Cleveland-Cliffs (CLF) Financials

$7.41 +0.05 (+0.68%)

As of 05/20/2025 03:59 PM Eastern

Annual Income Statements for Cleveland-Cliffs

This table shows Cleveland-Cliffs' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	-754	399	1,335	2,988	-122	293	1,128	367	174	-788
Consolidated Net Income / (Loss)	-708	450	1,376	3,033	-81	293	1,128	363	199	-748
Net Income / (Loss) Continuing Operations	-708	449	1,373	3,030	-82	295	1,040	361	123	144
Total Pre-Tax Income	-943	597	1,796	3,803	-193	313	565	108	110	313
Total Operating Income	-756	677	1,939	4,012	-142	429	673	390	131	151
Total Gross Profit	70	1,391	2,518	4,534	252	576	809	468	280	237
Total Revenue	19,185	21,996	22,989	20,444	5,354	1,990	2,332	1,866	1,555	2,013
Operating Revenue	19,185	21,996	22,989	20,444	5,354	1,990	2,332	1,866	1,555	2,013
Total Cost of Revenue	19,115	20,605	20,471	15,910	5,102	1,414	1,523	1,398	1,274	1,777
Operating Cost of Revenue	19,115	20,605	20,471	15,910	5,102	1,414	1,523	1,398	1,274	1,777
Total Operating Expenses	826	714	579	522	394	147	136	77	149	85
Selling, General & Admin Expense	486	577	465	422	244	113	113	103	116	110
Other Operating Expenses / (Income)	88	0.00	81	80	60	27	23	-26	34	-25
Impairment Charge	79	125	29	0.00	-	-	-	-	-	-
Restructuring Charge	173	12	4.00	20	90	7.00	0.00	-	-	-
Total Other Income / (Expense), net	-187	-80	-143	-209	-51	-116	-108	-282	-20	162
Interest Expense	27	0.00	75	88	-130	18	7.00	165	28	-164
Interest & Investment Income	-370	-289	-276	-337	-238	-101	-119	-127	-	-
Other Income / (Expense), net	210	209	208	216	57	3.00	18	10	7.30	-2.60
Income Tax Expense	-235	148	423	773	-111	18	-475	-252	-12	169
Net Income / (Loss) Discontinued Operations	0.00	1.00	3.00	3.00	1.00	-2.00	88	2.50	-	-892
Net Income / (Loss) Attributable to Noncontrolling Interest	46	51	41	45	41	0.00	0.00	-3.90	25	0.90
Basic Earnings per Share	($1.57)	$0.78	$2.57	$5.63	($0.32)	$1.06	$3.80	$1.28	$0.88	($5.14)
Weighted Average Basic Shares Outstanding	494.48M	498.29M	514.79M	525.41M	498.89M	271.44M	296.90M	288.44M	197.70M	153.20M
Diluted Earnings per Share	($1.57)	$0.78	$2.55	$5.36	($0.32)	$1.03	$3.71	$1.26	$0.87	($5.13)
Weighted Average Diluted Shares Outstanding	494.48M	498.29M	514.79M	525.41M	498.89M	271.44M	296.90M	292.96M	200.10M	153.60M
Weighted Average Basic & Diluted Shares Outstanding	494.48M	498.29M	514.79M	525.41M	498.89M	271.44M	296.90M	297.40M	2.49B	-8.75B

This table shows Cleveland-Cliffs' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-495	-447	-242	2.00	-67	-155	264	347	-57	-214	152
Consolidated Net Income / (Loss)	-483	-434	-230	9.00	-53	-139	275	356	-42	-204	165
Net Income / (Loss) Continuing Operations	-483	-434	-230	9.00	-53	-138	274	356	-43	-205	165
Total Pre-Tax Income	-630	-570	-306	-6.00	-61	-108	303	458	-56	-186	175
Total Operating Income	-538	-465	-259	6.00	-38	-100	325	483	-31	-182	187
Total Gross Profit	-391	-273	-104	162	285	168	480	644	99	-60	348
Total Revenue	4,629	4,325	4,569	5,092	5,199	5,112	5,605	5,984	5,295	5,044	5,653
Operating Revenue	4,629	4,325	4,569	5,092	5,199	5,112	5,605	5,984	5,295	5,044	5,653
Total Cost of Revenue	5,020	4,598	4,673	4,930	4,914	4,944	5,125	5,340	5,196	5,104	5,305
Operating Cost of Revenue	5,020	4,598	4,673	4,930	4,914	4,944	5,125	5,340	5,196	5,104	5,305
Total Operating Expenses	147	192	155	156	323	268	155	161	130	122	161
Selling, General & Admin Expense	133	139	112	103	132	162	139	149	127	112	124
Other Operating Expenses / (Income)	11	25	27	13	23	-26	11	12	3.00	-23	37
Impairment Charge	0.00	-	0.00	15	64	125	0.00	0.00	0.00	-	-
Restructuring Charge	3.00	28	16	25	104	7.00	5.00	0.00	0.00	-	-
Total Other Income / (Expense), net	-92	-105	-47	-12	-23	-8.00	-22	-25	-25	-4.00	-12
Interest Expense	0.00	-	0.00	6.00	21	-	0.00	0.00	0.00	-1.00	-4.00
Interest & Investment Income	-140	-135	-102	-69	-64	-63	-70	-79	-77	-71	-64
Other Income / (Expense), net	48	30	55	63	62	55	48	54	52	66	48
Income Tax Expense	-147	-136	-76	-15	-8.00	30	29	102	-13	19	10
Net Income / (Loss) Attributable to Noncontrolling Interest	12	13	12	7.00	14	16	11	9.00	15	10	13
Weighted Average Basic Shares Outstanding	494.66M	494.48M	493.94M	468.04M	475.48M	498.29M	504.86M	508.68M	515.08M	514.79M	515.30M
Weighted Average Diluted Shares Outstanding	494.66M	494.48M	493.94M	468.04M	475.48M	498.29M	504.86M	508.68M	515.08M	514.79M	515.30M
Weighted Average Basic & Diluted Shares Outstanding	494.66M	494.48M	493.94M	468.04M	475.48M	498.29M	504.86M	508.68M	515.08M	514.79M	515.30M

This table details how cash moves in and out of Cleveland-Cliffs' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-137	172	-22	-64	-241	-470	-325	666	74	-5.70
Net Cash From Operating Activities	105	2,267	2,423	2,785	-258	568	479	338	303	38
Net Cash From Continuing Operating Activities	105	2,267	2,423	2,785	-258	568	479	338	601	38
Net Income / (Loss) Continuing Operations	-708	450	1,376	3,033	-81	293	1,128	363	199	-748
Consolidated Net Income / (Loss)	-708	450	1,376	3,033	-81	293	1,128	363	199	-748
Depreciation Expense	951	973	1,034	897	308	85	89	88	115	134
Non-Cash Adjustments To Reconcile Net Income	79	-56	-110	-219	-298	111	-342	207	-139	413
Changes in Operating Assets and Liabilities, net	-217	900	123	-1,087	-283	79	-396	-320	127	239
Net Cash From Investing Activities	-3,212	-591	-936	-1,379	-2,042	-644	-273	-156	-58	-103
Net Cash From Continuing Investing Activities	-3,212	-591	-936	-1,379	-2,042	-644	-273	-156	-58	-103
Purchase of Property, Plant & Equipment	-695	-646	-943	-705	-525	-656	-296	-135	-7.40	-81
Acquisitions	-2,512	0.00	-31	-707	-1,527	0.00	0.00	-	-	-
Other Investing Activities, net	-5.00	55	38	33	10	12	23	-21	-51	-22
Net Cash From Financing Activities	2,970	-1,504	-1,509	-1,470	2,059	-394	-376	499	-206	61
Net Cash From Continuing Financing Activities	2,970	-1,504	-1,509	-1,470	2,059	-394	-376	499	-206	61
Repayment of Debt	-1,078	-2,102	-1,524	-7,411	-1,764	-862	-328	-1,776	-138	-389
Repurchase of Common Equity	-733	-152	-240	0.00	0.00	-253	-48	-105	0.00	0.00
Issuance of Debt	4,781	750	255	6,962	3,823	721	0.00	1,772	105	813
Other Net Changes in Cash	-1.00	-	0.00	-	-	-	-155	-19	35	-

This table details how cash moves in and out of Cleveland-Cliffs' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	3.00	22	-71	80	-168	167	-3.00	-25	33	-30	9.00
Net Cash From Operating Activities	-351	-472	-84	519	142	652	767	887	-39	489	536
Net Cash From Continuing Operating Activities	-351	-472	-84	519	142	652	767	887	-39	489	536
Net Income / (Loss) Continuing Operations	-483	-434	-230	9.00	-53	-139	275	356	-42	-204	165
Consolidated Net Income / (Loss)	-483	-434	-230	9.00	-53	-139	275	356	-42	-204	165
Depreciation Expense	282	258	235	228	230	235	249	247	242	246	237
Non-Cash Adjustments To Reconcile Net Income	-26	95	-132	-34	150	-106	97	-12	-35	-35	-71
Changes in Operating Assets and Liabilities, net	-124	-391	43	316	-185	662	146	296	-204	482	205
Net Cash From Investing Activities	-145	-2,735	-146	-152	-179	-121	-160	-125	-185	-209	-260
Net Cash From Continuing Investing Activities	-145	-2,735	-146	-152	-179	-121	-160	-125	-185	-209	-260
Purchase of Property, Plant & Equipment	-152	-205	-151	-157	-182	-165	-162	-131	-188	-227	-248
Other Investing Activities, net	7.00	-18	5.00	5.00	3.00	44	2.00	6.00	3.00	18	19
Net Cash From Financing Activities	499	3,229	159	-287	-131	-364	-610	-787	257	-310	-267
Net Cash From Continuing Financing Activities	499	3,229	159	-287	-131	-364	-610	-787	257	-310	-267
Repayment of Debt	-351	-131	-437	-162	-348	-364	-552	-1,136	-50	4,115	-1,623
Repurchase of Common Equity	0.00	-	-	-125	-608	-	-58	-94	0.00	-30	-34
Issuance of Debt	850	3,360	596	-	825	-	-	443	307	-4,395	1,390
Other Net Changes in Cash	0.00	-	-	-	-	-	-	-	-	-	-

This table presents Cleveland-Cliffs' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	20,947	17,537	18,755	18,975	16,771	3,504	3,530	-	1,924	2,136
Total Current Assets	6,907	6,636	7,422	7,653	5,298	898	1,480	-	825	983
Cash & Equivalents	54	198	26	48	112	353	823	-	323	285
Accounts Receivable	1,576	1,840	1,960	2,154	1,169	94	227	-	177	113
Inventories, net	5,094	4,460	5,130	5,188	3,828	317	181	-	270	440
Other Current Assets	183	138	306	263	189	75	131	-	54	144
Plant, Property, & Equipment, net	9,942	8,895	9,070	9,186	8,743	1,929	1,286	-	984	1,059
Total Noncurrent Assets	4,098	2,006	2,263	2,136	2,730	677	764	-	115	94
Goodwill	1,768	1,005	1,130	1,116	1,406	2.00	-	-	-	-
Intangible Assets	1,170	201	-	-	-	-	-	-	-	-
Employee Benefit Assets	427	329	356	223	-	-	-	-	-	-
Other Noncurrent Operating Assets	733	471	777	797	1,324	215	178	-	115	94
Total Liabilities & Shareholders' Equity	20,947	17,537	18,755	18,975	16,771	3,504	3,530	-	1,924	2,136
Total Liabilities	14,050	9,415	10,713	13,201	13,692	3,146	3,105	-	3,254	3,947
Total Current Liabilities	3,322	3,508	3,549	3,561	2,929	409	468	-	391	582
Accounts Payable	2,008	2,099	2,186	2,073	1,575	193	187	-	108	106
Accrued Expenses	375	380	383	-	-	-	159	-	67	50
Current Employee Benefit Liabilities	447	511	429	585	460	67	-	-	56	53
Other Current Liabilities	492	518	551	903	747	111	87	-	83	284
Total Noncurrent Liabilities	10,728	5,907	7,164	9,640	6,650	2,737	2,637	-	2,863	3,365
Long-Term Debt	7,065	3,137	4,249	5,238	5,390	2,114	2,093	-	2,175	2,699
Asset Retirement Reserve & Litigation Obligation	601	557	-	-	-	-	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	858	639	590	112	-	-	-	-	-	-
Noncurrent Employee Benefit Liabilities	751	821	1,058	2,961	-	312	249	-	281	221
Other Noncurrent Operating Liabilities	1,453	753	1,267	1,329	1,260	311	296	-	408	445
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Total Equity & Noncontrolling Interests	6,897	8,122	8,042	5,774	2,341	358	424	-	-1,331	-1,812
Total Preferred & Common Equity	6,664	7,887	7,791	5,490	2,018	358	424	-	-1,464	-1,981
Total Common Equity	6,664	7,887	7,791	5,490	2,018	358	424	-	-1,464	-1,981
Common Stock	4,824	4,927	4,937	4,955	5,494	3,910	3,954	-	3,377	2,319
Retained Earnings	979	1,733	1,334	-1.00	-2,989	-2,842	-3,060	-	-4,574	-4,748
Treasury Stock	-676	-430	-310	-82	354	-391	-186	-	-246	-265
Accumulated Other Comprehensive Income / (Loss)	1,537	1,657	1,830	618	-133	-319	-284	-	-21	-18
Noncontrolling Interest	233	235	251	284	323	0.00	-	-	134	170

This table presents Cleveland-Cliffs' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	20,836	16,796	16,928	17,236	18,059	18,303	18,652	19,688
Total Current Assets	6,964	6,027	6,192	6,469	6,941	7,165	7,444	8,325
Cash & Equivalents	57	39	110	30	31	34	59	56
Accounts Receivable	1,798	1,583	1,773	1,868	2,122	2,290	2,216	2,301
Inventories, net	4,886	4,236	4,199	4,449	4,592	4,727	4,923	5,542
Other Current Assets	223	169	110	122	196	114	246	426
Plant, Property, & Equipment, net	9,797	8,687	8,728	8,771	8,837	8,878	8,950	9,030
Total Noncurrent Assets	4,075	2,082	2,008	1,996	2,281	2,260	2,258	2,333
Goodwill	1,767	1,005	1,005	1,005	1,130	1,130	1,130	1,141
Intangible Assets	1,150	-	-	-	-	-	-	-
Employee Benefit Assets	443	378	354	344	392	379	370	390
Other Noncurrent Operating Assets	715	699	649	647	759	751	758	802
Total Liabilities & Shareholders' Equity	20,836	16,796	16,928	17,236	18,059	18,303	18,652	19,688
Total Liabilities	14,352	9,701	9,556	9,794	9,795	10,259	10,859	12,420
Total Current Liabilities	3,266	3,255	3,318	3,396	3,294	3,408	3,460	3,580
Accounts Payable	2,020	1,983	2,080	2,051	2,076	2,116	2,173	2,361
Accrued Expenses	361	379	296	318	263	261	271	-
Current Employee Benefit Liabilities	443	413	431	449	467	455	388	479
Other Current Liabilities	442	480	511	578	488	576	628	740
Total Noncurrent Liabilities	11,086	6,446	6,238	6,398	6,501	6,851	7,399	8,840
Long-Term Debt	7,601	3,774	3,507	3,664	3,458	3,963	4,559	4,475
Asset Retirement Reserve & Litigation Obligation	609	-	-	-	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	723	567	621	628	662	545	527	-
Noncurrent Employee Benefit Liabilities	711	666	757	791	1,019	1,036	1,037	2,751
Other Noncurrent Operating Liabilities	1,442	1,439	1,353	1,315	1,362	1,307	1,276	1,614
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,484	7,095	7,372	7,442	8,264	8,044	7,793	7,268
Total Preferred & Common Equity	6,254	6,854	7,110	7,201	8,020	7,802	7,546	7,008
Total Common Equity	6,254	6,854	7,110	7,201	8,020	7,802	7,546	7,008
Common Stock	4,822	4,941	4,930	4,917	4,916	4,907	4,898	4,930
Retained Earnings	484	1,426	1,668	1,666	1,888	1,624	1,277	1,548
Treasury Stock	-664	-1,153	-1,154	-1,030	-431	-372	-280	-280
Accumulated Other Comprehensive Income / (Loss)	1,612	1,640	1,666	1,648	1,647	1,643	1,651	810
Noncontrolling Interest	230	241	262	241	244	242	247	260

This table displays calculated financial ratios and metrics derived from Cleveland-Cliffs' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-12.78%	-4.32%	12.45%	281.85%	169.05%	-14.67%	24.97%	20.04%	-22.79%	-40.31%
EBITDA Growth	-78.21%	-41.56%	-39.82%	1,557.05%	-38.30%	-33.72%	59.80%	92.62%	-10.36%	-56.16%
EBIT Growth	-161.63%	-58.73%	-49.22%	5,074.12%	-119.68%	-37.48%	72.58%	190.14%	-7.20%	5.61%
NOPAT Growth	-203.93%	-65.65%	-53.63%	3,315.81%	-124.58%	-67.36%	-4.74%	795.96%	108.87%	-23.70%
Net Income Growth	-257.33%	-67.30%	-54.63%	3,844.44%	-127.65%	-74.02%	210.66%	82.19%	126.63%	91.00%
EPS Growth	-301.28%	-69.41%	-52.43%	1,775.00%	-131.07%	-72.24%	194.44%	44.83%	116.96%	89.20%
Operating Cash Flow Growth	-95.37%	-6.44%	-13.00%	1,179.46%	-145.42%	18.58%	41.67%	11.58%	699.47%	-89.44%
Free Cash Flow Firm Growth	-297.07%	844.83%	-96.26%	145.76%	-50,920.35%	95.44%	-124.33%	709.95%	-34.30%	-96.00%
Invested Capital Growth	25.74%	-9.82%	11.87%	-13.10%	495.42%	25.10%	0.00%	-100.00%	-13.08%	-30.07%
Revenue Q/Q Growth	-3.94%	0.31%	-1.30%	17.81%	47.40%	-7.52%	18.23%	7.92%	-15.10%	-21.59%
EBITDA Q/Q Growth	-47.54%	3.34%	-30.64%	32.22%	119.55%	-13.83%	14.39%	7.77%	-1.86%	-3.02%
EBIT Q/Q Growth	-250.00%	8.71%	-39.78%	38.22%	36.85%	-16.36%	16.74%	11.19%	2.68%	25.17%
NOPAT Q/Q Growth	-93.35%	16.26%	-42.83%	32.93%	15.27%	-63.98%	45.06%	178.53%	5.68%	-48.82%
Net Income Q/Q Growth	-71.43%	16.88%	-44.49%	37.36%	11.57%	-65.08%	36.15%	170.97%	228.88%	63.65%
EPS Q/Q Growth	-63.54%	9.86%	-43.96%	36.73%	-6.67%	-63.99%	34.42%	168.09%	247.46%	58.76%
Operating Cash Flow Q/Q Growth	-91.46%	7.75%	-21.10%	93.27%	-300.16%	-16.27%	49.64%	-22.74%	78.76%	-80.60%
Free Cash Flow Firm Q/Q Growth	-674.87%	294.80%	-64.01%	367.06%	-212.51%	-105.04%	-684.97%	260.84%	14.70%	-84.23%
Invested Capital Q/Q Growth	28.42%	-5.39%	4.95%	14.23%	134.63%	0.72%	21.57%	-100.00%	-14.75%	-10.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.36%	6.32%	10.95%	22.18%	4.71%	28.94%	34.69%	25.06%	18.02%	11.75%
EBITDA Margin	2.11%	8.45%	13.84%	25.86%	5.96%	25.98%	33.45%	26.16%	16.30%	14.04%
Operating Margin	-3.94%	3.08%	8.43%	19.62%	-2.65%	21.56%	28.86%	20.91%	8.41%	7.52%
EBIT Margin	-2.85%	4.03%	9.34%	20.68%	-1.59%	21.71%	29.63%	21.46%	8.88%	7.39%
Profit (Net Income) Margin	-3.69%	2.05%	5.99%	14.84%	-1.51%	14.72%	48.37%	19.46%	12.82%	-37.17%
Tax Burden Percent	75.08%	75.38%	76.61%	79.75%	41.97%	93.61%	199.65%	335.58%	180.53%	-239.03%
Interest Burden Percent	172.71%	67.38%	83.65%	89.95%	227.06%	72.45%	81.77%	27.02%	80.00%	210.56%
Effective Tax Rate	0.00%	24.79%	23.55%	20.33%	0.00%	5.75%	-84.07%	-233.27%	-11.05%	54.07%
Return on Invested Capital (ROIC)	-4.24%	4.37%	12.76%	27.11%	-1.35%	21.21%	146.27%	456.21%	23.68%	8.72%
ROIC Less NNEP Spread (ROIC-NNEP)	-7.83%	2.71%	10.50%	24.89%	-1.02%	13.86%	128.81%	357.58%	26.16%	-23.11%
Return on Net Nonoperating Assets (RNNOA)	-5.19%	1.20%	7.16%	41.41%	-3.36%	53.71%	385.56%	-510.79%	-36.36%	33.49%
Return on Equity (ROE)	-9.43%	5.57%	19.92%	68.52%	-4.71%	74.92%	531.82%	-54.58%	-12.69%	42.21%
Cash Return on Invested Capital (CROIC)	-27.04%	14.69%	1.56%	41.13%	-143.83%	-1.09%	-53.73%	656.21%	37.67%	44.11%
Operating Return on Assets (OROA)	-2.84%	4.88%	11.38%	23.66%	-0.84%	12.28%	39.15%	41.62%	6.80%	5.63%
Return on Assets (ROA)	-3.68%	2.48%	7.29%	16.97%	-0.80%	8.33%	63.92%	37.75%	9.82%	-28.33%
Return on Common Equity (ROCE)	-9.13%	5.40%	19.15%	58.11%	-3.26%	74.92%	531.82%	-60.07%	-13.91%	40.63%
Return on Equity Simple (ROE_SIMPLE)	-10.62%	5.71%	17.66%	55.25%	-4.01%	81.84%	265.91%	0.00%	-13.61%	37.77%
Net Operating Profit after Tax (NOPAT)	-529	509	1,482	3,197	-99	404	1,239	1,300	145	69
NOPAT Margin	-2.76%	2.31%	6.45%	15.64%	-1.86%	20.32%	53.12%	69.69%	9.34%	3.45%
Net Nonoperating Expense Percent (NNEP)	3.59%	1.65%	2.26%	2.22%	-0.33%	7.35%	17.45%	98.63%	-2.48%	31.83%
Return On Investment Capital (ROIC_SIMPLE)	-3.79%	4.52%	12.06%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	99.64%	93.68%	89.05%	77.82%	95.29%	71.06%	65.31%	74.94%	81.98%	88.25%
SG&A Expenses to Revenue	2.53%	2.62%	2.02%	2.06%	4.56%	5.68%	4.85%	5.51%	7.45%	5.46%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.31%	3.25%	2.52%	2.55%	7.36%	7.39%	5.83%	4.15%	9.61%	4.23%
Earnings before Interest and Taxes (EBIT)	-546	886	2,147	4,228	-85	432	691	400	138	149
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	405	1,859	3,181	5,286	319	517	780	488	253	283
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.70	1.31	1.07	1.98	2.88	6.19	5.12	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	1.25	1.54	1.25	2.49	9.50	6.23	5.12	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.24	0.47	0.36	0.53	1.09	1.11	0.93	1.08	1.18	0.11
Price to Earnings (P/E)	0.00	25.84	6.22	3.64	0.00	7.57	1.92	5.52	10.55	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	1.65%	2.68%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	3.87%	16.08%	27.45%	0.00%	13.22%	51.98%	18.13%	9.48%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.85	1.22	1.04	1.49	0.96	1.88	2.03	0.00	6.72	4.29
Enterprise Value to Revenue (EV/Rev)	0.62	0.61	0.56	0.80	2.27	2.00	1.48	1.08	2.46	1.40
Enterprise Value to EBITDA (EV/EBITDA)	29.35	7.25	4.02	3.10	38.09	7.69	4.41	4.15	15.12	9.95
Enterprise Value to EBIT (EV/EBIT)	0.00	15.22	5.95	3.87	0.00	9.21	4.98	5.06	27.76	18.92
Enterprise Value to NOPAT (EV/NOPAT)	0.00	26.48	8.62	5.12	0.00	9.84	2.78	1.56	26.39	40.49
Enterprise Value to Operating Cash Flow (EV/OCF)	113.21	5.95	5.27	5.87	0.00	7.00	7.18	5.99	12.64	74.24
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	7.87	70.46	3.37	0.00	0.00	0.00	1.08	16.59	8.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.02	0.39	0.53	0.91	1.75	5.91	4.93	0.00	-1.64	-1.49
Long-Term Debt to Equity	1.02	0.39	0.53	0.91	1.75	5.91	4.93	0.00	-1.63	-1.49
Financial Leverage	0.66	0.44	0.68	1.66	3.29	3.87	2.99	-1.43	-1.39	-1.45
Leverage Ratio	2.56	2.25	2.73	4.04	5.90	8.99	8.32	-1.45	-1.29	-1.49
Compound Leverage Factor	4.43	1.51	2.28	3.63	13.39	6.52	6.80	-0.39	-1.03	-3.14
Debt to Total Capital	50.60%	27.86%	34.57%	47.57%	63.64%	85.52%	83.15%	0.00%	255.92%	304.06%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.02%	0.00%
Long-Term Debt to Total Capital	50.60%	27.86%	34.57%	47.57%	63.64%	85.52%	83.15%	0.00%	254.90%	304.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.67%	2.09%	2.04%	2.58%	12.53%	0.00%	0.00%	0.00%	15.68%	19.13%
Common Equity to Total Capital	47.73%	70.05%	63.39%	49.85%	23.83%	14.48%	16.85%	0.00%	-171.60%	-223.18%
Debt to EBITDA	17.44	1.69	1.34	0.99	16.90	4.09	2.68	0.00	8.62	9.55
Net Debt to EBITDA	17.31	1.58	1.33	0.98	16.55	3.41	1.63	0.00	7.34	8.54
Long-Term Debt to EBITDA	17.44	1.69	1.34	0.99	16.90	4.09	2.68	0.00	8.58	9.55
Debt to NOPAT	-13.35	6.16	2.87	1.64	-54.23	5.23	1.69	0.00	15.05	38.85
Net Debt to NOPAT	-13.25	5.77	2.85	1.62	-53.10	4.36	1.02	0.00	12.82	34.74
Long-Term Debt to NOPAT	-13.35	6.16	2.87	1.64	-54.23	5.23	1.69	0.00	14.99	38.85
Altman Z-Score	1.30	2.43	2.42	2.57	0.48	0.43	0.86	0.00	-1.68	-1.68
Noncontrolling Interest Sharing Ratio	3.12%	3.01%	3.87%	15.19%	30.87%	0.00%	0.00%	-10.06%	-9.66%	3.76%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.08	1.89	2.09	2.15	1.81	2.20	3.16	0.00	2.11	1.69
Quick Ratio	0.49	0.58	0.56	0.62	0.44	1.09	2.24	0.00	1.28	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,376	1,713	181	4,850	-10,597	-21	-455	1,871	231	351
Operating Cash Flow to CapEx	15.11%	350.93%	256.95%	395.04%	-49.14%	86.59%	161.82%	250.63%	4,094.59%	46.91%
Free Cash Flow to Firm to Interest Expense	-125.04	0.00	2.42	55.11	0.00	-1.15	-65.01	11.31	8.37	0.00
Operating Cash Flow to Interest Expense	3.89	0.00	32.31	31.65	0.00	31.56	68.43	2.04	10.98	0.00
Operating Cash Flow Less CapEx to Interest Expense	-21.85	0.00	19.73	23.64	0.00	-4.89	26.14	1.23	10.71	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.00	1.21	1.22	1.14	0.53	0.57	1.32	1.94	0.77	0.76
Accounts Receivable Turnover	11.23	11.58	11.18	12.30	8.48	12.41	0.00	0.00	10.71	17.05
Inventory Turnover	4.00	4.30	3.97	3.53	2.46	5.68	0.00	0.00	3.59	4.34
Fixed Asset Turnover	2.04	2.45	2.52	2.28	1.00	1.24	0.00	0.00	1.52	1.89
Accounts Payable Turnover	9.31	9.62	9.61	8.72	5.77	7.45	0.00	0.00	11.92	13.05
Days Sales Outstanding (DSO)	32.50	31.53	32.66	29.66	43.05	29.41	0.00	0.00	34.09	21.41
Days Inventory Outstanding (DIO)	91.22	84.94	91.99	103.42	148.27	64.29	0.00	0.00	101.65	84.09
Days Payable Outstanding (DPO)	39.21	37.95	37.97	41.85	63.24	49.02	0.00	0.00	30.63	27.98
Cash Conversion Cycle (CCC)	84.50	78.52	86.68	91.24	128.08	44.68	0.00	0.00	105.11	77.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	13,908	11,061	12,265	10,964	12,617	2,119	1,694	0.00	570	656
Invested Capital Turnover	1.54	1.89	1.98	1.73	0.73	1.04	2.75	6.55	2.54	2.53
Increase / (Decrease) in Invested Capital	2,847	-1,204	1,301	-1,653	10,498	425	1,694	-570	-86	-282
Enterprise Value (EV)	11,887	13,483	12,776	16,361	12,152	3,978	3,440	2,024	3,831	2,814
Market Capitalization	4,643	10,309	8,302	10,887	5,813	2,217	2,170	2,024	1,837	230
Book Value per Share	$13.49	$15.62	$15.12	$10.98	$5.05	$1.33	$1.42	$0.00	($6.35)	($12.91)
Tangible Book Value per Share	$7.54	$13.23	$12.93	$8.75	$1.53	$1.32	$1.42	$0.00	($6.35)	($12.91)
Total Capital	13,962	11,259	12,291	11,012	8,469	2,472	2,517	0.00	853	888
Total Debt	7,065	3,137	4,249	5,238	5,390	2,114	2,093	0.00	2,184	2,699
Total Long-Term Debt	7,065	3,137	4,249	5,238	5,390	2,114	2,093	0.00	2,175	2,699
Net Debt	7,011	2,939	4,223	5,190	5,278	1,761	1,270	0.00	1,860	2,414
Capital Expenditures (CapEx)	695	646	943	705	525	656	296	135	7.40	81
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,531	2,930	3,847	4,044	2,257	136	188	0.00	119	116
Debt-free Net Working Capital (DFNWC)	3,585	3,128	3,873	4,092	2,369	489	1,011	0.00	442	401
Net Working Capital (NWC)	3,585	3,128	3,873	4,092	2,369	489	1,011	0.00	434	401
Net Nonoperating Expense (NNE)	179	59	106	164	-18	111	111	937	-54	818
Net Nonoperating Obligations (NNO)	7,011	2,939	4,223	5,190	9,538	1,761	1,270	0.00	1,901	2,468
Total Depreciation and Amortization (D&A)	951	973	1,034	1,058	404	85	89	88	115	134
Debt-free, Cash-free Net Working Capital to Revenue	18.41%	13.32%	16.73%	19.78%	42.16%	6.83%	8.07%	0.00%	7.64%	5.75%
Debt-free Net Working Capital to Revenue	18.69%	14.22%	16.85%	20.02%	44.25%	24.57%	43.37%	0.00%	28.45%	19.92%
Net Working Capital to Revenue	18.69%	14.22%	16.85%	20.02%	44.25%	24.57%	43.37%	0.00%	27.89%	19.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.57)	$0.78	$2.57	$5.63	($0.32)	$1.06	$3.80	$1.28	$0.88	($5.14)
Adjusted Weighted Average Basic Shares Outstanding	494.48M	498.29M	514.79M	525.41M	498.89M	276.76M	297.20M	288.40M	197.66M	153.23M
Adjusted Diluted Earnings per Share	($1.57)	$0.78	$2.55	$5.36	($0.32)	$1.03	$3.71	$1.26	$0.87	($5.13)
Adjusted Weighted Average Diluted Shares Outstanding	494.48M	498.29M	514.79M	525.41M	498.89M	284.48M	304.10M	293M	200.15M	153.61M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$1.06	$3.80	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	494.48M	498.29M	514.79M	525.41M	498.89M	271.44M	292.61M	297.40M	233.07M	180.11M
Normalized Net Operating Profit after Tax (NOPAT)	-353	612	1,508	3,212	-36	411	471	273	91	106
Normalized NOPAT Margin	-1.84%	2.78%	6.56%	15.71%	-0.68%	20.65%	20.20%	14.64%	5.89%	5.26%
Pre Tax Income Margin	-4.92%	2.71%	7.81%	18.60%	-3.60%	15.73%	24.23%	5.80%	7.10%	15.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-20.22	0.00	28.63	48.05	0.00	24.00	98.71	2.42	5.00	0.00
NOPAT to Interest Expense	-19.60	0.00	19.76	36.32	0.00	22.46	176.97	7.86	5.26	0.00
EBIT Less CapEx to Interest Expense	-45.96	0.00	16.05	40.03	0.00	-12.44	56.43	1.61	4.73	0.00
NOPAT Less CapEx to Interest Expense	-45.34	0.00	7.19	28.31	0.00	-13.98	134.69	7.05	4.99	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.57%	30.06%	-12.27%
Augmented Payout Ratio	-103.53%	33.78%	17.44%	0.00%	0.00%	86.35%	4.26%	43.49%	30.06%	-12.27%

This table displays calculated financial ratios and metrics derived from Cleveland-Cliffs' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.96%	-15.40%	-18.48%	-14.91%	-1.81%	1.35%	-0.85%	-5.57%	-11.08%	-5.65%	-5.85%
EBITDA Growth	-181.89%	-193.16%	-95.02%	-62.12%	-3.42%	46.15%	31.78%	-31.05%	-81.76%	-91.70%	-75.75%
EBIT Growth	-2,141.67%	-866.67%	-154.69%	-87.15%	14.29%	61.21%	58.72%	-39.46%	-98.16%	-108.91%	-86.14%
NOPAT Growth	-1,315.79%	-365.00%	-161.69%	-98.88%	-22.58%	45.05%	66.69%	-43.61%	-102.56%	-114.10%	-86.52%
Net Income Growth	-811.32%	-212.23%	-183.64%	-97.47%	-26.19%	31.86%	66.67%	-40.77%	-105.16%	-122.69%	-87.13%
EPS Growth	0.00%	-203.33%	-200.00%	-100.00%	-27.27%	18.92%	79.31%	-40.71%	-107.33%	-122.70%	-87.55%
Operating Cash Flow Growth	-347.18%	-172.39%	-110.95%	-41.49%	464.10%	33.33%	43.10%	2.54%	-107.32%	-56.99%	-64.64%
Free Cash Flow Firm Growth	-379.62%	-379.76%	134.46%	6,830.81%	266.79%	179.39%	115.16%	101.27%	57.34%	-155.87%	34.33%
Invested Capital Growth	26.65%	25.74%	-7.36%	-10.06%	-9.90%	-9.82%	0.03%	3.08%	5.97%	11.87%	21.77%
Revenue Q/Q Growth	7.03%	-5.34%	-10.27%	-2.06%	1.70%	-8.80%	-6.33%	13.01%	4.98%	-10.77%	-10.79%
EBITDA Q/Q Growth	-17.51%	-670.97%	-89.56%	16.93%	33.68%	-69.45%	-20.66%	198.10%	102.31%	-72.46%	-58.49%
EBIT Q/Q Growth	-12.64%	-113.24%	-395.65%	187.50%	153.33%	-112.06%	-30.54%	2,457.14%	118.10%	-149.36%	-73.51%
NOPAT Q/Q Growth	-15.70%	-79.54%	-4,416.67%	115.79%	62.00%	-123.82%	-21.72%	1,830.10%	82.97%	-172.26%	-73.52%
Net Income Q/Q Growth	-11.29%	-88.70%	-2,655.56%	116.98%	61.87%	-150.55%	-22.75%	947.62%	79.41%	-223.64%	-72.55%
EPS Q/Q Growth	0.00%	-75.00%	0.00%	100.00%	53.33%	-157.69%	-22.39%	709.09%	70.27%	-227.59%	-74.34%
Operating Cash Flow Q/Q Growth	25.64%	-461.90%	-116.19%	265.49%	-78.22%	-14.99%	-13.53%	2,374.36%	-107.98%	-8.77%	-38.03%
Free Cash Flow Firm Q/Q Growth	-4.92%	-566.75%	-43.74%	1.50%	4.97%	291.18%	1,562.97%	102.44%	50.04%	25.32%	-39.08%
Invested Capital Q/Q Growth	0.86%	28.42%	0.57%	-2.77%	0.14%	-5.39%	-2.36%	-2.60%	0.23%	4.95%	0.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-8.45%	-6.31%	-2.28%	3.18%	5.48%	3.29%	8.56%	10.76%	1.87%	-1.19%	6.16%
EBITDA Margin	-4.49%	-4.09%	0.68%	5.83%	4.89%	3.72%	11.10%	13.10%	4.97%	2.58%	8.35%
Operating Margin	-11.62%	-10.75%	-5.67%	0.12%	-0.73%	-1.96%	5.80%	8.07%	-0.59%	-3.61%	3.31%
EBIT Margin	-10.59%	-10.06%	-4.46%	1.36%	0.46%	-0.88%	6.65%	8.97%	0.40%	-2.30%	4.16%
Profit (Net Income) Margin	-10.43%	-10.03%	-5.03%	0.18%	-1.02%	-2.72%	4.91%	5.95%	-0.79%	-4.04%	2.92%
Tax Burden Percent	76.67%	76.14%	75.16%	-150.00%	86.89%	128.70%	90.76%	77.73%	75.00%	109.68%	94.29%
Interest Burden Percent	128.57%	131.03%	150.00%	-8.70%	-254.17%	240.00%	81.23%	85.29%	-266.67%	160.34%	74.47%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.57%	22.27%	0.00%	0.00%	5.71%
Return on Invested Capital (ROIC)	-12.07%	-11.57%	-7.04%	0.15%	-0.96%	-2.58%	9.84%	11.69%	-0.77%	-5.00%	6.83%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.97%	-13.75%	-8.40%	0.28%	-1.61%	-4.51%	9.35%	11.24%	-1.19%	-6.63%	6.59%
Return on Net Nonoperating Assets (RNNOA)	-11.21%	-9.11%	-3.92%	0.13%	-0.86%	-2.00%	4.73%	6.39%	-0.79%	-4.52%	5.55%
Return on Equity (ROE)	-23.28%	-20.67%	-10.95%	0.29%	-1.82%	-4.58%	14.56%	18.08%	-1.55%	-9.51%	12.37%
Cash Return on Invested Capital (CROIC)	-30.52%	-27.04%	5.22%	11.81%	14.67%	14.69%	3.71%	-0.33%	-0.69%	1.56%	4.73%
Operating Return on Assets (OROA)	-10.35%	-10.03%	-5.12%	1.62%	0.56%	-1.07%	7.73%	10.29%	0.46%	-2.80%	5.13%
Return on Assets (ROA)	-10.20%	-10.01%	-5.77%	0.21%	-1.24%	-3.30%	5.70%	6.82%	-0.92%	-4.93%	3.60%
Return on Common Equity (ROCE)	-22.49%	-20.03%	-10.61%	0.28%	-1.76%	-4.44%	14.09%	17.47%	-1.50%	-9.15%	11.78%
Return on Equity Simple (ROE_SIMPLE)	-18.20%	0.00%	-6.03%	1.29%	6.10%	0.00%	4.80%	3.52%	6.89%	0.00%	35.37%
Net Operating Profit after Tax (NOPAT)	-377	-326	-181	4.20	-27	-70	294	375	-22	-127	176
NOPAT Margin	-8.14%	-7.53%	-3.97%	0.08%	-0.51%	-1.37%	5.24%	6.27%	-0.41%	-2.53%	3.12%
Net Nonoperating Expense Percent (NNEP)	1.90%	2.18%	1.36%	-0.13%	0.65%	1.93%	0.48%	0.45%	0.43%	1.63%	0.23%
Return On Investment Capital (ROIC_SIMPLE)	-2.67%	-2.33%	-	-	-	-0.62%	-	-	-	-1.04%	-
Cost of Revenue to Revenue	108.45%	106.31%	102.28%	96.82%	94.52%	96.71%	91.44%	89.24%	98.13%	101.19%	93.84%
SG&A Expenses to Revenue	2.87%	3.21%	2.45%	2.02%	2.54%	3.17%	2.48%	2.49%	2.40%	2.22%	2.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	3.18%	4.44%	3.39%	3.06%	6.21%	5.24%	2.77%	2.69%	2.46%	2.42%	2.85%
Earnings before Interest and Taxes (EBIT)	-490	-435	-204	69	24	-45	373	537	21	-116	235
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-208	-177	31	297	254	190	622	784	263	130	472
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.65	0.70	0.87	1.03	1.59	1.31	0.99	1.11	1.25	1.07	0.99
Price to Tangible Book Value (P/TBV)	1.22	1.25	1.02	1.20	1.85	1.54	1.15	1.29	1.47	1.25	1.19
Price to Revenue (P/Rev)	0.22	0.24	0.30	0.35	0.52	0.47	0.36	0.39	0.42	0.36	0.30
Price to Earnings (P/E)	0.00	0.00	0.00	166.31	29.51	25.84	23.38	37.86	19.78	6.22	2.85
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.60%	3.39%	3.87%	4.28%	2.64%	5.06%	16.08%	35.05%
Enterprise Value to Invested Capital (EV/IC)	0.84	0.85	0.92	1.02	1.39	1.22	0.99	1.07	1.15	1.04	1.00
Enterprise Value to Revenue (EV/Rev)	0.64	0.62	0.50	0.52	0.70	0.61	0.53	0.58	0.64	0.56	0.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	29.35	12.89	8.05	8.30	7.25	6.46	7.76	7.08	4.02	2.54
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	26.07	17.27	15.22	14.26	18.91	13.81	5.95	3.27
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	79.13	30.91	26.48	26.54	40.13	23.25	8.62	4.49
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	113.21	8.10	5.28	6.27	5.95	5.52	6.84	7.66	5.27	3.79
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	16.95	8.17	8.96	7.87	26.78	0.00	0.00	70.46	23.12
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.17	1.02	0.53	0.48	0.49	0.39	0.42	0.49	0.59	0.53	0.62
Long-Term Debt to Equity	1.17	1.02	0.53	0.48	0.49	0.39	0.42	0.49	0.59	0.53	0.62
Financial Leverage	0.80	0.66	0.47	0.48	0.53	0.44	0.51	0.57	0.66	0.68	0.84
Leverage Ratio	2.73	2.56	2.27	2.29	2.36	2.25	2.43	2.55	2.67	2.73	3.27
Compound Leverage Factor	3.52	3.36	3.40	-0.20	-5.99	5.39	1.97	2.17	-7.11	4.38	2.43
Debt to Total Capital	53.97%	50.60%	34.72%	32.24%	32.99%	27.86%	29.50%	33.01%	36.91%	34.57%	38.11%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	53.97%	50.60%	34.72%	32.24%	32.99%	27.86%	29.50%	33.01%	36.91%	34.57%	38.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.63%	1.67%	2.22%	2.41%	2.17%	2.09%	2.08%	2.02%	2.00%	2.04%	2.21%
Common Equity to Total Capital	44.40%	47.73%	63.06%	65.36%	64.84%	70.05%	68.42%	64.98%	61.09%	63.39%	59.68%
Debt to EBITDA	-133.35	17.44	4.89	2.57	1.98	1.69	1.92	2.40	2.28	1.34	0.98
Net Debt to EBITDA	-132.35	17.31	4.84	2.49	1.96	1.58	1.90	2.38	2.25	1.33	0.96
Long-Term Debt to EBITDA	-133.35	17.44	4.89	2.57	1.98	1.69	1.92	2.40	2.28	1.34	0.98
Debt to NOPAT	-8.65	-13.35	-13.79	25.28	7.37	6.16	7.90	12.42	7.47	2.87	1.73
Net Debt to NOPAT	-8.58	-13.25	-13.65	24.49	7.31	5.77	7.83	12.31	7.38	2.85	1.70
Long-Term Debt to NOPAT	-8.65	-13.35	-13.79	25.28	7.37	6.16	7.90	12.42	7.47	2.87	1.73
Altman Z-Score	1.23	1.32	1.84	2.06	2.33	2.26	2.16	2.17	2.07	2.02	1.96
Noncontrolling Interest Sharing Ratio	3.38%	3.12%	3.16%	3.27%	3.20%	3.01%	3.24%	3.37%	3.58%	3.87%	4.79%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.13	2.08	1.85	1.87	1.90	1.89	2.11	2.10	2.15	2.09	2.33
Quick Ratio	0.57	0.49	0.50	0.57	0.56	0.58	0.65	0.68	0.66	0.56	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,329	-3,173	680	1,208	1,190	1,134	290	17	-714	-1,428	-1,913
Operating Cash Flow to CapEx	-230.92%	-230.24%	-55.63%	330.57%	78.02%	395.15%	473.46%	677.10%	-20.74%	215.42%	216.13%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	201.37	56.69	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	86.50	6.76	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	60.33	-1.90	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.98	1.00	1.15	1.19	1.22	1.21	1.16	1.15	1.16	1.22	1.23
Accounts Receivable Turnover	10.16	11.23	10.78	10.34	10.72	11.58	9.92	9.04	9.15	11.18	10.02
Inventory Turnover	4.12	4.00	4.41	4.46	4.34	4.30	4.10	3.99	4.00	3.97	3.87
Fixed Asset Turnover	2.01	2.04	2.28	2.39	2.47	2.45	2.45	2.45	2.49	2.52	2.59
Accounts Payable Turnover	9.44	9.31	9.59	9.49	9.62	9.62	9.36	8.89	9.43	9.61	9.28
Days Sales Outstanding (DSO)	35.94	32.50	33.86	35.30	34.03	31.53	36.81	40.37	39.91	32.66	36.43
Days Inventory Outstanding (DIO)	88.63	91.22	82.79	81.81	84.16	84.94	89.07	91.59	91.29	91.99	94.32
Days Payable Outstanding (DPO)	38.65	39.21	38.06	38.46	37.93	37.95	39.00	41.04	38.69	37.97	39.33
Cash Conversion Cycle (CCC)	85.92	84.50	78.58	78.65	80.26	78.52	86.88	90.91	92.51	86.68	91.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,028	13,908	10,830	10,769	11,076	11,061	11,691	11,973	12,293	12,265	11,687
Invested Capital Turnover	1.48	1.54	1.77	1.85	1.87	1.89	1.88	1.86	1.87	1.98	2.19
Increase / (Decrease) in Invested Capital	2,952	2,847	-861	-1,204	-1,217	-1,204	4.00	358	692	1,301	2,089
Enterprise Value (EV)	11,839	11,887	9,953	10,977	15,356	13,483	11,622	12,804	14,183	12,776	11,647
Market Capitalization	4,065	4,643	5,977	7,318	11,481	10,309	7,951	8,633	9,436	8,302	6,968
Book Value per Share	$12.65	$13.49	$14.64	$14.95	$15.14	$15.62	$15.77	$15.15	$14.66	$15.12	$13.55
Tangible Book Value per Share	$6.75	$7.54	$12.50	$12.84	$13.03	$13.23	$13.54	$12.95	$12.46	$12.93	$11.34
Total Capital	14,085	13,962	10,869	10,879	11,106	11,259	11,722	12,007	12,352	12,291	11,743
Total Debt	7,601	7,065	3,774	3,507	3,664	3,137	3,458	3,963	4,559	4,249	4,475
Total Long-Term Debt	7,601	7,065	3,774	3,507	3,664	3,137	3,458	3,963	4,559	4,249	4,475
Net Debt	7,544	7,011	3,735	3,397	3,634	2,939	3,427	3,929	4,500	4,223	4,419
Capital Expenditures (CapEx)	152	205	151	157	182	165	162	131	188	227	248
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,641	3,531	2,733	2,764	3,043	2,930	3,616	3,723	3,925	3,847	4,689
Debt-free Net Working Capital (DFNWC)	3,698	3,585	2,772	2,874	3,073	3,128	3,647	3,757	3,984	3,873	4,745
Net Working Capital (NWC)	3,698	3,585	2,772	2,874	3,073	3,128	3,647	3,757	3,984	3,873	4,745
Net Nonoperating Expense (NNE)	106	109	49	-4.80	26	69	19	19	20	77	11
Net Nonoperating Obligations (NNO)	7,544	7,011	3,735	3,397	3,634	2,939	3,427	3,929	4,500	4,223	4,419
Total Depreciation and Amortization (D&A)	282	258	235	228	230	235	249	247	242	246	237
Debt-free, Cash-free Net Working Capital to Revenue	19.56%	18.41%	13.68%	13.16%	13.90%	13.32%	16.49%	16.94%	17.58%	16.73%	20.13%
Debt-free Net Working Capital to Revenue	19.87%	18.69%	13.88%	13.68%	14.03%	14.22%	16.63%	17.10%	17.84%	16.85%	20.37%
Net Working Capital to Revenue	19.87%	18.69%	13.88%	13.68%	14.03%	14.22%	16.63%	17.10%	17.84%	16.85%	20.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.91)	($0.52)	$0.00	($0.14)	($0.31)	$0.52	$0.68	($0.11)	($0.41)	$0.30
Adjusted Weighted Average Basic Shares Outstanding	494.66M	494.48M	493.94M	468.04M	475.48M	498.29M	504.86M	508.68M	515.08M	514.79M	515.30M
Adjusted Diluted Earnings per Share	$0.00	($0.91)	($0.52)	$0.00	($0.14)	($0.30)	$0.52	$0.67	($0.11)	($0.37)	$0.29
Adjusted Weighted Average Diluted Shares Outstanding	494.66M	494.48M	493.94M	468.04M	475.48M	498.29M	504.86M	508.68M	515.08M	514.79M	515.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	494.66M	494.48M	493.94M	468.04M	475.48M	498.29M	504.86M	508.68M	515.08M	514.79M	515.30M
Normalized Net Operating Profit after Tax (NOPAT)	-375	-306	-170	32	91	22	298	375	-22	-127	176
Normalized NOPAT Margin	-8.09%	-7.07%	-3.72%	0.63%	1.75%	0.44%	5.32%	6.27%	-0.41%	-2.53%	3.12%
Pre Tax Income Margin	-13.61%	-13.18%	-6.70%	-0.12%	-1.17%	-2.11%	5.41%	7.65%	-1.06%	-3.69%	3.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	11.50	1.14	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.70	-1.27	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-14.67	-7.52	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-25.47	-9.93	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-10.98%	-103.53%	-177.48%	859.78%	173.12%	33.78%	47.27%	57.45%	42.50%	17.44%	8.47%

Frequently Asked Questions About Cleveland-Cliffs' Financials

When does Cleveland-Cliffs's fiscal year end?

According to the most recent income statement we have on file, Cleveland-Cliffs' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Cleveland-Cliffs' net income changed over the last 9 years?

Cleveland-Cliffs' net income appears to be on an upward trend, with a most recent value of -$708 million in 2024, falling from -$748.40 million in 2015. The previous period was $450 million in 2023. See Cleveland-Cliffs' forecast for analyst expectations on what’s next for the company.

What is Cleveland-Cliffs's operating income?

Cleveland-Cliffs's total operating income in 2024 was -$756 million, based on the following breakdown:

Total Gross Profit: $70 million
Total Operating Expenses: $826 million

How has Cleveland-Cliffs revenue changed over the last 9 years?

Over the last 9 years, Cleveland-Cliffs' total revenue changed from $2.01 billion in 2015 to $19.19 billion in 2024, a change of 852.9%.

How much debt does Cleveland-Cliffs have?

Cleveland-Cliffs' total liabilities were at $14.05 billion at the end of 2024, a 49.2% increase from 2023, and a 256.0% increase since 2015.

How much cash does Cleveland-Cliffs have?

In the past 9 years, Cleveland-Cliffs' cash and equivalents has ranged from $0.00 in 2017 to $823.20 million in 2018, and is currently $54 million as of their latest financial filing in 2024.

How has Cleveland-Cliffs' book value per share changed over the last 9 years?

Over the last 9 years, Cleveland-Cliffs' book value per share changed from -12.91 in 2015 to 13.49 in 2024, a change of -204.5%.

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This page (NYSE:CLF) was last updated on 5/21/2025 by MarketBeat.com Staff

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Cleveland-Cliffs (CLF) Financials

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