CLF vs NUE: Cleveland-Cliffs and Nucor compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Nucor is the larger company, worth $54.4B, about 8.6 times Cleveland-Cliffs.
- Nucor grew revenue faster over the last year (+22.9% vs +5.9%).
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 | NUE |
|---|---|---|
| Market cap | $6.4B | $54.4B |
| Share price | $12.06 | $250.33 |
| Revenue (last fiscal year) | $18.6B | $32.5B |
| Free cash flow (last fiscal year) | -$1.0B | -$188M |
| Revenue growth, last year | +5.9% | +22.9% |
| Revenue growth per year, last 5 fiscal years | -2.3% | -2.9% |
| Operating margin | -4.2% | — |
| Net margin | -4.6% | 8.0% |
| Return on equity | -15.6% | 13.0% |
| P/E (trailing) | — | 23.7x |
| Price / free cash flow | — | — |
| EV / EBITDA | — | 10.5x |
| FCF growth the price implies | — | — |
| Dividend yield | — | 0.91% |
| Debt / equity | 2.55x | 0.62x |
| Fundamental grade | F | C |
| Superinvestors holding it | 6 | 7 |
| 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% |
Nucor
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $36.5B | $4.6B | — |
| 2022 | $41.5B | $8.1B | — |
| 2023 | $34.7B | $4.9B | — |
| 2024 | $30.7B | $806M | — |
| 2025 | $32.5B | -$188M | — |
Where the revenue comes from
Cleveland-Cliffs · by segments, 2025
Steelmaking$18.1B96%
Other Businesses$657M4%
Nucor · by segments, 2025
Steel Mills$20.0B62%
Steel Products$10.3B32%
Raw Materials$2.2B7%
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 Nucor?
Nucor (NUE), at $54.4B against $6.4B.
Which grows faster, CLF or NUE?
Nucor: revenue grew +22.9% over the last year, against +5.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.