Cleveland-Cliffs annual debt-to-equity ratio
2008
2009
2010
2011
2012
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2018
2019
2020
2021
2022
2023
2024
2025
Cleveland-Cliffs Debt-to-Equity Ratio Growth & History (CLF)
Cleveland-Cliffs's debt-to-equity ratio was 1.30 for fiscal 2025.
View full Cleveland-Cliffs company overviewCleveland-Cliffs annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.30 | 0.13 | +10.77% |
| 2024 | 2024-12-31 | 1.17 | 0.72 | +157.38% |
| 2023 | 2023-12-31 | 0.46 | −0.15 | −24.58% |
| 2022 | 2022-12-31 | 0.60 | −0.45 | −42.86% |
| 2021 | 2021-12-31 | 1.06 | −1.93 | −64.61% |
| 2020 | 2020-12-31 | 2.98 | −2.95 | −49.71% |
| 2019 | 2019-12-31 | 5.93 | 1.00 | +20.28% |
| 2018 | 2018-12-31 | 4.93 | — | — |
| 2013 | 2013-12-31 | 0.51 | −0.37 | −41.79% |
| 2012 | 2012-12-31 | 0.88 | 0.24 | +37.46% |
| 2011 | 2011-12-31 | 0.64 | 0.19 | +42.95% |
| 2010 | 2010-12-31 | 0.45 | 0.24 | +115.74% |
| 2009 | 2009-12-31 | 0.21 | −0.09 | −31.16% |
| 2008 | 2008-12-31 | 0.30 | — | — |
Cleveland-Cliffs quarterly debt-to-equity ratio
Q4.08
Q2.09
Q3.09
Q4.09
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
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Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
Q4.13
Q1.14
Q2.14
Q3.14
Q4.18
Q1.19
Q2.19
Q3.19
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Q2.20
Q3.20
Q4.20
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Q2.21
Q3.21
Q4.21
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Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 1.37 | 0.05 | +3.51% |
| Q1 2026 | 2026-03-31 | 1.33 | 0.12 | +9.71% |
| Q4 2025 | 2025-12-31 | 1.30 | 0.13 | +10.77% |
| Q3 2025 | 2025-09-30 | 1.47 | 0.92 | +167.10% |
| Q2 2025 | 2025-06-30 | 1.33 | 0.83 | +169.21% |
| Q1 2025 | 2025-03-31 | 1.22 | 0.71 | +138.86% |
| Q4 2024 | 2024-12-31 | 1.17 | 0.72 | +157.38% |
| Q3 2024 | 2024-09-30 | 0.55 | 0.12 | +27.70% |
| Q2 2024 | 2024-06-30 | 0.49 | −0.01 | −2.89% |
| Q1 2024 | 2024-03-31 | 0.51 | −0.10 | −15.78% |
| Q4 2023 | 2023-12-31 | 0.46 | −0.15 | −24.58% |
| Q3 2023 | 2023-09-30 | 0.43 | −0.21 | −32.48% |
| Q2 2023 | 2023-06-30 | 0.51 | −0.19 | −26.78% |
| Q1 2023 | 2023-03-31 | 0.60 | −0.19 | −23.83% |
| Q4 2022 | 2022-12-31 | 0.60 | −0.45 | −42.86% |
| Q3 2022 | 2022-09-30 | 0.64 | −0.71 | −52.54% |
| Q2 2022 | 2022-06-30 | 0.69 | −0.97 | −58.22% |
| Q1 2022 | 2022-03-31 | 0.79 | −1.61 | −66.95% |
| Q4 2021 | 2021-12-31 | 1.06 | −1.93 | −64.61% |
| Q3 2021 | 2021-09-30 | 1.35 | −4.19 | −75.68% |
| Q2 2021 | 2021-06-30 | 1.66 | −4.20 | −71.65% |
| Q1 2021 | 2021-03-31 | 2.40 | −2.77 | −53.58% |
| Q4 2020 | 2020-12-31 | 2.98 | −2.95 | −49.71% |
| Q3 2020 | 2020-09-30 | 5.53 | −0.33 | −5.61% |
| Q2 2020 | 2020-06-30 | 5.86 | −1.51 | −20.53% |
| Q1 2020 | 2020-03-31 | 5.17 | −2.80 | −35.16% |
| Q4 2019 | 2019-12-31 | 5.93 | 1.00 | +20.28% |
| Q3 2019 | 2019-09-30 | 5.86 | — | — |
| Q2 2019 | 2019-06-30 | 7.37 | — | — |
| Q1 2019 | 2019-03-31 | 7.97 | — | — |
| Q4 2018 | 2018-12-31 | 4.93 | — | — |
| Q3 2014 | 2014-09-30 | 105.77 | 105.20 | +18272.06% |
| Q2 2014 | 2014-06-30 | 0.57 | −0.02 | −2.90% |
| Q1 2014 | 2014-03-31 | 0.55 | −0.05 | −9.13% |
| Q4 2013 | 2013-12-31 | 0.51 | −0.37 | −41.79% |
| Q3 2013 | 2013-09-30 | 0.58 | −0.04 | −6.07% |
| Q2 2013 | 2013-06-30 | 0.59 | −0.04 | −6.75% |
| Q1 2013 | 2013-03-31 | 0.60 | 0.00 | +0.65% |
| Q4 2012 | 2012-12-31 | 0.88 | 0.24 | +37.46% |
| Q3 2012 | 2012-09-30 | 0.61 | −0.08 | −11.09% |
| Q2 2012 | 2012-06-30 | 0.63 | −0.08 | −11.39% |
| Q1 2012 | 2012-03-31 | 0.60 | 0.03 | +5.90% |
| Q4 2011 | 2011-12-31 | 0.64 | 0.19 | +42.95% |
| Q3 2011 | 2011-09-30 | 0.69 | 0.19 | +38.32% |
| Q2 2011 | 2011-06-30 | 0.71 | 0.47 | +195.53% |
| Q1 2011 | 2011-03-31 | 0.56 | — | — |
| Q4 2010 | 2010-12-31 | 0.45 | 0.24 | +115.74% |
| Q3 2010 | 2010-09-30 | 0.50 | 0.28 | +128.39% |
| Q2 2010 | 2010-06-30 | 0.24 | 0.01 | +4.27% |
| Q4 2009 | 2009-12-31 | 0.21 | −0.09 | −31.16% |
| Q3 2009 | 2009-09-30 | 0.22 | — | — |
| Q2 2009 | 2009-06-30 | 0.23 | — | — |
| Q4 2008 | 2008-12-31 | 0.30 | — | — |
Cleveland-Cliffs debt-to-equity ratio trends
Over the last five fiscal years, Cleveland-Cliffs's debt-to-equity ratio decreased from 2.98 to 1.30, a change of −1.69. The latest reported quarter, Q2 2026, shows 1.37.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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