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Cleveland-Cliffs

CLF
15
Steel · Basic Materials
Also trades as: 0I0H.L GBP 0.13 (+7.69%)
Price
$12.98
+0.79 (+6.48%)
Market Cap
$7.41B
Winston Score
15
Winston is worried
Weak fundamentals across most pillars.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
3/30
Growth
Mixed
5/20
Cash Flow
Weak
0/10
Stability
Weak
2/10
Valuation
Data not available
0/10
Ownership
Mixed
4/15
Dividends
Weak
1/5

15 of 100 counted points = Winston Score 15.

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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

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.

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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
1.92%
Small dividend — 1.92% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-40.0%
Dividend cut (-40.0% YoY) — warning sign

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