NYSE : CLF
Cleveland-Cliffs Inc. — Financial statements
Materials · Steel · United States
Last price 14.26 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 8.14B
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Financial statements
Cleveland-Cliffs Inc. (CLF) reported revenue of 20.07B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 20.07B | 18.61B | 19.18B | 22.00B | 22.99B | 20.44B |
| Cost of Revenue | 19.76B | 19.47B | 19.12B | 20.62B | 20.47B | 15.91B |
| Gross Profit | 309.00M | -860.00M | 63.00M | 1.37B | 2.52B | 4.53B |
| Selling, General & Admin | 317.00M | 320.00M | 239.00M | 373.00M | 253.00M | 212.00M |
| Other Operating Expenses | 26.00M | 59.00M | 88.00M | 81.00M | 80.00M | |
| Operating Expenses | 343.00M | 379.00M | 327.00M | 373.00M | 334.00M | 292.00M |
| Operating Income | -34.00M | -1.24B | -264.00M | 1.00B | 2.18B | 4.24B |
| Interest Expense | -604.00M | -594.00M | -370.00M | -289.00M | -276.00M | -337.00M |
| Other Non Operating Income (Expenses) | -47.00M | -44.00M | -37.00M | 5.00M | -4.00M | 6.00M |
| EBT Excluding Unusual Items | -685.00M | -1.88B | -671.00M | 716.00M | 1.90B | 3.91B |
| Merger & Restructuring Charges | 1.00M | -126.00M | -252.00M | -12.00M | -4.00M | -20.00M |
| Impairment of Goodwill | -125.00M | |||||
| Gain (Loss) on Sale of Assets | 9.00M | 9.00M | ||||
| Asset Writedown | -29.00M | |||||
| Other Unusual Items | -10.00M | -10.00M | -27.00M | -75.00M | -88.00M | |
| Pretax Income | -685.00M | -2.00B | -950.00M | 579.00M | 1.80B | 3.80B |
| Income Tax Expense | -261.00M | -581.00M | -236.00M | 144.00M | 423.00M | 773.00M |
| Earnings From Continuing Operations | -424.00M | -1.42B | -714.00M | 435.00M | 1.37B | 3.03B |
| Earnings From Discontinued Operations | -9.00M | -5.00M | 1.00M | 3.00M | 3.00M | |
| Net Income to Company | -433.00M | -1.43B | -714.00M | 436.00M | 1.38B | 3.03B |
| Minority Interest in Earnings | -40.00M | -50.00M | -46.00M | -51.00M | -41.00M | -45.00M |
| Net Income | -473.00M | -1.48B | -760.00M | 385.00M | 1.33B | 2.99B |
| Preferred Dividends & Other Adjustments | 187.00M | |||||
| Net Income to Common | -473.00M | -1.48B | -760.00M | 385.00M | 1.33B | 2.80B |
| Shares Outstanding (Basic) | 565.00M | 508.00M | 480.00M | 510.00M | 519.00M | 498.00M |
| Shares Outstanding (Diluted) | 565.00M | 508.00M | 480.00M | 511.00M | 524.00M | 558.00M |
| EPS (Basic) | -0.84 | -2.91 | -1.58 | 0.75 | 2.57 | 5.62 |
| EPS (Diluted) | -0.84 | -2.91 | -1.58 | 0.75 | 2.56 | 5.35 |
| Free Cash Flow | -485.00M | -1.02B | -590.00M | 1.62B | 1.48B | 2.08B |
| Free Cash Flow Per Share | -0.86 | -2.01 | -1.23 | 3.17 | 2.82 | 3.73 |
| Gross Margin | 1.54% | -4.62% | 0.33% | 6.24% | 10.95% | 22.18% |
| Operating Margin | -0.17% | -6.66% | -1.38% | 4.55% | 9.50% | 20.75% |
| Profit Margin | -2.36% | -7.94% | -3.96% | 1.75% | 5.81% | 13.70% |
| Free Cash Flow Margin | -2.42% | -5.50% | -3.08% | 7.37% | 6.44% | 10.17% |
| EBITDA | 1.02B | -135.00M | 687.00M | 1.97B | 3.13B | 5.14B |
| EBITDA Margin | 5.07% | -0.73% | 3.58% | 8.97% | 13.60% | 25.14% |
| D&A For EBITDA | 1.05B | 1.10B | 951.00M | 973.00M | 943.00M | 897.00M |
| EBIT | -34.00M | -1.24B | -264.00M | 1.00B | 2.18B | 4.24B |
| EBIT Margin | -0.17% | -6.66% | -1.38% | 4.55% | 9.50% | 20.75% |
| Effective Tax Rate | 24.87% | 23.55% | 20.33% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 77.00M | 57.00M | 54.00M | 198.00M | 26.00M | 48.00M |
| Cash & Short-Term Investments | 77.00M | 57.00M | 54.00M | 198.00M | 26.00M | 48.00M |
| Accounts Receivable | 2.16B | 1.44B | 1.58B | 1.84B | 1.96B | 2.15B |
| Receivables | 2.16B | 1.44B | 1.58B | 1.84B | 1.96B | 2.15B |
| Inventory | 4.69B | 4.77B | 5.09B | 4.46B | 5.13B | 5.19B |
| Other Current Assets | 174.00M | 164.00M | 183.00M | 138.00M | 306.00M | 263.00M |
| Total Current Assets | 7.10B | 6.43B | 6.91B | 6.64B | 7.42B | 7.65B |
| Property, Plant & Equipment | 9.19B | 9.77B | 10.29B | 9.12B | 9.07B | 9.19B |
| Long-Term Investments | 131.00M | 132.00M | 131.00M | 123.00M | 133.00M | 128.00M |
| Goodwill | 1.78B | 1.81B | 1.77B | 1.00B | 1.13B | 1.12B |
| Other Intangible Assets | 1.04B | 1.14B | 1.17B | 201.00M | 214.00M | 221.00M |
| Other Long-Term Assets | 1.10B | 723.00M | 678.00M | 449.00M | 786.00M | 671.00M |
| Total Assets | 20.34B | 20.01B | 20.95B | 17.54B | 18.75B | 18.98B |
| Accounts Payable | 2.33B | 1.89B | 2.01B | 2.10B | 2.19B | 2.07B |
| Accrued Expenses | 837.00M | 1.03B | 953.00M | 985.00M | 923.00M | 585.00M |
| Short-Term Debt | 19.00M | 28.00M | 29.00M | 21.00M | 19.00M | |
| Current Portion of Leases | 115.00M | 113.00M | 90.00M | |||
| Other Current Liabilities | 609.00M | 240.00M | 258.00M | 313.00M | 421.00M | 903.00M |
| Total Current Liabilities | 3.79B | 3.30B | 3.36B | 3.51B | 3.55B | 3.56B |
| Long-Term Debt | 7.64B | 7.25B | 7.07B | 3.14B | 4.25B | 5.24B |
| Long-Term Leases | 569.00M | 594.00M | 363.00M | |||
| Pension & Post-Retirement Benefits | 593.00M | 655.00M | 751.00M | 821.00M | 1.06B | 2.96B |
| Long-Term Deferred Tax Liabilities | 300.00M | 375.00M | 849.00M | 639.00M | 590.00M | 112.00M |
| Other Long-Term Liabilities | 2.05B | 1.53B | 1.46B | 947.00M | 1.27B | 1.33B |
| Total Liabilities | 14.38B | 13.69B | 14.08B | 9.41B | 10.71B | 13.20B |
| Common Stock | 76.00M | 76.00M | 66.00M | 66.00M | 66.00M | 63.00M |
| Additional Paid-In Capital | 5.76B | 5.74B | 4.76B | 4.86B | 4.87B | 4.89B |
| Retained Earnings | -759.00M | -529.00M | 949.00M | 1.73B | 1.33B | -1.00M |
| Treasury Stock | -642.00M | -659.00M | -676.00M | -430.00M | -310.00M | -82.00M |
| Comprehensive Income & Other | 1.25B | 1.49B | 1.54B | 1.66B | 1.83B | 618.00M |
| Total Common Equity | 5.69B | 6.12B | 6.63B | 7.89B | 7.79B | 5.49B |
| Minority Interest | 279.00M | 207.00M | 233.00M | 235.00M | 251.00M | 284.00M |
| Shareholders' Equity | 5.97B | 6.32B | 6.87B | 8.12B | 8.04B | 5.77B |
| Total Liabilities & Equity | 20.34B | 20.01B | 20.95B | 17.54B | 18.75B | 18.98B |
| Total Debt | 7.66B | 7.96B | 7.80B | 3.61B | 4.27B | 5.24B |
| Net Cash (Debt) | -7.59B | -7.91B | -7.75B | -3.41B | -4.24B | -5.19B |
| Net Cash Per Share | -13.43 | -15.57 | -16.14 | -6.68 | -8.10 | -9.30 |
| Filing Date Shares Outstanding | 570.58M | 570.39M | 494.48M | 498.29M | 514.79M | 525.41M |
| Total Common Shares Outstanding | 570.56M | 569.76M | 493.95M | 504.89M | 513.34M | 500.16M |
| Working Capital | 3.31B | 3.13B | 3.55B | 3.13B | 3.87B | 4.09B |
| Book Value Per Share | 9.97 | 10.73 | 13.43 | 15.62 | 15.18 | 10.98 |
| Tangible Book Value | 2.86B | 3.17B | 3.70B | 6.68B | 6.45B | 4.15B |
| Tangible Book Value Per Share | 5.02 | 5.56 | 7.48 | 13.23 | 12.56 | 8.30 |
| Land | 1.46B | 981.00M | 955.00M | 864.00M | 833.00M | 698.00M |
| Buildings | 1.20B | 1.21B | 1.10B | 946.00M | 921.00M | 889.00M |
| Machinery | 11.82B | 11.63B | 11.12B | 9.68B | 9.29B | 8.71B |
| Construction In Progress | 799.00M | 655.00M | 728.00M | 590.00M | 552.00M | 408.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -473.00M | -1.48B | -760.00M | 385.00M | 1.33B | 2.99B |
| Depreciation & Amortization | 1.05B | 1.10B | 951.00M | 973.00M | 943.00M | 897.00M |
| Asset Writedown & Restructuring Costs | -2.00M | 256.00M | 208.00M | 125.00M | 120.00M | |
| Other Operating Activities | -238.00M | -556.00M | -84.00M | 74.00M | 196.00M | 1.10B |
| Change in Accounts Receivable | -374.00M | 134.00M | 364.00M | 120.00M | 197.00M | -754.00M |
| Change in Inventory | -25.00M | 315.00M | -5.00M | 670.00M | 64.00M | -1.37B |
| Change in Accounts Payable | 365.00M | -78.00M | -401.00M | 22.00M | -70.00M | 457.00M |
| Change in Income Taxes | -2.00M | 13.00M | -17.00M | 122.00M | -22.00M | -136.00M |
| Change in Other Net Operating Assets | -187.00M | -172.00M | -151.00M | -224.00M | -340.00M | -394.00M |
| Operating Cash Flow | 116.00M | -462.00M | 105.00M | 2.27B | 2.42B | 2.79B |
| Capital Expenditures | -601.00M | -561.00M | -695.00M | -646.00M | -943.00M | -705.00M |
| Cash Acquisitions | -2.51B | -31.00M | -707.00M | |||
| Divestitures | 53.00M | 53.00M | 35.00M | |||
| Other Investing Activities | 76.00M | 29.00M | -5.00M | 20.00M | 38.00M | 33.00M |
| Investing Cash Flow | -472.00M | -479.00M | -3.21B | -591.00M | -936.00M | -1.38B |
| Long-Term Debt Issued | 1.98B | 4.78B | 750.00M | 255.00M | 6.96B | |
| Total Debt Issued | 666.00M | 1.98B | 4.78B | 750.00M | 255.00M | 6.96B |
| Long-Term Debt Repaid | -1.79B | -845.00M | -1.86B | -1.36B | -7.26B | |
| Total Debt Repaid | -1.08B | -1.79B | -845.00M | -1.86B | -1.36B | -7.26B |
| Net Debt Issued (Repaid) | -415.00M | 189.00M | 3.94B | -1.11B | -1.10B | -299.00M |
| Issuance of Common Stock | 951.00M | 951.00M | 322.00M | |||
| Repurchase of Common Stock | -733.00M | -152.00M | -240.00M | |||
| Other Financing Activities | -174.00M | -198.00M | -233.00M | -238.00M | -166.00M | -150.00M |
| Financing Cash Flow | 362.00M | 942.00M | 2.97B | -1.50B | -1.51B | -1.47B |
| Foreign Exchange Rate Adjustments | -2.00M | 2.00M | -1.00M | |||
| Net Cash Flow | 4.00M | 3.00M | -138.00M | 172.00M | -22.00M | -64.00M |
| Free Cash Flow | -485.00M | -1.02B | -590.00M | 1.62B | 1.48B | 2.08B |
| Free Cash Flow Margin | -2.42% | -5.50% | -3.08% | 7.37% | 6.44% | 10.17% |
| Free Cash Flow Per Share | -0.86 | -2.01 | -1.23 | 3.17 | 2.82 | 3.73 |
| Levered Free Cash Flow | 220.25M | -130.62M | -683.25M | 1.64B | 1.40B | 897.62M |
| Unlevered Free Cash Flow | 597.75M | 240.62M | -452.00M | 1.82B | 1.57B | 1.11B |
| Cash Interest Paid | 529.00M | 459.00M | 255.00M | 256.00M | 249.00M | 299.00M |
| Cash Income Tax Paid | -16.00M | -30.00M | -111.00M | 331.00M | 150.00M | |
| Change in Working Capital | -223.00M | 212.00M | -210.00M | 710.00M | -171.00M | -2.20B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.14B | 8.56B | 4.64B | 10.31B | 8.30B | 10.89B |
| Enterprise Value | 15.73B | 16.80B | 8.65B | 14.00B | 12.98B | 16.49B |
| Last Close Price | 14.27 | 13.28 | 9.40 | 20.42 | 16.11 | 21.77 |
| PE Ratio | 26.78 | 6.22 | 3.89 | |||
| Forward PE | 6.84 | 48.74 | 81.27 | 13.58 | 17.11 | 2.75 |
| PS Ratio | 0.41 | 0.46 | 0.24 | 0.47 | 0.36 | 0.53 |
| PB Ratio | 1.43 | 1.35 | 0.68 | 1.27 | 1.03 | 1.89 |
| P/TBV Ratio | 2.84 | 2.70 | 1.26 | 1.54 | 1.29 | 2.62 |
| P/FCF Ratio | 6.36 | 5.61 | 5.23 | |||
| P/OCF Ratio | 70.19 | 44.22 | 4.55 | 3.43 | 3.91 | |
| PEG Ratio | 2.84 | 2.84 | 2.84 | 2.84 | 2.84 | |
| EV/Sales Ratio | 0.78 | 0.90 | 0.45 | 0.64 | 0.56 | 0.81 |
| EV/EBITDA Ratio | 15.45 | 12.59 | 7.10 | 4.15 | 3.21 | |
| EV/EBIT Ratio | 14.00 | 5.94 | 3.89 | |||
| EV/FCF Ratio | 8.64 | 8.77 | 7.93 | |||
| Debt / Equity Ratio | 1.28 | 1.26 | 1.14 | 0.45 | 0.53 | 0.91 |
| Debt / EBITDA Ratio | 6.13 | 81.28 | 8.43 | 1.64 | 1.36 | 1.02 |
| Debt / FCF Ratio | 2.23 | 2.88 | 2.52 | |||
| Net Debt / Equity Ratio | 1.27 | 1.25 | 1.13 | 0.42 | 0.53 | 0.90 |
| Net Debt / EBITDA Ratio | 7.45 | -58.58 | 11.28 | 1.73 | 1.36 | 1.01 |
| Net Debt / FCF Ratio | -15.64 | -7.73 | -13.13 | 2.10 | 2.87 | 2.50 |
| Asset Turnover | 0.99 | 0.91 | 1.00 | 1.21 | 1.22 | 1.14 |
| Inventory Turnover | 4.21 | 3.95 | 4.00 | 4.30 | 3.97 | 3.53 |
| Quick Ratio | 0.59 | 0.45 | 0.48 | 0.58 | 0.56 | 0.62 |
| Current Ratio | 1.87 | 1.95 | 2.06 | 1.89 | 2.09 | 2.15 |
| Return on Equity (ROE) | -7.27% | -21.58% | -9.53% | 5.38% | 19.88% | 68.45% |
| Return on Assets (ROA) | -0.10% | -3.78% | -0.86% | 3.44% | 7.24% | 14.83% |
| Return on Invested Capital (ROIC) | -0.25% | -8.59% | -2.02% | 6.31% | 14.36% | 34.92% |
| Return on Capital Employed (ROCE) | -0.20% | -7.40% | -1.50% | 7.10% | 14.40% | 27.50% |
| Earnings Yield | -5.87% | -17.26% | -16.37% | 3.74% | 16.08% | 27.45% |
| FCF Yield | -5.96% | -11.95% | -12.71% | 15.72% | 17.83% | 19.11% |
| Buyback Yield / Dilution | -14.66% | -5.83% | 6.07% | 2.48% | 6.09% | -47.23% |
| Total Shareholder Return | -14.66% | -5.83% | 6.07% | 2.48% | 6.09% | -47.23% |