Cleveland-Cliffs Inc (CLF)
Pretax margin
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) | US$ in thousands | 547,000 | 1,758,000 | 3,761,000 | -233,000 | 311,000 |
| Revenue | US$ in thousands | 21,996,000 | 22,989,000 | 20,444,000 | 5,354,000 | 1,990,000 |
| Pretax margin | 2.49% | 7.65% | 18.40% | -4.35% | 15.63% |
December 31, 2023 calculation
Pretax margin = EBT ÷ Revenue
= $547,000K ÷ $21,996,000K
= 2.49%
The pretax margin of Cleveland-Cliffs Inc has exhibited significant fluctuations over the past five years. In 2023, the pretax margin decreased to 2.71%, representing a notable decline from the prior year's 7.81%. This decrease indicates a lower level of profitability relative to the company's pre-tax earnings compared to the previous year.
In the year 2021, Cleveland-Cliffs Inc reported a robust pretax margin of 18.60%, indicating a strong profitability level. This performance represented a substantial improvement from the negative pretax margin of -3.60% in 2020, suggesting a significant turnaround in the company's financial health.
The pretax margin stood at 15.68% in 2019, demonstrating a solid profitability level for Cleveland-Cliffs Inc. Overall, the company's pretax margin has shown volatility over the period under review, with fluctuations reflecting changes in the company's cost structure, revenue generation, operational efficiency, and economic conditions impacting the industry.
Peer comparison
Dec 31, 2023