CLEVELAND-CLIFFS INC.
CLF · Metal Mining · 570.4M shares · +16%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $140M (gross $152M, SBC $12M)
Reference price $13.41 · est. market cap ~$7.7B — last insider sale, 2026-06-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
F39Vertically integrated steelmaker posted a loss year with negative margins, large negative free cash flow, and stretched leverage.
Strengths
- Leading North American automotive-grade steel franchise positioned to benefit from 50% steel tariffs
- Extended senior-note maturities to 2029+ and cut capex 19%, improving near-term flexibility
Risks
- Negative gross (-4.6%), operating (-8.5%) and net (-7.9%) margins; ROE -24%; FCF -$1.0B
- Debt/equity 1.19 (82nd) and cash runway just 0.2 quarters amid weak steel demand
Notable findings
- Net lossNet loss (net margin -7.9%)
- Chronic dilutionShare count +16%/yr over 4y (dilution, book value/share -38%)
- Cash burnNegative free cash flow (-1023.0M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$199,626, last 6mo) Form 4 ↗
- China exposure• imposition or termination of duties or tariffs, including tariffs and retaliatory tariffs that have recently been and may in the future be instituted in response to geopolitical developments or othe
- Insider sellingInsider selling — 3 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$42M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
-4.6%
Operating margin
-8.5%
Net margin
-7.9%
Return on equity
-24.2%
Return on assets
-7.4%
ROIC
-9.3%
Revenue growth (QoQ)
14.1%
Debt / equity
1.2×
Current ratio
1.9×
Free cash flow
-$1.0B
EBITDA
-$344M
Tangible book value
$3.2B
Cash & investments
$57M
Cash runway
0q
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Goncalves Celso L Jr | Sell | 214K | $13.41 |
| 2026-04-21 | Yocum Arlene M | Grant | 15K | — |
| 2026-04-21 | Oren Ben | Grant | 15K | — |
| 2026-04-21 | MICHAEL RALPH S III | Grant | 15K | — |
| 2026-04-21 | CRONIN JANE M. | Grant | 15K | — |
| 2026-04-21 | Camara Edilson | Grant | 15K | — |
| 2026-04-21 | Bloom Ron A. | Grant | 15K | — |
| 2026-04-01 | Stoliar Gabriel | Grant | 2.4K | $8.27 |
| 2026-04-01 | Stoliar Gabriel | Tax withheld | 725 | $8.27 |
| 2026-04-01 | CRONIN JANE M. | Grant | 4.5K | $8.27 |
| 2026-04-01 | Bloom Ron A. | Grant | 4.8K | $8.27 |
| 2026-02-17 | Smith Clifford T | Sell | 200K | $10.46 |
| 2026-02-13 | Camara Edilson | Buy | 20K | $10.13 |
| 2026-02-11 | GONCALVES LOURENCO | Sell | 3.0M | $12.42 |
| 2026-01-05 | Floriani Kimberly A | Tax withheld | 3.2K | $13.20 |
| 2026-01-05 | Fedor Terry G. | Tax withheld | 6.9K | $13.20 |
| 2026-01-05 | Graham James D | Tax withheld | 14K | $13.20 |
| 2026-01-05 | Goncalves Celso L Jr | Tax withheld | 19K | $13.20 |
| 2026-01-05 | Koci Keith | Tax withheld | 16K | $13.20 |
| 2026-01-05 | Smith Clifford T | Tax withheld | 19K | $13.20 |
| 2026-01-05 | GONCALVES LOURENCO | Tax withheld | 84K | $13.20 |
| 2026-01-02 | Stoliar Gabriel | Grant | 1.5K | $13.28 |
| 2026-01-02 | Stoliar Gabriel | Tax withheld | 452 | $13.28 |
| 2026-01-02 | CRONIN JANE M. | Grant | 3.0K | $13.28 |
| 2026-01-02 | Bloom Ron A. | Grant | 3.0K | $13.28 |
| 2025-11-12 | Camara Edilson | Grant | 5.6K | — |
| 2025-10-01 | Stoliar Gabriel | Grant | 1.6K | $12.44 |
| 2025-10-01 | Stoliar Gabriel | Tax withheld | 482 | $12.44 |
| 2025-10-01 | CRONIN JANE M. | Grant | 3.2K | $12.44 |
| 2025-10-01 | Bloom Ron A. | Grant | 3.2K | $12.44 |
| 2025-07-01 | Bloom Ron A. | Grant | 4.9K | $8.12 |
| 2025-07-01 | Stoliar Gabriel | Grant | 2.5K | $8.12 |
| 2025-07-01 | Stoliar Gabriel | Tax withheld | 739 | $8.12 |
| 2025-07-01 | CRONIN JANE M. | Grant | 4.9K | $8.12 |
| 2025-05-23 | Graham James D | Sell | 120K | $6.85 |
| 2025-04-23 | Yocum Arlene M | Grant | 19K | — |
| 2025-04-23 | Taylor Douglas C | Grant | 19K | — |
| 2025-04-23 | Stoliar Gabriel | Grant | 19K | — |
| 2025-04-23 | Oren Ben | Grant | 19K | — |
| 2025-04-23 | MICHAEL RALPH S III | Grant | 19K | — |
| 2025-04-23 | GREEN SUSAN MIRANDA | Grant | 19K | — |
| 2025-04-23 | CRONIN JANE M. | Grant | 19K | — |
| 2025-04-23 | Bloom Ron A. | Grant | 19K | — |
| 2025-04-01 | Stoliar Gabriel | Grant | 2.5K | $8.10 |
| 2025-04-01 | Stoliar Gabriel | Tax withheld | 741 | $8.10 |
| 2025-04-01 | Bloom Ron A. | Grant | 4.9K | $8.10 |
| 2025-03-10 | BALDWIN JOHN T | Buy | 4.0K | $8.70 |
| 2025-02-28 | Koci Keith | Buy | 9.5K | $10.81 |
| 2025-02-28 | CRONIN JANE M. | Buy | 10K | $10.56 |
| 2025-02-19 | Floriani Kimberly A | Grant | 19K | — |
| 2025-02-19 | Forrester Traci L | Grant | 29K | — |
| 2025-02-19 | Fedor Terry G. | Grant | 44K | — |
| 2025-02-19 | Graham James D | Grant | 89K | — |
| 2025-02-19 | Goncalves Celso L Jr | Grant | 118K | — |
| 2025-02-19 | Koci Keith | Grant | 102K | — |
| 2025-02-19 | Smith Clifford T | Grant | 124K | — |
| 2025-02-19 | GONCALVES LOURENCO | Grant | 407K | — |
| 2025-01-03 | Floriani Kimberly A | Tax withheld | 2.8K | $9.50 |
| 2025-01-03 | Forrester Traci L | Tax withheld | 5.0K | $9.50 |
| 2025-01-03 | Fedor Terry G. | Tax withheld | 6.0K | $9.50 |
| 2025-01-03 | Graham James D | Tax withheld | 11K | $9.50 |
| 2025-01-03 | Koci Keith | Tax withheld | 15K | $9.50 |
| 2025-01-03 | Goncalves Celso L Jr | Tax withheld | 15K | $9.50 |
| 2025-01-03 | Smith Clifford T | Tax withheld | 14K | $9.50 |
| 2025-01-03 | GONCALVES LOURENCO | Tax withheld | 67K | $9.50 |
| 2025-01-03 | CRONIN JANE M. | Grant | 4.5K | — |
| 2025-01-02 | Stoliar Gabriel | Grant | 2.1K | $9.40 |
| 2025-01-02 | Stoliar Gabriel | Tax withheld | 638 | $9.40 |
| 2025-01-02 | Bloom Ron A. | Grant | 4.3K | $9.40 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-20 | Shareholder vote | filing ↗ |
| 2026-04-20 | ResultsExhibits | filing ↗ |
| 2026-02-23 | Exec/director change | filing ↗ |
| 2026-02-09 | ResultsExhibits | filing ↗ |
| 2025-11-12 | Exec/director change | filing ↗ |
| 2025-10-31 | OtherExhibits | filing ↗ |
| 2025-10-20 | ResultsExhibits | filing ↗ |
| 2025-10-10 | Material agreementDebt obligation | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-20 | 2026-05-14 | 0000764065-26-000086 ↗ |
| 10-Q | 2026-04-21 | 2026-03-31 | 0000764065-26-000070 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0000764065-26-000067 ↗ |
| 8-K | 2026-02-23 | 2026-02-22 | 0000764065-26-000044 ↗ |
| 10-K | 2026-02-09 | 2025-12-31 | 0000764065-26-000025 ↗ |
| 8-K | 2026-02-09 | 2026-02-09 | 0000764065-26-000022 ↗ |
| 8-K | 2025-11-12 | 2025-11-11 | 0000764065-25-000162 ↗ |
| 8-K | 2025-10-31 | 2025-10-31 | 0000764065-25-000160 ↗ |
| 10-Q | 2025-10-22 | 2025-09-30 | 0000764065-25-000149 ↗ |
| 8-K | 2025-10-20 | 2025-10-20 | 0000764065-25-000146 ↗ |
| 8-K | 2025-10-10 | 2025-10-10 | 0000764065-25-000144 ↗ |
| 8-K | 2025-10-07 | 2025-10-07 | 0000764065-25-000142 ↗ |