Cleveland-Cliffs Inc. (CLF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+37.5%

$20.06

vs $14.60 price

Levered DCF

-$3.27

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.46

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-4.43×	-5.99×	26.18×	6.27×	4.07×	-45.5×	7.92×	2.02×
P/B	1.07×	0.68×	1.32×	1.07×	2.21×	2×	6.5×	5.39×
P/S	0.35×	0.24×	0.47×	0.36×	0.59×	1.03×	1.17×	0.98×
EV / EBITDA	-83.71×	32.35×	7.43×	4.2×	3.55×	32.28×	8.2×	4.58×
Gross margin	-4.1%	0.4%	6.3%	11.0%	22.2%	4.7%	28.9%	34.7%
Operating margin	-7.3%	-3.9%	3.1%	8.4%	19.6%	-2.7%	21.6%	28.9%
Net margin	-7.9%	-3.9%	1.8%	5.8%	14.6%	-2.3%	14.7%	48.4%
Current ratio	1.95×	2.08×	1.89×	2.09×	2.15×	1.81×	2.19×	3.16×
Debt / equity	1.34×	1.17×	0.46×	0.6×	1.06×	2.17×	5.91×	4.93×
Interest coverage	-2.28×	-2.04×	2.34×	7.03×	11.91×	-0.6×	4.25×	5.66×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.7%	5.0%	1.9%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-33.6%	39.7%	3.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-24.2%	-11.3%	5.1%	17.1%	54.4%	-4.4%	81.8%	265.9%
Return on invested capital	-5.7%	-3.2%	3.6%	9.7%	20.5%	-0.4%	13.1%	22.0%
Return on assets	-7.4%	-3.6%	2.3%	7.1%	15.7%	-0.7%	8.4%	32.0%
Free cash flow yield	-15.7%	-13.1%	15.2%	17.7%	17.1%	-14.2%	-4.0%	8.0%
Earnings yield	-22.6%	-16.7%	3.8%	16.0%	24.6%	-2.2%	12.6%	49.4%
Enterprise value	$14.6B	$12.2B	$13.8B	$13B	$17.9B	$11.4B	$4.1B	$3.6B
Net debt / EBITDA	-46.37×	20.42×	1.82×	1.51×	1.14×	16.65×	3.53×	1.64×
Cash conversion cycle (days)	83	89	72	84	110	243	70	52