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Cleveland-Cliffs CLF Operating margin

Operating margin at other companies

Steel Dynamics logo
Steel DynamicsSTLD
9.1%+0.6pp
Reliance logo
RelianceRS
7.5%-0.2pp
MP Materials logo
MP MaterialsMP
-54.6%-13.0pp
Carpenter Technology logo
Carpenter TechnologyCRS
21.3%+5.0pp
Element Solutions logo
Element SolutionsESI
13.4%-0.4pp
Mueller Industries logo
Mueller IndustriesMLI
24.4%+4.1pp

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%
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 ratio-0.1×

Where this comes from

Calculated from Cleveland-Cliffs’s reported figures.

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 operating margin?
Cleveland-Cliffs (CLF) reported operating margin of -6.6% in Q1 2026.
How has Cleveland-Cliffs's operating margin changed year-over-year?
Cleveland-Cliffs's operating margin increased by 2.9% year-over-year, from -6.8% to -6.6%.
What is the long-term trend for Cleveland-Cliffs's operating margin?
Over 3 years (2021 to 2025), Cleveland-Cliffs's operating margin has grown at a -24.4% compound annual growth rate (CAGR), from 19.6% to -8.5%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.