Cleveland-Cliffs (CLF) AI Stock Analysis

• Market Cap: $6.50B
• Dividend Yield: N/A
• Average Volume (3M): 34.67M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.60
• Revenue Growth: -6.76%
• EPS Growth: -255.94%
• Country: US
• Employees: 30,000
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): -0.45
• Shares Outstanding: 494,707,460
• 10 Day Avg. Volume: 47,165,017
• 30 Day Avg. Volume: 34,674,029
• PEG Ratio: 0.02
• Price to Book (P/B): 0.68
• Price to Sales (P/S): 0.24
• P/FCF Ratio: -7.65
• Enterprise Value/Market Cap: 2.19
• Enterprise Value/Revenue: 0.77
• Enterprise Value/Gross Profit: -15.51
• Enterprise Value/Ebitda: -43.32
• 1Y Price Target: $12.51
• Price Target Upside: -9.15% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 10

• Rating: 54 Neutral
• Price Target: $13.50 ▼(-1.96% Downside)

Cleveland-Cliffs' overall stock score is primarily influenced by its financial challenges, including declining profitability and high leverage. However, positive technical indicators and strong earnings call highlights, such as improved EBITDA and strategic partnerships, provide some optimism. Valuation concerns due to a negative P/E ratio and lack of dividend yield further weigh down the score.

Positive Factors

Strategic Partnerships

Cleveland-Cliffs' partnership with a global steelmaker enhances its market position, leveraging its U.S. footprint to attract downstream industrial clients, which can lead to sustained revenue growth and market expansion.

Debt Management

By extending the debt maturity runway with no bond maturities until 2029, Cleveland-Cliffs improves its financial flexibility, reducing short-term financial pressure and enhancing long-term stability.

Defense Contract

Securing a long-term defense contract underscores Cleveland-Cliffs' strategic importance and provides a stable revenue stream, enhancing its market position and supporting long-term financial health.

Negative Factors

Profitability Challenges

The negative profit margins indicate significant challenges in cost management and profitability, which could hinder Cleveland-Cliffs' ability to generate sustainable profits and impact long-term financial health.

Rising Debt Levels

Higher leverage reflects increased financial risk, potentially straining cash flow and limiting the company's ability to invest in growth opportunities, affecting long-term stability.

Cash Flow Concerns

Inconsistent cash flow growth poses liquidity risks, limiting Cleveland-Cliffs' ability to fund operations and invest in strategic initiatives, potentially impacting long-term growth and stability.

Cleveland-Cliffs Business Overview & Revenue Model

Company Description

Cleveland-Cliffs Inc. operates as a flat-rolled steel producer in North America. The company offers carbon steel products, such as hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, hot-dip galvannealed, aluminized, enameling, and advanced high-strength steel products; stainless steel products; plates; and grain oriented and non-oriented electrical steel products. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing. In addition, the company offers tinplate products, such as electrolytic tin coated and chrome coated sheet, and tin mill products; tooling and sampling; raw materials; ingots, rolled blooms, and cast blooms; and hot-briquetted iron products. Further, it owns five iron ore mines in Minnesota and Michigan. The company serves automotive, infrastructure and manufacturing, distributors and converters, and steel producers. Cleveland-Cliffs Inc. was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. The company was founded in 1847 and is headquartered in Cleveland, Ohio.

How the Company Makes Money

Cleveland-Cliffs generates revenue primarily through the sale of iron ore pellets, which are essential for steel production. The company has a direct sales model, supplying its products to integrated steel mills and other steel producers. Key revenue streams include contracts for long-term supply agreements and spot market sales, allowing for flexibility in pricing based on market conditions. Additionally, Cleveland-Cliffs benefits from its strategic partnerships with major steel manufacturers, which provide a stable demand for its products. Factors such as global steel demand, pricing of iron ore, operational efficiency, and its ability to manage production costs significantly influence its earnings.

Cleveland-Cliffs Financial Statement Overview

Summary

Cleveland-Cliffs is facing substantial financial difficulties, with negative gross profit and net income, deteriorating cash flow, and a concerning debt-to-equity ratio. The company's financial health is under significant pressure, requiring urgent attention to profitability and leverage management.

Income Statement

Cleveland-Cliffs has faced significant challenges in recent years. The TTM shows negative gross profit and net income, indicating profitability issues. Revenue has decreased from the prior year, and margins such as EBIT and EBITDA have turned negative. The steel industry is cyclically affected, but the current trajectory reflects operational inefficiencies and market pressures.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio, which is concerning given the financial performance. Equity has decreased over the periods, impacting the equity ratio negatively. The company's high leverage poses risks, especially with declining profitability, though the debt levels are not excessively high for the industry.

Cash Flow

Cash flow metrics reveal deterioration, with negative free cash flow in the TTM period. Operating cash flow to net income ratio is negative, highlighting substantial operational cash outflows. The company's ability to generate cash from operations has been severely impacted, suggesting liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	18.62B	19.18B	22.00B	22.99B	20.44B	5.35B
Gross Profit	-919.00M	70.00M	1.39B	2.52B	4.53B	252.00M
EBITDA	-329.00M	378.00M	1.86B	3.11B	5.04B	353.00M
Net Income	-1.68B	-754.00M	399.00M	1.33B	2.99B	-122.00M
Balance Sheet
Total Assets	20.29B	20.95B	17.54B	18.75B	18.98B	16.77B
Cash, Cash Equivalents and Short-Term Investments	66.00M	54.00M	198.00M	26.00M	48.00M	112.00M
Total Debt	8.04B	7.77B	3.59B	4.70B	5.80B	5.99B
Total Liabilities	14.58B	14.05B	9.41B	10.71B	13.20B	13.69B
Stockholders Equity	5.47B	6.66B	7.89B	7.79B	5.49B	2.76B
Cash Flow
Free Cash Flow	-1.55B	-590.00M	1.59B	1.48B	2.08B	-786.00M
Operating Cash Flow	-921.00M	105.00M	2.23B	2.42B	2.79B	-261.00M
Investing Cash Flow	-3.13B	-3.21B	-591.00M	-936.00M	-1.38B	-2.04B
Financing Cash Flow	4.08B	2.97B	-1.47B	-1.51B	-1.47B	2.06B

Cleveland-Cliffs Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.77
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLF, the sentiment is Positive. The current price of 13.77 is above the 20-day moving average (MA) of 13.40, above the 50-day MA of 12.06, and above the 200-day MA of 9.75, indicating a bullish trend. The MACD of 0.44 indicates Positive momentum. The RSI at 54.91 is Neutral, neither overbought nor oversold. The STOCH value of 14.21 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLF.

Cleveland-Cliffs Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STLD	―	$22.51B	20.29	12.47%	1.24%	-1.49%	-31.82%
GGB	―	$6.39B	12.01	5.77%	3.16%	-6.55%	-37.93%
NUE	―	$31.84B	25.04	6.28%	1.53%	-5.78%	-60.07%
MT	―	$32.30B	11.89	4.72%	1.22%	-4.51%	―
CMC	―	$6.78B	82.31	1.99%	1.19%	-1.61%	-81.36%
Sector *	―	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CLF	―	$6.50B	―	-27.16%	―	-6.76%	-255.94%

Cleveland-Cliffs Corporate Events

Cleveland-Cliffs’ Earnings Call Highlights Strategic Gains

Cleveland-Cliffs’ recent earnings call conveyed a positive sentiment, underscoring significant progress in various sectors, notably the automotive sector rebound, strategic partnerships, and strong financial performance. Despite challenges in the Canadian market and reduced shipment volumes, the overall highlights of the call significantly outweighed the lowlights, painting an optimistic picture for the company’s future.

Cleveland-Cliffs Reports Q3 2025 Financial Results

Cleveland-Cliffs Inc. is a leading North American steel producer, specializing in value-added sheet products for the automotive industry, with operations spanning mining, pellet production, and steelmaking. In its third-quarter 2025 earnings report, Cleveland-Cliffs announced a GAAP net loss of $234 million and an adjusted net loss of $223 million, with revenues totaling $4.7 billion. Despite the losses, the company reported an improved adjusted EBITDA of $143 million, indicating a recovery in demand for automotive-grade steel. Key highlights from the report include a strategic focus on automotive steel, bolstered by new trade policies, and a Memorandum of Understanding with a global steel producer to enhance market presence. The company also emphasized its exploration of rare earth mineral opportunities at its mining sites in Michigan and Minnesota, aligning with national strategies for critical material independence. Looking forward, Cleveland-Cliffs anticipates further growth in 2026, driven by its strategic partnerships and market positioning in the U.S. steel industry.

Cleveland-Cliffs Reports Third-Quarter 2025 Financial Results Amid Demand Recovery

Cleveland-Cliffs Inc. reported its third-quarter 2025 financial results, highlighting a revenue of $4.7 billion and a GAAP net loss of $234 million. The company experienced a demand recovery for automotive-grade steel, attributed to the new trade policies enforced by the Trump Administration, which has led to new and expanding supply arrangements.

The most recent analyst rating on (CLF) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on Cleveland-Cliffs stock, see the CLF Stock Forecast page.

Cleveland-Cliffs Expands Senior Notes Offering to Bolster Financial Flexibility

Cleveland-Cliffs Inc. announced the issuance of an additional $275 million of 7.625% Senior Guaranteed Notes due 2034, expanding upon their existing notes issued earlier in September 2025. This move is part of a strategic financial maneuver to strengthen the company’s capital structure, potentially enhancing its market positioning and operational capabilities. The notes, which are unsecured senior obligations, are expected to provide the company with greater financial flexibility, benefiting stakeholders by potentially improving the company’s ability to invest in growth opportunities.

The most recent analyst rating on (CLF) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Cleveland-Cliffs stock, see the CLF Stock Forecast page.

Cleveland-Cliffs Expands Senior Notes Offering by $275 Million

Cleveland-Cliffs Inc. announced the launch and pricing of an additional $275 million in 7.625% Senior Guaranteed Notes due 2034, expanding on a previous issuance of $850 million. This move is expected to enhance the company’s financial flexibility and support its strategic initiatives, with the offering set to close on October 10, 2025, pending customary conditions.

The most recent analyst rating on (CLF) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Cleveland-Cliffs stock, see the CLF Stock Forecast page.

Cleveland-Cliffs Announces $275M Senior Notes Offering

On October 7, 2025, Cleveland-Cliffs Inc. announced the launch and pricing of a private offering of an additional $275 million of 7.625% Senior Guaranteed Notes due 2034, exempt from the registration requirements of the Securities Act of 1933. This issuance is part of the company’s existing notes and is expected to close on October 10, 2025, subject to customary conditions. The proceeds from this offering are intended to repay borrowings under its asset-based credit facility, potentially impacting the company’s financial flexibility and positioning within the steel industry.

The most recent analyst rating on (CLF) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Cleveland-Cliffs stock, see the CLF Stock Forecast page.

Cleveland-Cliffs Issues $850M Senior Notes in Private Deal

On September 8, 2025, Cleveland-Cliffs Inc. issued $850 million in 7.625% Senior Guaranteed Notes due 2034 in a private transaction, exempt from registration under the Securities Act of 1933. The proceeds from these Notes will be used to redeem existing senior notes due in 2027 and repay borrowings under its credit facility, potentially strengthening the company’s financial position and impacting its debt structure.

The most recent analyst rating on (CLF) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Cleveland-Cliffs stock, see the CLF Stock Forecast page.

Cleveland-Cliffs Launches $850M Senior Notes Offering

On September 3, 2025, Cleveland-Cliffs Inc. announced the launch and pricing of a private offering of $850 million in Senior Guaranteed Notes due 2034, with an interest rate of 7.625%. The company also issued notices to redeem its outstanding 2027 Notes, totaling $685 million, with the redemptions contingent on the successful closing of the new Notes offering. This strategic financial maneuver aims to manage the company’s debt profile and potentially improve its financial flexibility, impacting its operations and positioning within the competitive steel industry.

The most recent analyst rating on (CLF) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Cleveland-Cliffs stock, see the CLF Stock Forecast page.