CLFNYSEMetal MiningFiscal year ends December 31
CLEVELAND-CLIFFS INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$14.10+1.98 (+16.34%)
Close on Oct 19, 2026
- Market cap
- $8.05B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
-4.6%−9.3 pts over 5 years
Operating margin
-8.5%−5.8 pts over 5 years
Net margin
-7.9%−5.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -3.0% | -6.8% | +28.3% | +24.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -10.1% | -10.3% | -23.2% | |
| Return on assets | 8.6% | -1.2% | -7.2% | |
| Current ratio | 2.11 | 1.81 | 1.95 | |
| Debt to equity | -1.50 | 2.69 | 1.19 | |
| Net debt to EBITDA | 7.64× | 32.00× | -20.92× | |
| Inventory turnover | 5.0× | 2.5× | 3.9× | |
| Capex to revenue | 0.5% | 9.8% | 3.0% | |
| Diluted shares | 200M | 379M | 508M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Cleveland-Cliffs generated $8.04B from operations and spent $4.68B on capital expenditure, dividends and share buybacks. 76% of that went back into the business.
Generated
$8.04B
Used
$4.68B
Capital expenditure$3.55B76%Dividends$00%Share buybacks$1.13B24%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-7.9%
×Asset turnover0.91×
×Equity multiplier3.21×
=Return on equity, FY2025-23.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -7.9% | 0.91× | 3.21× | -23.2% |
| FY2024 | -4.0% | 1.00× | 2.65× | -10.5% |
| FY2023 | 1.8% | 1.21× | 2.31× | 4.9% |
| FY2022 | 5.8% | 1.22× | 2.84× | 20.1% |
| FY2021 | 14.6% | 1.14× | 4.76× | 79.6% |
| FY2020 | -2.3% | 0.53× | 8.53× | -10.3% |
| FY2019 | 14.7% | 0.57× | 8.99× | 74.9% |
| FY2018 | 48.4% | 0.72× | -322.54× | -11223.9% |
| FY2017 | 19.7% | 0.77× | -2.56× | -38.5% |
| FY2016 | 11.2% | 0.77× | -1.18× | -10.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$1.48B
- Cash generatingOperating cash flow above zero-$462.00M
- Return on assets improvedROA up on the prior year-4.3% → -7.1%
- Earnings backed by cashOperating cash flow above net income-$462.00M vs -$1.48B
- Less leverageLong-term debt to assets fell33.7% → 36.2%
- Better liquidityCurrent ratio rose2.06 → 1.95
- No dilutionShare count did not rise480M → 508M
- Gross margin improvedGross margin up on the prior year0.33% → -4.62%
- More efficientAsset turnover rose1.09 → 0.89