CLF vs RS: Cleveland-Cliffs and Reliance Steel & Aluminum compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Reliance Steel & Aluminum is the larger company, worth $19.9B, about 3.1 times Cleveland-Cliffs.
- Reliance Steel & Aluminum grew revenue faster over the last year (+15.5% vs +5.9%).
- Reliance Steel & Aluminum keeps more of each dollar of revenue as operating profit (7.5% 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 | RS |
|---|---|---|
| Market cap | $6.4B | $19.9B |
| Share price | $12.06 | $402.45 |
| Revenue (last fiscal year) | $18.6B | $14.3B |
| Free cash flow (last fiscal year) | -$1.0B | $502M |
| Revenue growth, last year | +5.9% | +15.5% |
| Revenue growth per year, last 5 fiscal years | -2.3% | +0.4% |
| Operating margin | -4.2% | 7.5% |
| Net margin | -4.6% | 5.4% |
| Return on equity | -15.6% | 11.3% |
| P/E (trailing) | — | 25.4x |
| Price / free cash flow | — | 39.6x |
| EV / EBITDA | — | 16.0x |
| FCF growth the price implies | — | 13.9% |
| Dividend yield | — | 1.2% |
| Debt / equity | 2.55x | 0.52x |
| Fundamental grade | F | C |
| Superinvestors holding it | 6 | 4 |
| 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% |
Reliance Steel & Aluminum
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $14.1B | $563M | 13.8% |
| 2022 | $17.0B | $1.8B | 14.7% |
| 2023 | $14.8B | $1.2B | 11.7% |
| 2024 | $13.8B | $999M | 8.4% |
| 2025 | $14.3B | $502M | 7.1% |
Where the revenue comes from
Cleveland-Cliffs · by segments, 2025
Steelmaking$18.1B96%
Other Businesses$657M4%
Reliance Steel & Aluminum · by products, 2025
Carbon steel$7.9B55%
Aluminum$2.5B17%
Stainless steel$1.9B14%
Toll processing and logistics$647M5%
Alloy$641M4%
Copper and brass$377M3%
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 Reliance Steel & Aluminum?
Reliance Steel & Aluminum (RS), at $19.9B against $6.4B.
Which grows faster, CLF or RS?
Reliance Steel & Aluminum: revenue grew +15.5% 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.