Cleveland-Cliffs Inc. (CLF) 10-Year Financial Performance & Capital Metrics

CLF • • Industrial / General

Basic MaterialsSteelIntegrated Steel ProducersMajor Integrated Steel Mills

AboutCleveland-Cliffs Inc. operates as a flat-rolled steel producer in North America. The company offers carbon steel products, such as hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, hot-dip galvannealed, aluminized, enameling, and advanced high-strength steel products; stainless steel products; plates; and grain oriented and non-oriented electrical steel products. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing. In addition, the company offers tinplate products, such as electrolytic tin coated and chrome coated sheet, and tin mill products; tooling and sampling; raw materials; ingots, rolled blooms, and cast blooms; and hot-briquetted iron products. Further, it owns five iron ore mines in Minnesota and Michigan. The company serves automotive, infrastructure and manufacturing, distributors and converters, and steel producers. Cleveland-Cliffs Inc. was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. The company was founded in 1847 and is headquartered in Cleveland, Ohio.Show more

Revenue $19.18B -12.8%
EBITDA $195M -88.2%
Net Income -$754M -289.0%
EPS (Diluted) -1.57 -301.3%
Gross Margin 0.36% -94.2%
EBITDA Margin 1.02% -86.5%
Operating Margin -3.94% -228.0%
Net Margin -3.93% -316.7%
ROE -10.04% -303.4%
ROIC -4.34% -203.6%
Debt/Equity 1.13 +154.9%
Interest Coverage -2.04 -187.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 82 (top 18%)
✓Strong 5Y sales CAGR of 57.3%
✓Share count reduced 6.1% through buybacks
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.7%
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.29%

5Y57.34%

3Y-2.1%

TTM-6.76%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-262.77%

EPS CAGR

10Y-

5Y-

3Y-

TTM-252.04%

ROCE

10Y Avg12.14%

5Y Avg7.65%

3Y Avg4.17%

Latest-4.78%

Peer Comparison

Major Integrated Steel Mills

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MTArcelorMittal S.A.	36.82B	48.41	28.65	-8.54%	4.23%	4.56%	1.21%	0.23
NUENucor Corporation	40B	174.79	20.66	-11.47%	5.18%	7.54%	2.01%	0.32
GGBGerdau S.A.	5.26B	4.18	1.92	-2.74%	4.31%	5.48%	100%	0.26
PKXPOSCO Holdings Inc.	17.86B	59.03	0.02	-5.76%	0.65%	0.73%		0.44
CLFCleveland-Cliffs Inc.	8.15B	14.30	-9.11	-12.78%	-9%	-29.37%		1.13

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.01B	2.11B	2.33B	2.33B	1.99B	5.35B	20.44B	22.99B	22B	19.18B
Revenue Growth %	-0.56%	0.05%	0.1%	0%	-0.15%	1.69%	2.82%	0.12%	-0.04%	-0.13%
Cost of Goods Sold+	1.78B	1.72B	1.82B	1.52B	1.41B	5.1B	15.91B	20.47B	20.61B	19.11B
COGS % of Revenue	0.88%	0.82%	0.78%	0.65%	0.71%	0.95%	0.78%	0.89%	0.94%	1%
Gross Profit+	236.5M	389.3M	509.6M	809.6M	575.7M	252M	4.53B	2.52B	1.39B	70M
Gross Margin %	0.12%	0.18%	0.22%	0.35%	0.29%	0.05%	0.22%	0.11%	0.06%	0%
Gross Profit Growth %	-0.48%	0.65%	0.31%	0.59%	-0.29%	-0.56%	16.99%	-0.44%	-0.45%	-0.95%
Operating Expenses+	85.2M	149.4M	77.4M	136.4M	146.4M	394M	502M	575M	714M	826M
OpEx % of Revenue	0.04%	0.07%	0.03%	0.06%	0.07%	0.07%	0.02%	0.03%	0.03%	0.04%
Selling, General & Admin	110M	117.8M	105.8M	116.8M	119.4M	244M	422M	465M	577M	486M
SG&A % of Revenue	0.05%	0.06%	0.05%	0.05%	0.06%	0.05%	0.02%	0.02%	0.03%	0.03%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-24.8M	31.6M	-28.4M	19.6M	27M	150M	80M	110M	137M	340M
Operating Income+	151.3M	240.8M	431.5M	673.2M	429.3M	-142M	4.01B	1.94B	677M	-756M
Operating Margin %	0.08%	0.11%	0.19%	0.29%	0.22%	-0.03%	0.2%	0.08%	0.03%	-0.04%
Operating Income Growth %	1.02%	0.59%	0.79%	0.56%	-0.36%	-1.33%	29.25%	-0.52%	-0.65%	-2.12%
EBITDA+	285.3M	356.2M	519.2M	762.2M	514.4M	166M	4.92B	2.97B	1.65B	195M
EBITDA Margin %	0.14%	0.17%	0.22%	0.33%	0.26%	0.03%	0.24%	0.13%	0.08%	0.01%
EBITDA Growth %	1.03%	0.25%	0.46%	0.47%	-0.33%	-0.68%	28.61%	-0.4%	-0.45%	-0.88%
D&A (Non-Cash Add-back)	134M	115.4M	87.7M	89M	85.1M	308M	904M	1.03B	973M	951M
EBIT	541.6M	304.3M	390.2M	684M	413.3M	45M	4.14B	2.07B	886M	-573M
Net Interest Income+	-228.5M	-193.9M	-126.8M	-119M	-101M	-238M	-337M	-276M	-289M	-370M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	228.5M	193.9M	126.8M	118.9M	101M	238M	337M	276M	289M	370M
Other Income/Expense	161.8M	76.3M	-282M	-108.3M	-116.7M	-51M	-209M	-143M	-80M	-187M
Pretax Income+	313.1M	207M	137.3M	564.7M	312.6M	-193M	3.8B	1.8B	597M	-943M
Pretax Margin %	0.16%	0.1%	0.06%	0.24%	0.16%	-0.04%	0.19%	0.08%	0.03%	-0.05%
Income Tax+	169.3M	-12.2M	-252.4M	-475.2M	17.6M	-111M	773M	423M	148M	-235M
Effective Tax Rate %	-2.39%	0.84%	2.73%	2%	0.94%	0.63%	0.79%	0.74%	0.67%	0.8%
Net Income+	-749.3M	174.1M	374.9M	1.13B	292.8M	-122M	2.99B	1.33B	399M	-754M
Net Margin %	-0.37%	0.08%	0.16%	0.48%	0.15%	-0.02%	0.15%	0.06%	0.02%	-0.04%
Net Income Growth %	0.9%	1.23%	1.15%	2.01%	-0.74%	-1.42%	25.49%	-0.55%	-0.7%	-2.89%
Net Income (Continuing)	143.7M	219.2M	360.6M	1.04B	295M	-82M	3.03B	1.37B	449M	-708M
Discontinued Operations	-892M	76.7M	2.5M	0	0	1M	3M	3M	1M	0
Minority Interest	169.8M	133.8M	200K	0	0	323M	284M	251M	235M	233M
EPS (Diluted)+	-4.88	0.87	1.28	3.71	1.03	-0.32	5.35	2.55	0.78	-1.57
EPS Growth %	0.9%	1.18%	0.47%	1.9%	-0.72%	-1.31%	17.72%	-0.52%	-0.69%	-3.01%
EPS (Basic)	-4.89	0.88	1.30	3.80	1.06	-0.32	5.62	2.57	0.78	-1.57
Diluted Shares Outstanding	153.6M	200.15M	292.96M	304.14M	284.48M	379M	558M	524M	511M	480M
Basic Shares Outstanding	153.23M	197.66M	288.44M	297.18M	276.76M	379M	558.56M	519M	510M	480M
Dividend Payout Ratio	-	0.34%	0.14%	0.04%	0.4%	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	979.1M	824.6M	1.54B	1.48B	897.9M	5.3B	7.65B	7.42B	6.64B	6.91B
Cash & Short-Term Investments	285.2M	323.4M	1.01B	823.2M	352.6M	112M	48M	26M	198M	54M
Cash Only	285.2M	323.4M	1.01B	823.2M	352.6M	112M	48M	26M	198M	54M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	212.3M	177.3M	171.6M	344M	152.6M	1.19B	2.15B	1.96B	1.84B	1.58B
Days Sales Outstanding	38.49	30.68	26.88	53.83	27.99	81.33	38.46	31.12	30.53	29.98
Inventory	440M	269.8M	277.3M	181.1M	317.4M	3.83B	5.19B	5.13B	4.46B	5.09B
Days Inventory Outstanding	90.39	57.26	55.59	43.41	81.92	273.86	119.02	91.47	79.01	97.27
Other Current Assets	45.2M	54.1M	129.6M	39.8M	68.3M	165M	263M	306M	138M	183M
Total Non-Current Assets+	1.16B	1.1B	1.41B	2.05B	2.61B	11.47B	11.32B	11.33B	10.9B	14.04B
Property, Plant & Equipment	1.06B	984.4M	1.05B	1.37B	1.96B	8.74B	9.19B	9.07B	8.89B	9.94B
Fixed Asset Turnover	1.90x	2.14x	2.22x	1.70x	1.01x	0.61x	2.23x	2.53x	2.47x	1.93x
Goodwill	0	2M	0	0	2M	1.41B	1.12B	1.13B	1B	1.77B
Intangible Assets	58.2M	53.8M	52.3M	0	0	188M	221M	214M	201M	1.17B
Long-Term Investments	0	0	0	0	62.7M	105M	128M	163M	124M	140M
Other Non-Current Assets	33.6M	59.1M	302.9M	216.2M	120.7M	494M	671M	756M	676M	1.02B
Total Assets+	2.13B	1.92B	2.95B	3.53B	3.5B	16.77B	18.98B	18.75B	17.54B	20.95B
Asset Turnover	0.94x	1.10x	0.79x	0.66x	0.57x	0.32x	1.08x	1.23x	1.25x	0.92x
Asset Growth %	-0.33%	-0.1%	0.54%	0.2%	-0.01%	3.79%	0.13%	-0.01%	-0.06%	0.19%
Total Current Liabilities+	578M	391.1M	452.2M	468.2M	409.4M	2.93B	3.56B	3.55B	3.51B	3.32B
Accounts Payable	106.3M	107.6M	99.5M	186.8M	155M	1.57B	2.07B	2.19B	2.1B	2.01B
Days Payables Outstanding	21.84	22.84	19.95	44.77	40	112.68	47.56	38.98	37.18	38.34
Short-Term Debt	17.9M	17.4M	0	0	0	144M	147M	136M	90M	113M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Other Current Liabilities	391.7M	193.6M	277.6M	186.4M	132.4M	592M	731M	798M	808M	754M
Current Ratio	1.69x	2.11x	3.42x	3.16x	2.19x	1.81x	2.15x	2.09x	1.89x	2.08x
Quick Ratio	0.93x	1.42x	2.80x	2.77x	1.42x	0.50x	0.69x	0.65x	0.62x	0.55x
Cash Conversion Cycle	107.04	65.11	62.53	52.47	69.91	242.51	109.92	83.61	72.36	88.91
Total Non-Current Liabilities+	3.37B	2.86B	2.95B	3.26B	2.89B	10.76B	9.64B	7.16B	5.91B	10.73B
Long-Term Debt	2.7B	2.18B	2.3B	2.09B	2.11B	5.39B	5.24B	4.25B	3.14B	7.07B
Capital Lease Obligations	56.2M	38.4M	52.9M	0	0	455M	414M	317M	363M	594M
Deferred Tax Liabilities	0	0	0	622.7M	150.5M	0	0	590M	639M	858M
Other Non-Current Liabilities	532.7M	585.6M	552.8M	512.2M	597M	4.92B	3.99B	2.01B	1.77B	2.21B
Total Liabilities	3.95B	3.25B	3.4B	3.73B	3.3B	13.69B	13.2B	10.71B	9.41B	14.05B
Total Debt+	2.77B	2.23B	2.36B	2.09B	2.11B	5.99B	5.8B	4.7B	3.59B	7.77B
Net Debt	2.49B	1.91B	1.38B	1.27B	1.75B	5.88B	5.75B	4.68B	3.39B	7.72B
Debt / Equity	-	-	-	4.93x	5.91x	1.95x	1.00x	0.58x	0.44x	1.13x
Debt / EBITDA	9.72x	6.26x	4.54x	2.75x	4.11x	36.08x	1.18x	1.58x	2.18x	39.86x
Net Debt / EBITDA	8.72x	5.36x	2.66x	1.67x	3.41x	35.40x	1.17x	1.57x	2.06x	39.58x
Interest Coverage	0.66x	1.24x	3.40x	5.66x	4.25x	-0.60x	11.91x	7.03x	2.34x	-2.04x
Total Equity+	-1.81B	-1.33B	-444.1M	424.2M	357.9M	3.08B	5.77B	8.04B	8.12B	6.9B
Equity Growth %	-0.04%	0.27%	0.67%	1.96%	-0.16%	7.6%	0.88%	0.39%	0.01%	-0.15%
Book Value per Share	-11.79	-6.65	-1.52	1.39	1.26	8.12	10.35	15.35	15.89	14.37
Total Shareholders' Equity	-1.98B	-1.46B	-444.3M	424.2M	357.9M	2.76B	5.49B	7.79B	7.89B	6.66B
Common Stock	19.8M	29.8M	37.7M	37.7M	37.7M	63M	63M	66M	66M	66M
Retained Earnings	-4.75B	-4.57B	-4.21B	-3.06B	-2.84B	-2.99B	-1M	1.33B	1.73B	979M
Treasury Stock	-265M	-245.5M	-169.6M	-186.1M	-390.7M	-354M	-82M	-310M	-430M	-676M
Accumulated OCI	-18M	-21.3M	-39M	-283.9M	-318.8M	-133M	618M	1.83B	1.66B	1.54B
Minority Interest	169.8M	133.8M	200K	0	0	323M	284M	251M	235M	233M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	22.7M	303M	338.1M	478.5M	562.5M	-261M	2.79B	2.42B	2.23B	105M
Operating CF Margin %	0.01%	0.14%	0.15%	0.21%	0.28%	-0.05%	0.14%	0.11%	0.1%	0.01%
Operating CF Growth %	-0.94%	12.35%	0.12%	0.42%	0.18%	-1.46%	11.67%	-0.13%	-0.08%	-0.95%
Net Income	142.8M	194M	364.5M	1.04B	294.5M	-123M	2.98B	1.33B	398M	-754M
Depreciation & Amortization	134M	115.4M	87.7M	89M	85.1M	308M	904M	1.03B	973M	951M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	159.8M	0	0	-460.5M	16.8M	-101M	767M	90M	114M	-195M
Other Non-Cash Items	-493.3M	-133.5M	205.4M	-222.6M	128.7M	-85M	326M	138M	56M	320M
Working Capital Changes	79.4M	127.1M	-319.5M	32.7M	37.4M	-260M	-2.2B	-171M	692M	-217M
Change in Receivables	369.1M	0	0	0	0	0	0	0	120M	364M
Change in Inventory	-62M	157.8M	-1.8M	42.9M	-136.3M	-146M	-1.37B	64M	670M	-5M
Change in Payables	-227.7M	-73.9M	-69M	-62.5M	-80.8M	3M	374M	-186M	4M	-408M
Cash from Investing+	-91.8M	-57.9M	-160M	-273.1M	-644.4M	-2.04B	-1.38B	-936M	-591M	-3.21B
Capital Expenditures	-83.4M	-69.1M	-155.7M	-296.1M	-656M	-525M	-705M	-943M	-646M	-695M
CapEx % of Revenue	0.04%	0.03%	0.07%	0.13%	0.33%	0.1%	0.03%	0.04%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-7.2M	7.6M	-4.3M	23M	11.6M	10M	33M	38M	55M	-5M
Cash from Financing+	61M	-206.4M	603.9M	-375.2M	-394.1M	2.06B	-1.47B	-1.51B	-1.47B	2.97B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-91.8M	-59.9M	-52.9M	-44.2M	-116.3M	-41M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-91.2M	-27.7M	-26.7M	-49M	-9.7M	-74M	-130M	-166M	-204M	-124M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-58.1M	233.9M	186.4M	182.4M	-93.5M	-786M	2.08B	1.48B	1.59B	-590M
FCF Margin %	-0.03%	0.11%	0.08%	0.08%	-0.05%	-0.15%	0.1%	0.06%	0.07%	-0.03%
FCF Growth %	-1.78%	5.03%	-0.2%	-0.02%	-1.51%	-7.41%	3.65%	-0.29%	0.07%	-1.37%
FCF per Share	-0.38	1.17	0.64	0.60	-0.33	-2.07	3.73	2.82	3.11	-1.23
FCF Conversion (FCF/Net Income)	-0.03x	1.74x	0.90x	0.42x	1.92x	2.14x	0.93x	1.81x	5.60x	-0.14x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	265.94%	74.88%	-7.1%	67.5%	19.33%	4.94%	-10.04%
Return on Invested Capital (ROIC)	12.59%	28.81%	43.67%	38.85%	16.89%	-1.92%	29.38%	12%	4.19%	-4.34%
Gross Margin	11.75%	18.46%	21.87%	34.71%	28.93%	4.71%	22.18%	10.95%	6.32%	0.36%
Net Margin	-37.22%	8.26%	16.09%	48.37%	14.71%	-2.28%	14.62%	5.81%	1.81%	-3.93%
Debt / Equity	-	-	-	4.93x	5.91x	1.95x	1.00x	0.58x	0.44x	1.13x
Interest Coverage	0.66x	1.24x	3.40x	5.66x	4.25x	-0.60x	11.91x	7.03x	2.34x	-2.04x
FCF Conversion	-0.03x	1.74x	0.90x	0.42x	1.92x	2.14x	0.93x	1.81x	5.60x	-0.14x
Revenue Growth	-56.46%	4.75%	10.49%	0.09%	-14.68%	169.06%	281.85%	12.45%	-4.32%	-12.78%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Steelmaking	-	-	-	-	-	1.75B	19.9B	22.38B	6.66B	18.53B
Steelmaking Growth	-	-	-	-	-	-	1039.15%	12.47%	-70.24%	178.17%
Other businesses	-	-	-	-	-	389M	543M	606M	665M	656M
Other businesses Growth	-	-	-	-	-	-	39.59%	11.60%	9.74%	-1.35%
Product	-	-	-	-	1.85B	-	-	-	-	-
Product Growth	-	-	-	-	-	-	-	-	-	-
Cargo and Freight	-	-	-	-	141.8M	-	-	-	-	-
Cargo and Freight Growth	-	-	-	-	-	-	-	-	-	-
Venture partners' cost reimbursements	-	-	-	-	-	-	-	-	-	-
Venture partners' cost reimbursements Growth	-	-	-	-	-	-	-	-	-	-
Mining and Pelletizing	-	-	-	2.33B	-	-	-	-	-	-
Mining and Pelletizing Growth	-	-	-	-	-	-	-	-	-	-
U S Iron Ore	1.53B	1.55B	1.87B	-	-	-	-	-	-	-
U S Iron Ore Growth	-	1.91%	20.04%	-	-	-	-	-	-	-
Others	-	-	-	-	-	-	-	-	-	-
Others Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	1.21B	1.24B	1.5B	1.85B	1.51B	4.58B	18.88B	20.99B	20B	17.34B
UNITED STATES Growth	-	2.47%	21.70%	22.78%	-18.52%	204.28%	312.25%	11.18%	-4.72%	-13.30%
CANADA	282.4M	267.1M	206.2M	395.1M	448.1M	602M	803M	963M	1.05B	1.07B
CANADA Growth	-	-5.42%	-22.80%	91.61%	13.41%	34.35%	33.39%	19.93%	8.62%	2.01%
Other Countries	153.7M	153.2M	254.8M	90M	36.6M	172M	760M	1.03B	950M	778M
Other Countries Growth	-	-0.33%	66.32%	-64.68%	-59.33%	369.95%	341.86%	36.18%	-8.21%	-18.11%
CHINA	370.8M	452.5M	364.7M	-	-	-	-	-	-	-
CHINA Growth	-	22.03%	-19.40%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Cleveland-Cliffs Inc. (CLF) reported $18.62B in revenue for fiscal year 2024. This represents a 174% increase from $6.79B in 2011.

Cleveland-Cliffs Inc. (CLF) saw revenue decline by 12.8% over the past year.

Cleveland-Cliffs Inc. (CLF) reported a net loss of $1.68B for fiscal year 2024.

Dividend & Returns

Cleveland-Cliffs Inc. (CLF) has a return on equity (ROE) of -10.0%. Negative ROE indicates the company is unprofitable.

Cleveland-Cliffs Inc. (CLF) had negative free cash flow of $1.55B in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Cleveland-Cliffs Inc. (CLF) 10-Year Financial Performance & Capital Metrics

CLF • • Industrial / General

Basic MaterialsSteelIntegrated Steel ProducersMajor Integrated Steel Mills

Revenue $19.18B -12.8%
EBITDA $195M -88.2%
Net Income -$754M -289.0%
EPS (Diluted) -1.57 -301.3%
Gross Margin 0.36% -94.2%
EBITDA Margin 1.02% -86.5%
Operating Margin -3.94% -228.0%
Net Margin -3.93% -316.7%
ROE -10.04% -303.4%
ROIC -4.34% -203.6%
Debt/Equity 1.13 +154.9%
Interest Coverage -2.04 -187.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 82 (top 18%)
✓Strong 5Y sales CAGR of 57.3%
✓Share count reduced 6.1% through buybacks
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.7%
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y15.29%

5Y57.34%

3Y-2.1%

TTM-6.76%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-262.77%

EPS CAGR

10Y-

5Y-

3Y-

TTM-252.04%

ROCE

10Y Avg12.14%

5Y Avg7.65%

3Y Avg4.17%

Latest-4.78%

Peer Comparison

Major Integrated Steel Mills

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MTArcelorMittal S.A.	36.82B	48.41	28.65	-8.54%	4.23%	4.56%	1.21%	0.23
NUENucor Corporation	40B	174.79	20.66	-11.47%	5.18%	7.54%	2.01%	0.32
GGBGerdau S.A.	5.26B	4.18	1.92	-2.74%	4.31%	5.48%	100%	0.26
PKXPOSCO Holdings Inc.	17.86B	59.03	0.02	-5.76%	0.65%	0.73%		0.44
CLFCleveland-Cliffs Inc.	8.15B	14.30	-9.11	-12.78%	-9%	-29.37%		1.13

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.01B	2.11B	2.33B	2.33B	1.99B	5.35B	20.44B	22.99B	22B	19.18B
Revenue Growth %	-0.56%	0.05%	0.1%	0%	-0.15%	1.69%	2.82%	0.12%	-0.04%	-0.13%
Cost of Goods Sold+	1.78B	1.72B	1.82B	1.52B	1.41B	5.1B	15.91B	20.47B	20.61B	19.11B
COGS % of Revenue	0.88%	0.82%	0.78%	0.65%	0.71%	0.95%	0.78%	0.89%	0.94%	1%
Gross Profit+	236.5M	389.3M	509.6M	809.6M	575.7M	252M	4.53B	2.52B	1.39B	70M
Gross Margin %	0.12%	0.18%	0.22%	0.35%	0.29%	0.05%	0.22%	0.11%	0.06%	0%
Gross Profit Growth %	-0.48%	0.65%	0.31%	0.59%	-0.29%	-0.56%	16.99%	-0.44%	-0.45%	-0.95%
Operating Expenses+	85.2M	149.4M	77.4M	136.4M	146.4M	394M	502M	575M	714M	826M
OpEx % of Revenue	0.04%	0.07%	0.03%	0.06%	0.07%	0.07%	0.02%	0.03%	0.03%	0.04%
Selling, General & Admin	110M	117.8M	105.8M	116.8M	119.4M	244M	422M	465M	577M	486M
SG&A % of Revenue	0.05%	0.06%	0.05%	0.05%	0.06%	0.05%	0.02%	0.02%	0.03%	0.03%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-24.8M	31.6M	-28.4M	19.6M	27M	150M	80M	110M	137M	340M
Operating Income+	151.3M	240.8M	431.5M	673.2M	429.3M	-142M	4.01B	1.94B	677M	-756M
Operating Margin %	0.08%	0.11%	0.19%	0.29%	0.22%	-0.03%	0.2%	0.08%	0.03%	-0.04%
Operating Income Growth %	1.02%	0.59%	0.79%	0.56%	-0.36%	-1.33%	29.25%	-0.52%	-0.65%	-2.12%
EBITDA+	285.3M	356.2M	519.2M	762.2M	514.4M	166M	4.92B	2.97B	1.65B	195M
EBITDA Margin %	0.14%	0.17%	0.22%	0.33%	0.26%	0.03%	0.24%	0.13%	0.08%	0.01%
EBITDA Growth %	1.03%	0.25%	0.46%	0.47%	-0.33%	-0.68%	28.61%	-0.4%	-0.45%	-0.88%
D&A (Non-Cash Add-back)	134M	115.4M	87.7M	89M	85.1M	308M	904M	1.03B	973M	951M
EBIT	541.6M	304.3M	390.2M	684M	413.3M	45M	4.14B	2.07B	886M	-573M
Net Interest Income+	-228.5M	-193.9M	-126.8M	-119M	-101M	-238M	-337M	-276M	-289M	-370M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	228.5M	193.9M	126.8M	118.9M	101M	238M	337M	276M	289M	370M
Other Income/Expense	161.8M	76.3M	-282M	-108.3M	-116.7M	-51M	-209M	-143M	-80M	-187M
Pretax Income+	313.1M	207M	137.3M	564.7M	312.6M	-193M	3.8B	1.8B	597M	-943M
Pretax Margin %	0.16%	0.1%	0.06%	0.24%	0.16%	-0.04%	0.19%	0.08%	0.03%	-0.05%
Income Tax+	169.3M	-12.2M	-252.4M	-475.2M	17.6M	-111M	773M	423M	148M	-235M
Effective Tax Rate %	-2.39%	0.84%	2.73%	2%	0.94%	0.63%	0.79%	0.74%	0.67%	0.8%
Net Income+	-749.3M	174.1M	374.9M	1.13B	292.8M	-122M	2.99B	1.33B	399M	-754M
Net Margin %	-0.37%	0.08%	0.16%	0.48%	0.15%	-0.02%	0.15%	0.06%	0.02%	-0.04%
Net Income Growth %	0.9%	1.23%	1.15%	2.01%	-0.74%	-1.42%	25.49%	-0.55%	-0.7%	-2.89%
Net Income (Continuing)	143.7M	219.2M	360.6M	1.04B	295M	-82M	3.03B	1.37B	449M	-708M
Discontinued Operations	-892M	76.7M	2.5M	0	0	1M	3M	3M	1M	0
Minority Interest	169.8M	133.8M	200K	0	0	323M	284M	251M	235M	233M
EPS (Diluted)+	-4.88	0.87	1.28	3.71	1.03	-0.32	5.35	2.55	0.78	-1.57
EPS Growth %	0.9%	1.18%	0.47%	1.9%	-0.72%	-1.31%	17.72%	-0.52%	-0.69%	-3.01%
EPS (Basic)	-4.89	0.88	1.30	3.80	1.06	-0.32	5.62	2.57	0.78	-1.57
Diluted Shares Outstanding	153.6M	200.15M	292.96M	304.14M	284.48M	379M	558M	524M	511M	480M
Basic Shares Outstanding	153.23M	197.66M	288.44M	297.18M	276.76M	379M	558.56M	519M	510M	480M
Dividend Payout Ratio	-	0.34%	0.14%	0.04%	0.4%	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	979.1M	824.6M	1.54B	1.48B	897.9M	5.3B	7.65B	7.42B	6.64B	6.91B
Cash & Short-Term Investments	285.2M	323.4M	1.01B	823.2M	352.6M	112M	48M	26M	198M	54M
Cash Only	285.2M	323.4M	1.01B	823.2M	352.6M	112M	48M	26M	198M	54M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	212.3M	177.3M	171.6M	344M	152.6M	1.19B	2.15B	1.96B	1.84B	1.58B
Days Sales Outstanding	38.49	30.68	26.88	53.83	27.99	81.33	38.46	31.12	30.53	29.98
Inventory	440M	269.8M	277.3M	181.1M	317.4M	3.83B	5.19B	5.13B	4.46B	5.09B
Days Inventory Outstanding	90.39	57.26	55.59	43.41	81.92	273.86	119.02	91.47	79.01	97.27
Other Current Assets	45.2M	54.1M	129.6M	39.8M	68.3M	165M	263M	306M	138M	183M
Total Non-Current Assets+	1.16B	1.1B	1.41B	2.05B	2.61B	11.47B	11.32B	11.33B	10.9B	14.04B
Property, Plant & Equipment	1.06B	984.4M	1.05B	1.37B	1.96B	8.74B	9.19B	9.07B	8.89B	9.94B
Fixed Asset Turnover	1.90x	2.14x	2.22x	1.70x	1.01x	0.61x	2.23x	2.53x	2.47x	1.93x
Goodwill	0	2M	0	0	2M	1.41B	1.12B	1.13B	1B	1.77B
Intangible Assets	58.2M	53.8M	52.3M	0	0	188M	221M	214M	201M	1.17B
Long-Term Investments	0	0	0	0	62.7M	105M	128M	163M	124M	140M
Other Non-Current Assets	33.6M	59.1M	302.9M	216.2M	120.7M	494M	671M	756M	676M	1.02B
Total Assets+	2.13B	1.92B	2.95B	3.53B	3.5B	16.77B	18.98B	18.75B	17.54B	20.95B
Asset Turnover	0.94x	1.10x	0.79x	0.66x	0.57x	0.32x	1.08x	1.23x	1.25x	0.92x
Asset Growth %	-0.33%	-0.1%	0.54%	0.2%	-0.01%	3.79%	0.13%	-0.01%	-0.06%	0.19%
Total Current Liabilities+	578M	391.1M	452.2M	468.2M	409.4M	2.93B	3.56B	3.55B	3.51B	3.32B
Accounts Payable	106.3M	107.6M	99.5M	186.8M	155M	1.57B	2.07B	2.19B	2.1B	2.01B
Days Payables Outstanding	21.84	22.84	19.95	44.77	40	112.68	47.56	38.98	37.18	38.34
Short-Term Debt	17.9M	17.4M	0	0	0	144M	147M	136M	90M	113M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0	0
Other Current Liabilities	391.7M	193.6M	277.6M	186.4M	132.4M	592M	731M	798M	808M	754M
Current Ratio	1.69x	2.11x	3.42x	3.16x	2.19x	1.81x	2.15x	2.09x	1.89x	2.08x
Quick Ratio	0.93x	1.42x	2.80x	2.77x	1.42x	0.50x	0.69x	0.65x	0.62x	0.55x
Cash Conversion Cycle	107.04	65.11	62.53	52.47	69.91	242.51	109.92	83.61	72.36	88.91
Total Non-Current Liabilities+	3.37B	2.86B	2.95B	3.26B	2.89B	10.76B	9.64B	7.16B	5.91B	10.73B
Long-Term Debt	2.7B	2.18B	2.3B	2.09B	2.11B	5.39B	5.24B	4.25B	3.14B	7.07B
Capital Lease Obligations	56.2M	38.4M	52.9M	0	0	455M	414M	317M	363M	594M
Deferred Tax Liabilities	0	0	0	622.7M	150.5M	0	0	590M	639M	858M
Other Non-Current Liabilities	532.7M	585.6M	552.8M	512.2M	597M	4.92B	3.99B	2.01B	1.77B	2.21B
Total Liabilities	3.95B	3.25B	3.4B	3.73B	3.3B	13.69B	13.2B	10.71B	9.41B	14.05B
Total Debt+	2.77B	2.23B	2.36B	2.09B	2.11B	5.99B	5.8B	4.7B	3.59B	7.77B
Net Debt	2.49B	1.91B	1.38B	1.27B	1.75B	5.88B	5.75B	4.68B	3.39B	7.72B
Debt / Equity	-	-	-	4.93x	5.91x	1.95x	1.00x	0.58x	0.44x	1.13x
Debt / EBITDA	9.72x	6.26x	4.54x	2.75x	4.11x	36.08x	1.18x	1.58x	2.18x	39.86x
Net Debt / EBITDA	8.72x	5.36x	2.66x	1.67x	3.41x	35.40x	1.17x	1.57x	2.06x	39.58x
Interest Coverage	0.66x	1.24x	3.40x	5.66x	4.25x	-0.60x	11.91x	7.03x	2.34x	-2.04x
Total Equity+	-1.81B	-1.33B	-444.1M	424.2M	357.9M	3.08B	5.77B	8.04B	8.12B	6.9B
Equity Growth %	-0.04%	0.27%	0.67%	1.96%	-0.16%	7.6%	0.88%	0.39%	0.01%	-0.15%
Book Value per Share	-11.79	-6.65	-1.52	1.39	1.26	8.12	10.35	15.35	15.89	14.37
Total Shareholders' Equity	-1.98B	-1.46B	-444.3M	424.2M	357.9M	2.76B	5.49B	7.79B	7.89B	6.66B
Common Stock	19.8M	29.8M	37.7M	37.7M	37.7M	63M	63M	66M	66M	66M
Retained Earnings	-4.75B	-4.57B	-4.21B	-3.06B	-2.84B	-2.99B	-1M	1.33B	1.73B	979M
Treasury Stock	-265M	-245.5M	-169.6M	-186.1M	-390.7M	-354M	-82M	-310M	-430M	-676M
Accumulated OCI	-18M	-21.3M	-39M	-283.9M	-318.8M	-133M	618M	1.83B	1.66B	1.54B
Minority Interest	169.8M	133.8M	200K	0	0	323M	284M	251M	235M	233M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	22.7M	303M	338.1M	478.5M	562.5M	-261M	2.79B	2.42B	2.23B	105M
Operating CF Margin %	0.01%	0.14%	0.15%	0.21%	0.28%	-0.05%	0.14%	0.11%	0.1%	0.01%
Operating CF Growth %	-0.94%	12.35%	0.12%	0.42%	0.18%	-1.46%	11.67%	-0.13%	-0.08%	-0.95%
Net Income	142.8M	194M	364.5M	1.04B	294.5M	-123M	2.98B	1.33B	398M	-754M
Depreciation & Amortization	134M	115.4M	87.7M	89M	85.1M	308M	904M	1.03B	973M	951M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	159.8M	0	0	-460.5M	16.8M	-101M	767M	90M	114M	-195M
Other Non-Cash Items	-493.3M	-133.5M	205.4M	-222.6M	128.7M	-85M	326M	138M	56M	320M
Working Capital Changes	79.4M	127.1M	-319.5M	32.7M	37.4M	-260M	-2.2B	-171M	692M	-217M
Change in Receivables	369.1M	0	0	0	0	0	0	0	120M	364M
Change in Inventory	-62M	157.8M	-1.8M	42.9M	-136.3M	-146M	-1.37B	64M	670M	-5M
Change in Payables	-227.7M	-73.9M	-69M	-62.5M	-80.8M	3M	374M	-186M	4M	-408M
Cash from Investing+	-91.8M	-57.9M	-160M	-273.1M	-644.4M	-2.04B	-1.38B	-936M	-591M	-3.21B
Capital Expenditures	-83.4M	-69.1M	-155.7M	-296.1M	-656M	-525M	-705M	-943M	-646M	-695M
CapEx % of Revenue	0.04%	0.03%	0.07%	0.13%	0.33%	0.1%	0.03%	0.04%	0.03%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-7.2M	7.6M	-4.3M	23M	11.6M	10M	33M	38M	55M	-5M
Cash from Financing+	61M	-206.4M	603.9M	-375.2M	-394.1M	2.06B	-1.47B	-1.51B	-1.47B	2.97B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-91.8M	-59.9M	-52.9M	-44.2M	-116.3M	-41M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-91.2M	-27.7M	-26.7M	-49M	-9.7M	-74M	-130M	-166M	-204M	-124M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-58.1M	233.9M	186.4M	182.4M	-93.5M	-786M	2.08B	1.48B	1.59B	-590M
FCF Margin %	-0.03%	0.11%	0.08%	0.08%	-0.05%	-0.15%	0.1%	0.06%	0.07%	-0.03%
FCF Growth %	-1.78%	5.03%	-0.2%	-0.02%	-1.51%	-7.41%	3.65%	-0.29%	0.07%	-1.37%
FCF per Share	-0.38	1.17	0.64	0.60	-0.33	-2.07	3.73	2.82	3.11	-1.23
FCF Conversion (FCF/Net Income)	-0.03x	1.74x	0.90x	0.42x	1.92x	2.14x	0.93x	1.81x	5.60x	-0.14x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	-	-	265.94%	74.88%	-7.1%	67.5%	19.33%	4.94%	-10.04%
Return on Invested Capital (ROIC)	12.59%	28.81%	43.67%	38.85%	16.89%	-1.92%	29.38%	12%	4.19%	-4.34%
Gross Margin	11.75%	18.46%	21.87%	34.71%	28.93%	4.71%	22.18%	10.95%	6.32%	0.36%
Net Margin	-37.22%	8.26%	16.09%	48.37%	14.71%	-2.28%	14.62%	5.81%	1.81%	-3.93%
Debt / Equity	-	-	-	4.93x	5.91x	1.95x	1.00x	0.58x	0.44x	1.13x
Interest Coverage	0.66x	1.24x	3.40x	5.66x	4.25x	-0.60x	11.91x	7.03x	2.34x	-2.04x
FCF Conversion	-0.03x	1.74x	0.90x	0.42x	1.92x	2.14x	0.93x	1.81x	5.60x	-0.14x
Revenue Growth	-56.46%	4.75%	10.49%	0.09%	-14.68%	169.06%	281.85%	12.45%	-4.32%	-12.78%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Steelmaking	-	-	-	-	-	1.75B	19.9B	22.38B	6.66B	18.53B
Steelmaking Growth	-	-	-	-	-	-	1039.15%	12.47%	-70.24%	178.17%
Other businesses	-	-	-	-	-	389M	543M	606M	665M	656M
Other businesses Growth	-	-	-	-	-	-	39.59%	11.60%	9.74%	-1.35%
Product	-	-	-	-	1.85B	-	-	-	-	-
Product Growth	-	-	-	-	-	-	-	-	-	-
Cargo and Freight	-	-	-	-	141.8M	-	-	-	-	-
Cargo and Freight Growth	-	-	-	-	-	-	-	-	-	-
Venture partners' cost reimbursements	-	-	-	-	-	-	-	-	-	-
Venture partners' cost reimbursements Growth	-	-	-	-	-	-	-	-	-	-
Mining and Pelletizing	-	-	-	2.33B	-	-	-	-	-	-
Mining and Pelletizing Growth	-	-	-	-	-	-	-	-	-	-
U S Iron Ore	1.53B	1.55B	1.87B	-	-	-	-	-	-	-
U S Iron Ore Growth	-	1.91%	20.04%	-	-	-	-	-	-	-
Others	-	-	-	-	-	-	-	-	-	-
Others Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	1.21B	1.24B	1.5B	1.85B	1.51B	4.58B	18.88B	20.99B	20B	17.34B
UNITED STATES Growth	-	2.47%	21.70%	22.78%	-18.52%	204.28%	312.25%	11.18%	-4.72%	-13.30%
CANADA	282.4M	267.1M	206.2M	395.1M	448.1M	602M	803M	963M	1.05B	1.07B
CANADA Growth	-	-5.42%	-22.80%	91.61%	13.41%	34.35%	33.39%	19.93%	8.62%	2.01%
Other Countries	153.7M	153.2M	254.8M	90M	36.6M	172M	760M	1.03B	950M	778M
Other Countries Growth	-	-0.33%	66.32%	-64.68%	-59.33%	369.95%	341.86%	36.18%	-8.21%	-18.11%
CHINA	370.8M	452.5M	364.7M	-	-	-	-	-	-	-
CHINA Growth	-	22.03%	-19.40%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Cleveland-Cliffs Inc. (CLF) reported $18.62B in revenue for fiscal year 2024. This represents a 174% increase from $6.79B in 2011.

Cleveland-Cliffs Inc. (CLF) saw revenue decline by 12.8% over the past year.

Cleveland-Cliffs Inc. (CLF) reported a net loss of $1.68B for fiscal year 2024.

Dividend & Returns

Cleveland-Cliffs Inc. (CLF) has a return on equity (ROE) of -10.0%. Negative ROE indicates the company is unprofitable.

Cleveland-Cliffs Inc. (CLF) had negative free cash flow of $1.55B in fiscal year 2024, likely due to heavy capital investments.