CLF vs STLD: Cleveland-Cliffs and Steel Dynamics compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Steel Dynamics is the larger company, worth $33.3B, about 5.2 times Cleveland-Cliffs.
- Steel Dynamics grew revenue faster over the last year (+33.4% vs +5.9%).
- Steel Dynamics keeps more of each dollar of revenue as operating profit (10.0% 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 | STLD |
|---|---|---|
| Market cap | $6.4B | $33.3B |
| Share price | $12.06 | $238.38 |
| Revenue (last fiscal year) | $18.6B | $18.2B |
| Free cash flow (last fiscal year) | -$1.0B | $502M |
| Revenue growth, last year | +5.9% | +33.4% |
| Revenue growth per year, last 5 fiscal years | -2.3% | -0.3% |
| Operating margin | -4.2% | 10.0% |
| Net margin | -4.6% | 7.8% |
| Return on equity | -15.6% | 17.1% |
| P/E (trailing) | — | 24.7x |
| Price / free cash flow | — | 66.3x |
| EV / EBITDA | — | 13.7x |
| FCF growth the price implies | — | 20.8% |
| Dividend yield | — | 0.87% |
| Debt / equity | 2.55x | 0.82x |
| Fundamental grade | F | B |
| Superinvestors holding it | 6 | 2 |
| Insider purchases, last 12 months | 1 | 1 |
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% |
Steel Dynamics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $18.4B | $1.2B | 23.4% |
| 2022 | $22.3B | $3.6B | 22.9% |
| 2023 | $18.8B | $1.9B | 16.8% |
| 2024 | $17.5B | -$24M | 11.1% |
| 2025 | $18.2B | $502M | 8.1% |
Where the revenue comes from
Cleveland-Cliffs · by segments, 2025
Steelmaking$18.1B96%
Other Businesses$657M4%
Steel Dynamics · by regions, 2025
U.S.$17.0B94%
Non-U.S.$1.2B6%
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 Steel Dynamics?
Steel Dynamics (STLD), at $33.3B against $6.4B.
Which grows faster, CLF or STLD?
Steel Dynamics: revenue grew +33.4% 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.