Cleveland-Cliffs (CLF) Financials

$8.24 -0.17 (-2.02%)

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

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	152	-214	-57	347	264	-155	-67	2.00	-242	-447
Consolidated Net Income / (Loss)	165	-204	-42	356	275	-139	-53	9.00	-230	-434
Net Income / (Loss) Continuing Operations	165	-205	-43	356	274	-138	-53	9.00	-230	-434
Total Pre-Tax Income	175	-186	-56	458	303	-108	-61	-6.00	-306	-570
Total Operating Income	187	-182	-31	483	325	-100	-38	6.00	-259	-465
Total Gross Profit	348	-60	99	644	480	168	285	162	-104	-273
Total Revenue	5,653	5,044	5,295	5,984	5,605	5,112	5,199	5,092	4,569	4,325
Operating Revenue	5,653	5,044	5,295	5,984	5,605	5,112	5,199	5,092	4,569	4,325
Total Cost of Revenue	5,305	5,104	5,196	5,340	5,125	4,944	4,914	4,930	4,673	4,598
Operating Cost of Revenue	5,305	5,104	5,196	5,340	5,125	4,944	4,914	4,930	4,673	4,598
Total Operating Expenses	161	122	130	161	155	268	323	156	155	192
Selling, General & Admin Expense	124	112	127	149	139	162	132	103	112	139
Other Operating Expenses / (Income)	37	-23	3.00	12	11	-26	23	13	27	25
Restructuring Charge	-	-	0.00	0.00	5.00	7.00	104	25	16	28
Total Other Income / (Expense), net	-12	-4.00	-25	-25	-22	-8.00	-23	-12	-47	-105
Interest & Investment Income	-64	-71	-77	-79	-70	-63	-64	-69	-102	-135
Other Income / (Expense), net	48	66	52	54	48	55	62	63	55	30
Income Tax Expense	10	19	-13	102	29	30	-8.00	-15	-76	-136
Net Income / (Loss) Attributable to Noncontrolling Interest	13	10	15	9.00	11	16	14	7.00	12	13
Basic Earnings per Share	$0.30	($0.41)	($0.11)	$0.68	$0.52	($0.31)	($0.14)	$0.00	($0.52)	($0.91)
Weighted Average Basic Shares Outstanding	515.30M	514.79M	515.08M	508.68M	504.86M	498.29M	475.48M	468.04M	493.94M	494.48M
Diluted Earnings per Share	$0.29	($0.37)	($0.11)	$0.67	$0.52	($0.30)	($0.14)	$0.00	($0.52)	($0.91)
Weighted Average Diluted Shares Outstanding	515.30M	514.79M	515.08M	508.68M	504.86M	498.29M	475.48M	468.04M	493.94M	494.48M
Weighted Average Basic & Diluted Shares Outstanding	515.30M	514.79M	515.08M	508.68M	504.86M	498.29M	475.48M	468.04M	493.94M	494.48M

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

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

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

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

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

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

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

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

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.

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 4/30/2025 by MarketBeat.com Staff

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Cleveland-Cliffs (CLF) Financials

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