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CLFCleveland-Cliffs Inc.
$11.46$6.5B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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CLF logo

Cleveland-Cliffs Inc.

CLF
NYSE · Steel & Aluminum
$11.46
At close - Nov 6, 4:00 PM EST - USD
Market Cap$6.54B
P/E-14.2x
52W High$15.35
Volume16.77M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Persistent Negative Margins Mask Modest Revenue Stabilization

Cleveland-Cliffs faces a severe profitability crisis, with TTM gross margin at -4.1% and net losses in nine of the last ten quarters, including a -$495M net loss in 2025Q1.

GrowthDecelerating
ProfitabilityNegative
ValuationExpensive
TechnicalsMixed
Explore valuation models
MARKET ACTION

CLF price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

8/12 Beats

EPS beat 8 of last 12 quarters

02

Valuation risk

-177% Peers

P/E is 177% below peer median

03

Market leadership

RS 70 · Avg

Average momentum (RS Rating: 70)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Jan 19
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue has stabilized at $5.2B in 2026Q2 with 5.9% growth, but gross margin remains deeply negative at -4.1% TTM, with COGS exceeding revenue in six of the last ten quarters.

Analyst Consensus+22.2% target
Hold(44 analysts)
11 Buy22 Hold11 Sell

The Bull Case

Upside Catalysts

Strong WallStreetBets interest

Multiple bullish theses on Cleveland-Cliffs Inc. (CLF) have been highlighted on platforms like r/wallstreetbets and Substack, indicating strong retail investor interest.

Attractive valuation metrics

CLF's trailing and forward P/E ratios of 133.67 and 62.89, respectively, suggest potential undervaluation or growth expectations, as noted by Yahoo Finance.

Strategic geographic location

Cleveland's position as a major St. Lawrence Seaway port on Lake Erie provides logistical advantages for Cleveland-Cliffs Inc.'s operations and distribution.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
CLF-15.74%
S&P 500 (^GSPC)+7.63%
1-Year Return
CLF+13.58%
S&P 500 (^GSPC)+9.69%
3-Year Return
CLF-33.99%
S&P 500 (^GSPC)+70.83%
5-Year Return
CLF-51.42%
S&P 500 (^GSPC)+58.88%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
-14.2x
Forward P/E
285.1x
EV/EBITDA75th %ile
17.3x
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-14.2x
6.3x
0th· Low
EV/EBITDA
17.3x
8.4x
75th· Fair
Price/FCF
N/A
5.8x
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$18.61B-3.0% YoY
Net income FY25
-$1.48B-96.0% YoY
Free cash flow FY25
-$1.02B-73.4% YoY
Operating margin FY25
-7.3%-3.3 pts YoY
ROIC (FY25)-7%
Avg ROIC 5Y6.8%
ROE (TTM)-7.8%
Piotroski Score2 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate8/12 (67%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 19, 2026
$0.28+30.8%
vs $0.21
$5.6B-1.5%
vs $5.7B
Q3 2026
Jul 23, 2026
-$0.20+4.0%
vs -$0.21
$5.2B+1.6%
vs $5.1B
Q2 2026
Apr 20, 2026
-$0.40+9.1%
vs -$0.44
$4.9B+2.4%
vs $4.8B
Q1 2026
Feb 9, 2026
-$0.43+30.6%
vs -$0.62
$4.3B-5.5%
vs $4.6B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Business Wire·1d ago
Cleveland-Cliffs Reaches New Four-Year Labor Agreements with United Steelworkers

CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE:CLF) today announced that it has reached new four-year labor agreements with the United Steelworkers (USW) across its operating footprint. The agreements cover approximately 12,000 USW-represented employees across the Company's steel plants and mining operations in Indiana, Ohio, Pennsylvania, Minnesota, and Michigan. The agreements resolve all USW labor contracts currently up for renewal. Lourenco Goncalves, Chairman and Chief Executive O.

Defense World·2d ago
Cleveland-Cliffs Sees Unusually High Options Volume (NYSE:CLF)

Cleveland-Cliffs Inc. (NYSE: CLF - Get Free Report) saw some unusual options trading activity on Wednesday. Investors bought 77,824 put options on the stock. This is an increase of 54% compared to the average volume of 50,450 put options. Insiders Place Their Bets In other news, Director Edilson Camara bought 7,400 shares of the firm's stock

Zacks Investment Research·4d ago
Is ClevelandCliffs (CLF) Outperforming Other Basic Materials Stocks This Year?

Here is how Cleveland-Cliffs (CLF) and ELEMENTIS (ELMTY) have performed compared to their sector so far this year.

Benzinga·4d ago
UnitedHealth, Cleveland-Cliffs, Regeneron Pharmaceuticals And More: CNBC's ‘Final Trades'

On CNBC's “Halftime Report Final Trades,” Jim Lebenthal, partner and chief market strategist at Cerity Partners, picked Cleveland-Cliffs Inc. (NYSE:CLF).

Filtered for Cleveland-Cliffs Inc.More Headlines
04

Compare before deciding

Benchmark CLF against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Cleveland-Cliffs Inc. (CLF)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
CLF logoCLFCleveland-Cliffs Inc.Current
$11.46$6.54B-14.16-3%-2.36%-7.84%—
NUE logoNUENucor Corporation
$244.97$55.79B15.445.73%9.26%15.63%0.91%
STLD logoSTLDSteel Dynamics, Inc.
$222.90$32.15B16.343.63%8.82%21.07%0.88%
CMC logoCMCCommercial Metals Company
$62.28$6.89B10.5920.46%6.98%14.62%1.21%
RS logoRSReliance Steel & Aluminum Co.
$417.00$21.29B19.333.32%6.38%15.05%1.16%
WS logoWSWorthington Steel, Inc.
$36.72$1.87B-62.2411.33%-0.56%-2.08%1.78%

Compare CLF vs Peers

Cleveland-Cliffs Inc. (CLF) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NUE

Most directly comparable listed peer for CLF.

Scale Benchmark

vs CAT

Larger-name benchmark to compare CLF against a more recognizable public peer.

Peer Set

Compare Top 5

vs NUE, STLD, CMC, RS

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

CLF SEC Filings & Documents

Cleveland-Cliffs Inc. (CLF) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Oct 19, 2026·SEC

Material company update

Jul 24, 2026·SEC

Material company update

Jul 23, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 9, 2026·SEC

FY 2025

Feb 25, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Oct 20, 2026·SEC

FY 2026

Jul 23, 2026·SEC

FY 2026

Apr 21, 2026·SEC

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CLF Frequently Asked Questions

Cleveland-Cliffs Inc. (CLF) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Cleveland-Cliffs Inc.'s revenue?

Cleveland-Cliffs Inc. (CLF) reported $20.07B in revenue over the trailing twelve months. Revenue was $18.61B in fiscal year 2025. That is 3598% more than the $503.2M of fiscal year 1996.

How fast is Cleveland-Cliffs Inc. growing?

Cleveland-Cliffs Inc. (CLF) grew revenue by 7.8% over the trailing twelve months, compared with the twelve months before.

Is CLF profitable?

No. Cleveland-Cliffs Inc. (CLF) reported a net loss of $473.0M over the trailing twelve months.

Dividend & Returns
What is CLF's return on equity?

Cleveland-Cliffs Inc. (CLF) had a return on equity (ROE) of -7.8% over the trailing twelve months. A negative ROE means the company lost money over the period.

What is Cleveland-Cliffs Inc.'s free cash flow?

Cleveland-Cliffs Inc. (CLF) had negative free cash flow of $485.0M over the trailing twelve months.

What if you invested $1,000 in CLF back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →