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Side-by-side financial comparison of CLEVELAND-CLIFFS INC. (CLF) and COMMERCIAL METALS Co (CMC), 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 $2.1B, roughly 2.0× COMMERCIAL METALS Co). COMMERCIAL METALS Co runs the higher net margin — -5.6% vs 8.4%, a 13.9% gap on every dollar of revenue. On growth, COMMERCIAL METALS Co posted the faster year-over-year revenue change (11.0% vs -0.3%). COMMERCIAL METALS Co produced more free cash flow last quarter ($78.8M vs $-153.0M). Over the past eight quarters, COMMERCIAL METALS Co's revenue compounded faster (7.1% 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.
Commercial Metals Company (CMC) is a company that produces rebar and related construction materials headquartered in Irving, Texas. Along with Nucor, it is one of two primary suppliers of steel used to reinforce concrete in buildings, bridges, roads, and infrastructure in the U.S. The company also owns Tensar, a producer of foundation systems used for the construction of roadways, public infrastructure, and industrial facilities.
CLF vs CMC — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $4.3B | $2.1B |
| Net Profit | $-241.0M | $177.3M |
| Gross Margin | -5.0% | 19.2% |
| Operating Margin | -7.9% | 8.6% |
| Net Margin | -5.6% | 8.4% |
| Revenue YoY | -0.3% | 11.0% |
| Net Profit YoY | 46.1% | 200.9% |
| EPS (diluted) | — | $1.58 |
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 | $2.1B | ||
| Q3 25 | $4.7B | $2.1B | ||
| Q2 25 | $4.9B | $2.0B | ||
| Q1 25 | $4.6B | $1.8B | ||
| Q4 24 | $4.3B | $1.9B | ||
| Q3 24 | $4.6B | $2.0B | ||
| Q2 24 | $5.1B | $2.1B | ||
| Q1 24 | $5.2B | $1.8B |
| Q4 25 | $-241.0M | $177.3M | ||
| Q3 25 | $-251.0M | $151.8M | ||
| Q2 25 | $-470.0M | $83.1M | ||
| Q1 25 | $-483.0M | $25.5M | ||
| Q4 24 | $-447.0M | $-175.7M | ||
| Q3 24 | $-242.0M | $103.9M | ||
| Q2 24 | $2.0M | $119.4M | ||
| Q1 24 | $-67.0M | $85.8M |
| Q4 25 | -5.0% | 19.2% | ||
| Q3 25 | -1.0% | 18.6% | ||
| Q2 25 | -4.2% | 14.8% | ||
| Q1 25 | -8.4% | 12.5% | ||
| Q4 24 | -6.3% | 16.1% | ||
| Q3 24 | -2.3% | 16.2% | ||
| Q2 24 | 3.2% | 16.4% | ||
| Q1 24 | 5.5% | 16.0% |
| Q4 25 | -7.9% | 8.6% | ||
| Q3 25 | -4.3% | 9.1% | ||
| Q2 25 | -10.1% | 5.4% | ||
| Q1 25 | -11.6% | 2.1% | ||
| Q4 24 | -10.8% | -12.1% | ||
| Q3 24 | -5.7% | 6.7% | ||
| Q2 24 | 0.1% | 7.7% | ||
| Q1 24 | -0.7% | 6.3% |
| Q4 25 | -5.6% | 8.4% | ||
| Q3 25 | -5.3% | 7.2% | ||
| Q2 25 | -9.5% | 4.1% | ||
| Q1 25 | -10.4% | 1.5% | ||
| Q4 24 | -10.3% | -9.2% | ||
| Q3 24 | -5.3% | 5.2% | ||
| Q2 24 | 0.0% | 5.7% | ||
| Q1 24 | -1.3% | 4.6% |
| Q4 25 | — | $1.58 | ||
| Q3 25 | $-0.51 | $1.33 | ||
| Q2 25 | — | $0.73 | ||
| Q1 25 | — | $0.22 | ||
| Q4 24 | $-0.91 | $-1.54 | ||
| Q3 24 | $-0.52 | $0.90 | ||
| Q2 24 | $0.00 | $1.02 | ||
| Q1 24 | $-0.14 | $0.73 |
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 | $1.0B |
| Total DebtLower is stronger | $7.3B | $3.3B |
| Stockholders' EquityBook value | $6.1B | $4.3B |
| Total Assets | $20.0B | $9.2B |
| Debt / EquityLower = less leverage | 1.19× | 0.77× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $57.0M | $1.0B | ||
| Q3 25 | $66.0M | $1.0B | ||
| Q2 25 | $61.0M | $893.0M | ||
| Q1 25 | $57.0M | $758.4M | ||
| Q4 24 | $54.0M | $856.1M | ||
| Q3 24 | $39.0M | $857.9M | ||
| Q2 24 | $110.0M | $698.3M | ||
| Q1 24 | $30.0M | $638.3M |
| Q4 25 | $7.3B | $3.3B | ||
| Q3 25 | $8.0B | $1.3B | ||
| Q2 25 | $7.7B | $1.3B | ||
| Q1 25 | $7.6B | $1.2B | ||
| Q4 24 | $7.1B | $1.1B | ||
| Q3 24 | $3.8B | $1.2B | ||
| Q2 24 | $3.5B | $1.1B | ||
| Q1 24 | $3.7B | $1.1B |
| Q4 25 | $6.1B | $4.3B | ||
| Q3 25 | $5.5B | $4.2B | ||
| Q2 25 | $5.8B | $4.1B | ||
| Q1 25 | $6.3B | $4.0B | ||
| Q4 24 | $6.7B | $4.0B | ||
| Q3 24 | $6.9B | $4.3B | ||
| Q2 24 | $7.1B | $4.3B | ||
| Q1 24 | $7.2B | $4.2B |
| Q4 25 | $20.0B | $9.2B | ||
| Q3 25 | $20.3B | $7.2B | ||
| Q2 25 | $20.5B | $7.0B | ||
| Q1 25 | $20.8B | $6.7B | ||
| Q4 24 | $20.9B | $6.8B | ||
| Q3 24 | $16.8B | $6.8B | ||
| Q2 24 | $16.9B | $6.7B | ||
| Q1 24 | $17.2B | $6.7B |
| Q4 25 | 1.19× | 0.77× | ||
| Q3 25 | 1.47× | 0.31× | ||
| Q2 25 | 1.33× | 0.32× | ||
| Q1 25 | 1.22× | 0.29× | ||
| Q4 24 | 1.06× | 0.29× | ||
| Q3 24 | 0.55× | 0.27× | ||
| Q2 24 | 0.49× | 0.27× | ||
| Q1 24 | 0.51× | 0.27× |
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 | $204.2M |
| Free Cash FlowOCF − Capex | $-153.0M | $78.8M |
| FCF MarginFCF / Revenue | -3.5% | 3.7% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 3.2% | 5.9% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.0B | $296.2M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $-13.0M | $204.2M | ||
| Q3 25 | $-143.0M | $315.2M | ||
| Q2 25 | $45.0M | $154.4M | ||
| Q1 25 | $-351.0M | $32.4M | ||
| Q4 24 | $-472.0M | $213.0M | ||
| Q3 24 | $-84.0M | $351.8M | ||
| Q2 24 | $519.0M | $197.9M | ||
| Q1 24 | $142.0M | $89.0M |
| Q4 25 | $-153.0M | $78.8M | ||
| Q3 25 | $-300.0M | $206.3M | ||
| Q2 25 | $-67.0M | $65.0M | ||
| Q1 25 | $-503.0M | $-53.8M | ||
| Q4 24 | $-677.0M | $94.8M | ||
| Q3 24 | $-235.0M | $270.3M | ||
| Q2 24 | $362.0M | $115.8M | ||
| Q1 24 | $-40.0M | $-4.8M |
| Q4 25 | -3.5% | 3.7% | ||
| Q3 25 | -6.3% | 9.8% | ||
| Q2 25 | -1.4% | 3.2% | ||
| Q1 25 | -10.9% | -3.1% | ||
| Q4 24 | -15.7% | 5.0% | ||
| Q3 24 | -5.1% | 13.5% | ||
| Q2 24 | 7.1% | 5.6% | ||
| Q1 24 | -0.8% | -0.3% |
| Q4 25 | 3.2% | 5.9% | ||
| Q3 25 | 3.3% | 5.2% | ||
| Q2 25 | 2.3% | 4.4% | ||
| Q1 25 | 3.3% | 4.9% | ||
| Q4 24 | 4.7% | 6.2% | ||
| Q3 24 | 3.3% | 4.1% | ||
| Q2 24 | 3.1% | 3.9% | ||
| Q1 24 | 3.5% | 5.1% |
| Q4 25 | — | 1.15× | ||
| Q3 25 | — | 2.08× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.39× | ||
| Q2 24 | 259.50× | 1.66× | ||
| Q1 24 | — | 1.04× |
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% |
CMC
| Steel Products | $670.8M | 32% |
| Downstream Products | $505.3M | 24% |
| Construction Solutions Group | $314.4M | 15% |
| Europe Steel Group | $200.0M | 9% |
| Precast Products | $141.6M | 7% |
| Construction Products | $78.4M | 4% |
| Foley Products Company LLC | $75.1M | 4% |
| Concrete Pipe And Precast LLC | $69.4M | 3% |
| Ground Stabilization Products | $49.9M | 2% |
