What is Cleveland-Cliffs's gross margin?

Cleveland-Cliffs (CLF) reported gross margin of -2.9% in Q1 2026.

What is the long-term trend for Cleveland-Cliffs's gross margin?

Over 4 years (2020 to 2025), Cleveland-Cliffs's gross margin has grown at a -0.5% compound annual growth rate (CAGR), from 4.7% to -4.6%.

What does gross margin mean?

Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.

Cleveland-Cliffs CLF Gross margin

Gross margin at other companies

Commercial MetalsCMC

17.7%+2.4pp

NucorNUE

14%+3.5pp

Steel DynamicsSTLD

14%+0.6pp

RelianceRS

28.6%-0.7pp

AlcoaAA

15.2%-5.2pp

Eagle MaterialsEXP

28.3%-1.5pp

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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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.

gross profit/total revenue=-2.9%

Based on trailing twelve months.

The official record: Cleveland-Cliffs’s 10-Q, filed April 21, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Cleveland-Cliffs's gross margin?: Cleveland-Cliffs (CLF) reported gross margin of -2.9% in Q1 2026.
What is the long-term trend for Cleveland-Cliffs's gross margin?: Over 4 years (2020 to 2025), Cleveland-Cliffs's gross margin has grown at a -0.5% compound annual growth rate (CAGR), from 4.7% to -4.6%.
What does gross margin mean?: Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.