Cleveland-Cliffs Inc. (CLF) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	-$0.22	-$0.2	+9.1%	—	—	—
Q2 26	-$0.42	-$0.4	+4.8%	—	—	—
Q1 26	-$0.62	-$0.43	+30.6%	—	—	—
Q4 25	-$0.67	-$0.5	+25.4%	—	—	—
Q3 25	-$0.81	-$0.92	-13.6%	—	—	—
Q2 25	-$0.67	-$0.68	-1.5%	—	—	—
Q1 25	-$0.31	-$0.33	-6.5%	—	—	—
Q4 24	—	$0.11	—	—	—	—
Q3 24	$0.21	$0.18	-14.3%	—	—	—
Q2 24	-$0.05	-$0.05	0.0%	—	—	—
Q1 24	$0.43	$0.52	+20.9%	—	—	—
Q4 23	$0.69	$0.67	-2.9%	—	—	—
Q3 23	-$0.19	-$0.11	+42.1%	—	—	—
Q2 23	-$0.3	-$0.41	-36.7%	—	—	—
Q1 23	$0.54	$0.29	-46.3%	—	—	—
Q4 22	$1.36	$1.31	-3.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$2.91	—	—	$18.6B	—
FY24	—	-$1.57	—	—	$19.2B	—
FY23	—	$0.78	—	—	$22B	—
FY22	—	$2.57	—	—	$23B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.6B	$1.9B	$2.3B	$2B	$5.4B	$20.4B	$23B	$22B	$19.2B	$18.6B
YoY change	-22.8%	+20%	+25%	-14.7%	+169%	+281.8%	+12.4%	-4.32%	-12.8%	-3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.6B	1.9B	2.3B	2B	5.4B	20.4B	23B	22B	19.2B	18.6B
Cost of revenue	1.3B	1.4B	1.5B	1.4B	5.1B	15.9B	20.5B	20.6B	19.1B	19.5B
Gross profit	280.1M	467.6M	809M	576M	252M	4.5B	2.5B	1.4B	70M	-860M
Gross margin	18%	25.1%	34.7%	28.9%	4.71%	22.2%	11%	6.32%	0.36%	-4.62%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	115.8M	102.9M	113M	113M	244M	422M	465M	577M	486M	543M
Operating expenses	126.7M	77.4M	136M	140M	304M	502M	575M	577M	574M	593M
Operating income	153.4M	390.2M	673M	436M	-52M	4B	1.9B	814M	-504M	-1.5B
Operating margin	9.87%	20.9%	28.9%	21.9%	-0.97%	19.7%	8.45%	3.7%	-2.63%	-7.81%
Non-operating income, net	150.9M	-155.2M	11M	-22M	97M	108M	129M	72M	-69M	43M
Pretax income	110.4M	108.2M	565M	313M	-193M	3.8B	1.8B	597M	-943M	-2B
Income tax	-12.2M	-252.4M	-475M	18M	-111M	773M	423M	148M	-235M	-581M
Net income	199.3M	363.1M	1.1B	293M	-81M	3B	1.4B	450M	-708M	-1.4B
Net margin	12.8%	19.5%	48.4%	14.7%	-1.51%	14.8%	5.99%	2.05%	-3.69%	-7.67%
EBITDA	276.1M	488.1M	780M	524M	313M	5.1B	3.2B	2B	657M	6M
EPS	0.88	1.3	3.8	1.06	-0.32	5.63	2.57	0.78	-1.57	-2.91
Diluted EPS	0.87	1.28	3.71	1.03	-0.32	5.36	2.55	0.78	-1.57	-2.91

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	5.6B	5.1B	5.2B	5.1B	4.6B	4.3B	4.6B	4.9B	4.7B	4.3B	4.9B	5.2B
Cost of revenue	5.1B	4.9B	4.9B	4.9B	4.7B	4.6B	5B	5.1B	4.8B	4.5B	5B	5.1B
Gross profit	480M	168M	285M	162M	-104M	-273M	-391M	-209M	-46M	-206M	-82M	132M
Gross margin	8.56%	3.29%	5.48%	3.18%	-2.28%	-6.31%	-8.45%	-4.24%	-0.97%	-4.78%	-1.67%	2.53%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	144M	157M	132M	103M	112M	139M	133M	137M	130M	144M	125M	154M
Operating expenses	155M	157M	155M	116M	139M	164M	144M	164M	155M	131M	131M	178M
Operating income	325M	37M	130M	46M	-243M	-437M	-535M	-373M	-201M	-337M	-213M	-46M
Operating margin	5.8%	0.72%	2.5%	0.9%	-5.32%	-10.1%	-11.6%	-7.56%	-4.25%	-7.81%	-4.33%	-0.88%
Non-operating income, net	48M	-82M	-127M	17M	39M	2M	45M	-96M	45M	50M	54M	50M
Pretax income	303M	-108M	-61M	-6M	-306M	-570M	-630M	-618M	-309M	-439M	-307M	-152M
Income tax	29M	30M	-8M	-15M	-76M	-136M	-147M	-148M	-78M	-206M	-81M	-20M
Net income	275M	-139M	-53M	9M	-230M	-434M	-483M	-470M	-234M	-235M	-229M	-134M
Net margin	4.91%	-2.72%	-1.02%	0.18%	-5.03%	-10%	-10.4%	-9.53%	-4.94%	-5.45%	-4.65%	-2.56%
EBITDA	622M	327M	422M	337M	54M	-156M	-205M	49M	145M	0	110M	281M
EPS	0.52	-0.31	-0.14	0	-0.52	-0.92	-1	-0.97	-0.51	-0.44	-0.42	-0.25
Diluted EPS	0.52	-0.31	-0.14	0	-0.52	-0.92	-1	-0.97	-0.51	-0.44	-0.42	-0.25

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	2.3B	2.3B	—	—	8.4B	10.4B	4.5B	6.7B	6.4B
Enterprise value	—	—	3.6B	4.1B	—	—	12.6B	13.4B	11.5B	13.9B	14.8B
Shares outstanding	197.7M	288.4M	297.2M	276.8M	378.7M	530.7M	519.5M	510M	480.3M	508M	508M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	2.03	7.93	—	—	6.08	23.1	—	—	147.4
P/S	—	—	0.98	1.17	—	—	0.36	0.47	0.24	0.36	0.34
P/B	—	—	5.39	6.49	—	—	1.04	1.28	0.65	1.07	1.18
EV/EBITDA	—	—	4.56	7.8	—	—	3.95	6.69	17.5	2.3K	28.8
EV/Sales	—	—	1.52	2.05	—	—	0.55	0.61	0.6	0.75	0.77
Earnings yield	—	—	49.4%	12.6%	—	—	16.4%	4.32%	—	—	0.68%
FCF yield	—	—	8.01%	-3.79%	—	—	17.7%	15.6%	-13.1%	-15.2%	0.1%
PEG	—	—	—	—	—	—	—	—	—	—	-1.99

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	18%	25.1%	34.7%	28.9%	4.71%	22.2%	11%	6.32%	0.36%	-4.62%	2.53%
Operating margin	9.87%	20.9%	28.9%	21.9%	-0.97%	19.7%	8.45%	3.7%	-2.63%	-7.81%	0.34%
Net margin	12.8%	19.5%	48.4%	14.7%	-1.51%	14.8%	5.99%	2.05%	-3.69%	-7.67%	-4.56%
ROE	-15%	-81.8%	265.9%	81.8%	-3.46%	52.5%	17.1%	5.54%	-10.3%	-22.6%	-13.9%
ROA	10.4%	12.3%	32%	8.36%	-0.48%	16%	7.34%	2.57%	-3.38%	-7.14%	-1.71%
ROIC	28.5%	44.3%	39.7%	19.4%	-0.68%	29.3%	12.1%	5.53%	-3.62%	-10.7%	-5.93%
Return on tangible assets	11%	12.7%	32%	8.37%	-0.58%	18.6%	8.56%	2.98%	-4.7%	-10.1%	-5.77%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.11	3.42	3.16	2.2	1.81	2.15	2.09	1.89	2.08	1.95	1.89
Quick ratio	1.42	2.91	2.77	1.42	0.5	0.69	0.65	0.62	0.55	0.5	0.63
Debt / equity	-1.65	-5.19	4.93	5.91	2.3	0.91	0.53	0.39	1.02	1.15	1.33
Debt / assets	1.14	0.78	0.59	0.6	0.32	0.28	0.23	0.18	0.34	0.36	0.38
Net debt / EBITDA	6.77	2.72	1.63	3.36	16.9	1.01	1.33	1.47	10.7	1.2K	14.2
Interest coverage	1.57	1.85	5.75	4.1	0.19	12.3	7.51	3.07	-1.55	-2.37	-0.98
Effective tax rate	0%	0%	0%	5.75%	0%	20.3%	23.6%	24.8%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.86	6.47	7.85	7.19	14.1	38.5	44.3	43.1	39.9	36.6	35.2
EPS (basic)	0.88	1.3	3.8	1.06	-0.32	5.63	2.57	0.78	-1.57	-2.91	-2.91
EPS (diluted)	0.87	1.28	3.71	1.03	-0.32	5.36	2.55	0.78	-1.57	-2.91	-1.57
Book value per share	-6.73	-1.54	1.43	1.29	6.18	10.9	15.5	15.9	14.4	12.4	9.82
FCF per share	1.18	0.65	0.62	-0.32	-2.07	3.92	2.85	3.18	-1.23	-2.01	-1.5
Cash per share	1.64	3.39	2.77	1.28	0.3	0.09	0.05	0.39	0.11	0.11	0.12
Capex per share	0.35	0.53	1	2.37	1.39	1.33	1.82	1.27	1.45	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.45%	8.13%	12.7%	33%	9.81%	3.45%	4.1%	2.94%	3.62%	—	—
Capex / operating cash flow	12.9%	61.7%	35.2%	111.8%	-473%	29.1%	37%	28.1%	219.9%	—	—
Payout ratio	30.1%	14.6%	0%	39.7%	-50.6%	—	—	—	—	—	0%
Dividend yield	—	—	0%	5%	—	—	—	—	—	—	1.07%

Yield

1.07%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.06

ex-dividend Apr 2, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 2, 2020	$0.06
Jan 2, 2020	$0.06
Oct 3, 2019	$0.06

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$5.6B	$5.1B	$5.2B	$5.1B	$4.6B	$4.3B	$4.6B	$4.9B	$4.7B	$4.3B	$4.9B	$5.2B
YoY change	-0.85%	+1.35%	-1.81%	-14.9%	-18.5%	-15.4%	-11%	-3.1%	+3.61%	-0.28%	+6.33%	+5.92%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	323.4M	978.3M	823.2M	353M	112M	48M	26M	198M	54M	57M
Receivables	128.7M	106.7M	226.7M	94M	1.2B	2.2B	2B	1.8B	1.6B	1.4B
Inventory	269.8M	227.2M	181.1M	317M	3.8B	5.2B	5.1B	4.5B	5.1B	4.8B
Total current assets	824.6M	1.5B	1.5B	898M	5.3B	7.7B	7.4B	6.6B	6.9B	6.4B
Property, plant & equipment	427.6M	411.4M	661.6M	3.2B	14.8B	17B	8.1B	7.9B	8.8B	8.3B
Goodwill & intangibles	107.6M	104.6M	—	4M	2.8B	2.7B	2.7B	2.4B	5.9B	5.9B
Total assets	1.9B	3B	3.5B	3.5B	16.8B	19B	18.8B	17.5B	20.9B	20B
Accounts payable	107.6M	99.5M	186.8M	193M	1.6B	2.1B	2.2B	2.1B	2B	1.9B
Short-term debt	17.5M	—	—	—	—	—	—	—	—	—
Total current liabilities	391.1M	452.2M	468.2M	409M	2.9B	3.6B	3.5B	3.5B	3.3B	3.3B
Long-term debt	2.2B	2.3B	2.1B	2.1B	5.4B	5.2B	4.2B	3.1B	7.1B	7.3B
Total liabilities	3.3B	3.4B	3.1B	3.1B	14.4B	13.2B	10.7B	9.4B	14.1B	13.7B
Shareholders' equity	-1.3B	-444.1M	424.2M	358M	2.3B	5.8B	8B	8.1B	6.9B	6.3B
Total debt	2.2B	2.3B	2.1B	2.1B	5.4B	5.2B	4.2B	3.1B	7.1B	7.3B
Net debt	1.9B	1.3B	1.3B	1.8B	5.3B	5.2B	4.2B	2.9B	7B	7.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	31M	198M	30M	110M	39M	54M	57M	61M	66M	57M	45M	70M
Receivables	2.1B	1.8B	1.9B	1.8B	1.6B	1.6B	1.8B	1.8B	1.8B	1.4B	1.9B	2B
Inventory	4.6B	4.5B	4.4B	4.2B	4.2B	5.1B	4.9B	4.7B	4.7B	4.8B	4.6B	4.5B
Total current assets	6.9B	6.6B	6.5B	6.2B	6B	6.9B	7B	6.7B	6.7B	6.4B	6.7B	6.8B
Property, plant & equipment	7.9B	7.9B	7.8B	7.8B	7.7B	8.8B	8.7B	8.5B	8.3B	8.3B	8.1B	8B
Goodwill & intangibles	2.7B	2.4B	5.2B	5.2B	2.4B	5.9B	5.8B	6B	5.9B	5.9B	5.8B	5.7B
Total assets	18.1B	17.5B	17.2B	16.9B	16.8B	20.9B	20.8B	20.5B	20.3B	20B	20.1B	20.1B
Accounts payable	2.1B	2.1B	2.1B	2.1B	2B	2B	2B	1.9B	1.9B	1.9B	2B	2.2B
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	3.3B	3.5B	3.4B	3.3B	3.3B	3.3B	3.3B	3.3B	3.3B	3.3B	3.3B	3.6B
Long-term debt	3.5B	3.1B	3.7B	3.5B	3.8B	7.1B	7.6B	7.7B	8B	7.3B	7.8B	7.7B
Total liabilities	9.8B	9.4B	9.8B	9.6B	9.7B	14.1B	14.4B	14.4B	14.6B	13.7B	14.1B	14.3B
Shareholders' equity	8.3B	8.1B	7.4B	7.4B	7.1B	6.9B	6.5B	6B	5.7B	6.3B	6B	5.8B
Total debt	3.5B	3.1B	3.7B	3.5B	3.8B	7.1B	7.6B	7.7B	8B	7.3B	7.8B	7.7B
Net debt	3.4B	2.9B	3.6B	3.4B	3.7B	7B	7.5B	7.7B	8B	7.2B	7.7B	7.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	199.3M	363.1M	1.1B	293M	-81M	3B	1.4B	450M	-708M	-1.4B
Depreciation & amortization	115.4M	87.7M	89M	85M	308M	897M	1B	973M	951M	1.2B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	180.5M	-250.5M	96M	119M	-188M	-2.2B	103M	782M	-22M	353M
Operating cash flow	535.3M	245.8M	841M	587M	-111M	2.4B	2.5B	2.3B	316M	-462M
Capital expenditure	-69.1M	-151.7M	-296M	-656M	-525M	-705M	-943M	-646M	-695M	—
Investing cash flow	-57.9M	-156M	-273M	-644M	-2B	-1.4B	-936M	-591M	-3.2B	82M
Dividends paid	-59.9M	-52.9M	0	-116.3M	-41M	—	—	—	—	—
Share repurchases	0	0	-48M	-253M	0	-1.3B	-240M	-152M	-733M	0
Financing cash flow	-311.4M	498.9M	-376M	-510.3M	1.5B	-7.4B	-7B	-6.4B	3B	942M
Net change in cash	166M	588.7M	192M	-567.3M	-685M	-6.3B	-5.4B	-4.7B	74M	562M
Free cash flow	233.9M	186.4M	183M	-88M	-783M	2.1B	1.5B	1.6B	-590M	-1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	275M	-139M	-53M	9M	-230M	-434M	-483M	-467M	-234M	-235M	-229M	-134M
Depreciation & amortization	249M	235M	230M	228M	235M	258M	282M	393M	288M	272M	259M	262M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	332M	449M	-15M	334M	72M	-5M	-30M	195M	-79M	197M	-221M	119M
Operating cash flow	977M	472M	278M	476M	-50M	74M	-360M	30M	-143M	-13M	-325M	230M
Capital expenditure	-162M	-165M	-182M	-157M	-151M	-205M	-152M	-112M	—	—	—	—
Investing cash flow	-160M	-121M	-179M	-152M	-146M	-223M	-145M	-111M	19M	2M	12M	31M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-58M	0	-608M	-125M	0	0	0	0	0	0	—	—
Financing cash flow	-4.1B	-689M	-131M	55M	159M	3.2B	194M	68M	286M	-862M	454M	428M
Net change in cash	-3.3B	-338M	-32M	379M	-37M	3.1B	-311M	-13M	162M	-873M	141M	689M
Free cash flow	605M	487M	-40M	362M	-235M	-677M	-503M	-67M	-300M	-153M	-477M	73M

Date	Ratio
May 16, 2008	2:1
Jul 3, 2006	2:1
Jan 3, 2005	2:1
Sep 18, 1978	2:1
Dec 16, 1975	2:1

Cleveland-Cliffs Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history