Is the business good?
How good a business is CLF?
Cleveland-Cliffs Inc. earns −4.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−4.8%
Return on invested capital · cost of capital 9.0% · 14 points below what the capital costs: growth destroys value
- Operating margin
- −4.2%
Operating margin · Steel median 6.4% · 12 months to Q2 2026
- Share count, year on year
- +15%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- −1.1%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −2.6% |
| FY2021 | 20% |
| FY2022 | 8.4% |
| FY2023 | 3.0% |
| FY2024 | −4.0% |
| FY2025 | −8.5% |
Details›
- Gross margin12 months to Q2 2026
- −1.1%
- Operating margin12 months to Q2 2026
- −4.2%
- Net margin12 months to Q2 2026
- −4.6%
- Free cash flow margin
- −4.5%
- Revenue, trailing twelve months
- $19.2B
- Free cash flow, trailing twelve months
- −$857M
- Net income, trailing twelve months
- −$876M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −4.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.