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Stocks · Materials · Metal Mining

CLEVELAND-CLIFFS INC.

CLF Clue Score22
United States Fiscal year ends December CIK 0000764065
$12.98 +6.48% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $12.98 −39.52% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.55Operating income0.13Net income0.17EPS, diluted0.87Fiscal year 2017Revenue1.87 +20.0%Operating income0.39Net income0.37 +110.8%EPS, diluted1.26 +44.8%Fiscal year 2018Revenue2.33 +25.0%Operating income0.67Net income1.13 +207.4%EPS, diluted3.71 +194.4%Fiscal year 2019Revenue1.99 −14.7%Operating income0.43Net income0.29 −74.0%EPS, diluted1.03 −72.2%Fiscal year 2020Revenue5.35 +169.0%Operating income−0.14Net income−0.12 −141.6%EPS, diluted−0.32 −131.1%Fiscal year 2021Revenue20.44 +281.8%Operating income4.01Net income2.99EPS, diluted5.36Fiscal year 2022Revenue22.99 +12.4%Operating income1.94Net income1.34 −55.3%EPS, diluted2.55 −52.4%Fiscal year 2023Revenue22.00 −4.3%Operating income0.66Net income0.39 −71.2%EPS, diluted0.75 −70.6%Fiscal year 2024Revenue19.19 −12.8%Operating income−0.76Net income−0.76 −297.4%EPS, diluted−1.58 −310.7%Fiscal year 2025Revenue18.61 −3.0%Operating income−1.58Net income−1.48EPS, diluted−2.91
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.55 1.87 2.33 1.99 5.35 20.44 22.99 22.00 19.19 18.61
Growth +20.0% +25.0% −14.7% +169.0% +281.8% +12.4% −4.3% −12.8% −3.0%
Operating income 0.13 0.39 0.67 0.43 −0.14 4.01 1.94 0.66 −0.76 −1.58
Net income 0.17 0.37 1.13 0.29 −0.12 2.99 1.34 0.39 −0.76 −1.48
Growth +110.8% +207.4% −74.0% −141.6% −55.3% −71.2% −297.4%
EPS, diluted 0.87 1.26 3.71 1.03 −0.32 5.36 2.55 0.75 −1.58 −2.91
Growth +44.8% +194.4% −72.2% −131.1% −52.4% −70.6% −310.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin18.0%Operating margin8.4%Net margin11.2%Free cash flow margin19.0%Fiscal year 2017Gross margin25.1%Operating margin20.9%Net margin19.7%Free cash flow margin10.9%Fiscal year 2018Gross margin34.7%Operating margin28.9%Net margin48.4%Free cash flow margin7.8%Fiscal year 2019Gross margin28.9%Operating margin21.6%Net margin14.7%Free cash flow margin−4.4%Fiscal year 2020Operating margin−2.7%Net margin−2.3%Free cash flow margin−14.6%Fiscal year 2021Operating margin19.6%Net margin14.6%Free cash flow margin10.2%Fiscal year 2022Operating margin8.4%Net margin5.8%Free cash flow margin6.4%Fiscal year 2023Operating margin3.0%Net margin1.8%Free cash flow margin7.4%Fiscal year 2024Operating margin−4.0%Net margin−4.0%Free cash flow margin−3.1%Fiscal year 2025Operating margin−8.5%Net margin−7.9%Free cash flow margin−5.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 18.0% 25.1% 34.7% 28.9% n/a n/a n/a n/a n/a n/a
Operating margin 8.4% 20.9% 28.9% 21.6% −2.7% 19.6% 8.4% 3.0% −4.0% −8.5%
Net margin 11.2% 19.7% 48.4% 14.7% −2.3% 14.6% 5.8% 1.8% −4.0% −7.9%
Free cash flow margin 19.0% 10.9% 7.8% −4.4% −14.6% 10.2% 6.4% 7.4% −3.1% −5.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.30Capital expenditure−0.01Free cash flow0.30Dividends paid0.00Fiscal year 2017Operating cash flow0.34Capital expenditure−0.13Free cash flow0.20 −31.3%Buybacks0.00Dividends paid0.00Fiscal year 2018Operating cash flow0.48Capital expenditure−0.30Free cash flow0.18 −9.9%Buybacks−0.05Dividends paid0.00Fiscal year 2019Operating cash flow0.57Capital expenditure−0.66Free cash flow−0.09 −148.1%Buybacks−0.25Dividends paid−0.07Fiscal year 2020Operating cash flow−0.26Capital expenditure−0.53Free cash flow−0.78Buybacks0.00Dividends paid−0.04Fiscal year 2021Operating cash flow2.79Capital expenditure−0.71Free cash flow2.08Buybacks0.00Fiscal year 2022Operating cash flow2.42Capital expenditure−0.94Free cash flow1.48 −28.8%Buybacks−0.24Fiscal year 2023Operating cash flow2.27Capital expenditure−0.65Free cash flow1.62 +9.5%Buybacks−0.15Fiscal year 2024Operating cash flow0.11Capital expenditure−0.70Free cash flow−0.59 −136.4%Buybacks−0.73Fiscal year 2025Operating cash flow−0.46Capital expenditure−0.56Free cash flow−1.02Buybacks0.00
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.30 0.34 0.48 0.57 −0.26 2.79 2.42 2.27 0.11 −0.46
Capital expenditure −0.01 −0.13 −0.30 −0.66 −0.53 −0.71 −0.94 −0.65 −0.70 −0.56
Free cash flow 0.30 0.20 0.18 −0.09 −0.78 2.08 1.48 1.62 −0.59 −1.02
Growth −31.3% −9.9% −148.1% −28.8% +9.5% −136.4%
Buybacks n/a 0.00 −0.05 −0.25 0.00 0.00 −0.24 −0.15 −0.73 0.00
Dividends paid 0.00 0.00 0.00 −0.07 −0.04 n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.31Total debt2.19Net cash (debt)−1.88Shareholders’ equity−1.46Fiscal year 2017Cash0.98Total debt2.30Net cash (debt)−1.33Shareholders’ equity−0.44Fiscal year 2018Cash0.82Total debt2.09Net cash (debt)−1.27Shareholders’ equity0.42Debt to equity4.93Fiscal year 2019Cash0.35Total debt2.11Net cash (debt)−1.76Shareholders’ equity0.36Debt to equity5.91Fiscal year 2020Cash0.11Total debt5.42Net cash (debt)−5.31Shareholders’ equity2.02Debt to equity2.69Fiscal year 2021Cash0.05Total debt5.24Net cash (debt)−5.19Shareholders’ equity5.49Debt to equity0.95Fiscal year 2022Cash0.03Total debt4.25Net cash (debt)−4.22Shareholders’ equity7.79Debt to equity0.55Fiscal year 2023Cash0.20Total debt3.14Net cash (debt)−2.94Shareholders’ equity7.89Debt to equity0.40Fiscal year 2024Cash0.05Total debt7.07Net cash (debt)−7.01Shareholders’ equity6.63Debt to equity1.06Fiscal year 2025Cash0.06Total debt7.25Net cash (debt)−7.20Shareholders’ equity6.12Debt to equity1.19
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.31 0.98 0.82 0.35 0.11 0.05 0.03 0.20 0.05 0.06
Total debt 2.19 2.30 2.09 2.11 5.42 5.24 4.25 3.14 7.07 7.25
Net cash (debt) −1.88 −1.33 −1.27 −1.76 −5.31 −5.19 −4.22 −2.94 −7.01 −7.20
Shareholders’ equity −1.46 −0.44 0.42 0.36 2.02 5.49 7.79 7.89 6.63 6.12
Debt to equity n/a n/a 4.93 5.91 2.69 0.95 0.55 0.40 1.06 1.19

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1.55 1.87 2.33 1.99 5.35 20.44 22.99 22.00 19.19 18.61
Growth +20.0% +25.0% −14.7% +169.0% +281.8% +12.4% −4.3% −12.8% −3.0%
1.27 1.40 1.52 1.41 5.10 15.91 20.47 20.62 19.12 19.47
0.28 0.47 0.81 0.58 n/a n/a n/a n/a n/a n/a
Growth +66.9% +73.1% −28.9%
0.12 0.10 0.11 0.11 0.24 0.42 0.47 0.58 0.49 0.54
0.13 0.39 0.67 0.43 −0.14 4.01 1.94 0.66 −0.76 −1.58
Growth +198.5% +72.5% −36.3% −133.1% −51.7% −66.0% −215.8%
0.11 0.11 0.57 0.31 −0.19 3.80 1.80 0.58 −0.95 −2.00
−0.01 −0.25 −0.48 0.02 −0.11 0.77 0.42 0.14 −0.24 −0.58
0.17 0.37 1.13 0.29 −0.12 2.99 1.34 0.39 −0.76 −1.48
Growth +110.8% +207.4% −74.0% −141.6% −55.3% −71.2% −297.4%
Per share
0.88 1.28 3.80 1.06 −0.32 5.63 2.57 0.75 −1.58 −2.91
0.87 1.26 3.71 1.03 −0.32 5.36 2.55 0.75 −1.58 −2.91
Growth +44.8% +194.4% −72.2% −131.1% −52.4% −70.6% −310.7%
197.7 288.4 297.0 277.0 379.0 498.0 519.0 510.0 480.0 508.0
200.1 293.0 304.0 284.0 379.0 558.0 524.0 511.0 480.0 508.0
Growth +46.4% +3.8% −6.6% +33.5% +47.2% −6.1% −2.5% −6.1% +5.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 28.3% a year over five years.
  • The diluted share count rose 34.0% in five years, which is dilution.
  • Operating margin is down 5.8 points on five years ago, at -8.5%.
  • A net loss in 3 of 10 years on file.