Cleveland-Cliffs (CLF) EBITDA Margin (2009 - 2026)
Cleveland-Cliffs' EBITDA Margin came in at 10.16% for Q3 2026, up 8.38 percentage points from 1.77% a year earlier and up 6.08 percentage points from the prior quarter.
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Analysis
Cleveland-Cliffs (CLF) EBITDA Margin (2009 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Cleveland-Cliffs reported EBITDA Margin of 3.84%, up 6.48 percentage points year-over-year; for FY2025, it was -1.85%, down 2.83 percentage points from FY2024.
- EBITDA Margin has declined in each of the last four years, with a five-year change of -4.95 percentage points (FY2020 to FY2025).
- Going back by year, EBITDA Margin was 0.98% in FY2024 (-6.44 pp), 7.42% in FY2023 (-5.51 pp), 12.93% in FY2022 (-11.08 pp) and 24.01% in FY2021 (+20.91 pp).
- The Q3 2026 figure represents the highest quarterly EBITDA Margin since Q3 2023.
- Year-over-year, EBITDA Margin has increased for five consecutive quarters, with an average year-over-year change of +0.47 percentage points over the last eight quarters.
- The fastest year-over-year change in EBITDA Margin over five years came in Q4 2021 (a gain of 15.05 percentage points), and the weakest in Q4 2022 (a drop of 24.02 percentage points).
- Business Quant data shows CLF's EBITDA Margin at 4.08% (Q2 2026), 0.93% (Q1 2026) and -1.37% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Rio Tinto | 166.15 Bn | 128.95 Bn | - | - |
| 2 | Southern Copper | 145.61 Bn | 120.34 Bn | 3.10 Bn | 64.84% |
| 3 | Rio Tinto | 138.54 Bn | 138.54 Bn | - | - |
| 4 | Newmont | 127.15 Bn | 92.29 Bn | 4.22 Bn | 25.96% |
| 5 | Ternium | 100.63 Bn | 93.91 Bn | - | - |
| 6 | Agnico Eagle Mines | 97.48 Bn | 92.69 Bn | - | - |
| 7 | Freeport-Mcmoran | 88.12 Bn | 72.16 Bn | 2.19 Bn | 35.94% |
| 8 | Barrick Mining | 69.35 Bn | 47.84 Bn | 2.90 Bn | 62.11% |
| 9 | Nucor | 59.10 Bn | 48.48 Bn | 2.03 Bn | 19.35% |
| 10 | Cleveland-Cliffs | 7.45 Bn | 7.20 Bn | 465.00 Mn | 10.16% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 10.16% |
| Jun 30, 2026 | 4.08% |
| Mar 31, 2026 | 0.93% |
| Dec 31, 2025 | -1.37% |
| Sep 30, 2025 | 1.77% |
| Jun 30, 2025 | -2.19% |
| Mar 31, 2025 | -5.64% |
| Dec 31, 2024 | -4.79% |
| Sep 30, 2024 | -0.57% |
| Jun 30, 2024 | 4.60% |
| Mar 31, 2024 | 3.69% |
| Dec 31, 2023 | 2.29% |
| Sep 30, 2023 | 10.24% |
| Jun 30, 2023 | 12.20% |
| Mar 31, 2023 | 3.98% |
| Dec 31, 2022 | 1.27% |
| Sep 30, 2022 | 7.50% |
| Jun 30, 2022 | 17.20% |
| Mar 31, 2022 | 23.43% |
| Dec 31, 2021 | 25.29% |
API Access
Cleveland-Cliffs EBITDA Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ebitda-margin&ticker=CLF&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-margin", "ticker": "CLF", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ebitda-margin&ticker=CLF&period=max&api_key=YOUR_API_KEY");
const data = await res.json();