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Cleveland-Cliffs (CLF) USD

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.

At a glance: strengths & risks
✓Revenue growing (+19% y/y, Q3 2026)✓Margins improving (2%→10%, Q3 2026)✗Loss-making last FY

Sector: Steel

Geography: United States, Canada

COMM_CLF

Price chart

13.05 USDDay -6.99%

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
13.05 USD · -6.99%
Market cap
7.4 bn USD

Growth

Δ revenue y/y
18.5%
Δ EBITDA y/y
578.6%

Multiples

P/E (LTM)
—
P/B (FY)
1.2x
P/E (ann.)
12.2x
EV/EBITDA (LTM)
19.6x
EV/EBITDA (ann.)
6.6x

Cash return

Dividend yield
—
FCF yield (LTM)
-6.0%

Liquidity

Daily turnover (listing)
456.4 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
2026-09-30Q3 2026 (3M)OK5.6
y/y 18.5%
0.3
y/y —
0.3
y/y -10.1%
0.6
y/y 578.6%
0.2
y/y —
0.2-0.220.3
y/y 0.3%
5.7
y/y 4.0%
3.6%7.6Link
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%7.6Yahoo Finance
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) 2026-09-30

Long-term debt (incl. LT leases)7 645
− Cash & equivalents77
Net debt7 568

Net debt / LTM EBITDA: 9.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 00002 0004 0006 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-300%-200%-100%0%100%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-3 000-2 000-1 00001 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

02 0004 0006 0008 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — CRC (China)

Current 3 738spot 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: -318.3%

Main driver: CRC (China) -3% vs LTM; revenue ×0.98 vs costs ×1.05; EBITDA 767→-711; at 12.0× EV/EBITDA → -318%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
CRC (China) (rev)+52%3 737.503 842.634 138.89-3%+8%
HRC (China) (rev)+34%3 238.003 336.363 593.25-3%+8%
Coking coal (China) (cost)-10%1 433.251 197.341 312.76+20%+10%
Iron and Steel Scrap (cost)-4%580.95569.87574.49+2%+1%
Henry Hub Gas (cost)-2%2.783.333.12-17%-6%

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

1 · Reported baseline (LTM)
LTM revenue20 073
LTM EBITDA767
LTM cash costs (revenue − EBITDA)19 306
2 · Revenue projection
Revenue multiplier — spot×0.976 (-2%)
= Spot revenue19 586
Revenue multiplier — 3y price×1.066 (+7%)
= 3-year-price revenue21 405
3 · Costs projection
Cost multiplier — spot×1.051 (+5%)
= Spot cash costs20 297
Cost multiplier — 3y price×1.043 (+4%)
= 3-year-price cash costs20 127
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-711
= 3-year-price EBITDA1 278
Conservative EBITDA = min(spot, avg)-711
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA-8 533
Net debt7 718
Target market cap = EV − net debt-16 251
Current market cap7 446

Upside = target market cap ÷ current − 1 = -318.3%

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—
2026 Q35 6124 707+19.2%570-242—

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 27.1x · target 75th pct (3y) 15.5x · LTM avg 50.8x

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

Peer comparison

Group: Steel. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Tata SteelIndia22.88.1x3.3x
JSW SteelIndia31.710.8x4.4x
MMKRussia3.12.7x5.7x
Gerdauglobal10.37.0x7.0x
NLMKRussia5.43.6x7.5x
POSCO HoldingsKorea16.37.1x7.8x
Steel Dynamicsglobal36.712.3x12.3x
SeverstalRussia7.26.1x12.6x
Nucor Corporationglobal60.415.8x15.8x
RusalRussia4.710.6x22.0x
UsiminasBrazil1.626.3x29.4x
TMK (pipe)Russia0.916.3x33.8x
Group median9.3x10.1x
Group average10.6x13.5x
This companyglobal8.019.6x19.6x

Group median 9.3x as traded, 10.1x adjusted; this company 19.6x — a 94% premium.

Group average 10.6x as traded, 13.5x adjusted; against the average this company is at a 45% premium. The average sits 34% above the median: TMK (pipe) (33.8x) skews the group.

At the adjusted group median the market cap would be -100% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

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.

Frequently asked questions

What is Cleveland-Cliffs (CLF)'s EV/EBITDA?
Cleveland-Cliffs (CLF) trades at 19.6x 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 3.6%.
What is Cleveland-Cliffs (CLF)'s market capitalization?
Cleveland-Cliffs (CLF)'s market cap is 7.4 bn USD.

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