Cleveland-Cliffs Inc.

CLFNYSEBasic Materials● Active

$12.79

$-0.75(-5.51%)

Market Cap$7.3B

P/E Ratio—

52W High$16.7

52W Low$6.72

Avg Volume18.1M

Open$13.31

Beta2.09

Free Cash Flow Financials Revenue

Cleveland-Cliffs Inc. (CLF) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

CLF · free cash flow · updated Jun 8, 2026

Core FCF metrics

CLF · FCF · TTM · margin & CAGR

Free cash flow was −$1.02B for FY2025 (fiscal year ending 2025-12-31), down 73.4% year-over-year The FCF margin was -5.5%.

FY2025 Free Cash Flow−$1.02B▼ -73.4% YoY

Trailing 12M (TTM)−$997.0Mtrailing 4 quarters sum

FCF Margin-5.5%−$1.02B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

CLF · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$462.0M(561M)−$1.02B▼ 73.4%-5.5%

FY2024$105.0M(695M)−$590.0M▼ 137.2%-3.1%

FY2023$2.23B(646M)$1.59B▲ +7.2%7.2%

FY2022$2.42B(943M)$1.48B▼ 28.8%6.4%

FY2021$2.79B(705M)$2.08B▲ +364.6%10.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

CLF · P/FCF · FCF yield · FCF per share

Cleveland-Cliffs Inc. (CLF) reported negative free cash flow of −$1.02B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

CLF · cash flow statement · operating / investing / financing

For FY2025, Cleveland-Cliffs Inc. generated −$462.0M in operating cash flow and spent 561M in capital expenditures, yielding −$1.02B in free cash flow.

Operating Activities

−$462.0M

Cash from core business operations

2025-12-31

Investing Activities

−$479.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$942.0M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$462.0M) − |CapEx| (561M) = FCF (−$1.02B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Basic Materials)

CLF vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Cleveland-Cliffs Inc.YOU

CLF

−$1.02B-73.4%-5.5%

Loss

Southern Copper Corporation

Basic Materials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Cleveland-Cliffs Inc. (CLF) reported free cash flow of −$1.02B for FY2025 (fiscal year ending 2025-12-31), down 73.4% year-over-year. The FCF margin was -5.5%.

Based on available data, Cleveland-Cliffs Inc. has maintained positive free cash flow for at least 9 fiscal year(s). FCF peaked at $2.08B in FY2021.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

CLF free cash flow · 8 questions

Cleveland-Cliffs Inc. free cash flow was −$1.02B for FY2025, down 73.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$997.0M.

CLF free cash flowCLF FCFCLF FCF 2025CLF free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Cleveland-Cliffs Inc. · Cleveland-Cliffs Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026