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Cleveland-Cliffs CLF Return on invested capital

Return on invested capital at other companies

Commercial Metals logo
Commercial MetalsCMC
1.5%-11.0pp
Nucor logo
NucorNUE
14.7%+5.2pp
Steel Dynamics logo
Steel DynamicsSTLD
11.2%+1.1pp
Reliance logo
RelianceRS
9.7%+0.2pp
Alcoa logo
AlcoaAA
3.7%+2.2pp
MP Materials logo
MP MaterialsMP
-7.2%-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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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 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 return on invested capital?
Cleveland-Cliffs (CLF) reported return on invested capital of -9.1% in Q1 2026.
How has Cleveland-Cliffs's return on invested capital changed year-over-year?
Cleveland-Cliffs's return on invested capital increased by 11.1% year-over-year, from -10.3% to -9.1%.
What is the long-term trend for Cleveland-Cliffs's return on invested capital?
Over 3 years (2021 to 2025), Cleveland-Cliffs's return on invested capital has grown at a -30.7% compound annual growth rate (CAGR), from 33.3% to -11.1%.
What does return on invested capital mean?
Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.