Latest Ratios: P/E Ratio -3.3x · EV/EBITDA N/A · ROE -22.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.6B | $6.5B | $4.5B | $10.4B | $8.4B | $12.1B | $5.5B | $2.4B | $2.3B | $2.1B | $1.7B |
| Enterprise Value | $13.7B | $14.6B | $12.2B | $13.8B | $13.1B | $17.9B | $11.4B | $4.1B | $3.6B | $3.5B | $3.6B |
| P/E Ratio → | -3.26 | — | — | 26.18 | 6.32 | 4.07 | — | 8.16 | 2.07 | 5.63 | 9.67 |
| P/S Ratio | 0.30 | 0.35 | 0.24 | 0.47 | 0.37 | 0.59 | 1.03 | 1.20 | 1.00 | 0.91 | 0.80 |
| P/B Ratio | 0.76 | 1.03 | 0.65 | 1.28 | 1.05 | 2.10 | 1.79 | 6.68 | 5.51 | — | — |
| P/FCF | — | — | — | 6.58 | 5.70 | 5.84 | — | — | 12.82 | 11.33 | 7.20 |
| P/OCF | — | — | 42.97 | 4.67 | 3.48 | 4.36 | — | 4.25 | 4.89 | 6.25 | 5.56 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.79 | 0.64 | 0.63 | 0.57 | 0.88 | 2.13 | 2.08 | 1.55 | 1.50 | 1.70 |
| EV / EBITDA | — | — | 62.72 | 8.38 | 4.41 | 3.64 | 68.65 | 8.06 | 4.73 | 6.72 | 10.08 |
| EV / EBIT | — | — | — | 15.61 | 6.33 | 4.32 | 253.23 | 10.03 | 5.28 | 8.95 | 11.80 |
| EV / FCF | — | — | — | 8.71 | 8.86 | 8.61 | — | — | 19.78 | 18.73 | 15.35 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -4.1% | -4.1% | 0.4% | 6.3% | 11.0% | 22.2% | 4.7% | 28.9% | 34.7% | 21.9% | 18.5% |
| Operating Margin | -7.3% | -7.3% | -3.9% | 3.1% | 8.4% | 19.6% | -2.7% | 21.6% | 28.9% | 18.5% | 11.4% |
| Net Profit Margin | -7.9% | -7.9% | -3.9% | 1.8% | 5.8% | 14.6% | -2.3% | 14.7% | 48.4% | 16.1% | 8.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -22.4% | -22.4% | -10.0% | 4.9% | 19.3% | 67.5% | -7.1% | 74.9% | 265.9% | — | — |
| ROA | -7.2% | -7.2% | -3.9% | 2.2% | 7.1% | 16.7% | -1.2% | 8.3% | 34.8% | 15.4% | 8.6% |
| ROIC | -7.0% | -7.0% | -4.3% | 4.2% | 12.0% | 29.4% | -1.9% | 16.9% | 38.9% | 43.7% | 28.8% |
| ROCE | -7.9% | -7.9% | -4.8% | 4.6% | 12.7% | 27.4% | -1.7% | 13.9% | 24.2% | 21.4% | 15.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.29 | 1.29 | 1.13 | 0.44 | 0.58 | 1.00 | 1.95 | 5.91 | 4.93 | — | — |
| Debt / EBITDA | — | — | 39.86 | 2.18 | 1.58 | 1.18 | 36.08 | 4.11 | 2.75 | 4.54 | 6.26 |
| Net Debt / Equity | — | 1.28 | 1.12 | 0.42 | 0.58 | 1.00 | 1.91 | 4.90 | 2.99 | — | — |
| Net Debt / EBITDA | — | — | 39.58 | 2.06 | 1.57 | 1.17 | 35.40 | 3.41 | 1.67 | 2.66 | 5.36 |
| Debt / FCF | — | — | — | 2.14 | 3.16 | 2.76 | — | — | 6.96 | 7.40 | 8.16 |
| Interest Coverage | -2.37 | -2.37 | -1.55 | 3.07 | 7.51 | 12.28 | 0.19 | 4.09 | 5.75 | 3.08 | 1.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.95 | 1.95 | 2.08 | 1.89 | 2.09 | 2.15 | 1.81 | 2.19 | 3.16 | 3.42 | 2.11 |
| Quick Ratio | 0.50 | 0.50 | 0.55 | 0.62 | 0.65 | 0.69 | 0.50 | 1.42 | 2.77 | 2.80 | 1.42 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.06 | 0.01 | 0.01 | 0.04 | 0.86 | 1.76 | 2.23 | 0.83 |
| Asset Turnover | — | 0.93 | 0.92 | 1.25 | 1.23 | 1.08 | 0.32 | 0.57 | 0.66 | 0.79 | 1.10 |
| Inventory Turnover | 4.06 | 4.06 | 3.75 | 4.62 | 3.99 | 3.07 | 1.33 | 4.46 | 8.41 | 6.57 | 6.37 |
| Days Sales Outstanding | — | 28.28 | 29.98 | 30.53 | 31.12 | 38.46 | 81.33 | 27.99 | 53.83 | 26.88 | 30.68 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 0.7% | 4.9% | 1.9% | 2.5% | 3.6% |
| Payout Ratio | — | — | — | — | — | — | — | 39.7% | 3.9% | 14.1% | 34.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 3.8% | 15.8% | 24.6% | — | 12.3% | 48.2% | 17.8% | 10.3% |
| FCF Yield | — | — | — | 15.2% | 17.5% | 17.1% | — | — | 7.8% | 8.8% | 13.9% |
| Buyback Yield | 0.0% | 0.0% | 16.2% | 1.5% | 2.8% | 11.1% | 0.0% | 10.6% | 2.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 16.2% | 1.5% | 2.8% | 11.1% | 0.7% | 15.5% | 3.9% | 2.5% | 3.6% |
| Shares Outstanding | — | $492M | $480M | $511M | $524M | $558M | $379M | $284M | $304M | $293M | $200M |
Liquidity and solvency pressure
According to recent market data, Cleveland-Cliffs trades at a P/S ratio of 0.30, which significantly trails the broader steel sector and suggests that investors are heavily discounting the company's future earnings potential due to persistent negative margins and the high-risk nature of its integrated blast furnace model.
The negative P/E of -3.32 highlights the current lack of bottom-line profitability, rendering traditional earnings-based valuation metrics largely ineffective for assessing the company's intrinsic value. Investors should monitor whether the forward EV/EBITDA of 6.87 represents a genuine recovery opportunity or merely a value trap in a cyclical downturn.
As reported in financial statements, the company's ROIC has trended into negative territory, reaching -1.1% in 2026Q1, which indicates that the capital invested in its integrated mining and steelmaking assets is currently failing to generate a return that exceeds the cost of capital.
This decay in returns on invested capital appears to be driven by the inability to maintain positive operating margins, which are essential for justifying the massive capital intensity of the company's blast furnace operations. The persistent negative ROE suggests that shareholders are currently experiencing value destruction rather than compounding.
Based on the provided figures, the cash conversion cycle has expanded to 79 days as of 2026Q1, reflecting a deterioration in working capital efficiency compared to the 74-day cycle observed in 2024Q2, which complicates the company's ability to manage liquidity during periods of low demand.
The increase in days inventory outstanding (DIO) to 84 days suggests that the company is struggling to move product through its supply chain, potentially leading to higher carrying costs. This inefficiency in managing inventory and receivables places additional pressure on the company's already thin cash reserves.
As indicated by recent financial filings, the debt-to-equity ratio has surged to 1.29, a marked increase from the 0.44 level seen in 2023Q4, signaling that the company is relying more heavily on debt financing to sustain operations while its equity base is eroded by persistent net losses.
The negative interest coverage ratio of -1.07 in 2026Q1 is particularly concerning, as it implies that the company's operating income is insufficient to cover its interest obligations. This trend warrants close monitoring, as it may limit the company's financial flexibility and increase the risk of covenant breaches.
The P/E ratio is frequently misapplied to Cleveland-Cliffs, as it obscures the significant non-cash charges and cyclical volatility inherent in the company's integrated steelmaking model, which often leads to distorted earnings figures that do not reflect the underlying cash-generating capability of the business.
Analysts should instead focus on EV/EBITDA or P/FCF, as these metrics better account for the company's capital structure and the heavy depreciation associated with its massive asset base. Relying on P/E in a cyclical trough can lead to erroneous conclusions about the company's true valuation and recovery potential.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CLF stock.
Cleveland-Cliffs Inc.'s current P/E ratio is -3.3x. The historical average is 13.1x.
Cleveland-Cliffs Inc.'s return on equity (ROE) is -22.4%. The historical average is 12.0%.
Based on historical data, Cleveland-Cliffs Inc. is trading at a P/E of -3.3x. Compare with industry peers and growth rates for a complete picture.
Cleveland-Cliffs Inc. has -4.1% gross margin and -7.3% operating margin.