Cleveland-Cliffs Inc. (CLF) Balance Sheet
CLF balance sheet, 2025
December 31, 2025 · U.S. dollars$20.01B assets = $13.69B liabilities + $6.32B equity
Both columns are drawn to the same scale: what CLF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CLF financial health
Descriptive bands, not a rating. Fiscal 2025.
CLF balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.92B2016 | $20.01B2025 | +29.7%/yr | |
| Total liabilities | $3.25B2016 | $13.69B2025 | +17.3%/yr | |
| Shareholders’ equity | −$1.33B2016 | $6.12B2025 | — | |
| Cash & short-term investments | $323.4M2016 | $57.0M2025 | −17.5%/yr | |
| Total debt | $2.19B2016 | $8.17B2025 | +15.7%/yr | |
| Net cash (debt) | −$1.87B2016 | −$8.11B2025 | −$6.2B | |
| Working capital | $433.5M2016 | $3.13B2025 | +$2.7B | |
| Book value per share | −$6.652016 | $12.432025 | — | |
| Current ratio | 2.112016 | 1.952025 | −0.16 | |
| Debt / equity | 5.022018 | 1.342025 | −3.68 | |
| Shares outstanding | 200.1M2016 | 492.2M2025 | +10.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CLF assets
CLF liabilities and equity
CLF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CLF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $57.0M | $54.0M | $198.0M | $26.0M | $48.0M | $112.0M | $352.6M | $823.2M | $1.01B | $323.4M |
| Cash & equivalents | $57.0M | $54.0M | $198.0M | $26.0M | $48.0M | $112.0M | $352.6M | $823.2M | $1.01B | $323.4M |
| Short-term investments | — | — | — | — | — | — | — | $91.5M | $37.9M | $0 |
| Receivables | $1.44B | $1.58B | $1.84B | $1.96B | $2.15B | $1.19B | $152.6M | $344.0M | $192.2M | $177.3M |
| Inventory | $4.77B | $5.09B | $4.46B | $5.13B | $5.19B | $3.83B | $317.4M | $181.1M | $277.3M | $269.8M |
| Other current assets | $164.0M | $183.0M | $138.0M | $306.0M | $263.0M | $165.0M | $75.3M | $131.3M | $67.4M | $54.1M |
| Total current assets | $6.43B | $6.91B | $6.64B | $7.42B | $7.65B | $5.30B | $897.9M | $1.48B | $1.54B | $824.6M |
| Property, plant & equipment (net) | $9.48B | $9.94B | $8.89B | $9.07B | $9.19B | $8.74B | $1.93B | $1.29B | $1.05B | $984.4M |
| Goodwill & intangible assets | $2.95B | $2.94B | $1.21B | $1.34B | $1.34B | $1.59B | $50.0M | $549.6M | $54.3M | $55.8M |
| Long-term investments | $0 | $0 | $123.0M | $133.0M | $128.0M | $0 | $62.7M | $121.3M | $0 | $0 |
| Other non-current assets | $1.15B | $1.16B | $677.0M | $786.0M | $671.0M | $1.14B | $564.2M | $93.1M | $303.5M | $59.1M |
| Total assets | $20.01B | $20.95B | $17.54B | $18.75B | $18.98B | $16.77B | $3.50B | $3.53B | $2.95B | $1.92B |
| Liabilities | ||||||||||
| Accounts payable | $1.89B | $2.01B | $2.10B | $2.19B | $2.07B | $1.57B | $193.2M | $186.8M | $127.7M | $107.6M |
| Short-term debt | $115.0M | $113.0M | $90.0M | $136.0M | $147.0M | $144.0M | $22.1M | $35.5M | $200.1M | $17.5M |
| Deferred revenue | — | — | −$90.0M | $590.0M | $25.0M | $7.0M | $22.1M | $12.8M | $12.8M | $16.4M |
| Total current liabilities | $3.30B | $3.32B | $3.51B | $3.55B | $3.56B | $2.93B | $409.4M | $468.2M | $452.2M | $391.1M |
| Long-term debt | $7.59B | $7.38B | $3.30B | $4.25B | $5.24B | $5.39B | $2.11B | $2.09B | $2.30B | $2.18B |
| Other long-term liabilities | $2.80B | $3.34B | $2.60B | $2.92B | $4.40B | $6.11B | $622.7M | $544.3M | $633.1M | $688.2M |
| Total liabilities | $13.69B | $14.05B | $9.41B | $10.71B | $13.20B | $14.43B | $3.15B | $3.11B | $3.39B | $3.25B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $76.0M | $66.0M | $66.0M | $66.0M | $63.0M | $63.0M | $37.7M | $37.7M | $3.97B | $3.38B |
| Retained earnings (deficit) | −$529.0M | $979.0M | $1.73B | $1.33B | −$1.0M | −$2.99B | −$2.84B | −$3.06B | −$4.21B | −$4.57B |
| Treasury stock | — | — | — | −$310.0M | −$82.0M | −$354.0M | −$390.7M | −$186.1M | −$169.6M | −$245.5M |
| Accumulated other comprehensive income | $1.49B | $1.54B | $1.66B | $1.83B | $618.0M | −$133.0M | −$318.8M | −$283.9M | −$39.0M | −$21.3M |
| Minority interest | $207.0M | $233.0M | $235.0M | $251.0M | $284.0M | $323.0M | — | — | $200,000 | $133.8M |
| Total shareholders' equity | $6.12B | $6.66B | $7.89B | $8.04B | $5.77B | $2.34B | $357.9M | $424.2M | −$436.1M | −$1.33B |
| Key figures | ||||||||||
| Total debt | $8.17B | $7.77B | $3.59B | $4.38B | $5.38B | $5.53B | $2.14B | $2.13B | $2.50B | $2.19B |
| Net cash (debt) | −$8.11B | −$7.72B | −$3.39B | −$4.36B | −$5.34B | −$5.42B | −$1.78B | −$1.31B | −$1.50B | −$1.87B |
| Working capital | $3.13B | $3.58B | $3.13B | $3.87B | $4.09B | $2.37B | $488.5M | $1.01B | $1.09B | $433.5M |
| Tangible book value | $3.17B | $3.73B | $6.68B | $6.70B | $4.44B | $747.0M | $307.9M | −$125.4M | −$490.4M | −$1.39B |
| Book value per share | $12.43 | $13.88 | $15.43 | $15.35 | $10.35 | $6.18 | $1.26 | $1.39 | −$1.49 | −$6.65 |
| Shares outstanding | 492.2M | 480.0M | 511.0M | 524.0M | 558.0M | 379.0M | 284.5M | 304.1M | 293.0M | 200.1M |
| Current ratio | 1.95 | 2.08 | 1.89 | 2.09 | 2.15 | 1.81 | 2.19 | 3.16 | 3.42 | 2.11 |
| Quick ratio | 0.45 | 0.49 | 0.58 | 0.56 | 0.62 | 0.45 | 1.23 | 2.49 | 2.65 | 1.28 |
| Debt / equity | 1.34 | 1.17 | 0.46 | 0.55 | 0.93 | 2.36 | 5.97 | 5.02 | — | — |
| Equity / assets | 30.6% | 31.8% | 45.0% | 42.9% | 30.4% | 14.0% | 10.2% | 12.0% | −14.8% | −69.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $70.0M | $45.0M | $57.0M | $66.0M | $61.0M | $57.0M | $54.0M | $39.0M | $110.0M | $30.0M | $198.0M | $31.0M |
| Cash & equivalents | $70.0M | $45.0M | $57.0M | $66.0M | $61.0M | $57.0M | $54.0M | $39.0M | $110.0M | $30.0M | $198.0M | $31.0M |
| Receivables | $2.04B | $1.88B | $1.44B | $1.80B | $1.78B | $1.80B | $1.58B | $1.58B | $1.77B | $1.87B | $1.84B | $2.12B |
| Inventory | $4.53B | $4.59B | $4.77B | $4.68B | $4.70B | $4.89B | $5.09B | $4.24B | $4.20B | $4.45B | $4.46B | $4.59B |
| Other current assets | $175.0M | $192.0M | $164.0M | $143.0M | $144.0M | $223.0M | $183.0M | $169.0M | $110.0M | $122.0M | $138.0M | $196.0M |
| Total current assets | $6.81B | $6.71B | $6.43B | $6.69B | $6.69B | $6.96B | $6.91B | $6.03B | $6.19B | $6.47B | $6.64B | $6.94B |
| Property, plant & equipment (net) | $9.24B | $9.35B | $9.48B | $9.51B | $9.62B | $9.80B | $9.94B | $8.69B | $8.73B | $8.77B | $8.89B | $8.84B |
| Goodwill & intangible assets | $2.85B | $2.90B | $2.95B | $2.94B | $3.00B | $2.92B | $2.94B | $1.20B | $1.20B | $1.20B | $1.21B | $1.33B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $123.0M | $0 |
| Other non-current assets | $1.22B | $1.16B | $1.15B | $1.16B | $1.17B | $1.16B | $1.16B | $886.0M | $809.0M | $794.0M | $677.0M | $947.0M |
| Total assets | $20.11B | $20.11B | $20.01B | $20.29B | $20.47B | $20.84B | $20.95B | $16.80B | $16.93B | $17.24B | $17.54B | $18.06B |
| Liabilities | ||||||||||||
| Accounts payable | $2.16B | $2.01B | $1.89B | $1.91B | $1.95B | $2.02B | $2.01B | $1.98B | $2.08B | $2.05B | $2.10B | $2.08B |
| Short-term debt | — | — | $115.0M | $0 | $22.0M | $0 | $113.0M | $0 | $27.0M | $25.0M | $90.0M | $21.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$27.0M | −$89.0M | −$90.0M | −$21.0M |
| Total current liabilities | $3.61B | $3.32B | $3.30B | $3.28B | $3.28B | $3.27B | $3.32B | $3.25B | $3.32B | $3.40B | $3.51B | $3.29B |
| Long-term debt | $7.70B | $7.76B | $7.59B | $8.04B | $7.73B | $7.60B | $7.38B | $3.77B | $3.51B | $3.66B | $3.14B | $3.46B |
| Other long-term liabilities | $2.99B | $3.01B | $2.80B | $3.26B | $3.42B | $3.48B | $3.34B | $2.67B | $2.73B | $2.73B | $2.77B | $3.04B |
| Total liabilities | $14.30B | $14.10B | $13.69B | $14.58B | $14.43B | $14.35B | $14.05B | $9.70B | $9.56B | $9.79B | $9.41B | $9.79B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $76.0M | $76.0M | $76.0M | $66.0M | $66.0M | $66.0M | $66.0M | $66.0M | $66.0M | $66.0M | $66.0M | $66.0M |
| Retained earnings (deficit) | −$911.0M | −$766.0M | −$529.0M | −$286.0M | $1.0M | $484.0M | $979.0M | $1.43B | $1.67B | $1.67B | $1.73B | $1.89B |
| Accumulated other comprehensive income | $1.34B | $1.43B | $1.49B | $1.56B | $1.64B | $1.61B | $1.54B | $1.64B | $1.67B | $1.65B | $1.66B | $1.65B |
| Minority interest | $214.0M | $197.0M | $207.0M | $241.0M | $223.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $5.60B | $5.82B | $6.12B | $5.47B | $5.82B | $6.25B | $6.66B | $6.85B | $7.11B | $7.20B | $7.89B | $8.26B |
| Key figures | ||||||||||||
| Total debt | $7.70B | $7.76B | $8.17B | $8.04B | $7.73B | $7.60B | $7.77B | $3.77B | $3.51B | $3.66B | $3.59B | $3.48B |
| Net cash (debt) | −$7.63B | −$7.72B | −$8.11B | −$7.97B | −$7.67B | −$7.54B | −$7.72B | −$3.73B | −$3.40B | −$3.63B | −$3.39B | −$3.45B |
| Working capital | $3.21B | $3.39B | $3.13B | $3.41B | $3.41B | $3.70B | $3.58B | $2.77B | $2.87B | $3.07B | $3.13B | $3.65B |
| Tangible book value | $2.76B | $2.92B | $3.17B | $2.53B | $2.82B | $3.34B | $3.73B | $5.66B | $5.91B | $6.00B | $6.68B | $6.93B |
| Book value per share | $9.81 | $10.32 | $12.43 | $11.11 | $11.69 | $12.63 | $13.72 | $14.65 | $15.00 | $14.64 | $15.62 | $16.24 |
| Shares outstanding | 571.0M | 564.3M | 492.2M | 492.2M | 497.9M | 495.0M | 485.9M | 468.0M | 474.0M | 492.0M | 504.9M | 509.0M |
| Current ratio | 1.89 | 2.02 | 1.95 | 2.04 | 2.04 | 2.13 | 2.08 | 1.85 | 1.87 | 1.90 | 1.89 | 2.11 |
| Quick ratio | 0.59 | 0.58 | 0.45 | 0.57 | 0.56 | 0.57 | 0.49 | 0.50 | 0.57 | 0.56 | 0.58 | 0.65 |
| Debt / equity | 1.37 | 1.33 | 1.34 | 1.47 | 1.33 | 1.22 | 1.17 | 0.55 | 0.49 | 0.51 | 0.46 | 0.42 |
| Equity / assets | 27.9% | 28.9% | 30.6% | 26.9% | 28.4% | 30.0% | 31.8% | 40.8% | 42.0% | 41.8% | 45.0% | 45.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 9, 2026); data from EODHD.
CLF financial position
At the end of fiscal 2025 (December 31, 2025), Cleveland-Cliffs had total assets of $20.0 billion (down 4.5% from a year earlier), total liabilities of $13.7 billion and shareholders' equity of $6.1 billion. It held $57.0 million in cash and short-term investments against $8.2 billion of debt, net debt of $8.1 billion. Its current ratio was 1.95. In the latest quarter (ended June 30, 2026) total assets were $20.1 billion and equity $5.6 billion.
Related: CLF income statement, CLF cash flow statement, CLF key metrics. See the CLF stock overview for the latest quote and news.
CLF balance sheet FAQ
What are Cleveland-Cliffs's total assets?
Cleveland-Cliffs reported total assets of $20.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $20.9 billion a year earlier.
How much debt does Cleveland-Cliffs have?
Cleveland-Cliffs had $8.2 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.34.
How much cash does Cleveland-Cliffs have?
Cleveland-Cliffs held $57.0 million in cash and short-term investments at the end of fiscal 2025; with $8.2 billion of debt that is net debt of $8.1 billion.
What is Cleveland-Cliffs's book value?
Cleveland-Cliffs's shareholders' equity (book value) was $6.1 billion at the end of fiscal 2025, or $12.43 per share.
What is Cleveland-Cliffs's current ratio?
Cleveland-Cliffs had current assets of $6.4 billion and current liabilities of $3.3 billion, a current ratio of 1.95 (it can cover its short-term obligations).
How much goodwill does Cleveland-Cliffs have?
Cleveland-Cliffs carried $2.9 billion of goodwill and intangible assets, 14.7% of total assets, at the end of fiscal 2025.