Cleveland-cliffs Inc.

Basic Materials
Metal Mining
www.clevelandcliffs.com

Earnings Score
Moat Score
Safety Score

Market Cap $4.14B
PE -5
Debt $7.15B
Cash $60.00M
EV $11.23B
FCF -$590.00M

Earnings

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Sales & Net Margins

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Earnings	-$754.00M
EBIT	-$756.00M
ROE	-11%
ROA	-4%
FCF	-$590.00M
Equity	$6.90B
Growth Stability	-48%
PE	-5.5
PEG	0.27
PB	0.6
P/FCF	-7.03
P/S	0.22
Price/Cash	0.01
Debt/Equity	1.04
Debt/FCF	-12.12
Net Margins	-4%
Gross Margins	0%
Op. Margins	-4%
Earnings CAGR	12%
Sales Growth YoY	-15%
Sales Growth QoQ	-5%
Sales CAGR	47%
FCF CAGR	19%
Equity CAGR	50%
Earnings Stability	0.09
Earnings Growth YoY	188%
Earnings Growth QoQ	85%

Earnings CAGR 5Y	-21%
Sales CAGR 5Y	51%
FCF CAGR 5Y	-14%
Equity CAGR 5Y	49%
Earnings CAGR 3Y	-6%
Sales CAGR 3Y	-6%
FCF CAGR 3Y	-34%
Equity CAGR 3Y	1%
Market Cap	$4.14B
Revenue	$19.19B
Assets	$20.95B
Total Debt	$7.15B
Cash	$60.00M
Shares Outstanding	480M
EV	11.23B
Earnings Score	8%
Moat Score	9%
Safety Score	36%
Final Score	18%
Working Capital	3.59B
Current Ratio	2.08
Gross Profit	$70.00M
Shares Growth 3y	-4%
Equity Growth QoQ	-3%
Equity Growth YoY	-15%

Assets & ROA

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Stockholders Equity & ROE

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Cleveland-Cliffs Inc is a flat-rolled steel producer and a manufacturer of iron ore pellets in North America. It is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling and tubing. The company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and supplying of steel to the automotive industry in North America. The group employs approximately 26,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada.

SEC Filings

Direct access to Cleveland-cliffs Inc. (CLF) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Cleveland-cliffs Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Cleveland-cliffs Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 12%

Stability 9%

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Cleveland-cliffs Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Cleveland-cliffs Inc..

Years

Calculation mode

= -$22B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$590M	-$702M	-$836M	-$995M	-$1.2B	-$1.4B	-$1.7B	-$2B	-$2.4B	-$2.8B	-$3.4B	-$34B
DCF		-$638M	-$691M	-$747M	-$809M	-$875M	-$947M	-$1B	-$1.1B	-$1.2B	-$1.3B	-$13B
Value	-$22B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-39%	8%	16%	48%	15%	-2%	15%	6%	2%	-4%	-4%
ROA	-	13%	14%	19%	12%	-1%	21%	10%	4%	-4%	-4%
ROE	-	-13%	-82%	266%	82%	-5%	52%	17%	5%	-11%	-11%

Bad Net Margins (-3.93%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	9.45	12.36	5.35	-29.25	-7.16	2.58	2.91	1.97	-12.12	-12.12
Debt over Equity	-1.49	-1.66	-5.19	4.93	6.25	2.4	0.93	0.54	0.39	1.04	1.04
Growth Stability	-	-	-	-	53%	-21%	100%	100%	28%	-48%	-48%

Good Debt/FCF ratio (-12.12)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Neutral Debt/Equity ratio (1.04)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-48%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	5%	10%	0%	-15%	169%	282%	12%	-4%	-13%	51%
Earnings YoY growth	-	-122%	109%	211%	-74%	-142%	-3K%	-55%	-70%	-289%	-21%
Equity YoY growth	-	-27%	-67%	-196%	-16%	554%	147%	39%	1%	-15%	49%
FCF YoY growth	-	-645%	-20%	110%	-120%	927%	-365%	-29%	10%	-136%	-14%