CLF Cleveland-Cliffs margins

Relative Growth: Rel. Growth: 48

Relative Strength: Rel. Strength: 63

Relative Valuation: Rel. Valuation: 41

Relative Profitability: Rel. Profitability: 28

Gross margin

-1.1%

Operating margin

-3.9%

EBITDA margin

2.2%

Net margin

-4.6%

Currently, Cleveland-Cliffs has a gross margin of -1.1%, an operating margin of -3.9%, an EBITDA margin of 2.2%, and a net margin of -4.6%; its gross margin is negative at -1.1%, its operating margin is negative at -3.9%, and its net margin is negative at -4.6%. The company's available margins all improved, with operating margin showing the strongest expansion of 5.2 percentage points.

CLF margin history

Gross, operating, EBITDA and net margin trends

Cleveland-Cliffs's margins averaged -0.09% gross, -3.74% operating, 2.11% EBITDA, and -4.2% net during the last 3 years. Current figures show EBITDA margin is above its three-year average, while gross, operating, and net margins are below their three-year averages.

CLF margin expansion

Year-over-year margin changes in percentage points

All available margins expanded year over year, led by operating margin with an increase of 5.2 percentage points.

Gross margin expansion

4.2pp

Operating margin expansion

5.2pp

EBITDA margin expansion

4.9pp

Net margin expansion

4.5pp

CLF Gross margin

Over the last 3 years, Cleveland-Cliffs's gross margin averaged -0.09%. The current gross margin of -1.1% is 1 percentage points below its three-year average. During this period, gross margin reached a high of 7.1% in Mar 2024 and a low of -5.3% in Jun 2025.

CLF Operating margin

Cleveland-Cliffs's operating margin averaged -3.74% over the last 3 years. Against its three-year average, Cleveland-Cliffs's operating margin is currently -3.9%, 0.2 percentage points below its three-year average. Over the last 3 years, Cleveland-Cliffs's operating margin peaked at 3.1% in Mar 2024 and reached a low of -9.1% in Jun 2025.

CLF EBITDA margin

Cleveland-Cliffs's EBITDA margin averaged 2.11% over the last 3 years. Compared with its three-year average, Cleveland-Cliffs's current EBITDA margin is 2.2% and is 0.1 percentage points above its three-year average. Over the last 3 years, Cleveland-Cliffs's EBITDA margin peaked at 8.1% in Dec 2023 and reached a low of -2.7% in Jun 2025.

CLF Net margin

Cleveland-Cliffs recorded an average net margin of -4.2% across the last 3 years. The latest net margin for Cleveland-Cliffs is -4.6%, 0.4 percentage points below its three-year average. The net margin for Cleveland-Cliffs moved between -9.1% in Jun 2025 and 1.8% in Dec 2023.

CLF margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of -1.1%, CLF stands lower than the Basic Materials sector and the industry average. Looking at the Basic Materials sector average of 32.3%, Cleveland-Cliffs's gross margin is 103% lower.

CLF margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Cleveland-Cliffs's gross margin?

The current gross margin for CLF is -1.1% as of Jun 30, 2026.

What is Cleveland-Cliffs's operating margin?

The current operating margin for CLF is -3.9% as of Jun 30, 2026.

What is Cleveland-Cliffs's EBITDA margin?

The current EBITDA margin for CLF is 2.2% as of Jun 30, 2026.

What is Cleveland-Cliffs's net margin?

The current net margin for CLF is -4.6% as of Jun 30, 2026.

What are the average margins of CLF?

The three-year average margins for CLF were -0.1% gross, -3.7% operating, 2.1% EBITDA, and -4.2% net.

What are the highest historical margins of CLF?

Over this 5-year history, CLF peaked at 24.6% gross in Mar 2022, 22.5% operating in Mar 2022, 27.1% EBITDA in Mar 2022, and 16.8% net in Mar 2022.

What are the lowest historical margins of CLF?

Within the 5-year period, CLF recorded its lowest margins at -5.3% gross in Jun 2025, -9.1% operating in Jun 2025, -2.7% EBITDA in Jun 2025, and -9.1% net in Jun 2025.