CLF vs GGB: Cleveland-Cliffs and Gerdau SA ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Gerdau SA ADR is the larger company, worth $10.1B, about 1.6 times Cleveland-Cliffs.
- Cleveland-Cliffs grew revenue faster over the last year (+5.9% vs +4.2%).
- Gerdau SA ADR keeps more of each dollar of revenue as operating profit (5.3% vs -4.2%).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CLF | GGB |
|---|---|---|
| Market cap | $6.4B | $10.1B |
| Share price | $12.06 | $5.12 |
| Revenue (last fiscal year) | $18.6B | $69.9B |
| Free cash flow (last fiscal year) | -$1.0B | $1.1B |
| Revenue growth, last year | +5.9% | +4.2% |
| Revenue growth per year, last 5 fiscal years | -2.3% | -2.8% |
| Operating margin | -4.2% | 5.3% |
| Net margin | -4.6% | 2.0% |
| Return on equity | -15.6% | 2.6% |
| P/E (trailing) | — | 32.1x |
| Price / free cash flow | — | 8.92x |
| EV / EBITDA | — | 6.67x |
| FCF growth the price implies | — | — |
| Dividend yield | — | 2.8% |
| Debt / equity | 2.55x | 0.52x |
| Fundamental grade | F | C |
| Superinvestors holding it | 6 | 0 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cleveland-Cliffs
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $20.4B | $2.1B | 19.6% |
| 2022 | $23.0B | $1.5B | 8.4% |
| 2023 | $22.0B | $1.6B | 3.0% |
| 2024 | $19.2B | -$590M | -4.0% |
| 2025 | $18.6B | -$1.0B | -8.5% |
Gerdau SA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $78.3B | $9.3B | 26.8% |
| 2022 | $82.4B | $6.7B | 21.5% |
| 2023 | $68.9B | $5.8B | 15.2% |
| 2024 | $67.0B | $5.4B | 11.2% |
| 2025 | $69.9B | $1.1B | 5.4% |
Where the revenue comes from
Cleveland-Cliffs · by segments, 2025
Steelmaking$18.1B96%
Other Businesses$657M4%
Gerdau SA ADR · by segments, 2025
North America$35.8B50%
Brazil$29.7B42%
South America$5.6B8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CLF in InvestinglyQuestions
Which is bigger, Cleveland-Cliffs or Gerdau SA ADR?
Gerdau SA ADR (GGB), at $10.1B against $6.4B.
Which grows faster, CLF or GGB?
Cleveland-Cliffs: revenue grew +5.9% over the last year, against +4.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.