Latest Ratios: P/E Ratio -3.8x · EV/EBITDA N/A · ROE -22.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.5B | $6.5B | $4.5B | $10.4B | $8.4B | $12.1B | $5.5B | $2.4B | $2.3B | $2.1B | $1.7B |
| Enterprise Value | $14.6B | $14.6B | $12.2B | $13.8B | $13.1B | $17.9B | $11.4B | $4.1B | $3.6B | $3.5B | $3.6B |
| P/E Ratio → | -3.77 | — | — | 26.18 | 6.32 | 4.07 | — | 8.16 | 2.07 | 5.63 | 9.67 |
| P/S Ratio | 0.35 | 0.35 | 0.24 | 0.47 | 0.37 | 0.59 | 1.03 | 1.20 | 1.00 | 0.91 | 0.80 |
| P/B Ratio | 0.88 | 1.03 | 0.65 | 1.28 | 1.05 | 2.10 | 1.79 | 6.68 | 5.51 | — | — |
| P/FCF | — | — | — | 6.58 | 5.70 | 5.84 | — | — | 12.82 | 11.33 | 7.20 |
| P/OCF | — | — | 42.97 | 4.67 | 3.48 | 4.36 | — | 4.25 | 4.89 | 6.25 | 5.56 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.79 | 0.64 | 0.63 | 0.57 | 0.88 | 2.13 | 2.08 | 1.55 | 1.50 | 1.70 |
| EV / EBITDA | — | — | 62.72 | 8.38 | 4.41 | 3.64 | 68.65 | 8.06 | 4.73 | 6.72 | 10.08 |
| EV / EBIT | — | — | — | 15.61 | 6.33 | 4.32 | 253.23 | 10.03 | 5.28 | 8.95 | 11.80 |
| EV / FCF | — | — | — | 8.71 | 8.86 | 8.61 | — | — | 19.78 | 18.73 | 15.35 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -4.1% | -4.1% | 0.4% | 6.3% | 11.0% | 22.2% | 4.7% | 28.9% | 34.7% | 21.9% | 18.5% |
| Operating Margin | -7.3% | -7.3% | -3.9% | 3.1% | 8.4% | 19.6% | -2.7% | 21.6% | 28.9% | 18.5% | 11.4% |
| Net Profit Margin | -7.9% | -7.9% | -3.9% | 1.8% | 5.8% | 14.6% | -2.3% | 14.7% | 48.4% | 16.1% | 8.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.4% | -22.4% | -10.0% | 4.9% | 19.3% | 67.5% | -7.1% | 74.9% | 265.9% | — | — |
| ROA | -7.2% | -7.2% | -3.9% | 2.2% | 7.1% | 16.7% | -1.2% | 8.3% | 34.8% | 15.4% | 8.6% |
| ROIC | -7.0% | -7.0% | -4.3% | 4.2% | 12.0% | 29.4% | -1.9% | 16.9% | 38.9% | 43.7% | 28.8% |
| ROCE | -7.9% | -7.9% | -4.8% | 4.6% | 12.7% | 27.4% | -1.7% | 13.9% | 24.2% | 21.4% | 15.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.29 | 1.29 | 1.13 | 0.44 | 0.58 | 1.00 | 1.95 | 5.91 | 4.93 | — | — |
| Debt / EBITDA | — | — | 39.86 | 2.18 | 1.58 | 1.18 | 36.08 | 4.11 | 2.75 | 4.54 | 6.26 |
| Net Debt / Equity | — | 1.28 | 1.12 | 0.42 | 0.58 | 1.00 | 1.91 | 4.90 | 2.99 | — | — |
| Net Debt / EBITDA | — | — | 39.58 | 2.06 | 1.57 | 1.17 | 35.40 | 3.41 | 1.67 | 2.66 | 5.36 |
| Debt / FCF | — | — | — | 2.14 | 3.16 | 2.76 | — | — | 6.96 | 7.40 | 8.16 |
| Interest Coverage | -2.37 | -2.37 | -1.55 | 3.07 | 7.51 | 12.28 | 0.19 | 4.09 | 5.75 | 3.08 | 1.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.95 | 1.95 | 2.08 | 1.89 | 2.09 | 2.15 | 1.81 | 2.19 | 3.16 | 3.42 | 2.11 |
| Quick Ratio | 0.50 | 0.50 | 0.55 | 0.62 | 0.65 | 0.69 | 0.50 | 1.42 | 2.77 | 2.80 | 1.42 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.06 | 0.01 | 0.01 | 0.04 | 0.86 | 1.76 | 2.23 | 0.83 |
| Asset Turnover | — | 0.93 | 0.92 | 1.25 | 1.23 | 1.08 | 0.32 | 0.57 | 0.66 | 0.79 | 1.10 |
| Inventory Turnover | 4.06 | 4.06 | 3.75 | 4.62 | 3.99 | 3.07 | 1.33 | 4.46 | 8.41 | 6.57 | 6.37 |
| Days Sales Outstanding | — | 28.28 | 29.98 | 30.53 | 31.12 | 38.46 | 81.33 | 27.99 | 53.83 | 26.88 | 30.68 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.7% | 4.9% | 1.9% | 2.5% | 3.6% |
| Payout Ratio | — | — | — | — | — | — | — | 39.7% | 3.9% | 14.1% | 34.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.8% | 15.8% | 24.6% | — | 12.3% | 48.2% | 17.8% | 10.3% |
| FCF Yield | — | — | — | 15.2% | 17.5% | 17.1% | — | — | 7.8% | 8.8% | 13.9% |
| Buyback Yield | 0.0% | 0.0% | 16.2% | 1.5% | 2.8% | 11.1% | 0.0% | 10.6% | 2.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 16.2% | 1.5% | 2.8% | 11.1% | 0.7% | 15.5% | 3.9% | 2.5% | 3.6% |
| Shares Outstanding | — | $492M | $480M | $511M | $524M | $558M | $379M | $284M | $304M | $293M | $200M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CLF stock.
Cleveland-Cliffs Inc.'s current P/E ratio is -3.8x. The historical average is 13.1x.
Cleveland-Cliffs Inc.'s return on equity (ROE) is -22.4%. The historical average is 12.0%.
Based on historical data, Cleveland-Cliffs Inc. is trading at a P/E of -3.8x. Compare with industry peers and growth rates for a complete picture.
Cleveland-Cliffs Inc. has -4.1% gross margin and -7.3% operating margin.
Key Metrics
Top Statement Risk
Negative margins and low liquidity
Metrics are mathematically derived from official filings.
Negative Margins Reflect Cost Inflexibility
TTM gross margin of -4.1% and net margin of -7.9% indicate the company is selling below production cost, a stark contrast to Nucor's 11.9% gross margin, as per recent financial statements.
The negative gross margin for six consecutive quarters suggests that fixed costs and input prices are not adjusting to lower steel prices, a structural issue for an integrated producer. Operating margin of -7.3% in the latest quarter underscores that even variable costs are not covered, implying the company is operating below breakeven utilization. This margin profile is unsustainable long-term and may indicate the need for capacity rationalization or a significant pricing recovery.
Return on Capital Deeply Negative
ROIC turned negative at -2.7% in 2025Q2 and remains near zero at 0.1% in 2026Q2, while ROE has been negative for nine quarters, reaching -22.4% TTM, as reported in quarterly filings.
The company is destroying value on its invested capital, with returns far below its cost of capital, which is likely in the high single digits. The negative ROE reflects a shrinking equity base due to cumulative losses, and the slight improvement in ROIC to 0.1% in 2026Q2 is driven by a modest operating profit, but this is insufficient to cover the cost of debt and equity. Investors should monitor whether management can restore returns above the cost of capital through operational improvements or asset restructuring.
Working Capital Cycle Lengthens
Cash conversion cycle extended to 79 days in 2026Q2 from 74 days a year earlier, driven by DIO rising to 82 days, while DSO and DPO remained stable, according to the latest quarterly data.
The increase in days inventory outstanding suggests that the company is holding more inventory relative to sales, which may indicate demand weakness or production misalignment. The stable DSO and DPO imply limited leverage over customers and suppliers, and the overall CCC of 79 days ties up significant cash in working capital, exacerbating liquidity pressures. Given the negative operating cash flow in most quarters, improving working capital efficiency could be a key lever for cash generation.
Leverage Surge Strains Coverage
Debt-to-equity ratio rose from 0.53 in 2024Q3 to 1.32 by 2026Q2, while interest coverage turned negative at -1.07 in 2026Q1, as per balance sheet data, indicating debt service is becoming less comfortable.
The doubling of leverage post-acquisition has increased financial risk, and with negative EBITDA in recent quarters, the D/EBITDA ratio spiked to 314x in 2025Q4, though it normalized to 27.9x in 2026Q2 as EBITDA turned slightly positive. Interest coverage of 0.43 in 2026Q2 is barely above zero, meaning operating income is insufficient to cover interest expenses, which may raise refinancing risk. The company's ability to service debt depends on a swift margin recovery; otherwise, covenant breaches or forced asset sales could materialize.
Thin Cash Buffer Against Losses
Cash and equivalents fell to $57 million against $18.6 billion in revenue, while the current ratio of 1.89 and quick ratio of 0.63 indicate heavy reliance on inventory, as reported in the latest balance sheet.
The current ratio appears adequate, but the quick ratio of 0.63 reveals that excluding inventory, current assets barely cover current liabilities, leaving little cushion for a demand shock. With cash of only $57 million, the company may need to draw on credit lines or raise capital if operating losses persist, as it has no dividend or buyback flexibility. The inventory-heavy liquidity position is typical for an integrated steelmaker, but the low cash balance amplifies vulnerability to further margin compression.
Misapplied EV/EBITDA in Cyclical Downturn
The most commonly misapplied ratio for CLF is EV/EBITDA, which is distorted by negative EBITDA in cyclical troughs; forward EV/EBITDA of 6.91 appears cheap but may not normalize, as per current market data.
Using EV/EBITDA on trailing negative EBITDA yields meaningless multiples, and even forward estimates assume a recovery that may not materialize if steel prices remain depressed. A more appropriate metric is EV/ton of steel capacity or EV/installed capacity, which better reflects the asset base and its potential to generate cash at normalized utilization. Investors should also adjust for LIFO inventory effects and legacy liabilities, which can distort reported EBITDA and understate true economic earnings.