Sector: Steel
Geography: United States, Canada
COMM_CLF
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.
Shares: yahoo_fundamentals_timeseries/CLF
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.
| Date | Period | Status | RevenueB USD | Operating profitB USD | D&AB USD | EBITDAB USD | Net profitB USD | Operating CFB USD | Capex + M&AB USD | AssetsB USD | EquityB USD | ROE (annualized) | Net debtB USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 4.9 y/y 6.3% | -0.2 y/y — | 0.3 y/y -8.2% | 0.0 y/y — | -0.2 y/y — | -0.3 | -0.2 | 20.1 y/y -3.5% | 5.8 y/y -6.9% | -15.9% | 7.7 | Link |
| 2025-12-31 | Q4 2025 (3M) | OK | 4.3 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 | -0.1 | 20.0 y/y -4.5% | 6.1 y/y -7.8% | -25.5% | 7.9 | Link |
| 2025-09-30 | Q3 2025 (3M) | OK | 4.7 y/y 3.6% | -0.2 y/y — | 0.3 y/y 22.6% | 0.1 y/y — | -0.3 y/y — | -0.1 | -0.2 | 20.3 y/y 20.8% | 5.5 y/y -20.3% | -5.9% | 8.0 | Link |
| 2025-06-30 | Q2 2025 (3M) | OK | 4.9 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 | -0.1 | 20.5 y/y 20.9% | 5.8 y/y -18.2% | -31.1% | 7.7 | Link |
| 2025-03-31 | Q1 2025 (3M) | OK | 4.6 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 | -0.2 | 20.8 y/y 20.9% | 6.3 y/y -13.2% | -30.9% | 7.5 | Link |
| 2024-12-31 | Q4 2024 (3M) | OK | 4.3 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 | -0.2 | 20.9 y/y 19.4% | 6.6 y/y -15.9% | -11.3% | 7.7 | Link |
| 2024-09-30 | Q3 2024 (3M) | OK | 4.6 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 | -0.2 | 16.8 y/y -7.0% | 6.9 y/y -14.5% | -4.7% | 3.7 | Link |
| 2024-06-30 | Q2 2024 (3M) | OK | 5.1 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 | -0.2 | 16.9 y/y -7.5% | 7.1 y/y -8.9% | 0.1% | 3.4 | Link |
| 2024-03-31 | Q1 2024 (3M) | OK | 5.2 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 | -0.2 | 17.2 y/y -7.6% | 7.2 y/y -4.6% | -3.6% | 3.6 | Link |
| 2023-12-31 | Q4 2023 (3M) | OK | 5.1 y/y — | -0.1 y/y — | 0.2 y/y — | 0.1 y/y — | -0.2 y/y — | 0.7 | -0.2 | 17.5 y/y — | 7.9 y/y — | 4.8% | 3.4 | Link |
| 2023-09-30 | Q3 2023 (3M) | OK | 5.6 y/y — | 0.3 y/y — | 0.2 y/y — | 0.6 y/y — | 0.3 y/y — | 0.8 | -0.2 | 18.1 y/y — | 8.0 y/y — | 4.4% | 3.4 | Link |
| 2023-06-30 | Q2 2023 (3M) | OK | 6.0 y/y — | 0.5 y/y — | 0.2 y/y — | 0.7 y/y — | 0.3 y/y — | 0.9 | -0.1 | 18.3 y/y — | 7.8 y/y — | 18.1% | 3.9 | Link |
| 2023-03-31 | Q1 2023 (3M) | OK | 5.3 y/y — | 0.0 y/y — | 0.2 y/y — | 0.2 y/y — | -0.1 y/y — | 0.0 | -0.2 | 18.7 y/y — | 7.5 y/y — | — | 4.5 | Link |
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Current 3 758spot vs LTM -3%
EI1 PHP analysis (Wd_Strategy_Results_Comm.Potential_min3y) — the production commodity re-rating upside.
Upside: -485.9%
Main driver: CRC (China) -3% vs LTM; revenue ×0.98 vs costs ×1.05; EBITDA -37→-1 386; at 10.9× EV/EBITDA → -486%.
Product prices — moves vs the LTM average
| Commodity | Share | Spot | LTM | 3-yr | vs LTM, $ | 3y vs LTM |
|---|---|---|---|---|---|---|
| CRC (China) (rev) | +52% | 3 757.50 | 3 872.84 | 4 212.10 | -3% | +9% |
| HRC (China) (rev) | +34% | 3 310.00 | 3 361.99 | 3 636.66 | -2% | +8% |
| Coking coal (China) (cost) | -10% | 1 284.50 | 1 111.54 | 1 329.73 | +16% | +20% |
| Iron and Steel Scrap (cost) | -4% | 599.44 | 552.56 | 570.62 | +8% | +3% |
| Henry Hub Gas (cost) | -2% | 2.91 | 3.37 | 3.11 | -14% | -8% |
How it is calculated — revenue → costs → EBITDA → target market cap
| 1 · Reported baseline (LTM) | |
| LTM revenue | 18 903 |
| LTM EBITDA | -37 |
| LTM cash costs (revenue − EBITDA) | 18 940 |
| 2 · Revenue projection | |
| Revenue multiplier — spot | ×0.979 (-2%) |
| = Spot revenue | 18 510 |
| Revenue multiplier — 3y price | ×1.073 (+7%) |
| = 3-year-price revenue | 20 292 |
| 3 · Costs projection | |
| Cost multiplier — spot | ×1.050 (+5%) |
| = Spot cash costs | 19 896 |
| Cost multiplier — 3y price | ×1.053 (+5%) |
| = 3-year-price cash costs | 19 950 |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | -1 386 |
| = 3-year-price EBITDA | 342 |
| Conservative EBITDA = min(spot, avg) | -1 386 |
| 5 · Valuation → target market cap | |
| Historical EV/projected-EBITDA (75th pct) | 10.9x |
| Target EV = EV/EBITDA × conservative EBITDA | -15 177 |
| Net debt | 7 762 |
| Target market cap = EV − net debt | -22 939 |
| Current market cap | 5 473 |
Upside = target market cap ÷ current − 1 = -485.9%
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.
| Period | Act. rev | Model rev | Δ rev | Act. EBITDA | Model EBITDA | Δ EBITDA |
|---|---|---|---|---|---|---|
| 2024 Q1 | 5 199 | 5 492 | -5.3% | 192 | 292 | -34.1% |
| 2024 Q2 | 5 092 | 5 143 | -1.0% | 234 | 5 | — |
| 2024 Q3 | 4 569 | 4 546 | +0.5% | -26 | -385 | — |
| 2024 Q4 | 4 325 | 4 789 | -9.7% | -212 | -52 | — |
| 2025 Q1 | 4 629 | 4 686 | -1.2% | -261 | -74 | — |
| 2025 Q2 | 4 934 | 4 368 | +12.9% | -105 | -326 | — |
| 2025 Q3 | 4 734 | 4 558 | +3.9% | 84 | -282 | — |
| 2025 Q4 | 4 313 | 4 579 | -5.8% | -62 | -341 | — |
| 2026 Q1 | 4 922 | 4 523 | +8.8% | 46 | -360 | — |
Projected EV/EBITDA 15.4x · target 75th pct (3y) 10.9x · LTM avg 19.8x
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.