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Cleveland-Cliffs (CLF) USD

At a glance: strengths & risks
✗Loss-making last FY✗Margins compressing (1%→-2%)

Sector: Steel

Geography: United States, Canada

COMM_CLF

Price chart

12.41 USDDay -0.64%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
12.41 USD · -0.64%
Market cap
7.1 bn USD

Growth

Δ revenue y/y
5.9%
Δ EBITDA y/y
-283.0%

Multiples

P/E (LTM)
—
P/B (FY)
1.2x
P/E (ann.)
<0
EV/EBITDA (LTM)
52.3x
EV/EBITDA (ann.)
17.3x

Cash return

Dividend yield
—
FCF yield (LTM)
-13.0%

Liquidity

Daily turnover (listing)
136.5 mln USD

Shares: yahoo_fundamentals_timeseries/CLF

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK5.2
y/y 5.9%
0.0
y/y —
0.3
y/y -33.3%
0.2
y/y —
-0.1
y/y —
0.2-0.220.1
y/y -1.7%
5.6
y/y -3.7%
-10.2%7.6Link
2026-03-31Q1 2026 (3M)OK4.9
y/y 6.3%
-0.2
y/y —
0.3
y/y -8.2%
0.0
y/y —
-0.2
y/y —
-0.3-0.220.1
y/y -3.5%
5.8
y/y -6.9%
-15.9%7.7Link
2025-12-31Q4 2025 (3M)OK4.3
y/y -0.3%
-0.3
y/y 28.9%
0.3
y/y 5.4%
-0.1
y/y 70.8%
-0.3
y/y 42.6%
0.0-0.120.0
y/y -4.5%
6.1
y/y -7.8%
-25.5%7.9Link
2025-09-30Q3 2025 (3M)OK4.7
y/y 3.6%
-0.2
y/y —
0.3
y/y 22.6%
0.1
y/y —
-0.3
y/y —
-0.1-0.220.3
y/y 20.8%
5.5
y/y -20.3%
-5.9%8.0Link
2025-06-30Q2 2025 (3M)OK4.9
y/y -3.1%
-0.5
y/y -8400.0%
0.4
y/y 72.4%
-0.1
y/y -144.9%
-0.5
y/y —
0.0-0.120.5
y/y 20.9%
5.8
y/y -18.2%
-31.1%7.7Link
2025-03-31Q1 2025 (3M)OK4.6
y/y -11.0%
-0.5
y/y —
0.3
y/y 22.6%
-0.3
y/y -235.9%
-0.5
y/y —
-0.4-0.220.8
y/y 20.9%
6.3
y/y -13.2%
-30.9%7.5Link
2024-12-31Q4 2024 (3M)OK4.3
y/y -15.4%
-0.5
y/y -298.3%
0.3
y/y 9.8%
-0.2
y/y -281.2%
-0.5
y/y -166.9%
-0.5-0.220.9
y/y 19.4%
6.6
y/y -15.9%
-11.3%7.7Link
2024-09-30Q3 2024 (3M)OK4.6
y/y -18.5%
-0.3
y/y -180.3%
0.2
y/y -5.6%
0.0
y/y -104.5%
-0.2
y/y -192.4%
-0.1-0.216.8
y/y -7.0%
6.9
y/y -14.5%
-4.7%3.7Link
2024-06-30Q2 2024 (3M)OK5.1
y/y -14.9%
0.0
y/y -98.8%
0.2
y/y -7.7%
0.2
y/y -67.9%
0.0
y/y -99.4%
0.5-0.216.9
y/y -7.5%
7.1
y/y -8.9%
0.1%3.4Link
2024-03-31Q1 2024 (3M)OK5.2
y/y -1.8%
0.0
y/y —
0.2
y/y -5.0%
0.2
y/y -9.0%
-0.1
y/y —
0.1-0.217.2
y/y -7.6%
7.2
y/y -4.6%
-3.6%3.6Link
2023-12-31Q4 2023 (3M)OK5.1
y/y —
-0.1
y/y —
0.2
y/y —
0.1
y/y —
-0.2
y/y —
0.7-0.217.5
y/y —
7.9
y/y —
4.8%3.4Link
2023-09-30Q3 2023 (3M)OK5.6
y/y —
0.3
y/y —
0.2
y/y —
0.6
y/y —
0.3
y/y —
0.8-0.218.1
y/y —
8.0
y/y —
4.4%3.4Link
2023-06-30Q2 2023 (3M)OK6.0
y/y —
0.5
y/y —
0.2
y/y —
0.7
y/y —
0.3
y/y —
0.9-0.118.3
y/y —
7.8
y/y —
18.1%3.9Link
2023-03-31Q1 2023 (3M)OK5.3
y/y —
0.0
y/y —
0.2
y/y —
0.2
y/y —
-0.1
y/y —
0.0-0.218.7
y/y —
7.5
y/y —
—4.5Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)7 703
− Cash & equivalents70
Net debt7 633

Net debt / LTM EBITDA: 27.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 00002 0004 0006 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-300%-200%-100%0%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-3 000-2 000-1 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 5.89x of reported net profit; after capex, 4.21x. Loss years (2024, 2025) are left out of the ratio.
year202320242025
cash flow / profit5.89x——
accruals, % of assets-10.7%-4.1%-5.1%
capex 0.6x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — CRC (China)

Current 3 760spot vs LTM -3%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -465.8%

Main driver: CRC (China) -3% vs LTM; revenue ×0.97 vs costs ×1.05; EBITDA 281→-1 245; at 12.0× EV/EBITDA → -466%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
CRC (China) (rev)+52%3 760.003 874.614 196.98-3%+8%
HRC (China) (rev)+34%3 250.003 361.763 624.98-3%+8%
Coking coal (China) (cost)-10%1 327.751 110.981 325.51+20%+19%
Iron and Steel Scrap (cost)-4%599.44552.42571.65+9%+3%
Henry Hub Gas (cost)-2%2.753.383.11-19%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue19 195
LTM EBITDA281
LTM cash costs (revenue − EBITDA)18 914
2 · Revenue projection
Revenue multiplier — spot×0.973 (-3%)
= Spot revenue18 682
Revenue multiplier — 3y price×1.070 (+7%)
= 3-year-price revenue20 538
3 · Costs projection
Cost multiplier — spot×1.054 (+5%)
= Spot cash costs19 928
Cost multiplier — 3y price×1.053 (+5%)
= 3-year-price cash costs19 917
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-1 245
= 3-year-price EBITDA621
Conservative EBITDA = min(spot, avg)-1 245
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA-14 946
Net debt7 722
Target market cap = EV − net debt-22 668
Current market cap6 198

Upside = target market cap ÷ current − 1 = -465.8%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q15 1995 492-5.3%192292-34.1%
2024 Q25 0925 143-1.0%2345—
2024 Q34 5694 546+0.5%-26-385—
2024 Q44 3254 789-9.7%-212-52—
2025 Q14 6294 686-1.2%-261-74—
2025 Q24 9344 368+12.9%-105-326—
2025 Q34 7344 558+3.9%84-282—
2025 Q44 3134 579-5.8%-62-341—
2026 Q14 9224 523+8.8%46-360—
2026 Q25 2264 726+10.6%213-199—

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -3% vs -13% the year before — a +9.8 pp move. 3-year CAGR —.
revenue growth by year: 2024 -13% · 2025 -3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 30.7x · target 75th pct (3y) 14.8x · LTM avg 43.9x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Cleveland-Cliffs (CLF) — from primary filings.

Cleveland-Cliffs Inc. is a steel producer that manufactures flat-rolled, stainless, electrical, and plate steel products, and also mines iron ore and produces iron ore pellets and direct reduced iron.

Frequently asked questions

What is Cleveland-Cliffs (CLF)'s EV/EBITDA?
Cleveland-Cliffs (CLF) trades at 52.3x EV/EBITDA.
What is Cleveland-Cliffs (CLF)'s P/B ratio?
Cleveland-Cliffs (CLF) trades at a P/B of 1.2x.
What is Cleveland-Cliffs (CLF)'s return on equity (ROE)?
Cleveland-Cliffs (CLF)'s ROE is -10.2%.
What is Cleveland-Cliffs (CLF)'s market capitalization?
Cleveland-Cliffs (CLF)'s market cap is 7.1 bn USD.

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