Cleveland-Cliffs Inc. (CLF) Stock Analysis
Basic Materials · Steel · NYSE
Cleveland-Cliffs Inc. (CLF) posted $18.61B in revenue for fiscal 2025 (down 3.0% year over year), with a net loss of $1.48B, and has compounded revenue about 28.3%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Cleveland-Cliffs Inc.
Cleveland-Cliffs Inc. has grown revenue from $1.55B to $18.61B over the last 10 fiscal years, compounding about 28.3% a year. The most recent year was down 3%, so growth has cooled from its longer-run pace.
Net margin sits at -7.9%, down 4 points year over year on a -4.6% gross margin. It carries about $7.25B of total debt.
The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Cleveland-Cliffs Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Cleveland-Cliffs Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.55B | $1.87B | $2.33B | $1.99B | $5.35B | $20.44B | $22.99B | $22.00B | $19.18B | $18.61B |
| Gross profit | $280.10M | $467.60M | $809.60M | $575.70M | $252.00M | $4.53B | $2.52B | $1.37B | $63.00M | $-860.00M |
| Net income | $174.10M | $367.00M | $1.13B | $293.00M | $-122.00M | $2.99B | $1.33B | $399.00M | $-754.00M | $-1.48B |
| Net margin | 11.2% | 19.7% | 48.4% | 14.7% | -2.3% | 14.6% | 5.8% | 1.8% | -3.9% | -7.9% |
Source: Cleveland-Cliffs Inc. SEC filings (10-K). 19 years of history available in the interactive view.
Cleveland-Cliffs Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 13.9% over 4 years (500.2M → 569.8M) — existing holders' stakes are being diluted.
- Debt with negative operating cash flowCarries $7253M of debt while last year's operating cash flow was negative ($-462M).
- Currently unprofitableThe latest fiscal year was a net loss (net margin -7.9%).
Explore 19 years of Cleveland-Cliffs Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Cleveland-Cliffs Inc. financial history by metric
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About Cleveland-Cliffs Inc.
Cleveland-Cliffs Inc. operates as a steel producer in the United States and Canada. It offers hot-rolled, cold-rolled, and coated products, such as aluminized, electrogalvanized, and galvalume products, as well as galvanneal and hot-dipped galvanized products; stainless and electrical products, including GOES, NOES, and auto chrome; plate products; and slab and other steel products. The company also provides non- steelmaking products comprising stamped components, tool and die, and tubing; and scrap, iron ore, HBI, coal, and coke products. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing products. In addition, the company is involved in the mining of iron ore; production of pellets and direct reduced iron; and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. It serves direct automotive, infrastructure and manufacturing, distributors and converters, and steel producers. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.
Cleveland-Cliffs Inc. — frequently asked questions
What is Cleveland-Cliffs Inc.'s revenue?
Cleveland-Cliffs Inc. (CLF) reported revenue of $18.61B for fiscal year 2025, down 3.0% from the prior year, according to its SEC filings.
Is Cleveland-Cliffs Inc. profitable?
No — CLF reported a net loss of $-1.48B in fiscal 2025.
What is CLF's P/E ratio?
Cleveland-Cliffs Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is Cleveland-Cliffs Inc. growing?
CLF's revenue grew at roughly 28.3% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Cleveland-Cliffs Inc. have?
As of fiscal year 2025, CLF carried roughly $7.25B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Cleveland-Cliffs Inc.'s gross margin?
CLF's gross margin was -4.6% in fiscal 2025 — gross profit of $-860.00M on revenue of $18.61B.
What is Cleveland-Cliffs Inc.'s market cap?
Cleveland-Cliffs Inc. (CLF) has a market capitalization of about $7.14B, based on the latest data in our nightly-refreshed cache.
When does Cleveland-Cliffs Inc.'s fiscal year end?
CLF's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Cleveland-Cliffs Inc.'s official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.