Cleveland-Cliffs (CLF) Return on Invested Capital [ROIC] (2009 - 2026)
Cleveland-Cliffs' Return on Invested Capital [ROIC] was -1.29% in Q3 2026, up 8.20 percentage points from -9.48% a year earlier and up 2.69 percentage points from the prior quarter.
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Analysis
Cleveland-Cliffs (CLF) Return on Invested Capital [ROIC] (2009 - 2026) Analysis & Trends
For FY2025, Return on Invested Capital [ROIC] at Cleveland-Cliffs came in at -8.15%, down 3.59 percentage points from FY2024.
- Return on Invested Capital [ROIC] has now declined for four consecutive years, with a five-year change of -6.97 percentage points (FY2020 to FY2025).
- In earlier years, Return on Invested Capital [ROIC] was -4.56% in FY2024 (-8.77 pp), 4.21% in FY2023 (-8.52 pp), 12.73% in FY2022 (-21.38 pp) and 34.11% in FY2021 (+35.29 pp).
- The Q3 2026 figure marks the highest quarterly Return on Invested Capital [ROIC] since Q2 2024.
- Compared with a year earlier, Return on Invested Capital [ROIC] has increased for three straight quarters, with an average year-over-year change of -3.29 percentage points over the last eight quarters.
- The best year-over-year quarter for Return on Invested Capital [ROIC] over five years was Q1 2022 (a gain of 34.43 percentage points); the worst was Q1 2023 (a drop of 29.47 percentage points).
- Per Business Quant data, CLF's Return on Invested Capital [ROIC] in the three quarters before Q3 2026 was -3.98% (Q2 2026), -6.34% (Q1 2026) and -8.21% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Nucor | 175.24 Bn | 165.01 Bn | 2.33 Bn | 13.71% |
| 2 | Rio Tinto | 166.15 Bn | 128.95 Bn | - | - |
| 3 | Southern Copper | 143.83 Bn | 118.64 Bn | 3.10 Bn | 30.10% |
| 4 | Rio Tinto | 137.31 Bn | 104.37 Bn | - | - |
| 5 | Newmont | 124.66 Bn | 89.98 Bn | 4.22 Bn | 8.59% |
| 6 | Ternium | 102.52 Bn | 75.29 Bn | 1.04 Bn | 7.61% |
| 7 | Agnico Eagle Mines | 95.19 Bn | 82.13 Bn | 2.15 Bn | 21.64% |
| 8 | Freeport-Mcmoran | 86.53 Bn | 83.18 Bn | 2.55 Bn | 12.32% |
| 9 | Barrick Mining | 66.50 Bn | 50.91 Bn | 2.71 Bn | 22.01% |
| 10 | Cleveland-Cliffs | 7.33 Bn | 7.36 Bn | 465.00 Mn | -1.29% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | -1.29% |
| Jun 30, 2026 | -3.98% |
| Mar 31, 2026 | -6.34% |
| Dec 31, 2025 | -8.21% |
| Sep 30, 2025 | -9.48% |
| Jun 30, 2025 | -9.70% |
| Mar 31, 2025 | -6.79% |
| Dec 31, 2024 | -4.60% |
| Sep 30, 2024 | -3.24% |
| Jun 30, 2024 | 1.13% |
| Mar 31, 2024 | 4.33% |
| Dec 31, 2023 | 4.31% |
| Sep 30, 2023 | 3.69% |
| Jun 30, 2023 | 2.62% |
| Mar 31, 2023 | 4.95% |
| Dec 31, 2022 | 12.34% |
| Sep 30, 2022 | 22.16% |
| Jun 30, 2022 | 31.98% |
| Mar 31, 2022 | 34.43% |
| Dec 31, 2021 | 30.96% |
API Access
Cleveland-Cliffs Return on Invested Capital [ROIC] 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=return-on-invested-capital-%5Broic%5D&ticker=CLF&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "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=return-on-invested-capital-%5Broic%5D&ticker=CLF&period=max&api_key=YOUR_API_KEY");
const data = await res.json();