CLF vs MT: Cleveland-Cliffs and ArcelorMittal 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.
- ArcelorMittal SA ADR is the larger company, worth $44.7B, about 7.0 times Cleveland-Cliffs.
- Cleveland-Cliffs grew revenue faster over the last year (+5.9% vs -1.7%).
- ArcelorMittal SA ADR keeps more of each dollar of revenue as operating profit (5.9% 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 | MT |
|---|---|---|
| Market cap | $6.4B | $44.7B |
| Share price | $12.06 | $64.11 |
| Revenue (last fiscal year) | $18.6B | $61.4B |
| Free cash flow (last fiscal year) | -$1.0B | $471M |
| Revenue growth, last year | +5.9% | -1.7% |
| Revenue growth per year, last 5 fiscal years | -2.3% | -5.4% |
| Operating margin | -4.2% | 5.9% |
| Net margin | -4.6% | 5.1% |
| Return on equity | -15.6% | 5.8% |
| P/E (trailing) | — | 15.6x |
| Price / free cash flow | — | 95.0x |
| EV / EBITDA | — | 7.65x |
| FCF growth the price implies | — | 25.7% |
| Dividend yield | — | 0.98% |
| Debt / equity | 2.55x | 0.76x |
| Fundamental grade | F | C |
| Superinvestors holding it | 6 | 3 |
| 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% |
ArcelorMittal SA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $76.6B | $6.9B | 22.2% |
| 2022 | $79.8B | $6.7B | 12.9% |
| 2023 | $68.3B | $3.0B | 3.4% |
| 2024 | $62.4B | $447M | 5.3% |
| 2025 | $61.4B | $471M | 5.9% |
Where the revenue comes from
Cleveland-Cliffs · by segments, 2025
Steelmaking$18.1B96%
Other Businesses$657M4%
ArcelorMittal SA ADR · by segments, 2025
Europe$25.6B44%
North America$12.3B21%
Brazil$9.5B16%
Sustainable Solutions$9.3B16%
Mining$1.4B2%
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 ArcelorMittal SA ADR?
ArcelorMittal SA ADR (MT), at $44.7B against $6.4B.
Which grows faster, CLF or MT?
Cleveland-Cliffs: revenue grew +5.9% over the last year, against -1.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.