Cleveland-Cliffs Inc.

NYSE:CLF Stock Report

Market Cap: US$5.9b

Cleveland-Cliffs Valuation

Is CLF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CLF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CLF ($11.46) is trading below our estimate of fair value ($45.39)

Significantly Below Fair Value: CLF is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CLF?

Key metric: As CLF is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CLF. This is calculated by dividing CLF's market cap by their current revenue.
What is CLF's PS Ratio?
PS Ratio0.3x
SalesUS$19.97b
Market CapUS$5.89b

Price to Sales Ratio vs Peers

How does CLF's PS Ratio compare to its peers?

The above table shows the PS ratio for CLF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.9x
CMC Commercial Metals
0.9x5.1%US$6.9b
TX Ternium
0.4x2.8%US$6.7b
X United States Steel
0.5x3.1%US$8.5b
ATI ATI
1.9x6.0%US$8.3b
CLF Cleveland-Cliffs
0.3x3.5%US$5.9b

Price-To-Sales vs Peers: CLF is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

How does CLF's PS Ratio compare vs other companies in the US Metals and Mining Industry?

24 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.1.3x5.5%
CLF Cleveland-Cliffs
 0.3x3.5%US$5.89b
TX Ternium
0.4x2.8%US$6.71b
ARNC Arconic
0.4x5.8%US$3.01b
CLF 0.3xIndustry Avg. 1.3xNo. of Companies24PS01.63.24.86.48+
24 CompaniesEstimated GrowthMarket Cap
Industry Avg.1.3x21.2%
CLF Cleveland-Cliffs
 0.3x116.7%US$5.89b
No more companies

Price-To-Sales vs Industry: CLF is good value based on its Price-To-Sales Ratio (0.3x) compared to the US Metals and Mining industry average (1.3x).

Price to Sales Ratio vs Fair Ratio

What is CLF's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CLF PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.3x
Fair PS Ratio0.7x

Price-To-Sales vs Fair Ratio: CLF is good value based on its Price-To-Sales Ratio (0.3x) compared to the estimated Fair Price-To-Sales Ratio (0.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CLF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$11.46
US$14.91
+30.1%
22.9%US$21.00US$10.00n/a9
Nov ’25US$13.27
US$14.97
+12.8%
22.7%US$21.00US$10.00n/a9
Oct ’25US$12.99
US$15.52
+19.5%
22.5%US$21.00US$10.00n/a9
Sep ’25US$13.06
US$16.85
+29.0%
19.2%US$23.00US$12.00n/a9
Aug ’25US$14.64
US$17.46
+19.2%
19.1%US$23.00US$12.00n/a8
Jul ’25US$15.39
US$18.21
+18.4%
14.7%US$23.00US$14.00n/a9
Jun ’25US$17.28
US$20.94
+21.2%
15.2%US$25.00US$15.50n/a8
May ’25US$16.70
US$20.88
+25.0%
15.2%US$25.00US$15.50n/a8
Apr ’25US$22.69
US$21.57
-4.9%
11.9%US$25.00US$16.50n/a7
Mar ’25US$21.08
US$21.57
+2.3%
11.9%US$25.00US$16.50n/a7
Feb ’25US$20.36
US$20.93
+2.8%
15.9%US$25.00US$14.30n/a6
Jan ’25US$20.42
US$20.93
+2.5%
15.9%US$25.00US$14.30n/a6
Dec ’24US$18.26
US$20.43
+11.9%
15.8%US$25.00US$14.30n/a6
Nov ’24US$16.76
US$20.10
+19.9%
16.7%US$25.00US$14.30US$13.276
Oct ’24US$15.63
US$19.77
+26.5%
16.1%US$25.00US$14.80US$12.996
Sep ’24US$15.51
US$20.13
+29.8%
17.3%US$26.00US$14.80US$13.066
Aug ’24US$17.67
US$20.50
+16.0%
15.0%US$26.00US$17.00US$14.649
Jul ’24US$16.76
US$21.23
+26.7%
14.7%US$27.00US$17.00US$15.3910
Jun ’24US$14.07
US$21.23
+50.9%
14.7%US$27.00US$17.00US$17.2810
May ’24US$15.21
US$22.76
+49.6%
10.6%US$27.00US$18.30US$16.709
Apr ’24US$18.33
US$23.47
+28.0%
9.8%US$27.00US$19.70US$22.699
Mar ’24US$21.42
US$21.72
+1.4%
18.1%US$26.00US$13.00US$21.0810
Feb ’24US$21.89
US$20.68
-5.5%
22.1%US$27.00US$13.00US$20.3610
Jan ’24US$16.11
US$17.69
+9.8%
26.9%US$27.00US$13.00US$20.429
Dec ’23US$15.86
US$17.53
+10.5%
28.2%US$26.00US$12.00US$18.268
Nov ’23US$13.35
US$18.46
+38.3%
25.2%US$26.00US$13.60US$16.767

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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