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Cleveland-cliffs Inc. (CLF) stock

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NYSE: CLF NYSE Steel Next results ~January 11, 2027

D Fundamentals grade

Cleveland-cliffs Inc. is a US-listed company in the steel industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$26

Valuation models combined (2)

Base case. Range ~$18–$40. Weighted average of 2 models (forward price-to-earnings vs peers, forward price-to-sales vs peers).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Cleveland-cliffs Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 3 selling2 purchases and 3 sales by directors and officers, last 12 monthsInsider trades
  • Funds271 adding, 263 cuttingOf 64 active managers that changed their stake, 34 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cleveland-cliffs files

10-Q filed October 20: Cleveland-cliffs

Model value +11.2%

Revenue for the twelve months to September 2026 was $20.1bn, up 7.8% on a year earlier, faster than the 4.0% growth a quarter earlier. That puts it 9 of 10 for growth among the steel companies we cover. Free-cash-flow margin rose to -2.4% from -8.3% a year earlier. Operating margin widened to -1.4% from -9.2%. The diluted share count is up 14.8% on a year earlier, which dilutes existing holders. Its fundamentals grade moves from D to E. Our model value rises from $25.01 to $27.80 a share, against a share price of $13.95.

Source: 10-Q filed October 20, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 23: Cleveland-cliffs

Revenue for the twelve months to June 2026 reached $20.1bn, up 7.8% on a year earlier and ahead of the 4.0% pace a quarter before. Free-cash-flow margin improved to -2.4% from -8.3%, while operating margin narrowed its loss to -1.4% from -9.2%. The gains in profitability are real, but the diluted share count has risen 14.8% over the year, diluting existing holders. Our model value falls to $25.93 a share, down from $30.48. The shares trade at $13.65.

10-Q on SEC EDGAR

Where Cleveland-cliffs stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $19.2bn, up 4.0% on a year earlier, faster than 1.5% a quarter earlier. Free-cash-flow margin rose to -4.5% from -8.0% a year earlier. Operating margin widened to -4.2% from -9.6%. The diluted share count is up 12.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $30.48 a share, against a share price of $13.54.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 11, 2027 (estimated)

Cleveland-cliffs Inc.'s trailing-twelve-month revenue grew 7.8% year on year, with a free-cash-flow margin of -2.4%. Where it stands out: days sales outstanding of 39 days ranks 2 of 12 steel companies we cover. Where it lags: long-term debt as % of assets of 37.6% ranks 12 of 12 steel companies we cover.

Current signal Revenue growth accelerating: TTM revenue growth rose to 7.8% (+3.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.8 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 7.8 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 309.0% over 90 days.

Things to watch

  • Loss-making. Operating margin is -1.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -2.4% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 14.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 65% and a beta of 1.9 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 37.6% ranks 12 of 12 steel companies we cover (median 18.5%).
  • Below peers: gross margin. Gross margin of 1.5% ranks 12 of 13 steel companies we cover (median 10.8%).

Latest results: FY2026 Q3

Filed October 20, 2026
Earnings per share
$0.28 against an average estimate of $0.23: beat by 19.9%
Revenue
$5.61bn, up 18.5% on a year earlier
Share reaction
+12.6% in the first session after the results on October 19, 2026, against +0.8% for the S&P 500
Guidance given
adjusted EBITDA $715m (fourth-quarter 2026); adjusted EBITDA $4bn (2027)
Next report
October 19, 2026; average EPS estimate $0.42

Cleveland-cliffs' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.1%
  • 1 week+6.7%
  • 1 month+26.1%
  • This year+7.5%
  • 1 year+14.8%
  • 5 years-37.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$20.1B
Operating margin
-1.4%
Net margin
-2.4%
EPS (TTM, diluted)
$-0.84

Growth

Revenue growth
+7.8%
Change in growth rate
+3.8 pts
Share count change
+14.8%

Cash

Free cash flow (TTM)
-$485M
FCF margin
-2.4%

Earnings

Last results
October 19, 2026
Next results (est.)
January 11, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement

    Cleveland-Cliffs confirms Stelco meets all Canadian regulatory undertakings

    Cleveland-Cliffs Inc. said its subsidiary Stelco has confirmed full compliance with 34 undertakings made under the Investment Canada Act. The company reported that average annual employment is expected to exceed required levels, with 1,879 bargaining unit employees against a requirement of 1,766. Stelco also requested a meeting with Canada's Minister of Industry to discuss the temporary layoff of 175 workers in Hamilton.

    Company releaseRead source ↗
  2. Our research
  3. Results
  4. Guidance
  5. Announcement

    Cliffs hosts Energy Secretary at Butler Works for GOES project tour

    Cleveland-Cliffs Inc. said it is hosting U.S. Secretary of Energy Chris Wright at its Butler Works facility on October 6. The visit covers a $200 million expansion project, which includes a $75 million Department of Energy award. The company expects the upgrades to raise grain oriented electrical steel output by up to 25 percent by early 2028.

    Company releaseRead source ↗
  6. Announcement
  7. Leadership
  8. Leadership
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cleveland-cliffs Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Cleveland-cliffs Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.18 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.2 Left out: out of range vs price (0.08x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$18 ~$15–$24 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.9 ~$1.8–$4.5 Left out: far from the other models (more than 3x away from their median)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$0.6 ~$0.5–$0.6 Left out: out of range vs price (0.04x)
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$40 ~$27–$59 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$26 ~$18–$40 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cleveland-cliffs Inc. with Steel in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$1.50$7.96$6.83$7.28$8.21$14.56$21.77$16.11$20.42$9.40$13.28$14.27
Market value$230m$1.6bn$2.0bn$2.2bn$2.3bn$5.5bn$12.1bn$8.4bn$10.4bn$4.5bn$6.7bn$8.1bn
+ Net debt (− = net cash)$2.4bn$1.9bn−$978m$1.3bn$1.9bn$5.5bn$5.3bn$4.3bn$3.0bn$7.1bn$7.3bn$7.6bn
Enterprise value$2.6bn$3.5bn$1.0bn$3.5bn$4.2bn$11.0bn$17.5bn$12.7bn$13.4bn$11.6bn$14.0bn$15.7bn
Multiples
Price / sales 0.1x1.0x1.1x0.9x1.2x1.0x0.6x0.4x0.5x0.2x0.4x0.4x
Price / earnings —9.2x5.5x2.0x8.0x—4.1x6.3x27.1x———
Price / free cash flow —5.4x9.8x12.1x——5.8x5.7x6.4x———
EV / EBITDA 9.3x14.1x2.1x4.6x8.2x66.3x3.6x4.3x8.2x61.7x—20.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard Cleveland-cliffs's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.8% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median 10.9%, moving by 12.8 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.3%; its worst year was -9.2%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 7 of 10 years, at a median 3.5% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 6.5% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.06 +102% $21.4bn +15%
Next $1.46 +2388% $23.0bn +7%

Next year's EPS estimate has moved +309.0% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −121.1% on 90 days ago. In the last 30 days, 1 analyst raised Cleveland-cliffs Inc.'s forecast and 0 cut it.

Consensus EPS forecast Cleveland-cliffs Inc., last 90 days
−$0.50 $0.00 $0.50 $1.00 $1.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.28 Current fiscal year, 60 days ago: −$0.20 Current fiscal year, 30 days ago: −$0.17 Current fiscal year, 7 days ago: −$0.17 Current fiscal year, Now: $0.06 $0.06 Next fiscal year, 90 days ago: $0.36 Next fiscal year, 60 days ago: $0.63 Next fiscal year, 30 days ago: $0.74 Next fiscal year, 7 days ago: $0.96 Next fiscal year, Now: $1.46 $1.46

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.28$0.36
60 days ago −$0.20$0.63
30 days ago −$0.17$0.74
7 days ago −$0.17$0.96
Now $0.06$1.46

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.23 $0.28 +19.9%
Jun 2026 −$0.22 −$0.20 +7.2%
Mar 2026 −$0.42 −$0.40 +3.9%
Dec 2025 −$0.62 −$0.43 +30.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 19, 2026
  • adjusted EBITDA 2027 — Non-GAAP
    “Based on 2027 contract changes and prevailing price forecasts, the Company would expect 2027 adjusted EBITDA to exceed $4 billion.” source
  • adjusted EBITDA fourth-quarter 2026 about $715m Non-GAAP
    “The Company expects fourth-quarter 2026 adjusted EBITDA 2 to be approximately $715 million, an increase from the third quarter as a result of increased pricing, partially offset by seasonality, increased maintenance outages, input costs and incentive compensation accruals.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

13 analysts, Oct 2026
Buy215%
Hold1077%
Sell18%

Monthly trend

  1. Oct 2026210113
  2. Sep 2026111113
  3. Aug 2026111113
  4. Jul 2026111113

Counts of recommendations published by analysts covering Cleveland-cliffs Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.5%
of tradable shares
Days to cover
4.44
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
0.9%
of shares
Employees
25,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +14.8%

$12.43 on October 31, 2025 to $14.27

ThenNowEffect
Revenue (last 12 months) $18.5bn $19.2bn +4.0%
P/S multiple 0.3x 0.4x +24.0%
Share count 486m 546m −10.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −16.6%

$17.12 on November 3, 2023 to $14.27

ThenNowEffect
Revenue (last 12 months) $22.0bn $19.2bn −12.7%
P/S multiple 0.4x 0.4x +0.8%
Share count 517m 546m −5.3%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CLF+50%−26%+27%−54%+41%+8%
Industry peers (median)+76%+18%+30%−2%+28%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CLF58%42%58%33%83%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CLF−28%−64%−39%−60%−52%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 82% from March 28, 2022 to May 30, 2025. Getting back needed a 467% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$7.82 – $15.09
From 52-week high
−5.4%
vs 50-day average
+14.6%
vs 200-day average
+25.5%
Volatility (1 year)
65%
Beta vs S&P 500
1.94

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±11.3%
After a week
7 up, 5 down
typical move ±12.5%
After a month
3 up, 8 down
typical move ±14.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 19, 2026 +12.6% +0.8% +10.4% —
July 23, 2026 +26.2% −1.1% +23.1% +19.3%
April 20, 2026 −8.1% −0.9% +6.7% +2.1%
February 9, 2026 −16.7% +0.2% −28.6% −37.0%
October 20, 2025 +0.5% +1.0% +3.4% −16.0%
July 21, 2025 +19.4% +0.2% +18.8% +10.0%
May 7, 2025 −17.0% +1.1% −12.4% −11.7%
February 24, 2025 −4.9% −1.0% −11.1% −17.2%
February 3, 2025 +2.7% 0.0% +15.6% −2.0%
November 4, 2024 −12.5% +1.0% −5.7% −6.3%
July 22, 2024 +4.7% +0.9% +0.6% −18.3%
April 22, 2024 −10.9% +2.1% −13.2% −15.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Cleveland-cliffs Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cleveland-cliffs Inc.
$18B $19B $20B $21B $22B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $22B Revenue (TTM), FY24 Q1: $21.9B Revenue (TTM), FY24 Q2: $21B Revenue (TTM), FY24 Q3: $20B Revenue (TTM), FY24 Q4: $19.2B Revenue (TTM), FY25 Q1: $18.6B Revenue (TTM), FY25 Q2: $18.5B Revenue (TTM), FY25 Q3: $18.6B Revenue (TTM), FY25 Q4: $18.6B Revenue (TTM), FY26 Q1: $18.9B Revenue (TTM), FY26 Q2: $19.2B Revenue (TTM), FY26 Q3: $20.1B $20.1B

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $22B
FY24 Q1 $21.9B
FY24 Q2 $21B
FY24 Q3 $20B
FY24 Q4 $19.2B
FY25 Q1 $18.6B
FY25 Q2 $18.5B
FY25 Q3 $18.6B
FY25 Q4 $18.6B
FY26 Q1 $18.9B
FY26 Q2 $19.2B
FY26 Q3 $20.1B
Revenue growth, TTM YoY Cleveland-cliffs Inc.
-20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -4.3% Revenue growth, TTM YoY, FY24 Q1: -1.9% Revenue growth, TTM YoY, FY24 Q2: -4.4% Revenue growth, TTM YoY, FY24 Q3: -8.9% Revenue growth, TTM YoY, FY24 Q4: -12.8% Revenue growth, TTM YoY, FY25 Q1: -15.0% Revenue growth, TTM YoY, FY25 Q2: -12.1% Revenue growth, TTM YoY, FY25 Q3: -6.8% Revenue growth, TTM YoY, FY25 Q4: -3.0% Revenue growth, TTM YoY, FY26 Q1: 1.5% Revenue growth, TTM YoY, FY26 Q2: 4.0% Revenue growth, TTM YoY, FY26 Q3: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -4.3%
FY24 Q1 -1.9%
FY24 Q2 -4.4%
FY24 Q3 -8.9%
FY24 Q4 -12.8%
FY25 Q1 -15.0%
FY25 Q2 -12.1%
FY25 Q3 -6.8%
FY25 Q4 -3.0%
FY26 Q1 1.5%
FY26 Q2 4.0%
FY26 Q3 7.8%
Operating margin (TTM) Cleveland-cliffs Inc.
-10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 3.0% Operating margin (TTM), FY24 Q1: 3.0% Operating margin (TTM), FY24 Q2: 0.8% Operating margin (TTM), FY24 Q3: -2.1% Operating margin (TTM), FY24 Q4: -4.0% Operating margin (TTM), FY25 Q1: -6.8% Operating margin (TTM), FY25 Q2: -9.6% Operating margin (TTM), FY25 Q3: -9.2% Operating margin (TTM), FY25 Q4: -8.5% Operating margin (TTM), FY26 Q1: -6.6% Operating margin (TTM), FY26 Q2: -4.2% Operating margin (TTM), FY26 Q3: -1.4% -1.4%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 3.0%
FY24 Q1 3.0%
FY24 Q2 0.8%
FY24 Q3 -2.1%
FY24 Q4 -4.0%
FY25 Q1 -6.8%
FY25 Q2 -9.6%
FY25 Q3 -9.2%
FY25 Q4 -8.5%
FY26 Q1 -6.6%
FY26 Q2 -4.2%
FY26 Q3 -1.4%
FCF margin (TTM) Cleveland-cliffs Inc.
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 7.4% FCF margin (TTM), FY24 Q1: 8.3% FCF margin (TTM), FY24 Q2: 6.7% FCF margin (TTM), FY24 Q3: 2.9% FCF margin (TTM), FY24 Q4: -3.1% FCF margin (TTM), FY25 Q1: -5.7% FCF margin (TTM), FY25 Q2: -8.0% FCF margin (TTM), FY25 Q3: -8.3% FCF margin (TTM), FY25 Q4: -5.5% FCF margin (TTM), FY26 Q1: -5.3% FCF margin (TTM), FY26 Q2: -4.5% FCF margin (TTM), FY26 Q3: -2.4% -2.4%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 7.4%
FY24 Q1 8.3%
FY24 Q2 6.7%
FY24 Q3 2.9%
FY24 Q4 -3.1%
FY25 Q1 -5.7%
FY25 Q2 -8.0%
FY25 Q3 -8.3%
FY25 Q4 -5.5%
FY26 Q1 -5.3%
FY26 Q2 -4.5%
FY26 Q3 -2.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 2.3 4.5 6.6 5.9 3.9 3.4 2.0 1.6 1.9 2.3 2.0 5.4 20.4 23.0 22.0 19.2 18.6 20.1
Gross profit 0.3 1.5 2.6 1.2 1.5 0.9 0.2 0.3 0.5 0.8 0.6 0.3 4.5 2.5 1.4 0.1 −0.9 0.3
EBITDA 0.5 1.6 2.7 0.2 2.0 0.6 0.3 0.2 0.5 0.8 0.5 0.2 4.9 3.0 1.6 0.2 −0.3 0.8
Operating income 0.2 1.2 2.3 −0.3 1.4 0.1 0.2 0.1 0.4 0.7 0.4 −0.1 4.0 1.9 0.7 −0.8 −1.6 −0.3
Net income 0.2 1.0 1.6 −0.9 0.4 −7.2 −0.7 0.2 0.4 1.1 0.3 −0.1 3.0 1.3 0.4 −0.8 −1.5 −0.5
Diluted EPS $1.63 $7.49 $11.48 −$6.32 $2.37 −$47.52 −$5.13 $0.87 $1.26 $3.71 $1.03 −$0.32 $5.36 $2.55 $0.75 −$1.58 −$2.91 −$0.84
Growth (year on year)
Revenue −35.1% +91.5% +46.4% −10.5% −33.7% −13.3% −40.3% −22.8% +20.0% +25.0% −14.7% +169.0% +281.8% +12.4% −4.3% −12.8% −3.0% +7.8%
EBITDA −58.5% +229.0% +75.1% −92.0% +809.5% −67.9% −55.0% −13.7% +94.2% +59.4% −32.5% −67.7% +>999% −39.4% −45.1% −88.5% — —
Operating income −74.9% +422.2% +86.3% −113.4% — −90.6% +16.3% −13.6% +198.5% +72.5% −36.3% −133.1% — −51.7% −66.0% −215.8% — —
Net income −60.2% +397.3% +58.8% −155.5% — <−999% — — +110.8% +207.4% −74.0% −141.6% — −55.3% −71.2% — — —
Diluted EPS −65.8% +359.5% +53.3% −155.1% — <−999% — — +44.8% +194.4% −72.2% −131.1% — −52.4% −70.6% — — —
Margins
Gross margin 13.3% 32.5% 39.8% 20.0% 38.2% 26.3% 11.7% 18.0% 25.1% 34.7% 28.9% 4.7% 22.2% 11.0% 6.2% 0.3% −4.6% 1.5%
EBITDA margin 20.2% 34.7% 41.5% 3.7% 50.7% 18.8% 14.2% 15.8% 25.6% 32.7% 25.8% 3.1% 24.0% 12.9% 7.4% 1.0% −1.8% 3.8%
Operating margin 10.1% 27.5% 35.0% −5.3% 35.5% 3.9% 7.5% 8.4% 20.9% 28.9% 21.6% −2.7% 19.6% 8.4% 3.0% −4.0% −8.5% −1.4%
Net margin 8.8% 22.7% 24.7% −15.3% 10.6% −214.2% −37.2% 11.2% 19.7% 48.4% 14.7% −2.3% 14.6% 5.8% 1.8% −4.0% −7.9% −2.4%
Free-cash-flow margin 3.0% 23.5% 21.5% −10.4% 7.3% 2.2% −2.1% 19.0% 10.9% 7.8% −4.4% −14.6% 10.2% 6.4% 7.4% −3.1% −5.5% −2.4%
Cash flow
Cash from operations 0.2 1.3 2.3 0.5 1.1 0.4 0.0 0.3 0.3 0.5 0.6 −0.3 2.8 2.4 2.3 0.1 −0.5 0.1
Capital spending 0.1 0.3 0.9 1.1 0.9 0.3 0.1 0.0 0.1 0.3 0.7 0.5 0.7 0.9 0.6 0.7 0.6 0.6
Free cash flow 0.1 1.1 1.4 −0.6 0.3 0.1 −0.0 0.3 0.2 0.2 −0.1 −0.8 2.1 1.5 1.6 −0.6 −1.0 −0.5
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 —
Free cash flow after stock pay 0.1 1.0 1.4 −0.6 0.3 0.1 −0.1 0.3 0.2 0.2 −0.1 −0.8 2.1 1.5 1.6 −0.6 −1.1 —
Balance sheet
Cash 0.5 1.6 0.5 0.2 0.3 0.3 0.3 0.3 1.0 0.8 0.4 0.1 0.0 0.0 0.2 0.1 0.1 0.1
Total debt 0.5 1.7 3.7 4.1 3.0 2.8 2.7 2.2 — 2.1 2.2 5.6 5.4 4.3 3.2 7.1 7.3 7.7
Net debt (negative = net cash) 0.0 0.1 3.2 3.9 2.7 2.6 2.4 1.9 −1.0 1.3 1.9 5.5 5.3 4.3 3.0 7.1 7.3 7.6
Diluted shares 126m 136m 141m 142m 174m 153m 154m 200m 293m 304m 284m 379m 558m 524m 511m 480m 508m 566m
Returned to shareholders
Dividends 0.0 0.1 0.1 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.0 — — — — — —
Buybacks — 0.0 0.3 0.0 0.0 — — — 0.0 0.0 0.3 0.0 0.0 0.2 0.2 0.7 0.0 —
Total returned 0.0 0.1 0.4 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.2 0.2 0.7 0.0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $20.3bn
Short-term assets $7.1bnLonger-term assets $13.2bn
What it owes, and who funded it · $20.1bn
Short-term liabilities $3.8bnLonger-term liabilities $10.6bnShareholders' equity $5.7bn
  • Short-term assets cover short-term liabilities $7.1bn of assets due within a year against $3.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.1bn short-term assets against $10.6bn of longer-dated liabilities.
  • More cash than debt $77m of cash against $7.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 134% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 79% to 134% over five years.
  • A year's operating cash flow covers at least 20% of debt $116m of operating cash flow against $7.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Cleveland-cliffs Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Buybacks, last 3 fiscal years
$885M
Diluted share count
+14.8%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
Sales & admin spending
2.9%
of revenue
Days sales outstanding
39 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in steel
Last 12 months unless stated CLF STLD RS NUE CMC RYZ Median
Revenue, last 12 months $20.1bn $22.2bn $17.4bn $36.1bn $9.4bn $6.9bn $5.3bn
Revenue growth, last 12 months 7.8% 26.0% 24.7% 17.2% 20.5% 53.2% 14.2%
Revenue growth, 3-year average −2.9% 4.6% 4.8% −1.2% 2.2% 9.1% 2.2%
Revenue growth, latest quarter 18.5% 34.8% 42.8% 23.0% 25.7% 87.5% 23.0%
Gross margin 1.5% 15.9% 31.5% 15.5% 18.6% 17.3% 11.2%
Operating margin −1.4% 11.5% 8.8% — — 1.0% 0.5%
Operating margin, 3-year average −4.2% 10.6% 8.5% — — 0.9% 3.6%
Net margin −2.4% 8.8% 6.4% 8.0% 7.0% 0.2% 1.7%
Cash from operations / revenue 0.6% 7.6% 4.6% 12.3% 11.3% −1.6% 4.6%
Free-cash-flow margin −2.4% 4.9% 2.8% 4.4% 5.1% −2.7% 2.8%
Free-cash-flow margin, 3-year average −2.6% 3.0% 5.0% 4.4% 5.5% 0.3% 4.4%
Stock pay / revenue 0.7% 0.3% 0.4% 0.4% 0.5% 0.2% 0.4%
Change in share count 14.8% −3.4% −3.1% −1.7% −1.9% 41.1% −0.8%

Median of all 15 companies we cover in steel. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

15 steel companies
Measure Company Peer median Rank
Revenue growth Growth 7.8% 14.2% 10 of 15
Change in growth rate Growth +3.8pp +4.9pp 9 of 15
Gross margin Profitability 1.5% 10.8% 12 of 13
Operating margin Profitability -1.4% 0.1% 8 of 11
Net margin Profitability -2.4% 1.7% 13 of 15
Free-cash-flow margin Cash generation -2.4% 2.8% 10 of 15
Long-term debt as % of assets Balance sheet 37.6% 18.5% 12 of 12
Change in share count Balance sheet 14.8% -0.8% 14 of 15
Days sales outstanding Balance sheet 39 days 52 days 2 of 12

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Steelmaking $18.1B 97.1% ▼ 3.0%
Other Businesses $657M 3.5% ▲ 0.2%
Eliminations -$110M -0.6% —
Geography
Region Revenue Share YoY
United States $15.9B 85.4% ▼ 8.4%
Canada $2.1B 11.1% ▲ 94.1%
Other Countries $652M 3.5% ▼ 16.2%

From Cleveland-cliffs Inc.'s 10-K filed February 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.5B
Institutions reporting
579
Shares held vs prior quarter
▲ 2.6%
Positions opened / closed
88 / 74

Top buyers and sellers, Q2 2026: 271 institutions bought and 263 sold ; the biggest buyer was Assenagon Asset Management S.A (+10.1M shares) and the biggest seller Maple Rock Capital Partners Inc (−17.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $523M 55.7M 11.6% ▼ 5.0%
State Street Corp $312M 33.2M 6.9% ▼ 15.4%
Slate Path Capital LP $267M 28.4M 5.9% ▲ 47.6%
Vanguard Capital Management LLC $242M 25.8M 5.4% ▲ 0.8%
Vanguard Portfolio Management LLC $237M 25.2M 5.2% 0.0%
D. E. Shaw & Co., Inc. $144M 15.4M 3.2% ▲ 20.9%
Two Sigma Investments, LP $143M 15.2M 3.2% ▲ 9.2%
Fairfax Financial Holdings Ltd/ Can $140M 14.9M 3.1% 0.0%
Dimensional Fund Advisors LP $117M 12.5M 2.6% ▼ 19.6%
Assenagon Asset Management S.A. $113M 12.0M 2.5% ▲ 516.4%
Geode Capital Management, LLC $99M 10.5M 2.2% ▲ 0.8%
Citigroup Inc $90.1M 9.6M 2.0% ▲ 11.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cleveland-cliffs Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $299,387 2 trades by 1 insider, last 12 months Insider sales History → $42.2M 3 trades by 3 insiders · 0% under pre-set plans
Net ▼ $41.9M net selling
Insider Date Trade Shares Price Value
Camara Edilson Director October 22, 2026 Buy 7,400 $13.49 $99,826
Goncalves Celso L Jr EVP, CFO June 5, 2026 Sell 214,308 $13.41 $2.9M
Smith Clifford T EVP & Chief Operating Officer February 17, 2026 Sell 200,000 $10.46 $2.1M
Camara Edilson Director February 13, 2026 Buy 19,700 $10.13 $199,561
Goncalves Lourenco Chairman, President & CEO February 11, 2026 Sell 3,000,000 $12.42 $37.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

No trades in Cleveland-cliffs Inc. disclosed in the last 12 months; 8 earlier trades on record.

  • Mike Kelly(R-PA 16):Purchase, $50,001 - $100,000, traded March 28, 2024, filed June 14, 2024
  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded June 29, 2023, filed August 13, 2023
  • Daniel S. Goldman(D-NY 10):Purchase, $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 11, 2027 estimated from the company's past filing pattern, not announced

  • October 19, 2026
  • July 23, 2026
  • April 20, 2026
  • February 9, 2026
  • October 20, 2025
  • July 21, 2025

Recent SEC filings

Data status

When each part of this page on Cleveland-cliffs Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cleveland-cliffs Inc. in brief

What does Cleveland-cliffs Inc. do?
Cleveland-cliffs Inc. is a US-listed company in the steel industry. Its financial year ends in December.
What is Cleveland-cliffs Inc.'s stock ticker?
Cleveland-cliffs Inc. trades under the ticker CLF on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cleveland-cliffs Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cleveland-cliffs Inc. reported revenue of $20.1B, 7.8% higher than a year earlier, according to its SEC filings.
What is Cleveland-cliffs Inc.'s free cash flow?
Cleveland-cliffs Inc.'s free-cash-flow margin is -2.4% of revenue over the trailing twelve months, ranking 10 of the 15 steel companies we cover.
Who are Cleveland-cliffs Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Slate Path Capital LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Cleveland-cliffs Inc. buying back stock, and does it pay a dividend?
Cleveland-cliffs Inc. spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 14.8% over the year.
What is Cleveland-cliffs Inc.'s market cap?
On November 2, 2026, Cleveland-cliffs Inc.'s market capitalisation was about $8.1B and net debt of $7.6B. Market figures come from third-party market data and may be delayed.
How much debt does Cleveland-cliffs Inc. have?
Cleveland-cliffs Inc.'s debt-to-equity ratio is 134.4%, from its latest balance sheet (79.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Cleveland-cliffs Inc.'s competitors?
In our Steel peer group, the companies closest to Cleveland-cliffs Inc. are Steel Dynamics, Reliance, Inc., Nucor, Commercial Metals Co and Ryerson Holding Corp. The side-by-side comparison below sets their revenue, margins and growth against Cleveland-cliffs Inc.'s.
Are insiders buying or selling Cleveland-cliffs Inc. stock?
Over the last 12 months, Cleveland-cliffs Inc.'s directors and officers reported 2 open-market purchases and 3 sales on Form 4. The insider trading page charts every trade.
When is Cleveland-cliffs Inc.'s next earnings date?
Around January 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cleveland-cliffs Inc. announces its own schedule.