Cleveland-Cliffs Inc. (CLF) AI Stock Analysis

Cleveland-Cliffs Inc. is a leading flat-rolled steel producer in North America. The company produces carbon steel products such as hot-rolled, cold-rolled, electrogalvanized, and advanced high-strength steel, as well as stainless steel, plates, and electrical steel products. It also provides tubular components and tinplate products for automotive, infrastructure, manufacturing, and steel production markets. In addition, Cleveland-Cliffs owns and operates five iron ore mines in Minnesota and Michigan, securing raw materials for its steelmaking operations.

Revenue grew from $20.44B in FY2021 to a peak of $22.99B in FY2022, before decreasing to $22.00B in FY2023, $19.18B in FY2024, and $18.61B in FY2025. Across the 5-year period from FY2020 to FY2025, revenue achieved a CAGR of 28.3%. Operating margin deteriorated from 19.6% in FY2021 to -7.3% in FY2025, while net income fell from $2.99B to -$1.48B. Free cash flow decreased from $2.08B in FY2021 to -$1.02B in FY2025. For the trailing twelve months ended June 30, 2026, revenue stood at $19.20B with an operating margin of 0.3%. In the latest quarter, revenue grew 5.9% year-over-year while quarterly earnings fell 99.4%.

As of June 30, 2026, Cleveland-Cliffs held $70.0M in cash and short-term investments and $7.70B in total debt, resulting in net debt of $7.63B. Shareholders' equity was $5.60B across total assets of $20.11B, reflecting a debt-to-equity ratio of 1.37 and a current ratio of 1.89. In FY2025, capital expenditures were $561.0M, operating cash flow was -$462.0M, and share issuance totaled $951.0M. Over five years, the company's share count increased by 8.1%.

At a last close of $12.12, Cleveland-Cliffs has a market cap of $6.91B and an enterprise value of $14.98B. The stock trades at a forward P/E of 16.0x, higher than the 13.4x median of its US-listed Basic Materials peers. Its EV/EBITDA of 31.0x stands above the peer median of 10.5x, while its price-to-sales multiple of 0.4x is lower than the peer median of 1.8x. Over the past year, CLF delivered a return of -10.6%, trailing the S&P 500 (SPY) return of 16.8%. Over five years, the stock returned -43.5% versus 83.0% for the S&P 500.

Wall Street analysts maintain 2 Strong Buy, 0 Buy, 10 Hold, 1 Sell, and 0 Strong Sell ratings on Cleveland-Cliffs. The mean price target is $12.60, representing a 4.0% premium over the last close of $12.12. For FY2026, consensus estimates project an EPS of -$0.17 on revenue of $21.58B. For FY2027, 8 analysts estimate EPS of $0.95 and revenue of $22.51B, representing expected revenue growth of 4.3%. The company beat EPS estimates in 3 of the last 4 quarters, and its next earnings date is October 19, 2026.

This page is an AI-written research summary of Cleveland-Cliffs Inc. (CLF). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: CLF income statement, CLF balance sheet, CLF key metrics, CLF analyst forecast, CLF chart. See the CLF stock overview for the latest quote and news.