Cleveland-Cliffs Inc. (CLF)

Cleveland-Cliffs Inc. operates as a steel producer in the United States and Canada. It offers hot-rolled, cold-rolled, and coated products, such as aluminized, electrogalvanized, and galvalume products, as well as galvanneal and hot-dipped galvanized products; stainless and electrical products, including GOES, NOES, and auto chrome; plate products; and slab and other steel products. The company also provides non- steelmaking products comprising stamped components, tool and die, and tubing; and scrap, iron ore, HBI, coal, and coke products. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing products. In addition, the company is involved in the mining of iron ore; production of pellets and direct reduced iron; and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. It serves direct automotive, infrastructure and manufacturing, distributors and converters, and steel producers. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.

Ticker: CLF
Exchange: NYSE
Sector: Basic Materials
Industry: Steel
Market cap: $6.54B
52-week range: $7.73 - $15.35

Valuation

Share price: $11.46 (close of Nov 6, 2026)
P/E (TTM): -14.15x
Price to book: 1.10x
Price to free cash flow: -13.48x
Enterprise value: $14.11B
Book value per share: $10.46

Price performance

Period	Change
1 day	+1.69%
5 days	-19.58%
1 month	-6.45%
3 months	-6.30%
6 months	+2.78%
Year to date	-13.70%
1 year	+13.58%
3 years	-33.99%
5 years	-48.75%
10 years	+102.12%
All time	+468.56%

Short interest

As of: Oct 15, 2026
Short % of float: 13.47%
Shares short: 76.03M
Days to cover: 4.20
Change since prior report: -3.18%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -23.37%
Return on invested capital: -7.35%
Return on assets: -7.39%
Return on capital employed: -9.45%
Gross margin: -4.62%
Net margin: -7.94%
EBITDA margin: -1.85%
Revenue growth: -3.00%

Cash flow and balance sheet

Free cash flow yield (TTM): -7.42%
Current ratio: 1.87x
Net debt to EBITDA: 7.79x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $18.61B
Cost of revenue: $19.47B
Gross profit: -$860.00M
EBITDA: -$344.00M
Net income: -$1.48B
Earnings per share: $-2.91
Interest expense: $594.00M
Shares outstanding: 508.00M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$18.61B	-$860.00M	-$1.48B	-$2.91
2024-12-31	$19.18B	$63.00M	-$760.00M	-$1.58
2023-12-31	$22.00B	$1.37B	$385.00M	$0.75
2022-12-31	$22.99B	$2.52B	$1.33B	$2.57
2021-12-31	$20.44B	$4.53B	$2.99B	$5.63
2020-12-31	$5.35B	$252.00M	-$122.00M	-$0.32
2019-12-31	$1.99B	$575.70M	$293.00M	$1.06
2018-12-31	$2.33B	$809.60M	$1.13B	$3.80
2017-12-31	$1.87B	$467.60M	$367.00M	$1.28
2016-12-31	$1.55B	$280.10M	$174.10M	$0.88

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	-4.62%	-7.94%	-23.37%	-7.35%
2024-12-31	0.33%	-3.96%	-11.07%	-3.78%
2023-12-31	6.24%	1.75%	4.75%	4.58%
2022-12-31	10.95%	5.81%	16.62%	12.34%
2021-12-31	22.18%	14.62%	51.75%	27.99%
2020-12-31	4.71%	-2.28%	-5.21%	-0.85%
2019-12-31	28.93%	14.72%	81.84%	16.63%
2018-12-31	34.72%	48.37%	266.04%	26.74%
2017-12-31	25.06%	19.67%	-	20.99%
2016-12-31	18.02%	11.20%	-	15.16%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$57.00M	$7.25B
2024-12-31	$54.00M	$7.07B
2023-12-31	$198.00M	$3.14B
2022-12-31	$26.00M	$4.25B
2021-12-31	$48.00M	$5.24B
2020-12-31	$112.00M	$5.39B
2019-12-31	$353.00M	$2.11B
2018-12-31	$823.20M	$2.09B
2017-12-31	$978.30M	$2.30B
2016-12-31	$312.80M	$2.18B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$1.02B	$57.00M
2024-12-31	-$590.00M	$50.00M
2023-12-31	$1.62B	$41.00M
2022-12-31	$1.48B	$28.00M
2021-12-31	$2.08B	$18.00M
2020-12-31	-$783.00M	$17.00M
2019-12-31	-$88.00M	$18.00M
2018-12-31	$183.00M	$15.00M
2017-12-31	$203.20M	$18.20M
2016-12-31	$295.60M	$13.60M

Dividend history

Most recent payment: Apr 2, 2020

Payment date	Dividend per share
2020-04-02	$0.06
2020-01-02	$0.06
2019-10-03	$0.10
2019-07-03	$0.06
2019-04-04	$0.05
2019-01-03	$0.05
2014-11-12	$0.15
2014-08-13	$0.15

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-19	Sep 2026	$0.24
2026-07-23	Jun 2026	-$0.21
2026-04-20	Mar 2026	-$0.44
2026-02-09	Dec 2025	-$0.62
2025-10-20	Sep 2025	-$0.48
2025-07-21	Jun 2025	-$0.68
2025-05-07	Mar 2025	-$0.78
2025-04-21	-	-

Filings and sources

Company website: clevelandcliffs.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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