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Side-by-side financial comparison of CLEVELAND-CLIFFS INC. (CLF) and CARPENTER TECHNOLOGY CORP (CRS), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
CLEVELAND-CLIFFS INC. is the larger business by last-quarter revenue ($4.3B vs $728.0M, roughly 5.9× CARPENTER TECHNOLOGY CORP). CARPENTER TECHNOLOGY CORP runs the higher net margin — -5.6% vs 14.5%, a 20.1% gap on every dollar of revenue. On growth, CARPENTER TECHNOLOGY CORP posted the faster year-over-year revenue change (7.5% vs -0.3%). CARPENTER TECHNOLOGY CORP produced more free cash flow last quarter ($85.9M vs $-153.0M). Over the past eight quarters, CARPENTER TECHNOLOGY CORP's revenue compounded faster (3.1% CAGR vs -8.9%).
Cleveland-Cliffs Inc. is an American steel manufacturer based in Cleveland, Ohio. It specializes in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling. The company is ranked 22nd on the list of steel producers and is the second-largest steel producer in the United States after Nucor. It is the largest flat-rolled steel producer in North America. The company is ranked 221st on the Fortune 500 and 1511th on the Forbes Global 2000.
Carpenter Technology Corporation develops, manufactures, and distributes stainless steels and corrosion-resistant nickel, copper and titanium alloys as well as powdered alloys for 3D additive manufacturing. In fiscal year 2018, the company's revenues were derived from the aerospace and defense industry (55%), the industrial and consumer industry (17%), the medical industry (8%), the transportation industry (7%), the energy industry (7%), and the distribution industry (6%). The company's produ...
CLF vs CRS — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $728.0M |
| Net Profit | $-241.0M | $105.3M |
| Gross Margin | -5.0% | 30.0% |
| Operating Margin | -7.9% | 21.3% |
| Net Margin | -5.6% | 14.5% |
| Revenue YoY | -0.3% | 7.5% |
| Net Profit YoY | 46.1% | 25.2% |
| EPS (diluted) | — | $2.09 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $4.3B | $728.0M | ||
| Q3 25 | $4.7B | $733.7M | ||
| Q2 25 | $4.9B | $755.6M | ||
| Q1 25 | $4.6B | $727.0M | ||
| Q4 24 | $4.3B | $676.9M | ||
| Q3 24 | $4.6B | $717.6M | ||
| Q2 24 | $5.1B | $798.7M | ||
| Q1 24 | $5.2B | $684.9M |
| Q4 25 | $-241.0M | $105.3M | ||
| Q3 25 | $-251.0M | $122.5M | ||
| Q2 25 | $-470.0M | $111.7M | ||
| Q1 25 | $-483.0M | $95.4M | ||
| Q4 24 | $-447.0M | $84.1M | ||
| Q3 24 | $-242.0M | $84.8M | ||
| Q2 24 | $2.0M | $93.6M | ||
| Q1 24 | $-67.0M | $6.3M |
| Q4 25 | -5.0% | 30.0% | ||
| Q3 25 | -1.0% | 29.5% | ||
| Q2 25 | -4.2% | 28.3% | ||
| Q1 25 | -8.4% | 27.6% | ||
| Q4 24 | -6.3% | 26.2% | ||
| Q3 24 | -2.3% | 24.6% | ||
| Q2 24 | 3.2% | 23.9% | ||
| Q1 24 | 5.5% | 21.5% |
| Q4 25 | -7.9% | 21.3% | ||
| Q3 25 | -4.3% | 20.9% | ||
| Q2 25 | -10.1% | 20.1% | ||
| Q1 25 | -11.6% | 19.0% | ||
| Q4 24 | -10.8% | 17.6% | ||
| Q3 24 | -5.7% | 15.8% | ||
| Q2 24 | 0.1% | 13.6% | ||
| Q1 24 | -0.7% | 11.1% |
| Q4 25 | -5.6% | 14.5% | ||
| Q3 25 | -5.3% | 16.7% | ||
| Q2 25 | -9.5% | 14.8% | ||
| Q1 25 | -10.4% | 13.1% | ||
| Q4 24 | -10.3% | 12.4% | ||
| Q3 24 | -5.3% | 11.8% | ||
| Q2 24 | 0.0% | 11.7% | ||
| Q1 24 | -1.3% | 0.9% |
| Q4 25 | — | $2.09 | ||
| Q3 25 | $-0.51 | $2.43 | ||
| Q2 25 | — | $2.21 | ||
| Q1 25 | — | $1.88 | ||
| Q4 24 | $-0.91 | $1.66 | ||
| Q3 24 | $-0.52 | $1.67 | ||
| Q2 24 | $0.00 | $1.85 | ||
| Q1 24 | $-0.14 | $0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $57.0M | $231.9M |
| Total DebtLower is stronger | $7.3B | — |
| Stockholders' EquityBook value | $6.1B | $2.0B |
| Total Assets | $20.0B | $3.5B |
| Debt / EquityLower = less leverage | 1.19× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $57.0M | $231.9M | ||
| Q3 25 | $66.0M | $208.0M | ||
| Q2 25 | $61.0M | $315.5M | ||
| Q1 25 | $57.0M | $151.5M | ||
| Q4 24 | $54.0M | $162.1M | ||
| Q3 24 | $39.0M | $150.2M | ||
| Q2 24 | $110.0M | $199.1M | ||
| Q1 24 | $30.0M | $53.5M |
| Q4 25 | $7.3B | — | ||
| Q3 25 | $8.0B | — | ||
| Q2 25 | $7.7B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.1B | — | ||
| Q3 24 | $3.8B | — | ||
| Q2 24 | $3.5B | — | ||
| Q1 24 | $3.7B | — |
| Q4 25 | $6.1B | $2.0B | ||
| Q3 25 | $5.5B | $1.9B | ||
| Q2 25 | $5.8B | $1.9B | ||
| Q1 25 | $6.3B | $1.8B | ||
| Q4 24 | $6.7B | $1.7B | ||
| Q3 24 | $6.9B | $1.7B | ||
| Q2 24 | $7.1B | $1.6B | ||
| Q1 24 | $7.2B | $1.5B |
| Q4 25 | $20.0B | $3.5B | ||
| Q3 25 | $20.3B | $3.4B | ||
| Q2 25 | $20.5B | $3.5B | ||
| Q1 25 | $20.8B | $3.4B | ||
| Q4 24 | $20.9B | $3.3B | ||
| Q3 24 | $16.8B | $3.3B | ||
| Q2 24 | $16.9B | $3.3B | ||
| Q1 24 | $17.2B | $3.2B |
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.47× | — | ||
| Q2 25 | 1.33× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.06× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.51× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-13.0M | $132.2M |
| Free Cash FlowOCF − Capex | $-153.0M | $85.9M |
| FCF MarginFCF / Revenue | -3.5% | 11.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 3.2% | 6.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 1.26× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.0B | $316.7M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $-13.0M | $132.2M | ||
| Q3 25 | $-143.0M | $39.2M | ||
| Q2 25 | $45.0M | $258.1M | ||
| Q1 25 | $-351.0M | $74.2M | ||
| Q4 24 | $-472.0M | $67.9M | ||
| Q3 24 | $-84.0M | $40.2M | ||
| Q2 24 | $519.0M | $169.5M | ||
| Q1 24 | $142.0M | $83.5M |
| Q4 25 | $-153.0M | $85.9M | ||
| Q3 25 | $-300.0M | $-3.4M | ||
| Q2 25 | $-67.0M | $200.2M | ||
| Q1 25 | $-503.0M | $34.0M | ||
| Q4 24 | $-677.0M | $38.6M | ||
| Q3 24 | $-235.0M | $13.3M | ||
| Q2 24 | $362.0M | $141.8M | ||
| Q1 24 | $-40.0M | $61.9M |
| Q4 25 | -3.5% | 11.8% | ||
| Q3 25 | -6.3% | -0.5% | ||
| Q2 25 | -1.4% | 26.5% | ||
| Q1 25 | -10.9% | 4.7% | ||
| Q4 24 | -15.7% | 5.7% | ||
| Q3 24 | -5.1% | 1.9% | ||
| Q2 24 | 7.1% | 17.8% | ||
| Q1 24 | -0.8% | 9.0% |
| Q4 25 | 3.2% | 6.4% | ||
| Q3 25 | 3.3% | 5.8% | ||
| Q2 25 | 2.3% | 7.7% | ||
| Q1 25 | 3.3% | 5.5% | ||
| Q4 24 | 4.7% | 4.3% | ||
| Q3 24 | 3.3% | 3.7% | ||
| Q2 24 | 3.1% | 3.5% | ||
| Q1 24 | 3.5% | 3.2% |
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 2.31× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | 259.50× | 1.81× | ||
| Q1 24 | — | 13.25× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
CLF
| Hot Rolled Steel | $1.1B | 27% |
| Automotive | $1.1B | 27% |
| Steel Producers | $555.0M | 13% |
| Cold Rolled Steel | $530.0M | 12% |
| Other | $409.0M | 9% |
| Stainless And Electrical Steel | $404.0M | 9% |
| Other Businesses | $159.0M | 4% |
CRS
| Aerospace And Defense Markets | $448.8M | 62% |
| Industrial And Consumer Markets | $88.4M | 12% |
| Performance Engineered Products Segment | $83.2M | 11% |
| Medical Market | $54.7M | 8% |
| Energy Market | $48.5M | 7% |
| Transportation Market | $21.2M | 3% |
| Distribution Market | $17.2M | 2% |
