CLF NYSE
Cleveland-Cliffs Inc.
1W: -5.1%
1M: +9.8%
3M: +11.7%
YTD: -1.6%
1Y: +2.5%
3Y: -8.0%
5Y: -37.4%
$13.90
+0.52 (+3.89%)
Weekly Expected Move ±12.3%
$10
$12
$14
$16
$17
Credit Risk of going bust: higher than 84% of companies Debt: 50.0% of company value Bonds: $862.2M held by 447 funds, 245 bp over Treasuries → details ▾
Of US companies ranked in the second-riskiest tenth, about 1 in 87 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $1.32 (down 90%), Cleveland-Cliffs Inc. would be worth roughly what it owes.
Total debt $7.64B against a stock market value of $7.63B.
Distance to default 2.27 (Merton model): prices to 2026-10-26, balance sheet 2026-09-30, debt counted $3.82B (short-term plus half of long-term), stock volatility 66.6%; Altman Z 1.44. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $1.32 (down 90%), Cleveland-Cliffs Inc. would be worth roughly what it owes.
Total debt $7.64B against a stock market value of $7.63B.
Distance to default 2.27 (Merton model): prices to 2026-10-26, balance sheet 2026-09-30, debt counted $3.82B (short-term plus half of long-term), stock volatility 66.6%; Altman Z 1.44. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Revenue by Segment (5-Year Trend)
Income Trends
Revenue
$18.6B
-3.0% ▼
5Y CAGR: +28.3%
Gross Profit
-$763M
-1190.0% ▼
Operating Income
-$1.4B
-79.4% ▼
Net Income
-$1.5B
-96.0% ▼
EPS (Diluted)
$-3.00
-91.1% ▼
EBITDA
-$45M
-111.9% ▼
Profit Margins
Year-over-Year Growth
View Full Income Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | $20.4B | $23.0B | $22.0B | $19.2B | $18.6B |
| YoY Growth | +281.8% | +12.4% | -4.3% | -12.8% | -3.0% |
| Cost of Revenue | $15.9B | $20.5B | $20.6B | $19.1B | $19.4B |
| Gross Profit | $4.5B | $2.5B | $1.4B | $70M | -$763M |
| Gross Margin | 22.2% | 11.0% | 6.3% | 0.4% | -4.1% |
| R&D Expenses | $0 | $0 | $0 | $0 | $0 |
| SG&A Expenses | $422M | $465M | $577M | $486M | $543M |
| Operating Expenses | $502M | $575M | $714M | $826M | $593M |
| Operating Income | $4.0B | $1.9B | $677M | -$756M | -$1.4B |
| Operating Margin | 19.6% | 8.4% | 3.1% | -3.9% | -7.3% |
| Interest Expense | $337M | $276M | $289M | $370M | $594M |
| Income Before Tax | $3.8B | $1.8B | $597M | -$943M | -$2.0B |
| Tax Expense | $773M | $423M | $148M | -$235M | -$581M |
| Net Income | $3.0B | $1.3B | $399M | -$754M | -$1.5B |
| Net Margin | 14.6% | 5.8% | 1.8% | -3.9% | -7.9% |
| EPS (Diluted) | $5.35 | $2.55 | $0.78 | $-1.57 | $-3.00 |
| EBITDA | $5.0B | $3.1B | $1.9B | $378M | -$45M |
| Shares Outstanding | 558M | 524M | 511M | 480M | 492M |