Cleveland-Cliffs Inc (CLF)
Pretax margin
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | -989,000 | -531,000 | 80,000 | 542,000 | 547,000 | 477,000 | 346,000 | 650,000 | 1,758,000 | 3,060,000 | 4,506,000 | 4,749,000 | 3,761,000 | 2,705,000 | 1,065,000 | -80,000 | -233,000 | -225,700 | -98,000 | 233,800 |
| Revenue (ttm) | US$ in thousands | 19,185,000 | 19,972,000 | 21,008,000 | 21,900,000 | 21,996,000 | 21,928,000 | 21,976,000 | 22,329,000 | 22,989,000 | 23,291,000 | 23,642,000 | 22,350,000 | 20,444,000 | 17,354,000 | 12,996,000 | 9,044,000 | 5,354,000 | 3,632,100 | 2,541,700 | 2,191,900 |
| Pretax margin | -5.16% | -2.66% | 0.38% | 2.47% | 2.49% | 2.18% | 1.57% | 2.91% | 7.65% | 13.14% | 19.06% | 21.25% | 18.40% | 15.59% | 8.19% | -0.88% | -4.35% | -6.21% | -3.86% | 10.67% |
December 31, 2024 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-989,000K ÷ $19,185,000K
= -5.16%
Cleveland-Cliffs Inc's pretax margin has displayed fluctuations over the period from March 31, 2020, to December 31, 2024. The pretax margin, representing the percentage of each dollar of revenue that turns into pre-tax profit, started positively at 10.67% in March 2020 but then turned negative in the subsequent quarters.
There was a significant decline in the pretax margin in the second and third quarters of 2020, reaching -6.21% by September 30, 2020. This negative trend continued until March 31, 2021, when the pretax margin improved slightly to -0.88%.
From June 30, 2021, the pretax margin reversed its negative trajectory and witnessed a steady increase, reaching 18.40% by December 31, 2021. The positive momentum continued into the next year, with the pretax margin peaking at 21.25% on March 31, 2022.
However, from June 30, 2022, the pretax margin started to decline gradually, falling to 0.38% by June 30, 2024, and turning negative again at -5.16% by December 31, 2024. The fluctuations in pretax margin indicate varying levels of operational efficiency and profitability for Cleveland-Cliffs Inc during the period under review.
Peer comparison
Dec 31, 2024