15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $18.6B | -$1.5B | -4.6% | -8.5% | -$1.0B | $7.3B | $57M |
| 2024 | $19.2B | -$760M | 0.3% | -4.0% | -$590M | $7.1B | $54M |
| 2023 | $22.0B | $385M | 6.2% | 3.0% | $1.6B | $3.1B | $198M |
| 2022 | $23.0B | $1.3B | 11.0% | 8.4% | $1.5B | $4.2B | $26M |
| 2021 | $20.4B | $3.0B | 22.2% | 19.6% | $2.1B | $5.2B | $48M |
| 2020 | $5.4B | -$122M | 4.7% | -2.7% | -$783M | $5.4B | $112M |
| 2019 | $2.0B | $293M | 28.9% | 21.6% | -$88M | $2.1B | $353M |
| 2018 | $2.3B | $1.1B | 34.7% | 28.9% | $183M | $2.1B | $823M |
| 2017 | $1.9B | $367M | 25.1% | 20.9% | $203M | $2.3B | $978M |
| 2016 | $1.6B | $174M | 18.0% | 8.4% | $296M | $2.2B | $313M |
| 2015 | $2.0B | -$749M | 11.7% | 7.5% | -$43M | $2.7B | $285M |
| 2014 | $3.4B | -$7.2B | 26.3% | 3.9% | $75M | $2.8B | $271M |
| 2013 | $3.9B | $414M | 38.2% | 35.5% | $284M | $3.0B | $336M |
| 2012 | $5.9B | -$899M | 20.0% | -5.3% | -$613M | $4.1B | $195M |
| 2011 | $6.6B | $1.6B | 39.8% | 35.0% | $1.4B | $3.7B | $519M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $4.9B | -$237M | -1.7% | -4.3% | -$477M | $7.8B | $45M |
| Dec '25 | $4.3B | -$243M | -4.8% | -7.7% | -$153M | $7.3B | $57M |
| Sep '25 | $4.7B | -$251M | -1.0% | -4.3% | -$300M | $8.0B | $66M |
| Jun '25 | $4.9B | — | -4.2% | -10.1% | -$67M | $7.7B | $61M |
| Mar '25 | $4.6B | -$498M | -8.6% | -11.7% | -$503M | $7.6B | $57M |
| Dec '24 | $4.3B | -$447M | -6.3% | -10.8% | -$677M | $7.1B | $54M |
| Sep '24 | $4.6B | -$244M | -2.3% | -5.7% | -$235M | $3.8B | $39M |
| Jun '24 | $5.1B | $2M | 3.2% | 0.1% | $362M | $3.5B | $110M |
| Mar '24 | $5.2B | -$67M | 5.5% | -0.7% | -$40M | $3.7B | $30M |
| Dec '23 | $5.1B | -$155M | 3.3% | -2.0% | $487M | $3.1B | $198M |
| Sep '23 | $5.6B | $264M | 8.6% | 5.8% | $605M | $3.5B | $31M |
| Jun '23 | $6.0B | $347M | 10.8% | 8.1% | $756M | $4.0B | $34M |
| Mar '23 | $5.3B | -$57M | 1.9% | -0.6% | -$227M | $4.6B | $59M |
| Dec '22 | $5.0B | -$214M | -1.2% | -3.6% | $262M | $4.2B | $26M |
| Sep '22 | $5.7B | $152M | 6.2% | 3.3% | $288M | $4.5B | $56M |
| Jun '22 | $6.3B | $596M | 15.5% | 13.3% | $633M | $4.7B | $47M |
| Mar '22 | $6.0B | $801M | 21.0% | 18.4% | $297M | $5.0B | $35M |
| Dec '21 | $5.3B | $893M | 23.8% | 20.9% | $905M | $5.2B | $48M |
| Sep '21 | $6.0B | $1.3B | 29.6% | 27.5% | $1.3B | $5.4B | $42M |
| Jun '21 | $5.0B | $780M | 23.7% | 21.1% | $349M | $5.4B | $73M |
How the market has priced CLF against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Cleveland-Cliffs Inc.'s revenue has grown 28.3% per year. These are computed facts, not advice.
As of FY2025, Cleveland-Cliffs Inc. reported $7.3B of total debt against $57M of cash.
In FY2025, gross margin was -4.6%, operating margin -8.5%, and net margin -7.9%.
As of Jun '26, Cleveland-Cliffs Inc. traded at a price-to-earnings ratio of about 18.5× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.