4.5%	−5.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Cleveland-Cliffs side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cleveland-Cliffs	FY25	−3.0%	−8.5%	−5.5%	−8.8%	—	2
Steel Dynamics	FY25	3.6%	8.1%	2.8%	10.0%	1.7x	6	Compare
Reliance	FY25	3.3%	7.1%	3.5%	9.4%	0.9x	6	Compare
Nucor	FY25	5.7%	—	−0.6%	8.6%	1.0x	6	Compare
Commercial Metals	FY26	20.5%	—	5.1%	12.9%	2.1x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1.6	1.9	2.3	2.0	5.4	20.4	23.0	22.0	19.2	18.6
Revenue growth	−22.8%	20.0%	25.0%	−14.7%	169.1%	281.9%	12.4%	−4.3%	−12.8%	−3.0%
Gross profit	0.3	0.5	0.8	0.6	0.3	4.5	2.5	1.4	0.1	−0.9
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	0.1	0.4	0.7	0.4	−0.1	4.0	1.9	0.7	−0.8	−1.6
Net income	0.2	0.4	1.1	0.3	−0.1	3.0	1.3	0.4	−0.8	−1.5
Diluted EPS (US$)	0.87	1.26	3.71	1.03	−0.32	5.36	2.55	0.75	−1.58	−2.91
Diluted shares (millions)	200	293	304	284	379	558	524	511	480	508
Cash flow
Cash from operations	0.3	0.3	0.5	0.6	−0.3	2.8	2.4	2.3	0.1	−0.5
Capital expenditure	0.0	0.1	0.3	0.7	0.5	0.7	0.9	0.6	0.7	0.6
Free cash flow	0.3	0.2	0.2	−0.1	−0.8	2.1	1.5	1.6	−0.6	−1.0
Dividends paid	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Share buybacks	0.0	0.0	0.0	0.3	0.0	0.0	0.2	0.2	0.7	0.0
Acquisitions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
Balance sheet at fiscal year end
Cash and short-term investments	0.3	1.0	0.8	0.4	0.1	0.0	0.0	0.2	0.1	0.1
Debt incl. finance leases	2.2	2.3	2.1	2.1	5.8	5.5	4.5	3.4	7.4	7.7
Total assets	1.9	3.0	3.5	3.5	16.8	19.0	18.8	17.5	20.9	20.0
Total liabilities	3.3	3.4	3.1	3.1	13.7	13.2	10.7	9.4	14.1	13.7
Shareholders' equity	−1.5	−0.4	0.4	0.4	2.0	5.5	7.8	7.9	6.6	6.1
Margins and ratios
Gross margin	18.0%	25.1%	34.7%	28.9%	4.7%	22.2%	10.9%	6.2%	0.3%	−4.6%
Operating margin	8.4%	20.9%	28.9%	21.6%	−2.6%	19.6%	8.4%	3.0%	−4.0%	−8.5%
Net margin	11.2%	19.7%	48.4%	14.7%	−2.3%	14.6%	5.8%	1.8%	−4.0%	−7.9%
Free cash flow margin	19.0%	10.9%	7.8%	−4.4%	−14.6%	10.2%	6.4%	7.4%	−3.1%	−5.5%
Return on capital	22.7%	54.6%	52.3%	21.2%	−2.2%	33.2%	12.5%	4.2%	−4.7%	−8.8%
Return on equity	—	—	—	74.9%	−10.3%	79.6%	20.1%	4.9%	−10.5%	−23.2%
Return on assets	8.6%	15.1%	34.8%	8.3%	−1.2%	16.7%	7.1%	2.1%	−4.0%	−7.2%
Net debt to EBITDA	7.6x	2.8x	1.7x	3.4x	34.0x	1.1x	1.5x	1.9x	39.3x	—

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cleveland-Cliffs' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cleveland-Cliffs.