CLF · Cleveland-Cliffs Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $18.61B | $19.18B | $22.00B | $22.99B | $20.44B | $5.35B |
| Cost of Revenue | $19.47B | $19.11B | $20.61B | $20.47B | $15.91B | $5.10B |
| Gross Profit | ($860.00M) | $70.00M | $1.39B | $2.52B | $4.53B | $252.00M |
| R&D | - | - | - | - | - | - |
| SG&A | $543.00M | $486.00M | $577.00M | $465.00M | $422.00M | $244.00M |
| Total Operating Expenses | $20.19B | $19.94B | $21.32B | $21.05B | $16.43B | $5.50B |
| D&A | $1.24B | $951.00M | $973.00M | $1.03B | $897.00M | $308.00M |
| Operating Income | ($1.58B) | ($756.00M) | $677.00M | $1.94B | $4.01B | ($142.00M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | ($581.00M) | ($235.00M) | $148.00M | $423.00M | $773.00M | ($111.00M) |
| Net Income | ($1.48B) | ($754.00M) | $399.00M | $1.33B | $2.99B | ($122.00M) |
| EPS - Basic | ($2.91) | ($1.57) | $0.78 | $2.57 | $5.63 | ($0.32) |
| EPS - Diluted | ($2.91) | ($1.57) | $0.78 | $2.55 | $5.36 | ($0.32) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $57.00M | $54.00M | $198.00M | $26.00M | $48.00M | $112.00M |
| Accounts Receivable | $1.44B | $1.58B | $1.84B | $1.96B | $2.15B | $1.17B |
| Inventory | $4.77B | $5.09B | $4.46B | $5.13B | $5.19B | $3.83B |
| Accounts Payable | $1.89B | $2.01B | $2.10B | $2.19B | $2.07B | $1.57B |
| Current Assets | $6.43B | $6.91B | $6.64B | $7.42B | $7.65B | $5.30B |
| Total Assets | $20.01B | $20.95B | $17.54B | $18.75B | $18.98B | $16.77B |
| Current Liabilities | $3.30B | $3.32B | $3.51B | $3.55B | $3.56B | $2.93B |
| Long-term Debt | $7.25B | $7.07B | $3.14B | $4.25B | $5.24B | $5.39B |
| Total Liabilities | $13.69B | $14.05B | $9.41B | $10.71B | $13.20B | $13.69B |
| Stockholders' Equity | $6.12B | $6.66B | $7.89B | $7.79B | $5.49B | $2.02B |
| Retained Earnings | ($529.00M) | $979.00M | $1.73B | $1.33B | ($1.00M) | ($2.99B) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($462.00M) | $105.00M | $2.27B | $2.42B | $2.79B | ($261.00M) |
| Investing Cash Flow | ($479.00M) | ($3.21B) | ($591.00M) | ($936.00M) | ($1.38B) | ($2.04B) |
| Financing Cash Flow | $942.00M | $2.97B | ($1.50B) | ($1.51B) | ($1.47B) | $2.06B |
| CapEx | $561.00M | $695.00M | $646.00M | $943.00M | $705.00M | $525.00M |
| Free Cash Flow | ($1.02B) | ($590.00M) | $1.62B | $1.48B | $2.08B | ($786.00M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | -4.6% | 0.4% | 6.3% | 11.0% | 22.2% | 4.7% |
| Operating margin | -8.5% | -3.9% | 3.1% | 8.4% | 19.6% | -2.7% |
| EBITDA margin | -1.8% | 1.0% | 7.5% | 12.9% | 24.0% | 3.1% |
| Net margin | -7.9% | -3.9% | 1.8% | 5.8% | 14.6% | -2.3% |
| Free cash flow margin | -5.5% | -3.1% | 7.4% | 6.4% | 10.2% | -14.7% |
| FCF / Net income | 0.69 | 0.78 | 4.06 | 1.11 | 0.70 | 6.44 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 2.9% | 2.5% | 2.6% | 2.0% | 2.1% | 4.6% |
| Effective tax rate | - | - | 27.1% | 24.1% | 20.6% | - |
| Return on assets | -7.4% | -3.6% | 2.3% | 7.1% | 15.7% | -0.7% |
| Return on equity | -24.2% | -11.3% | 5.1% | 17.1% | 54.4% | -6.0% |
| Return on invested capital | -9.3% | -4.4% | 4.5% | 12.2% | 29.7% | -1.5% |
| Liquidity | ||||||
| Current ratio | 1.95 | 2.08 | 1.89 | 2.09 | 2.15 | 1.81 |
| Quick ratio | 0.50 | 0.55 | 0.62 | 0.65 | 0.69 | 0.50 |
| Cash ratio | 0.02 | 0.02 | 0.06 | 0.01 | 0.01 | 0.04 |
| Leverage | ||||||
| Debt / Equity | 1.19 | 1.06 | 0.40 | 0.55 | 0.95 | 2.67 |
| Debt / Assets | 0.36 | 0.34 | 0.18 | 0.23 | 0.28 | 0.32 |
| Debt / EBITDA | - | 36.23 | 1.90 | 1.43 | 1.07 | 32.47 |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 3.27 | 3.14 | 2.22 | 2.41 | 3.46 | 8.31 |
| Liabilities / Assets | 0.68 | 0.67 | 0.54 | 0.57 | 0.70 | 0.82 |
| Efficiency | ||||||
| Asset turnover | 0.93 | 0.92 | 1.25 | 1.23 | 1.08 | 0.32 |
| Inventory turnover | 4.08 | 3.75 | 4.62 | 3.99 | 3.07 | 1.33 |
| Days sales outstanding | 28d | 30d | 31d | 31d | 38d | 80d |
| Days inventory outstanding | 89d | 97d | 79d | 91d | 119d | 274d |
| Days payable outstanding | 35d | 38d | 37d | 39d | 48d | 113d |
| Cash conversion cycle | 82d | 89d | 72d | 84d | 110d | 241d |
| Valuation | ||||||
| P / E | - | - | 26.2x | 6.3x | 4.1x | - |
| P / B | 1.1x | 0.7x | 1.3x | 1.1x | 2.2x | 2.7x |
| P / S | 0.4x | 0.2x | 0.5x | 0.4x | 0.6x | 1.0x |
| EV / EBITDA | - | 59.1x | 8.1x | 4.3x | 3.5x | 65.0x |
| Growth | ||||||
| Revenue growth (YoY) | -3.0% | -12.8% | -4.3% | 12.4% | 281.8% | 169.1% |
| Revenue CAGR (3y) | -6.8% | -2.1% | 60.2% | 126.1% | 106.2% | 32.0% |
| Revenue CAGR (5y) | 28.3% | 57.3% | 56.6% | 58.1% | 57.5% | 21.6% |
| Gross profit growth (YoY) | - | -95.0% | -44.8% | -44.5% | 1699.2% | -56.2% |
| Operating income growth (YoY) | -108.9% | - | -65.1% | -51.7% | - | - |
| Net income growth (YoY) | -96.0% | - | -70.1% | -55.3% | - | - |
| EPS growth (YoY) | -85.4% | - | -69.4% | -52.4% | - | - |
| EPS CAGR (3y) | - | - | - | 35.3% | 13.0% | - |
| EPS CAGR (5y) | - | - | -26.8% | 15.1% | 43.9% | - |
| FCF growth (YoY) | -73.4% | - | 9.5% | -28.8% | - | -927.5% |
| FCF CAGR (5y) | - | - | 32.9% | 51.3% | 54.8% | - |
| Book value growth (YoY) | -8.2% | -15.5% | 1.2% | 41.9% | 172.1% | 463.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$5.47B totalSteelmaking$5.05B · 92.2%
Other Businesses$537.00M · 9.8%
Eliminations($110.00M) · -2.0%
Product / service
$17.95B totalCoated Steel$5.43B · 30.3%
Hot Rolled Steel$4.77B · 26.6%
Cold Rolled Steel$2.40B · 13.4%
Stainless And Electrical Steel$1.75B · 9.7%
Other$1.64B · 9.1%
Plate$1.08B · 6.0%
Other Steel Products$881.00M · 4.9%
Geographic
$18.61B totalUS$15.89B · 85.4%
CA$2.07B · 11.1%
Other Countries$652.00M · 3.5%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.96
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
2/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Metal Mining
Comparing CLEVELAND-CLIFFS INC. against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Apr 2, 2020 | $0.0600 |
| Jan 2, 2020 | $0.0600 |
| Oct 3, 2019 | $0.1000 |
| Jul 3, 2019 | $0.0600 |
| Apr 4, 2019 | $0.0500 |
| Jan 3, 2019 | $0.0500 |
| Nov 12, 2014 | $0.1500 |
| Aug 13, 2014 | $0.1500 |
| May 21, 2014 | $0.1500 |
| Feb 19, 2014 | $0.1500 |
| Nov 20, 2013 | $0.1500 |
| Aug 13, 2013 | $0.1500 |
| May 15, 2013 | $0.1500 |
| Feb 20, 2013 | $0.1500 |
| Nov 20, 2012 | $0.6250 |
| Aug 13, 2012 | $0.6250 |
| Apr 25, 2012 | $0.6250 |
| Feb 13, 2012 | $0.2800 |
| Nov 16, 2011 | $0.2800 |
| Aug 11, 2011 | $0.2800 |
| Apr 27, 2011 | $0.1400 |
| Feb 11, 2011 | $0.1400 |
| Nov 17, 2010 | $0.1400 |
| Aug 11, 2010 | $0.1400 |