What is Cleveland-Cliffs's EV / EBITDA?

Cleveland-Cliffs (CLF) reported EV / EBITDA of 64× in Q4 2024.

What is the long-term trend for Cleveland-Cliffs's EV / EBITDA?

Over 2 years (2021 to 2024), Cleveland-Cliffs's EV / EBITDA has grown at a 334.7% compound annual growth rate (CAGR), from 3.4× to 64×.

What does EV / EBITDA mean?

Enterprise value (market cap plus total debt minus cash) at the quarter end divided by trailing-twelve-month EBITDA. A capital-structure-neutral valuation multiple.

Cleveland-Cliffs CLF EV / EBITDA

EV / EBITDA at other companies

Commercial MetalsCMC

15.9×+9.2×

NucorNUE

7.9×-0.1×

Steel DynamicsSTLD

12.8×+1.7×

RelianceRS

12.6×-0.1×

ConstelliumCSTM

4.9×—

Century AluminumCENX

14.7×+5.4×

Other financials

Income statement

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Revenue$4.9B+6.3%

Gross profit-$82.0M+79.3%

Operating income-$213.0M+60.8%

Net income-$229.0M+52.9%

EPS (diluted)-$0.42+58.4%

Balance sheet

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Cash & equivalents$45.0M-21.1%

Total debt$7.8B+2.1%

Total equity$5.8B-6.9%

Total assets$20.1B-3.5%

Cash flow

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Operating cash flow-$325.0M+7.4%

CapEx$152.0M0.0%

Free cash flow-$477.0M+5.2%

Valuation

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Market cap$7B+18.6%

Enterprise value$14.72B+8.0%

P/S0.4×+0.1×

Profitability

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Gross margin-2.9%—

Operating margin-6.6%-0.2pp

Net margin-6.2%0.0pp

FCF margin-5.3%-0.3pp

Returns & leverage

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Return on equity-19.3%+3.1pp

Debt / equity1.3×+0.1×

Current ratio2×-0.1×

Where this comes from

Calculated from Cleveland-Cliffs’s reported figures.

enterprise value/ebitda=64×

Based on the most recent quarter.

The official record: Cleveland-Cliffs’s 10-K, filed February 9, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Cleveland-Cliffs's EV / EBITDA?: Cleveland-Cliffs (CLF) reported EV / EBITDA of 64× in Q4 2024.
What is the long-term trend for Cleveland-Cliffs's EV / EBITDA?: Over 2 years (2021 to 2024), Cleveland-Cliffs's EV / EBITDA has grown at a 334.7% compound annual growth rate (CAGR), from 3.4× to 64×.
What does EV / EBITDA mean?: Enterprise value (market cap plus total debt minus cash) at the quarter end divided by trailing-twelve-month EBITDA. A capital-structure-neutral valuation multiple.