Cleveland-Cliffs

CLF

Steel · Basic Materials

Also trades as: 0I0H.L

Price

$11.27

+0.53 (+4.93%)

Market Cap

$6.43B

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Mixed

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Share count falling — buybacks

−11.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 558.0M (2021) → 492.2M (2025)

Winston Score History

The full picture

Cleveland-Cliffs is one of the largest steel producers in the United States. It makes flat-rolled steel, which is used to build cars, appliances, and construction materials. The company also mines iron ore, which is the raw material needed to make steel, giving it more control over its supply chain than most competitors.

Cleveland-Cliffs sells steel mostly to automakers and industrial manufacturers across North America. It earns money by selling steel products directly to these customers, often through long-term contracts that help stabilize revenue. The company grew significantly after acquiring AK Steel and ArcelorMittal USA in 2020 and 2021, making it the largest flat-rolled steel supplier to the U.S. auto industry. However, the current negative margins show the company is spending more than it earns right now, largely due to weak steel prices and high production costs. The biggest risk going forward is that steel prices remain depressed while costs stay elevated, which would continue to pressure profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+100.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

1.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$70M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Cleveland-Cliffs is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

3.2%

Thin — 3.2% gross margin

Profit after running costs

Operating Margin

0.3%

Thin — 0.3% operating margin

Return on the money invested

ROCE

-5.2%

Weak — -5.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+4.0%

Slow sales growth (+4.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-4.5%

Burning cash (-4.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.37

Elevated debt (1.37)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.23%

Moderate income — 2.23% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-40.0%

Dividend cut (-40.0% YoY) — warning sign

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