CLFCLEVELAND-CLIFFS INC.
Metal Mining
- Revenue
- $18.6B
- 3.0% YoY
- Operating margin
- -8.5%
- 113% YoY
- EBITDA
- −$344M
- 283% YoY
- Market cap
- $8.1B
- Employees
- 25,000
- $744K revenue each
- Net debt / EBITDA
- —
- $5.3B net debt
- AI in 10-K
- 1.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-9% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo9% of assetsOver 40% of assets
- Shareholder dissentYes76% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$744K · 50th pctBottom quartile of its SIC industry
- Quiet on AINo1.1 per 10K words · 35th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$8.1B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$42M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $20.4B | $23.0B | $22.0B | $19.2B | $18.6B | 3.0% |
| Operating income | $4.0B | $1.9B | $659M | −$763M | −$1.6B | 107% |
| Net income | $3.0B | $1.3B | $385M | −$760M | −$1.5B | 94% |
| Operating cash flow | $2.8B | $2.4B | $2.3B | $105M | −$462M | 540% |
| Capex | $705M | $943M | $646M | $695M | $561M | 19% |
| Stock-based comp | $18M | $28M | $41M | $50M | $57M | 14% |
| Buybacks | $0 | $240M | $152M | $733M | $0 | 100% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $299K · 2
- Open-market sells, 12 mo
- $42M · 3
- Net
- −$42M
Pay vs performance
No pay-versus-performance disclosure yet.