(CLF) Cleveland-Cliffs - Overview
Sector: Basic Materials | Industry: Steel | Exchange: NYSE (USA) | Market Cap: 6.406m USD | Total Return: 101.1% in 12m
Avg Turnover: 167M
Qual. Beats: 0
Rev. Trend: -92.0%
Qual. Beats: 1
Warnings
High Debt/EBITDA (58.9) with thin interest coverage (-1.9)
High Debt while negative Cash Flow
Interest Coverage Ratio -1.9 is critical
Altman Z'' 0.66 < 1.0 - financial distress zone
Overextended 1w Choppy
Tailwinds
No distinct edge detected
Cleveland-Cliffs Inc. is a vertically integrated steel producer operating primarily in the United States and Canada. The company manages the full production cycle, from the mining of iron ore and production of pellets to primary steelmaking and downstream finishing. Its product portfolio includes flat-rolled carbon steel, stainless steel, electrical steel, and plate products, alongside specialized components for the automotive and infrastructure sectors.
The company utilizes an integrated business model that reduces reliance on external raw material suppliers by producing its own iron ore and Hot Briquetted Iron (HBI). This vertical integration is a common strategy in the steel industry to mitigate price volatility in raw commodity markets and secure supply chains for high-margin automotive customers. Since rebranding from Cliffs Natural Resources in 2017, the firm has shifted focus from being a merchant iron ore supplier to becoming the largest flat-rolled steel producer in North America.
Investors can further evaluate these operational shifts and historical performance metrics on ValueRay. Founded in 1847 and headquartered in Cleveland, Ohio, the company also provides specialized services including stamping, tooling, and the processing of ferrous scrap.
- Automotive sector demand drives high-margin specialized steel shipment volumes
- Domestic steel prices fluctuate based on hot-rolled coil market spot rates
- Vertical integration of iron ore and scrap reduces raw material cost volatility
- Federal trade protections and tariffs influence domestic market share and pricing power
- Energy costs and emissions regulations impact long-term operational margins and capital expenditure
| Net Income: -1.21b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.05 > 0.02 and ΔFCF/TA 0.10 > 1.0 |
| NWC/Revenue: 17.92% < 20% (prev 19.87%; Δ -1.95% < -1%) |
| CFO/TA -0.02 > 3% & CFO -436.0m > Net Income -1.21b |
| Net Debt (7.89b) to EBITDA (134.0m): 58.90 < 3 |
| Current Ratio: 2.02 > 1.5 & < 3 |
| Outstanding Shares: last quarter (564.3m) vs 12m ago 14.00% < -2% |
| Gross Margin: -2.79% > 18% (prev -0.03%; Δ -276.1% > 0.5%) |
| Asset Turnover: 92.32% > 50% (prev 89.34%; Δ 2.98% > 0%) |
| Interest Coverage Ratio: -1.92 > 6 (EBITDA TTM 134.0m / Interest Expense TTM 602.0m) |
| A: 0.17 (Total Current Assets 6.71b - Total Current Liabilities 3.32b) / Total Assets 20.1b |
| B: -0.04 (Retained Earnings -766.0m / Total Assets 20.1b) |
| C: -0.06 (EBIT TTM -1.15b / Avg Total Assets 20.5b) |
| D: 0.05 (Book Value of Equity 735.0m / Total Liabilities 14.1b) |
| Altman-Z'' = 0.66 = B |
| DSRI: 1.03 (Receivables 1.88b/1.80b, Revenue 18.9b/18.6b) |
| GMI: 1.00 (fallback, negative margins) |
| AQI: 1.03 (AQ_t 0.20 / AQ_t-1 0.20) |
| SGI: 1.02 (Revenue 18.9b / 18.6b) |
| TATA: -0.04 (NI -1.21b - CFO -436.0m) / TA 20.1b) |
| Beneish M = -3.01 (Cap -4..+1) = AA |
As of May 28, 2026, the stock is trading at USD 12.83 with a total of 30,851,109 shares traded.
Over the past week, the price has changed by +26.40%,
over one month by +20.92%,
over three months by +20.36% and
over the past year by +101.10%.
Cleveland-Cliffs has received a consensus analysts rating of 3.33. Therefore, it is recommended to hold CLF.
- StrongBuy: 3
- Buy: 1
- Hold: 6
- Sell: 1
- StrongSell: 1
| Analysts Target Price | 10.5 | -18.2% |
P/E Forward = 29.6736
P/S = 0.3389
P/B = 1.1003
P/EG = 0.4272
Revenue TTM = 18.9b USD
EBIT TTM = -1.15b USD
EBITDA TTM = 134.0m USD
Long Term Debt = 7.76b USD (from longTermDebt, last quarter)
Short Term Debt = 115.0m USD (from shortTermDebt, last fiscal year)
Debt = 7.94b USD (from shortLongTermDebtTotal, last quarter) + Leases 174.1m
Net Debt = 7.89b USD (calculated: Debt 7.94b - CCE 45.0m)
Enterprise Value = 14.3b USD (6.41b + Debt 7.94b - CCE 45.0m)
Interest Coverage Ratio = -1.92 (Ebit TTM -1.15b / Interest Expense TTM 602.0m)
EV/FCF = -14.34x (Enterprise Value 14.3b / FCF TTM -997.0m)
FCF Yield = -6.97% (FCF TTM -997.0m / Enterprise Value 14.3b)
FCF Margin = -5.27% (FCF TTM -997.0m / Revenue TTM 18.9b)
Net Margin = -6.42% (Net Income TTM -1.21b / Revenue TTM 18.9b)
Gross Margin = -2.79% ((Revenue TTM 18.9b - Cost of Revenue TTM 19.4b) / Revenue TTM)
Gross Margin QoQ = -1.67% (prev -4.43%)
Tobins Q-Ratio = 0.71 (Enterprise Value 14.3b / Total Assets 20.1b)
Interest Expense / Debt = 7.58% (Interest Expense 602.0m / Debt 7.94b)
Taxrate = 21.0% (US default 21%)
NOPAT = -911.7m (EBIT -1.15b * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 2.02 (Total Current Assets 6.71b / Total Current Liabilities 3.32b)
Debt / Equity = 1.36 (Debt 7.94b / totalStockholderEquity, last quarter 5.82b)
Debt / EBITDA = 58.90 (Net Debt 7.89b / EBITDA 134.0m)
Debt / FCF = -7.92 (negative FCF - burning cash) (Net Debt 7.89b / FCF TTM -997.0m)
Total Stockholder Equity = 5.81b (last 4 quarters mean from totalStockholderEquity)
RoA = -5.93% (Net Income -1.21b / Total Assets 20.1b)
RoE = -18.47% (Net Income TTM -1.21b / Total Stockholder Equity 6.57b)
RoCE = -8.05% (EBIT -1.15b / Capital Employed (Equity 6.57b + L.T.Debt 7.76b))
RoIC = -5.39% (negative operating profit) (NOPAT -911.7m / Invested Capital 16.9b)
WACC = 8.99% (E(6.41b)/V(14.3b) * Re(12.71%) + D(7.94b)/V(14.3b) * Rd(7.58%) * (1-Tc(0.21)))
Discount Rate = 12.71% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 26.97 | Cagr: 5.07%
[DCF] Fair Price = unknown (Cash Flow -997.0m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.59 | # QB: 0
Revenue Correlation: -92.00 | Revenue CAGR: -7.48% | SUE: 1.15 | # QB: 1
EPS current Quarter (2026-06-30): EPS=-0.20 | Chg30d=-377.88% | Revisions=-33% | Analysts=4
EPS next Quarter (2026-09-30): EPS=0.11 | Chg30d=+29.21% | Revisions=+33% | Analysts=4
EPS current Year (2026-12-31): EPS=-0.43 | Chg30d=-30.33% | Revisions=+0% | GrowthEPS=+82.5% | GrowthRev=+10.9%
EPS next Year (2027-12-31): EPS=0.46 | Chg30d=-4.22% | Revisions=-43% | GrowthEPS=+207.0% | GrowthRev=+2.5%
[Analyst] Revisions Ratio: -43%