Cleveland-Cliffs Inc. (CLF) Key Metrics
CLF valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $6.91B
- Enterprise value
- $14.98B
- P/E (TTM)
- — 10-yr median 6.3
- Forward P/E
- 16.0
- PEG ratio
- 0.43
- Price / sales
- 0.4 10-yr median 0.7
- Price / book
- 1.3 10-yr median 1.7
- EV / EBITDA
- 31.0 10-yr median 7.6
- Dividend yield
- —
- Beta
- 2.09
CLF key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCLF valuation Price multiples at each fiscal year-end price.
Price / sales+49.3%
0.4
2025 · hover or tap a bar for each year
20162025
Price / book+57.8%
1.1
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−2.6 pts
−15.7%
2025 · hover or tap a bar for each year
20162025
CLF returns How much profit the business earns on the capital it uses.
Return on equity−12.8 pts
−23.1%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−2.8 pts
−7.5%
2025 · hover or tap a bar for each year
20162025
Return on assets−3.3 pts
−7.2%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−2.4 pts
−5.5%
2025 · hover or tap a bar for each year
20162025
Asset turnover−8.9%
0.91
2025 · hover or tap a bar for each year
20162025
CLF per-share figures Results divided by the shares outstanding at year-end.
Revenue per share−5.4%
$37.81
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$3.00
2025 · hover or tap a bar for each year
20162025
Free cash flow per share
−$2.08
2025 · hover or tap a bar for each year
20162025
Book value per share−10.5%
$12.43
2025 · hover or tap a bar for each year
20162025
Shares outstanding+2.5%
492.2M
2025 · hover or tap a bar for each year
20162025
CLF financial health Debt, liquidity and how easily interest is covered.
Debt / equity+14.6%
1.34
2025 · hover or tap a bar for each year
20162025
Net debt+$396.0M
$8.11B
2025 · hover or tap a bar for each year
20162025
Current ratio−6.3%
1.95
2025 · hover or tap a bar for each year
20162025
Interest coverage
-2.3
2025 · hover or tap a bar for each year
20162025
Debt / assets+10.0%
0.41
2025 · hover or tap a bar for each year
20162025
CLF efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−3 days
30 days
2025 · hover or tap a bar for each year
20162025
Days of inventory+2 days
93 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−2 days
37 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle+1 days
86 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue−0.6 pts
3.0%
2025 · hover or tap a bar for each year
20162025
CLF valuation history
Fiscal year-endToday10-year median
CLF returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CLF debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CLF cash returned to shareholders
DividendsBuybacksFree cash flow
CLF price vs earnings per share
Share price at year-endEPS (right axis)
CLF key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.54B | $4.51B | $10.43B | $8.44B | $12.15B | $5.52B | $2.39B | $2.34B | $2.11B | $1.68B |
| Enterprise value | $14.65B | $12.23B | $13.83B | $12.80B | $17.48B | $10.94B | $4.17B | $3.64B | $3.61B | $3.55B |
| P/E ratio | — | — | 26.2 | 6.3 | 4.1 | — | 8.2 | 2.1 | 5.6 | 9.7 |
| Price / sales | 0.4 | 0.2 | 0.5 | 0.4 | 0.6 | 1.0 | 1.2 | 1.0 | 0.9 | 0.8 |
| Price / book | 1.1 | 0.7 | 1.3 | 1.0 | 2.1 | 2.4 | 6.7 | 5.5 | — | — |
| Price / free cash flow | — | — | 6.6 | 5.7 | 5.8 | — | — | 12.8 | 11.3 | 7.2 |
| Price / operating cash flow | — | 43.0 | 4.7 | 3.5 | 4.4 | — | 4.2 | 4.9 | 6.2 | 5.6 |
| EV / sales | 0.8 | 0.6 | 0.6 | 0.6 | 0.9 | 2.0 | 2.1 | 1.6 | 1.5 | 1.7 |
| EV / EBITDA | — | 32.4 | 7.4 | 4.1 | 3.5 | 31.0 | 8.4 | 4.7 | 7.6 | 12.3 |
| EV / free cash flow | — | — | 8.7 | 8.6 | 8.4 | — | — | 20.0 | 19.4 | 15.2 |
| Earnings yield | −22.6% | −16.7% | 3.8% | 15.8% | 24.6% | −2.2% | 12.3% | 48.2% | 17.7% | 10.3% |
| Free cash flow yield | −15.7% | −13.1% | 15.2% | 17.5% | 17.1% | −14.2% | −3.9% | 7.8% | 8.8% | 13.9% |
| Dividend yield | — | — | — | — | 57.3% | 0.7% | 4.9% | 1.9% | 2.5% | 3.6% |
| Shareholder yield (dividends + buybacks) | 0.0% | 16.2% | 1.5% | 2.8% | 68.4% | 0.7% | 15.5% | 3.9% | 2.5% | 3.6% |
| Share price at fiscal year-end | $13.28 | $9.40 | $20.42 | $16.11 | $21.77 | $14.56 | $8.40 | $7.69 | $7.21 | $8.41 |
| Per share | ||||||||||
| Revenue per share | $37.81 | $39.97 | $43.05 | $43.87 | $36.64 | $14.13 | $6.99 | $7.67 | $7.95 | $10.54 |
| Earnings per share | −$3.00 | −$1.57 | $0.78 | $2.55 | $5.35 | −$0.32 | $1.03 | $3.71 | $1.28 | $0.87 |
| Operating cash flow per share | −$0.94 | $0.22 | $4.37 | $4.62 | $4.99 | −$0.69 | $1.98 | $1.57 | $1.15 | $1.51 |
| Free cash flow per share | −$2.08 | −$1.23 | $3.11 | $2.82 | $3.73 | −$2.07 | −$0.33 | $0.60 | $0.64 | $1.17 |
| Cash per share | $0.12 | $0.11 | $0.39 | $0.05 | $0.09 | $0.30 | $1.24 | $2.71 | $3.44 | $1.62 |
| Book value per share | $12.43 | $13.88 | $15.43 | $15.35 | $10.35 | $6.18 | $1.26 | $1.39 | −$1.49 | −$6.65 |
| Tangible book value per share | $6.43 | $7.76 | $13.07 | $12.78 | $7.95 | $1.97 | $1.08 | −$0.41 | −$1.67 | −$6.93 |
| Dividends per share | — | — | — | — | $12.48 | $0.11 | $0.41 | $0.15 | $0.18 | $0.30 |
| Capex per share | $1.14 | $1.45 | $1.26 | $1.80 | $1.26 | $1.39 | $2.31 | $0.97 | $0.53 | $0.35 |
| Debt per share | $16.60 | $16.19 | $7.03 | $8.37 | $9.65 | $14.60 | $7.51 | $7.00 | $8.55 | $10.96 |
| Shares outstanding | 492.2M | 480.0M | 511.0M | 524.0M | 558.0M | 379.0M | 284.5M | 304.1M | 293.0M | 200.1M |
| Change in shares outstanding | +2.5% | −6.1% | −2.5% | −6.1% | +47.2% | +33.2% | −6.5% | +3.8% | +46.4% | +30.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −23.1% | −10.4% | 5.0% | 19.3% | 73.6% | −9.0% | 74.9% | — | — | — |
| Return on invested capital (ROIC) | −7.5% | −4.7% | 4.3% | 12.6% | 33.9% | −2.3% | 20.9% | 48.3% | 54.0% | 34.1% |
| Return on assets (ROA) | −7.2% | −3.9% | 2.2% | 7.1% | 16.7% | −1.2% | 8.3% | 34.8% | 15.4% | 8.6% |
| Return on tangible assets | −8.7% | −4.2% | 2.4% | 7.7% | 16.9% | −0.8% | 8.5% | 37.9% | 12.9% | 9.3% |
| Free cash flow margin | −5.5% | −3.1% | 7.2% | 6.4% | 10.2% | −14.7% | −4.7% | 7.8% | 8.0% | 11.1% |
| Income quality (OCF / net income) | — | — | 5.60 | 1.81 | 0.93 | — | 1.92 | 0.42 | 0.90 | 1.74 |
| Financial health | ||||||||||
| Total debt | $8.17B | $7.77B | $3.59B | $4.38B | $5.38B | $5.53B | $2.14B | $2.13B | $2.50B | $2.19B |
| Cash & short-term investments | $57.0M | $54.0M | $198.0M | $26.0M | $48.0M | $112.0M | $352.6M | $823.2M | $1.01B | $323.4M |
| Net debt | $8.11B | $7.72B | $3.39B | $4.36B | $5.34B | $5.42B | $1.78B | $1.31B | $1.50B | $1.87B |
| Debt / equity | 1.34 | 1.17 | 0.46 | 0.55 | 0.93 | 2.36 | 5.97 | 5.02 | — | — |
| Debt / assets | 0.41 | 0.37 | 0.20 | 0.23 | 0.28 | 0.33 | 0.61 | 0.60 | 0.85 | 1.14 |
| Net debt / EBITDA | — | 20.42 | 1.82 | 1.40 | 1.06 | 15.36 | 3.58 | 1.68 | 3.13 | 6.49 |
| Current ratio | 1.95 | 2.08 | 1.89 | 2.09 | 2.15 | 1.81 | 2.19 | 3.16 | 3.42 | 2.11 |
| Quick ratio | 0.50 | 0.55 | 0.62 | 0.65 | 0.69 | 0.50 | 1.42 | 2.77 | 2.80 | 1.42 |
| Interest coverage | -2.3 | -2.0 | 2.3 | 7.0 | 11.9 | -0.6 | 4.3 | 5.7 | 3.4 | 1.2 |
| Working capital | $3.13B | $3.58B | $3.13B | $3.87B | $4.09B | $2.37B | $488.5M | $1.01B | $1.09B | $433.5M |
| Invested capital | $14.23B | $14.38B | $11.28B | $12.40B | $11.11B | $7.76B | $2.14B | $1.73B | $1.06B | $538.7M |
| Tangible asset value | $3.37B | $3.96B | $6.92B | $6.70B | $4.44B | $747.0M | $307.9M | −$125.4M | −$490.4M | −$1.39B |
| Net current asset value | −$7.25B | −$7.14B | −$2.78B | −$3.29B | −$5.55B | −$9.13B | −$2.25B | −$1.63B | −$1.84B | −$2.43B |
| Graham number | — | — | $16.47 | $29.66 | $35.31 | — | $5.40 | $10.79 | — | — |
| Graham net-net per share | −$20.65 | −$21.39 | −$10.97 | −$12.69 | −$16.03 | −$30.37 | −$8.86 | −$6.36 | −$7.16 | −$13.31 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $6.96B | $41.0M | $116.3M | $44.2M | $52.9M | $59.9M |
| Share buybacks (net) | $0 | $733.0M | $152.0M | $240.0M | $1.34B | $0 | $252.9M | $47.5M | $0 | $0 |
| Dividend payout ratio | — | — | — | — | 233.0% | — | 39.7% | 3.9% | 14.1% | 34.4% |
| Dividends + buybacks / free cash flow | — | — | 9.6% | 16.2% | 399.3% | — | — | 50.3% | 28.4% | 25.6% |
| Capex / revenue | 3.0% | 3.6% | 2.9% | 4.1% | 3.4% | 9.8% | 33.0% | 12.7% | 6.7% | 3.3% |
| Capex / operating cash flow | — | 661.9% | 28.9% | 38.9% | 25.3% | — | 116.6% | 61.9% | 46.1% | 22.8% |
| Capex / depreciation | 0.45 | 0.73 | 0.66 | 0.91 | 0.79 | 1.70 | 7.71 | 3.33 | 1.78 | 0.60 |
| Stock-based compensation / revenue | — | — | 0.2% | 0.1% | −4.4% | −5.8% | −4.3% | 0.6% | 0.8% | 0.6% |
| SG&A / revenue | 2.9% | 2.5% | 2.6% | 2.0% | 2.1% | 4.6% | 6.0% | 5.0% | 4.5% | 5.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 29.6 | 32.5 | 31.5 | 32.7 | 29.9 | 45.9 | 45.5 | 42.0 | 28.9 | 25.3 |
| Days of inventory on hand | 92.9 | 91.2 | 84.9 | 92.0 | 103.4 | 148.3 | 64.3 | 54.9 | 54.8 | 75.3 |
| Days payables outstanding | 36.7 | 39.2 | 38.0 | 38.0 | 41.8 | 63.2 | 49.0 | 37.7 | 23.6 | 22.7 |
| Cash conversion cycle (days) | 85.8 | 84.5 | 78.5 | 86.7 | 91.5 | 130.9 | 60.8 | 59.2 | 60.2 | 77.9 |
| Receivables turnover | 12.33 | 11.23 | 11.58 | 11.18 | 12.22 | 7.96 | 8.01 | 8.70 | 12.61 | 14.42 |
| Payables turnover | 9.93 | 9.31 | 9.62 | 9.61 | 8.72 | 5.77 | 7.44 | 9.68 | 15.47 | 16.08 |
| Inventory turnover | 3.93 | 4.00 | 4.30 | 3.97 | 3.53 | 2.46 | 5.67 | 6.64 | 6.66 | 4.85 |
| Asset turnover | 0.91 | 1.00 | 1.21 | 1.22 | 1.14 | 0.53 | 0.57 | 0.72 | 0.96 | 1.04 |
| Average receivables | $1.51B | $1.71B | $1.90B | $2.06B | $1.67B | $672.8M | $248.3M | $268.1M | $184.8M | $146.2M |
| Average payables | $1.95B | $2.05B | $2.14B | $2.13B | $1.82B | $884.1M | $190.0M | $157.2M | $117.7M | $107.0M |
| Average inventory | $4.93B | $4.78B | $4.79B | $5.16B | $4.51B | $2.07B | $249.2M | $229.2M | $273.6M | $354.9M |
| Intangibles / total assets | 14.7% | 14.0% | 6.9% | 7.2% | 7.0% | 9.5% | 1.4% | 15.6% | 1.8% | 2.9% |
Computed from CLF's annual financial statements (latest annual report filed February 9, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CLF valuation and financial ratios
Cleveland-Cliffs earned a return on equity of −23.1% and a return on invested capital of −7.5% in fiscal 2025. It ended the year with $8.2 billion of debt and $57.0 million in cash and short-term investments, net debt of $8.1 billion. The share count rose 145.9% from 200.1M to 492.2M over 9 years.
See the CLF income statement, the CLF chart for price history, or the CLF stock overview for the latest quote and news.
CLF key metrics FAQ
What is Cleveland-Cliffs's return on equity?
Cleveland-Cliffs's return on equity (ROE) was −23.1% in fiscal 2025: net income of -$1.5 billion on average shareholders' equity of $6.4 billion.
What is Cleveland-Cliffs's ROIC?
Cleveland-Cliffs's return on invested capital was −7.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Cleveland-Cliffs have?
Cleveland-Cliffs had total debt of $8.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.34.
What is Cleveland-Cliffs's free cash flow yield?
Cleveland-Cliffs generated -$1.0 billion of free cash flow in fiscal 2025, a free cash flow yield of −15.7% on its market value at year-end ($6.5 billion).
What is Cleveland-Cliffs's current ratio?
Cleveland-Cliffs's current ratio was 1.95 at the end of fiscal 2025: current assets were 1.95 times current liabilities.