CLF
Cleveland-Cliffs Inc.
CLF lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
CLF Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Weak |
CLF's revenue is currently healthy, and its profitability is stable, but its cash flow and balance sheet are under pressure.
CLF PE Valuation
CLF has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 7.5x next year's earnings.
CLF Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect CLF to return to profit, with revenue growing. However, they disagree widely on these estimates.
CLF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.74 | — |
| Q3 2026 | -$0.84 | +$2.55 |
| Q2 2026 | -$1.61 | +$1.79 |
| Q1 2026 | -$2.33 | +$0.10 |
| Q4 2025 | -$2.91 | -$1.34 |
| Q3 2025 | -$3.39 | -$2.43 |
| Q2 2025 | -$3.40 | -4350% |
| Q1 2025 | -$2.43 | -424% |
| Q4 2024 | -$1.57 | -301% |
CLF is still losing money, but far less than before: $0.84 per share over the past year, against $3.40 at its worst in mid-2025.
CLF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.6B | +19% |
| Q2 2026 | $5.2B | +5.9% |
| Q1 2026 | $4.9B | +6.3% |
| Q4 2025 | $4.3B | -0.3% |
| Q3 2025 | $4.7B | +3.6% |
| Q2 2025 | $4.9B | -3.1% |
| Q1 2025 | $4.6B | -11% |
| Q4 2024 | $4.3B | -15% |
CLF's revenue is growing: $5.6B last quarter, up 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.5% | +9.8 points |
| Q2 2026 | -0.9% | +9.2 points |
| Q1 2026 | -4.3% | +7.3 points |
| Q4 2025 | -7.7% | +3.1 points |
| Q3 2025 | -4.3% | +1.4 points |
| Q2 2025 | -10% | -10 points |
| Q1 2025 | -12% | -11 points |
| Q4 2024 | -11% | -8.8 points |
CLF's operating margin was 5.5% last quarter, up 9.8 points from the same quarter a year ago.
CLF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $72M | +$372M |
| Q2 2026 | $73M | +$140M |
| Q1 2026 | -$477M | +$26M |
| Q4 2025 | -$153M | +$524M |
| Q3 2025 | -$300M | -$65M |
| Q2 2025 | -$67M | -119% |
| Q1 2025 | -$503M | -$463M |
| Q4 2024 | -$677M | -239% |
CLF has burned cash in six of the last eight quarters: −$485M over the past year, against −$1.5B the year before.
CLF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +3M shares |
| 1 year | +16% | +79M shares |
| 3 years | +13% | +65M shares |
| 5 years | +4.9% | +27M shares |
| Available history | +102% | +290M shares |
CLF has 574M diluted shares, up 16% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | $125M |
| Q1 2024 | $608M |
CLF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 9.8x | High |
| Q2 2026 | 26.9x | High |
| Q4 2024 | 36.0x | High |
| Q3 2024 | 7.0x | High |
| Q2 2024 | 3.0x | Moderate |
| Q1 2024 | 2.2x | Moderate |
| Q4 2023 | 1.8x | Healthy |
| Q3 2023 | 2.2x | Moderate |
CLF's net debt is about 9.8 years of its operating earnings (EBITDA), up from 3.0 years a year ago.
CLF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.0 | Neutral |
| Stochastic | 57.4 | Neutral |
CLF's weekly RSI is 54 (neutral) and its Stochastic is 57 (neutral).
CLF PE vs Basic Materials Sector
| Metric | CLF | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 19x | — |
CLF has no meaningful PE right now: it lost money over the past year.
CLF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.7 | 3.2% above |
| 20 week MA | $11.9 | 10% above |
| 50 week MA | $11.7 | 12% above |
| 100 week MA | $10.8 | 21% above |
| 200 week MA | $13.6 | 4.2% below |
CLF has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 4.2% below its 200-week average.
CLF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.22 | $14.2 | +72% |
| 2021 | $14.2 | $20.3 | +43% |
| 2022 | $20.3 | $16.9 | -17% |
| 2023 | $16.9 | $20.4 | +21% |
| 2024 | $20.4 | $9.24 | -55% |
| 2025 | $9.24 | $13.8 | +50% |
| 2026 YTD | $13.8 | $13.1 | -5.5% |
CLF has finished higher in four of the last six years. It's down 5.5% so far in 2026.