Cleveland-Cliffs Inc Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Cleveland-Cliffs Inc has an operating margin of 8.5%, meaning the company retains $8 of operating profit per $100 of revenue. This results in a moderate score of 42/100, indicating healthy but not exceptional operating efficiency. This is up from -4.0% the prior year.
Cleveland-Cliffs Inc's revenue declined 100% year-over-year, from $19.2B to $19K. This contraction results in a growth score of 0/100.
Cleveland-Cliffs Inc carries a low D/E ratio of 1.19, meaning only $1.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.
Cleveland-Cliffs Inc's current ratio of 1.95 indicates adequate short-term liquidity, earning a score of 58/100. The company can meet its near-term obligations, though with limited headroom.
While Cleveland-Cliffs Inc generated $462 in operating cash flow, capex of $561 consumed most of it, leaving -$99 in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Cleveland-Cliffs Inc earns a strong 24.2% return on equity (ROE), meaning it generates $24 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 97/100.
Cleveland-Cliffs Inc scores 259508.47, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.9B) relative to total liabilities ($14K). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Cleveland-Cliffs Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Cleveland-Cliffs Inc generates $0.31 in operating cash flow ($462 OCF vs $1K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
This page shows Cleveland-Cliffs Inc (CLF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Cleveland-Cliffs Inc generated $19K in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Cleveland-Cliffs Inc's EBITDA was $3K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 100.0% from the prior year.
Cleveland-Cliffs Inc generated -$99 in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 100.0% from the prior year.
Cleveland-Cliffs Inc reported $1K in net income in fiscal year 2025. This represents an increase of 100.0% from the prior year.
Cleveland-Cliffs Inc earned $2.91 per diluted share (EPS) in fiscal year 2025. This represents an increase of 284.2% from the prior year.
Cleveland-Cliffs Inc held $57 in cash against $7K in long-term debt as of fiscal year 2025.
Cleveland-Cliffs Inc had 570M shares outstanding in fiscal year 2025. This represents an increase of 15.5% from the prior year.
Cleveland-Cliffs Inc's gross margin was -4.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.9 percentage points from the prior year.
Cleveland-Cliffs Inc's operating margin was 8.5% in fiscal year 2025, reflecting core business profitability. This is up 12.5 percentage points from the prior year.
Cleveland-Cliffs Inc's net profit margin was 7.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 11.9 percentage points from the prior year.
Cleveland-Cliffs Inc's ROE was 24.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Cleveland-Cliffs Inc spent $733 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Cleveland-Cliffs Inc invested $561 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
CLF Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B-8.9% | $4.7B-4.1% | $4.9B+6.6% | $4.6B+7.0% | $4.3B-5.3% | $4.6B-10.3% | $5.1B-2.1% | $5.2B |
| Cost of Revenue | $4.5B-5.3% | $4.8B-7.1% | $5.1B+2.5% | $5.0B+9.1% | $4.6B-1.5% | $4.7B-5.2% | $4.9B+0.3% | $4.9B |
| Gross Profit | -$214.0M-365.2% | -$46.0M+78.0% | -$209.0M+46.5% | -$391.0M-40.6% | -$278.0M-162.3% | -$106.0M-165.4% | $162.0M-43.2% | $285.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $143.0M+10.0% | $130.0M-5.1% | $137.0M+3.0% | $133.0M-4.3% | $139.0M+24.1% | $112.0M+8.7% | $103.0M-22.0% | $132.0M |
| Operating Income | -$339.0M-66.2% | -$204.0M+59.0% | -$498.0M+7.4% | -$538.0M-14.5% | -$470.0M-80.1% | -$261.0M-4450.0% | $6.0M+115.8% | -$38.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$208.0M-166.7% | -$78.0M+47.3% | -$148.0M-0.7% | -$147.0M-7.3% | -$137.0M-80.3% | -$76.0M-406.7% | -$15.0M-87.5% | -$8.0M |
| Net Income | -$274.0M-9.2% | -$251.0M+46.6% | -$470.0M+2.7% | -$483.0M-7.1% | -$451.0M-84.8% | -$244.0M-12300.0% | $2.0M+103.0% | -$67.0M |
| EPS (Diluted) | $-0.43+15.7% | $-0.51+47.4% | $-0.97+3.0% | $-1.00-8.7% | $-0.92-76.9% | $-0.52 | $0.00+100.0% | $-0.14 |
CLF Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $20.0B-1.4% | $20.3B-0.9% | $20.5B-1.8% | $20.8B-0.5% | $20.9B+24.7% | $16.8B-0.8% | $16.9B-1.8% | $17.2B |
| Current Assets | $6.4B-3.8% | $6.7B0.0% | $6.7B-4.0% | $7.0B+0.8% | $6.9B+14.6% | $6.0B-2.7% | $6.2B-4.3% | $6.5B |
| Cash & Equivalents | $57.0M-13.6% | $66.0M+8.2% | $61.0M+7.0% | $57.0M+5.6% | $54.0M+38.5% | $39.0M-64.5% | $110.0M+266.7% | $30.0M |
| Inventory | $4.8B+1.9% | $4.7B-0.3% | $4.7B-3.8% | $4.9B-4.1% | $5.1B+20.3% | $4.2B+0.9% | $4.2B-5.6% | $4.4B |
| Accounts Receivable | $1.4B-19.8% | $1.8B+0.8% | $1.8B-0.8% | $1.8B+14.1% | $1.6B-0.4% | $1.6B-10.7% | $1.8B-5.1% | $1.9B |
| Goodwill | $1.8B+1.0% | $1.8B-1.0% | $1.8B+2.7% | $1.8B-0.1% | $1.8B+75.9% | $1.0B0.0% | $1.0B0.0% | $1.0B |
| Total Liabilities | $13.7B-6.1% | $14.6B+1.1% | $14.4B+0.5% | $14.4B+1.9% | $14.1B+45.1% | $9.7B+1.5% | $9.6B-2.4% | $9.8B |
| Current Liabilities | $3.3B+0.7% | $3.3B+0.1% | $3.3B+0.3% | $3.3B-2.8% | $3.4B+3.3% | $3.3B-1.9% | $3.3B-2.3% | $3.4B |
| Long-Term Debt | $7.3B-9.8% | $8.0B+4.0% | $7.7B+1.7% | $7.6B+7.6% | $7.1B+87.2% | $3.8B+7.6% | $3.5B-4.3% | $3.7B |
| Total Equity | $6.1B+11.9% | $5.5B-6.1% | $5.8B-7.0% | $6.3B-5.7% | $6.6B-3.2% | $6.9B-3.6% | $7.1B-1.3% | $7.2B |
| Retained Earnings | -$529.0M-85.0% | -$286.0M-28700.0% | $1.0M-99.8% | $484.0M-49.0% | $949.0M-33.5% | $1.4B-14.5% | $1.7B+0.1% | $1.7B |
CLF Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.0M+90.9% | -$143.0M-417.8% | $45.0M+112.8% | -$351.0M+25.6% | -$472.0M-461.9% | -$84.0M-116.2% | $519.0M+265.5% | $142.0M |
| Capital Expenditures | $140.0M-10.8% | $157.0M+40.2% | $112.0M-26.3% | $152.0M-25.9% | $205.0M+35.8% | $151.0M-3.8% | $157.0M-13.7% | $182.0M |
| Free Cash Flow | -$153.0M+49.0% | -$300.0M-347.8% | -$67.0M+86.7% | -$503.0M+25.7% | -$677.0M-188.1% | -$235.0M-164.9% | $362.0M+1005.0% | -$40.0M |
| Investing Cash Flow | -$85.0M+38.4% | -$138.0M-24.3% | -$111.0M+23.4% | -$145.0M+94.7% | -$2.7B-1773.3% | -$146.0M+3.9% | -$152.0M+15.1% | -$179.0M |
| Financing Cash Flow | $89.0M-68.9% | $286.0M+320.6% | $68.0M-86.4% | $499.0M-84.5% | $3.2B+1930.8% | $159.0M+155.4% | -$287.0M-119.1% | -$131.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $125.0M-79.4% | $608.0M |
CLF Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -5.0%-4.0pp | -1.0%+3.3pp | -4.2%+4.2pp | -8.5%-2.0pp | -6.4%-4.1pp | -2.3%-5.5pp | 3.2%-2.3pp | 5.5% |
| Operating Margin | -7.9%-3.6pp | -4.3%+5.8pp | -10.1%+1.5pp | -11.6%-0.7pp | -10.9%-5.2pp | -5.7%-5.8pp | 0.1%+0.9pp | -0.7% |
| Net Margin | -6.3%-1.1pp | -5.3%+4.2pp | -9.5%+0.9pp | -10.4%0.0pp | -10.4%-5.1pp | -5.3%-5.4pp | 0.0%+1.3pp | -1.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | N/A |
| Return on Assets | -1.4%-0.1pp | -1.2%+1.1pp | -2.3%+0.0pp | -2.3%-0.2pp | -2.1%-0.7pp | -1.5%-1.5pp | 0.0%+0.4pp | -0.4% |
| Current Ratio | 1.95-0.1 | 2.040.0 | 2.04-0.1 | 2.13+0.1 | 2.06+0.2 | 1.85-0.0 | 1.87-0.0 | 1.90 |
| Debt-to-Equity | 1.19-0.3 | 1.47+0.1 | 1.33+0.1 | 1.22+0.2 | 1.06+0.5 | 0.55+0.1 | 0.49-0.0 | 0.51 |
| FCF Margin | -3.5%+2.8pp | -6.3%-5.0pp | -1.4%+9.5pp | -10.9%+4.8pp | -15.7%-10.5pp | -5.1%-12.3pp | 7.1%+7.9pp | -0.8% |
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Frequently Asked Questions
What is Cleveland-Cliffs Inc's annual revenue?
Cleveland-Cliffs Inc (CLF) reported $19K in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cleveland-Cliffs Inc's revenue growing?
Cleveland-Cliffs Inc (CLF) revenue declined by 100% year-over-year, from $19.2B to $19K in fiscal year 2025.
Is Cleveland-Cliffs Inc profitable?
Yes, Cleveland-Cliffs Inc (CLF) reported a net income of $1K in fiscal year 2025, with a net profit margin of 7.9%.
What is Cleveland-Cliffs Inc's earnings per share (EPS)?
Cleveland-Cliffs Inc (CLF) reported diluted earnings per share of $2.91 for fiscal year 2025. This represents a 284.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Cleveland-Cliffs Inc's EBITDA?
Cleveland-Cliffs Inc (CLF) had EBITDA of $3K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cleveland-Cliffs Inc have?
As of fiscal year 2025, Cleveland-Cliffs Inc (CLF) had $57 in cash and equivalents against $7K in long-term debt.
What is Cleveland-Cliffs Inc's gross margin?
Cleveland-Cliffs Inc (CLF) had a gross margin of -4.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cleveland-Cliffs Inc's operating margin?
Cleveland-Cliffs Inc (CLF) had an operating margin of 8.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cleveland-Cliffs Inc's net profit margin?
Cleveland-Cliffs Inc (CLF) had a net profit margin of 7.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cleveland-Cliffs Inc's return on equity (ROE)?
Cleveland-Cliffs Inc (CLF) has a return on equity of 24.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cleveland-Cliffs Inc's free cash flow?
Cleveland-Cliffs Inc (CLF) generated -$99 in free cash flow during fiscal year 2025. This represents a 100.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cleveland-Cliffs Inc's operating cash flow?
Cleveland-Cliffs Inc (CLF) generated $462 in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cleveland-Cliffs Inc's total assets?
Cleveland-Cliffs Inc (CLF) had $20K in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cleveland-Cliffs Inc's capital expenditures?
Cleveland-Cliffs Inc (CLF) invested $561 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Cleveland-Cliffs Inc buy back shares?
Yes, Cleveland-Cliffs Inc (CLF) spent $733 on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Cleveland-Cliffs Inc have outstanding?
Cleveland-Cliffs Inc (CLF) had 570M shares outstanding as of fiscal year 2025.
What is Cleveland-Cliffs Inc's current ratio?
Cleveland-Cliffs Inc (CLF) had a current ratio of 1.95 as of fiscal year 2025, which is generally considered healthy.
What is Cleveland-Cliffs Inc's debt-to-equity ratio?
Cleveland-Cliffs Inc (CLF) had a debt-to-equity ratio of 1.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cleveland-Cliffs Inc's return on assets (ROA)?
Cleveland-Cliffs Inc (CLF) had a return on assets of 7.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cleveland-Cliffs Inc's Altman Z-Score?
Cleveland-Cliffs Inc (CLF) has an Altman Z-Score of 259508.47, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cleveland-Cliffs Inc's Piotroski F-Score?
Cleveland-Cliffs Inc (CLF) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cleveland-Cliffs Inc's earnings high quality?
Cleveland-Cliffs Inc (CLF) has an earnings quality ratio of 0.31x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Cleveland-Cliffs Inc?
Cleveland-Cliffs Inc (CLF) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.