Cleveland-Cliffs (CLF) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Cleveland-Cliffs

NYSE•Basic Materials•Steel

$12.76+0.61(0.05%)Pre-market

Market Cap

$7.14B

P/S

0.4x

P/B

1.3x

Cleveland-Cliffs Inc. operates as a steel producer in the United States and Canada. It offers hot-rolled, cold-rolled, and coated products, such as aluminized, electrogalvanized, and galvalume products, as well as galvanneal and hot-dipped galvanized products; stainless and electrical products, including GOES, NOES, and auto chrome; plate products; and slab and other steel products. The company also provides non- steelmaking products comprising stamped components, tool and die, and tubing; and scrap, iron ore, HBI, coal, and coke products. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing products. In addition, the company is involved in the mining of iron ore; production of pellets and direct reduced iron; and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. It serves direct automotive, infrastructure and manufacturing, distributors and converters, and steel producers. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.

How this company scores

AverageMetricSide Score: 42/100

Strongest: Balance Sheet & Red Flags (12/25); weakest: Profitability (9/25).

Profitability9/25

Growth10/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality11/25

Strengths

Cash-backed earningsProfit converts from growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 165.4x5y range 2.3x – 165.4x

Currently above its 12-quarter median.

P/S · 0.4x5y range 0.2x – 0.7x

Currently near its 20-quarter median.

P/B · 1.3x5y range 0.6x – 2.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $7.14B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $19.20B
Q. Revenue: $5.23B
TTM EBITDA: $276.00M
TTM Op. Income: $-805.00M
Q. Op. Income: $-49.00M
TTM Net Income: $-907.00M
Q. Net Income: $-145.00M
EPS: $-0.25
Shares Out.: $571.00M

$19.20B in TTM revenue grew 4.0% YoY, reaching $5.23B last quarter. TTM EBITDA of $276.00M and TTM operating income of $-805.00M show growth is flowing through to the bottom line. However, net income is negative at $907.00M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 2.5%
EBITDA Margin: 4.1%
Op. Margin: -0.9%
Net Margin: -2.8%

Op. margin of -0.9% is up 9.2% YoY — cost efficiency is improving. Net margin at -2.8% and gross margin of 2.5% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 0.4x
P/B Ratio: 1.3x

P/S of 0.4x and P/B of 1.3x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $20.11B
Cash: $70.00M
Long-Term Debt: $7.70B
Book Value: $5.60B
D/E Ratio: 1.4
Debt/EBITDA: 36.2

With $20.11B in assets and $7.70B in long-term debt, D/E is 1.4and book value is $5.60B — moderate leverage. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $230.00M
TTM Free Cash Flow: $-857.00M
FCF Margin: -4.5%
FCF / Net Income: 0.9

TTM FCF of $-857.00M on $230.00M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.