Cleveland-Cliffs Inc.CLF
NYSE•Basic Materials•Steel
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. (CLF) reported trailing twelve months revenue of $18.90B as of March 2026, a 1.5% increase year-over-year. Quarterly revenue reached $4.92B, reflecting continued top-line momentum.
Cleveland-Cliffs Inc. reported a TTM net loss of $1.23B, with quarterly EBITDA of $46.00M. The operating margin expanded from -11.6% to -4.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-4.3%) and net margin (-4.8%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -10.4% a year ago, signaling stronger bottom-line efficiency.
CLF trades at a P/S of 0.4x. The price-to-book ratio of 1.2x reflects a moderate premium to book value.
The company reported negative free cash flow of $-477.00M, indicating cash consumption over the period. The balance sheet shows $20.11B in total assets with $7.76B in long-term debt against $5.82B in stockholders equity for a debt-to-equity ratio of 1.3. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -6.8%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.3 — conservative capital structure with low financial risk.
Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.
The last 7 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 20.5% — significant dilution, likely from stock compensation or capital raises.