Cleveland-Cliffs Inc. Financial Ratios — CVA Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	33.62	-17.27	7.32	- -	- -	- -	- -	- -	74.92	-10.27	79.6	20.1	4.91	-10.47	-23.18
Return on Assets (%)	14.51	-6.4	3.1	-88.81	-28.37	8.58	15.05	34.8	8.33	-1.2	16.72	7.08	2.12	-3.95	-7.22
Return on Capital (%)	19.58	- -	6.21	- -	-62.15	- -	- -	- -	15.56	- -	34.27	12.92	4.68	- -	- -
Return on Invested Capital (%)	22.41	- -	11.06	- -	6.48	- -	- -	- -	15.97	- -	33.61	12.65	4.21	- -	- -
Gross Margin (%)	39.78	19.96	38.15	26.26	11.75	18.02	25.06	34.69	28.94	4.71	22.18	10.95	6.24	0.33	-4.62
EBITDA Margin (%)	41.5	3.7	50.72	18.8	14.17	15.83	25.61	32.68	25.83	3.1	24.01	12.93	7.42	0.98	-1.85
Operating Margin (%)	35.8	12.6	35.84	22.7	7.52	9.87	20.91	28.86	21.91	-0.97	19.72	8.58	3.62	-2.66	-7.81
Incremental Operating Margin (%)	53.71	232.94	- -	121.52	45.17	- -	76.02	60.69	69.3	- -	27.06	- -	118.43	46.5	163.83
Pretax Margin (%)	33.37	-8.54	30.61	-0.58	15.55	7.1	5.8	24.23	15.73	-3.6	18.6	7.81	2.63	-4.95	-10.77
Profit Margin (%)	24.67	-15.31	10.63	-214.16	-37.22	11.2	19.67	48.37	14.72	-2.28	14.62	5.81	1.75	-3.96	-7.94
Net Income to Common Margin (%)	24.67	-15.31	9.38	-215.68	-39.12	11.2	19.67	48.37	14.72	-2.28	14.62	5.81	1.75	-3.96	-7.94
Effective Tax Rate (%)	18.61	- -	19.95	- -	54.07	- -	- -	- -	5.75	- -	20.33	23.55	24.87	- -	- -
Dvd Payout Ratio (%)	5.99	-22.11	10.13	-8.55	50.28	40.53	14.83	- -	39.42	-100	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	31.61	-21.08	6.58	- -	- -	- -	- -	- -	45.38	-20.54	79.6	20.1	4.91	-10.47	-23.18

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	3,684	4,055	3,093	2,923	2,699	2,193	2,304	2,093	2,114	5,390	5,238	4,249	3,137	7,065	7,253
ST Debt	75	94	70	96	- -	18	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	3,609	3,961	3,023	2,827	2,699	2,175	2,304	2,093	2,114	5,390	5,238	4,249	3,137	7,065	7,253
Total Debt/EBITDA	1.35	18.69	1.57	4.61	9.46	8.91	4.82	2.75	4.11	32.47	1.07	1.43	1.92	37.58	-21.08
Net Debt/EBITDA	1.16	17.79	1.37	4.06	8.46	7.6	2.77	1.67	3.43	31.8	1.06	1.42	1.8	37.29	-20.92
Total Debt/EBIT	1.6	-13.13	2.24	22.47	17.84	16.78	5.91	3.11	4.93	-37.96	1.31	2.19	4.76	-9.26	-4.59
Net Debt/EBIT	1.38	-12.5	1.96	19.81	15.96	14.3	3.4	1.89	4.1	-37.17	1.29	2.18	4.46	-9.19	-4.56
EBITDA to Interest Expense	13.21	1.11	10.59	3.59	1.25	1.27	3.77	6.4	5.09	0.7	14.57	10.77	5.65	0.51	-0.58
EBITDA-CapEx/Interest Expense	8.94	-4.65	5.97	1.98	0.89	0.91	2.57	3.92	-1.41	-1.51	12.47	7.36	3.41	-1.37	-1.52
EBIT to Interest Expense	11.4	3.78	7.48	4.33	0.66	0.79	3.08	5.66	4.32	-0.22	11.96	7.14	2.75	-1.38	-2.45
Interest Expense	206	196	186	177	229	194	127	119	101	238	337	276	289	370	594
Common Equity/Total Assets	39.78	34.13	40.68	-68.72	-127.03	-76.11	-15.04	12.02	10.22	12.03	28.93	41.54	44.97	31.67	30.56
Long-Term Debt/Equity (%)	51.26	68.75	43.91	- -	- -	- -	- -	493.38	590.5	230.24	90.72	52.84	38.62	102.88	114.71
Long-Term Debt/Capital (%)	33.65	40.35	30.3	237.82	304.05	252.3	123.88	83.15	85.52	69.72	47.57	34.57	27.86	50.71	53.43
Long-Term Debt/Total Assets (%)	24.82	29.18	23.03	89.81	126.41	113.06	78.02	59.3	60.33	32.14	27.6	22.66	17.89	33.73	36.24
Total Debt/Equity (%)	52.32	70.38	44.92	-168.53	-149.01	-164.8	-518.85	493.38	590.5	230.24	90.72	52.84	38.62	102.88	114.71
Total Debt/Capital (%)	34.35	41.31	31	245.92	304.05	254.33	123.88	83.15	85.52	69.72	47.57	34.57	27.86	50.71	53.43
Total Debt/Total Assets (%)	25.33	29.87	23.57	92.87	126.41	113.97	78.02	59.3	60.33	32.14	27.6	22.66	17.89	33.73	36.24
Net Debt to Equity	44.95	67	39.34	-148.59	-133.26	-140.49	-298.56	299.32	491.9	225.46	89.89	52.51	36.19	102.1	113.81
Net Debt/Capital (%)	31.01	40.12	28.09	280.96	400.63	346.98	150.36	74.96	83.11	69.27	47.34	34.43	26.57	50.52	53.23
EBITDA	2,724	217	1,974	634	285	246	478	762	514	166	4,909	2,973	1,632	188	-344
EBITDA-CapEx	1,843	-910	1,112	350	205	177	326	466	-142	-359	4,204	2,030	986	-507	-905
Operating Income (Loss)	2,350	740	1,395	766	151	153	390	673	436	-52	4,032	1,972	796	-511	-1,453

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.35	0.14	0.31	0.28	0.49	0.83	2.16	1.76	0.86	0.04	0.01	0.01	0.06	0.02	0.02
Current Ratio	1.27	1.19	1.44	1.49	1.69	2.11	3.42	3.16	2.2	1.81	2.15	2.09	1.89	2.06	1.95
Quick Ratio	0.54	0.38	0.63	0.64	0.85	1.28	2.54	2.49	1.24	0.44	0.62	0.56	0.58	0.48	0.45
CFO/Avg Current Liab	1.81	0.36	0.93	0.35	0.05	0.62	0.8	1.04	1.3	-0.15	0.86	0.68	0.64	0.03	-0.14
Common Equity/Total Assets	39.78	34.13	40.68	-68.72	-127.03	-76.11	-15.04	12.02	10.22	12.03	28.93	41.54	44.97	31.67	30.56
Long-Term Debt/Equity (%)	51.26	68.75	43.91	- -	- -	- -	- -	493.38	590.5	230.24	90.72	52.84	38.62	102.88	114.71
Long-Term Debt/Capital (%)	33.65	40.35	30.3	237.82	304.05	252.3	123.88	83.15	85.52	69.72	47.57	34.57	27.86	50.71	53.43
Long-Term Debt/Total Assets (%)	24.82	29.18	23.03	89.81	126.41	113.06	78.02	59.3	60.33	32.14	27.6	22.66	17.89	33.73	36.24
Total Debt/Equity (%)	52.32	70.38	44.92	-168.53	-149.01	-164.8	-518.85	493.38	590.5	230.24	90.72	52.84	38.62	102.88	114.71
Total Debt/Capital (%)	34.35	41.31	31	245.92	304.05	254.33	123.88	83.15	85.52	69.72	47.57	34.57	27.86	50.71	53.43
Total Debt/Total Assets (%)	25.33	29.87	23.57	92.87	126.41	113.97	78.02	59.3	60.33	32.14	27.6	22.66	17.89	33.73	36.24
CFO/Total Liabilities	30.51	6.58	18.37	7.35	0.96	9.31	9.95	15.42	18.05	-1.79	21.1	22.62	24.08	0.75	-3.37
CFO/CapEx	2.6	0.46	1.33	1.26	0.47	4.38	2.23	1.62	0.87	-0.49	3.95	2.57	3.51	0.15	-0.82
Altman's Z-Score	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	20.29	19.04	12.99	17.18	24.72	18.41	15.85	13.99	12.41	8.48	12.3	11.18	11.58	11.23	12.33
Days Sales Outstanding	17.99	19.17	28.1	21.25	14.77	19.83	23.02	26.09	29.41	43.05	29.66	32.66	31.53	32.5	29.6
Inventory Turnover	7.25	6.72	3.61	5.05	4.34	3.59	5.63	7.46	5.68	2.46	3.53	3.97	4.3	4	3.95
Days Inventory Outstanding	50.37	54.33	101.09	72.35	84.09	101.65	64.86	48.93	64.29	148.27	103.42	91.99	84.87	91.18	92.48
Accounts Payable Turnover	13.34	10.33	5.08	8.83	13.5	10.32	13.09	10.32	8.16	9.74	9.47	9.59	9.31	9.62	9.82
Accounts Payable Turnover Days	27.37	35.34	71.86	41.33	27.05	35.35	27.88	35.38	44.72	37.46	38.55	38.08	39.19	37.94	37.18
Cash Conversion Cycle	41	38.17	57.33	52.26	71.81	86.12	60.01	39.64	48.98	153.86	94.53	86.57	77.2	85.74	84.89
Inventory to Cash Days	-32.38	-35.16	-73	-51.1	-69.32	-81.82	-41.84	-22.83	-34.88	-105.22	-73.76	-59.33	-53.34	-58.69	-62.88
Inventories	674	726	607	379	440	270	227	181	317	3,828	5,188	5,130	4,460	5,094	4,772
Raw Materials	217	289	216	119	110	91	89	93	134	1,703	2,374	2,159	1,887	2,701	2,371
Work In Process	184	153	135	102	57	30	11	10	69	- -	- -	- -	- -	- -	- -
Finished Goods	273	283	257	159	273	148	127	78	114	2,125	2,814	2,971	2,573	2,393	2,401
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	519	195	336	271	285	323	978	823	353	112	48	26	198	54	57
+ Preferred Equity and Hybrid Capital	- -	- -	731	731	731	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	1,255	1,128	815	-303	170	134	- -	- -	- -	323	284	251	235	233	207
+ Total Debt	3,684	4,055	3,093	2,923	2,699	2,193	2,304	2,093	2,114	5,390	5,238	4,249	3,137	7,065	7,253
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Capital	10,723	9,816	9,977	1,189	888	862	1,860	2,517	2,472	7,731	11,012	12,291	11,259	13,932	13,576
Total Debt/Capital (%)	34.35	41.31	31	245.92	304.05	254.33	123.88	83.15	85.52	69.72	47.57	34.57	27.86	50.71	53.43
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	6,564	5,873	3,891	3,373	2,013	1,555	1,866	2,332	1,990	5,354	20,444	22,989	21,996	19,185	18,610
TTM EBITDA	2,724	217	1,974	634	285	246	478	762	514	166	4,909	2,973	1,632	188	-344
TTM Operating Income	2,350	740	1,395	766	151	153	390	673	436	-52	4,032	1,972	796	-511	-1,453
TTM Cash Flow to Firm	2,457	- -	1,295	- -	143	- -	- -	- -	663	- -	3,054	2,634	2,484	- -	- -
TTM Free Cash Flow to Firm	1,576	- -	434	- -	62	- -	- -	- -	7	- -	2,349	1,691	1,838	- -	- -

Multiples (USD)

Valuation Multiples API ChatGPT

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Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	142	142	153	153	154	233	297	293	270	478	500	513	505	494	570
Diluted Weighted Avg Shares	141	142	174	153	154	200	293	304	284	379	557	524	512	480	508
Basic Weighted Avg Shares	140	142	152	153	153	198	288	297	277	379	531	519	512	480	508
Revenue per Share	46.81	41.26	25.64	22.03	13.14	7.86	6.47	7.85	7.19	14.14	38.52	44.26	43	39.95	36.63
EBITDA per Share	19.42	1.52	13.01	4.14	1.86	1.25	1.66	2.56	1.86	0.44	9.25	5.72	3.19	0.39	-0.68
Operating Income per Share	16.76	5.2	9.19	5	0.99	0.78	1.35	2.26	1.58	-0.14	7.6	3.8	1.56	-1.06	-2.86
Basic EPS, GAAP	11.55	-6.32	2.4	-47.52	-5.14	0.88	1.27	3.8	1.06	-0.32	5.63	2.57	0.75	-1.58	-2.91
Basic EPS from Cont Ops	12.78	-8.17	5.79	0.37	0.94	0.62	1.25	3.5	1.07	-0.22	5.71	2.64	0.85	-1.49	-2.8
Diluted EPS, GAAP	11.48	-6.32	2.09	-47.52	-5.13	0.87	1.25	3.71	1.03	-0.32	5.36	2.55	0.75	-1.58	-2.91
Diluted EPS from Cont Ops	12.71	-8.17	5.04	0.37	0.94	0.61	1.23	3.42	1.04	-0.22	5.44	2.62	0.85	-1.49	-2.8
Dividend per Share	0.85	2.16	0.84	0.94	0.6	0.3	0.18	- -	0.42	0.11	- -	- -	- -	- -	- -
Cash Flow per Share	16.32	3.61	7.55	2.34	0.25	1.53	1.17	1.61	2.05	-0.68	5.25	4.66	4.43	0.22	-0.91
Free Cash Flow per Basic Share	10.04	-4.31	1.87	0.49	-0.28	1.18	0.65	0.62	-0.32	-2.07	3.92	2.85	3.17	-1.23	-2.01
Cash & Equivalents per Share	3.66	1.37	2.19	1.77	1.86	1.39	3.29	2.81	1.31	0.23	0.1	0.05	0.39	0.11	0.1
Book Value per Share	40.73	32.51	34.86	-14.11	-17.66	-6.28	-1.49	1.45	1.33	4.23	10.98	15.18	15.62	13.43	10.73
Tangible Book Value per Share	31.59	31.61	34.24	-14.52	-18.04	-6.51	-1.54	1.41	1.32	1.28	8.3	12.56	13.23	7.48	5.56