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Cleveland-Cliffs

NYSE:CLF
Snowflake Description

Solid track record, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CLF
NYSE
$3B
Market Cap
  1. Home
  2. US
  3. Materials
Company description

Cleveland-Cliffs Inc. operates as an iron ore mining company in the United States, Canada, and internationally. The last earnings update was 52 days ago. More info.


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CLF Share Price and Events
7 Day Returns
0.3%
NYSE:CLF
1.3%
US Metals and Mining
0.5%
US Market
1 Year Returns
11%
NYSE:CLF
-24.2%
US Metals and Mining
0.8%
US Market
CLF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cleveland-Cliffs (CLF) 0.3% -4.1% -6.7% 11% 95.7% -33.9%
US Metals and Mining 1.3% 1.8% -5.9% -24.2% 4.7% -18.4%
US Market 0.5% 0.2% 1.1% 0.8% 37.4% 37.5%
1 Year Return vs Industry and Market
  • CLF outperformed the Metals and Mining industry which returned -24.2% over the past year.
  • CLF outperformed the Market in United States of America which returned 0.8% over the past year.
Price Volatility
CLF
Industry
5yr Volatility vs Market

Value

 Is Cleveland-Cliffs undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cleveland-Cliffs to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cleveland-Cliffs.

NYSE:CLF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:CLF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.03
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.026 (1 + (1- 21%) (76.78%))
1.434
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.43
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.434 * 5.96%)
11.28%

Discounted Cash Flow Calculation for NYSE:CLF using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cleveland-Cliffs is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:CLF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 11.28%)
2019 179.75 Analyst x4 161.54
2020 315.80 Analyst x5 255.04
2021 714.00 Analyst x1 518.20
2022 931.99 Est @ 30.53% 607.87
2023 1,138.81 Est @ 22.19% 667.49
2024 1,325.03 Est @ 16.35% 697.95
2025 1,487.55 Est @ 12.27% 704.15
2026 1,627.46 Est @ 9.4% 692.32
2027 1,747.93 Est @ 7.4% 668.22
2028 1,852.82 Est @ 6% 636.54
Present value of next 10 years cash flows $5,609.31
NYSE:CLF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $1,852.82 × (1 + 2.73%) ÷ (11.28% – 2.73%)
$22,273.02
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $22,273.02 ÷ (1 + 11.28%)10
$7,651.97
NYSE:CLF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $5,609.31 + $7,651.97
$13,261.29
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $13,261.29 / 282.85
$46.89
NYSE:CLF Discount to Share Price
Calculation Result
Value per share (USD) From above. $46.89
Current discount Discount to share price of $9.61
= -1 x ($9.61 - $46.89) / $46.89
79.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Cleveland-Cliffs is available for.
Intrinsic value
>50%
Share price is $9.61 vs Future cash flow value of $46.89
Current Discount Checks
For Cleveland-Cliffs to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cleveland-Cliffs's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cleveland-Cliffs's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cleveland-Cliffs's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cleveland-Cliffs's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:CLF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $3.49
NYSE:CLF Share Price ** NYSE (2019-06-14) in USD $9.61
United States of America Metals and Mining Industry PE Ratio Median Figure of 44 Publicly-Listed Metals and Mining Companies 9.15x
United States of America Market PE Ratio Median Figure of 3,091 Publicly-Listed Companies 17.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cleveland-Cliffs.

NYSE:CLF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CLF Share Price ÷ EPS (both in USD)

= 9.61 ÷ 3.49

2.75x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cleveland-Cliffs is good value based on earnings compared to the US Metals and Mining industry average.
  • Cleveland-Cliffs is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Cleveland-Cliffs's expected growth come at a high price?
Raw Data
NYSE:CLF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 2.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-19.8%per year
United States of America Metals and Mining Industry PEG Ratio Median Figure of 24 Publicly-Listed Metals and Mining Companies 0.57x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:CLF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 2.75x ÷ -19.8%

-0.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cleveland-Cliffs earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cleveland-Cliffs's assets?
Raw Data
NYSE:CLF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $0.93
NYSE:CLF Share Price * NYSE (2019-06-14) in USD $9.61
United States of America Metals and Mining Industry PB Ratio Median Figure of 107 Publicly-Listed Metals and Mining Companies 1.38x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NYSE:CLF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CLF Share Price ÷ Book Value per Share (both in USD)

= 9.61 ÷ 0.93

10.39x

* Primary Listing of Cleveland-Cliffs.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cleveland-Cliffs is overvalued based on assets compared to the US Metals and Mining industry average.
X
Value checks
We assess Cleveland-Cliffs's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. Cleveland-Cliffs has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Cleveland-Cliffs expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-19.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cleveland-Cliffs expected to grow at an attractive rate?
  • Cleveland-Cliffs's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Cleveland-Cliffs's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Cleveland-Cliffs's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:CLF Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:CLF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -19.8%
NYSE:CLF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 2.5%
United States of America Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average 18.2%
United States of America Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 5.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:CLF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:CLF Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 2,525 429 2
2020-12-31 2,339 540 412 6
2019-12-31 2,349 645 514 6
NYSE:CLF Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 2,309 529 1,031
2018-12-31 2,332 496 1,040
2018-09-30 2,148 338 749
2018-06-30 2,003 243 572
2018-03-31 1,760 202 428
2017-12-31 1,866 319 365
2017-09-30 2,108 415 130
2017-06-30 2,065 350 84
2017-03-31 2,090 404 12
2016-12-31 1,555 338 97
2016-09-30 1,831 170 58
2016-06-30 1,871 267 110

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cleveland-Cliffs's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Cleveland-Cliffs's revenue is expected to grow by 2.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:CLF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Cleveland-Cliffs Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CLF Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.62 1.79 1.45 2.00
2020-12-31 1.45 1.56 1.14 6.00
2019-12-31 1.77 2.00 1.54 6.00
NYSE:CLF Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 3.49
2018-12-31 3.50
2018-09-30 2.52
2018-06-30 1.93
2018-03-31 1.44
2017-12-31 1.26
2017-09-30 0.48
2017-06-30 0.34
2017-03-31 0.05
2016-12-31 0.49
2016-09-30 0.33
2016-06-30 0.67

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Cleveland-Cliffs is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Cleveland-Cliffs's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cleveland-Cliffs has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Cleveland-Cliffs performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cleveland-Cliffs's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cleveland-Cliffs's year on year earnings growth rate has been positive over the past 5 years.
  • Cleveland-Cliffs's 1-year earnings growth exceeds its 5-year average (141% vs 0%)
  • Cleveland-Cliffs's earnings growth has exceeded the US Metals and Mining industry average in the past year (141% vs 43.8%).
Earnings and Revenue History
Cleveland-Cliffs's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cleveland-Cliffs Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CLF Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 2,309.40 1,031.20 107.70
2018-12-31 2,332.40 1,039.90 102.80
2018-09-30 2,147.90 748.80 91.50
2018-06-30 2,002.80 571.80 85.50
2018-03-31 1,759.80 427.90 85.90
2017-12-31 1,866.00 364.50 95.90
2017-09-30 2,108.20 129.90 131.20
2017-06-30 2,064.80 84.00 131.70
2017-03-31 2,089.70 11.70 121.10
2016-12-31 1,554.50 97.40 108.80
2016-09-30 1,831.00 58.40 109.60
2016-06-30 1,870.90 110.40 100.90
2016-03-31 1,872.80 54.00 109.10
2015-12-31 2,013.30 104.40 110.00
2015-09-30 2,567.60 381.80 108.80
2015-06-30 2,954.10 1,073.50 152.70
2015-03-31 3,203.70 1,191.20 145.10
2014-12-31 3,373.20 1,092.60 154.70
2014-09-30 3,858.70 882.90 199.60
2014-06-30 4,425.60 264.40 206.40
2014-03-31 5,166.40 323.00 244.80
2013-12-31 3,890.80 881.90 178.10
2013-09-30 5,711.50 -1,316.90 333.20
2013-06-30 5,710.00 -1,331.10 369.60
2013-03-31 5,800.80 -1,208.50 418.10
2012-12-31 5,872.70 -935.30 425.30
2012-09-30 5,940.50 883.00 406.80
2012-06-30 6,484.50 1,413.10 385.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Cleveland-Cliffs made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Cleveland-Cliffs used its assets more efficiently than the US Metals and Mining industry average last year based on Return on Assets.
  • Cleveland-Cliffs has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cleveland-Cliffs's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cleveland-Cliffs has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Cleveland-Cliffs's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cleveland-Cliffs's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cleveland-Cliffs is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cleveland-Cliffs's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Cleveland-Cliffs's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cleveland-Cliffs Company Filings, last reported 2 months ago.

NYSE:CLF Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 261.70 2,087.00 430.20
2018-12-31 424.20 2,092.90 823.20
2018-09-30 -86.20 2,315.80 897.10
2018-06-30 -306.30 2,305.80 802.50
2018-03-31 -484.80 2,350.70 786.60
2017-12-31 -444.10 2,304.20 978.30
2017-09-30 -833.10 1,735.90 260.80
2017-06-30 -666.70 1,661.80 321.50
2017-03-31 -703.00 1,697.00 295.30
2016-12-31 -1,330.50 2,175.10 323.40
2016-09-30 -1,400.50 2,259.70 132.20
2016-06-30 -1,678.90 2,556.60 108.20
2016-03-31 -1,696.70 2,572.30 59.90
2015-12-31 -1,811.60 2,699.40 285.20
2015-09-30 -1,759.50 2,796.70 270.20
2015-06-30 -1,740.20 2,973.20 276.20
2015-03-31 -1,782.10 2,972.10 355.70
2014-12-31 -1,734.30 2,826.50 271.30
2014-09-30 -177.30 3,433.60 244.00
2014-06-30 6,829.60 3,661.80 363.50
2014-03-31 6,835.60 3,510.40 364.60
2013-12-31 6,884.30 3,094.60 335.50
2013-09-30 6,934.60 3,562.70 300.50
2013-06-30 6,783.80 3,568.30 263.30
2013-03-31 6,859.00 3,709.60 287.20
2012-12-31 5,760.90 4,054.80 195.20
2012-09-30 7,689.20 4,179.10 36.30
2012-06-30 7,607.50 4,290.70 159.20
  • Cleveland-Cliffs's level of debt (797.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (51.4% vs 797.5% today).
  • Debt is well covered by operating cash flow (25.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.9x coverage).
X
Financial health checks
We assess Cleveland-Cliffs's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cleveland-Cliffs has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Cleveland-Cliffs's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.5%
Current annual income from Cleveland-Cliffs dividends. Estimated to be 2.44% next year.
If you bought $2,000 of Cleveland-Cliffs shares you are expected to receive $50 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Cleveland-Cliffs's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Cleveland-Cliffs's dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Upcoming dividend payment

Purchase Cleveland-Cliffs before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:CLF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
United States of America Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 30 Stocks 2.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:CLF Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.22 2.00
2020-12-31 0.27 5.00
2019-12-31 0.21 5.00
NYSE:CLF Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-31 0.240 2.532
2019-02-20 0.200 1.999
2019-02-08 0.200 1.739
2018-10-19 0.200 2.159
2016-10-27 0.000 0.000
2016-07-28 0.000 0.000
2016-04-28 0.000 0.000
2016-02-24 0.000 0.000
2016-01-27 0.000 0.000
2015-10-29 0.000 0.000
2015-07-29 0.000 0.000
2015-01-26 0.000 0.000
2014-11-04 0.600 7.559
2014-07-28 0.600 4.918
2014-05-13 0.600 3.913
2014-02-11 0.600 3.108
2013-11-12 0.600 2.564
2013-07-09 0.600 2.772
2013-05-07 0.600 3.238
2013-02-13 0.600 2.816
2013-02-12 0.600 1.844
2012-11-13 2.500 7.250
2012-07-10 2.500 6.160
2012-01-11 1.120 1.860
2011-11-08 1.120 1.694
2011-07-11 1.120 1.562
2011-04-13 0.560 0.627
2011-01-11 0.560 0.612
2010-11-09 0.560 0.756
2010-07-13 0.560 0.912
2010-05-11 0.560 1.071
2010-01-12 0.350 0.618
2009-11-10 0.350 0.783
2009-07-15 0.160 0.530

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Cleveland-Cliffs's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (34.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (5.4x coverage).
X
Income/ dividend checks
We assess Cleveland-Cliffs's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cleveland-Cliffs afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cleveland-Cliffs has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Cleveland-Cliffs's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
C. Goncalves
COMPENSATION $15,443,927
AGE 60
TENURE AS CEO 4.8 years
CEO Bio

Mr. C. Lourenco Goncalves has been the Chairman, Chief Executive Officer and President at Cleveland-Cliffs Inc. since August 7, 2014. Mr. Goncalves is responsible for overseeing and facilitating communications between Cliffs' management and the Board, for setting the meeting schedules and agendas and leading Board discussions during Board meetings. He has more than 30 years of experience in the metals and mining industries, as well as extensive Board experience in the United States and abroad. Mr. Goncalves served as the Chief Executive Officer and President at Flag Intermediate Holdings Corporation since February 24, 2003 and served as its Chairman. Mr. Goncalves serves as Director At Large of Metals Service Center Institute. He served as Chairman, Chief Executive Officer and President of Metals USA Holdings Corp. since May 1, 2006 until April 2013. He served as Chief Executive Officer and President of Metals USA Inc., a subsidiary of Metals USA Holdings Corp. since February 24, 2003 and as its Chairman since May 1, 2006. Mr. Goncalves served as the President of the Building Products Group at Flag Intermediate Holdings Corporation since September 2006. He served as President of Flat Rolled Group since April 2003. He served as President and Chief Executive Officer of California Steel Industries Inc. (CSI), from March 1998 to February 21, 2003. From 1981 to 1998, Mr. Goncalves was employed by Companhia Siderurgica Nacional, where he served as Managing Director, general superintendent of Volta Redonda Works, Hot rolling General Manager, cold rolling and coated products general manager, hot strip mill superintendent, continuous casting superintendent and quality control manager. He has been a Director of Metals USA Inc. since February 24, 2003. Mr. Goncalves serves as a Director at Metals USA Holdings Corp. He served as a Director of Flag Intermediate Holdings Corporation since February 24, 2003 and Cleveland-Cliffs Inc. since July 29, 2014. Mr. Goncalves served as a board member of Ascometal SAS from October 2011 to April 2014. Mr. Goncalves is a Metallurgical Engineer with a Masters of Science degree in Metallurgical Engineering from the Federal University of Minas Gerais in Belo Horizonte, Brazil and a Bachelor’s degree in Metallurgical Engineering from the Military Institute of Engineering in Rio de Janeiro, Brazil.

CEO Compensation
  • C.'s compensation has been consistent with company performance over the past year, both up more than 20%.
  • C.'s remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Cleveland-Cliffs management team in years:

4.8
Average Tenure
53
Average Age
  • The tenure for the Cleveland-Cliffs management team is about average.
Management Team

C. Goncalves

TITLE
Chairman
COMPENSATION
$15M
AGE
60
TENURE
4.8 yrs

Cliff Smith

TITLE
Executive VP & COO
COMPENSATION
$2M
AGE
58
TENURE
0.4 yrs

Maurice Harapiak

TITLE
Executive VP of HR & Chief Administration Officer
COMPENSATION
$2M
AGE
56
TENURE
1.4 yrs

Terry Fedor

TITLE
Executive Vice President of Operations
COMPENSATION
$2M
AGE
53
TENURE
5.4 yrs

Keith Koci

TITLE
Executive VP & CFO
AGE
53
TENURE
0.3 yrs

R. Cebula

TITLE
VP, Corporate Controller & Chief Accounting Officer
AGE
47
TENURE
2.3 yrs

Paul Finan

TITLE
Director of Investor Relations

James Graham

TITLE
Executive VP
AGE
52
TENURE
6.3 yrs

Pat Persico

TITLE
Director of Corporate Communications
TENURE
7.1 yrs

Terry Mee

TITLE
Executive Vice President of Global Commercial
AGE
48
TENURE
8.4 yrs
Board of Directors Tenure

Average tenure and age of the Cleveland-Cliffs board of directors in years:

4.8
Average Tenure
60.5
Average Age
  • The tenure for the Cleveland-Cliffs board of directors is about average.
Board of Directors

C. Goncalves

TITLE
Chairman
COMPENSATION
$15M
AGE
60
TENURE
4.8 yrs

Joseph Rutkowski

TITLE
Director
COMPENSATION
$226K
AGE
63
TENURE
4.9 yrs

Douglas Taylor

TITLE
Lead Director
COMPENSATION
$281K
AGE
54
TENURE
4.8 yrs

John Baldwin

TITLE
Director
COMPENSATION
$244K
AGE
61
TENURE
4.8 yrs

Susan Green

TITLE
Director
COMPENSATION
$220K
AGE
59
TENURE
12.4 yrs

Robert Fisher

TITLE
Director
COMPENSATION
$227K
AGE
63
TENURE
4.9 yrs

Gabriel Stoliar

TITLE
Independent Director
COMPENSATION
$220K
AGE
64
TENURE
4.9 yrs

Michael Siegal

TITLE
Director
COMPENSATION
$220K
AGE
66
TENURE
4.8 yrs

Eric Rychel

TITLE
Director
COMPENSATION
$220K
AGE
45
TENURE
2.7 yrs

M. Harlan

TITLE
Independent Director
AGE
58
TENURE
0.4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Cleveland-Cliffs insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
10. Jun 19 Buy C. Goncalves Individual 10. Jun 19 10. Jun 19 10,000 $9.36 $93,597
03. Jun 19 Buy Robert Fisher Individual 03. Jun 19 03. Jun 19 3,000 $8.92 $26,745
23. May 19 Buy Keith Koci Individual 22. May 19 22. May 19 5,000 $9.65 $48,250
13. May 19 Buy Eric Rychel Individual 13. May 19 13. May 19 5,000 $9.70 $48,500
02. May 19 Buy Michael Siegal Individual 01. May 19 01. May 19 7,500 $9.76 $73,200
08. Mar 19 Sell Susan Green Individual 06. Mar 19 06. Mar 19 -12,700 $10.06 $-127,762
28. Feb 19 Buy Keith Koci Individual 27. Feb 19 27. Feb 19 9,000 $11.52 $103,680
19. Feb 19 Buy Keith Koci Individual 15. Feb 19 15. Feb 19 3,200 $11.23 $35,936
X
Management checks
We assess Cleveland-Cliffs's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cleveland-Cliffs has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Does Cleveland-Cliffs Inc.'s (NYSE:CLF) P/E Ratio Signal A Buying Opportunity?

The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Cleveland-Cliffs: P/E of 2.75 = $9.62 ÷ $3.49 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … The higher the P/E ratio, the higher the price tag of a business, relative to its trailing earnings. … NYSE:CLF Price Estimation Relative to Market, June 6th 2019 Its relatively low P/E ratio indicates that Cleveland-Cliffs shareholders think it will struggle to do as well as other companies in its industry classification.

Simply Wall St -

Do Institutions Own Shares In Cleveland-Cliffs Inc. (NYSE:CLF)?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Companies that used to be publicly owned tend to have lower insider ownership. … Our analysis of the ownership of the company, below, shows that

Simply Wall St -

Introducing Cleveland-Cliffs (NYSE:CLF), The Stock That Zoomed 120% In The Last Three Years

(NYSE:CLF) share price has soared 120% in the last three years. … The last week saw the share price soften some 1.4%. … The average annual share price increase of 30% is actually lower than the EPS growth.

Simply Wall St -

Is Cleveland-Cliffs Inc. (NYSE:CLF) A Volatile Stock?

(NYSE:CLF), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … While we should keep in mind that Warren Buffett has cautioned that 'Volatility is far from synonymous with risk', beta is still a useful factor to consider.

Simply Wall St -

Income Investors Should Know The Cleveland-Cliffs Inc. (NYSE:CLF) Ex-Dividend Date

(NYSE:CLF) will be distributing its dividend of US$0.05 per share on the 15 April 2019, and will start trading ex-dividend in 4 days time on the 04 April 2019. … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:? … Will the company be able to keep paying dividend based on the future earnings growth

Simply Wall St -

Should You Worry About Cleveland-Cliffs Inc.'s (NYSE:CLF) CEO Pay?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … Goncalves's Compensation Compare With Similar Sized Companies. … has a market capitalization of US$3.1b, and pays its CEO total annual compensation worth US$24m.

Simply Wall St -

Is Cleveland-Cliffs Inc.’s (NYSE:CLF) 23% ROCE Any Good?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … What is Return On Capital Employed (ROCE)? … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.

Simply Wall St -

Who Has Been Selling Cleveland-Cliffs Inc. (NYSE:CLF) Shares?

The Last 12 Months Of Insider Transactions At Cleveland-Cliffs. … Over the last year, we can see that the biggest insider sale was by Director Susan Green for US$86k worth of shares, at about US$7.62 per share. … Susan Green was the only individual insider to sell shares in the last twelve months.

Simply Wall St -

Here's What Cleveland-Cliffs Inc.'s (NYSE:CLF) P/E Ratio Is Telling Us

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … We'll look at Cleveland-Cliffs Inc.'s (NYSE:CLF) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Cleveland-Cliffs Inc. (NYSE:CLF) Investors Are Paying Above The Intrinsic Value

In this article I am going to calculate the intrinsic value of Cleveland-Cliffs Inc. … by estimating the company's future cash flows and discounting them to their present value. … Discounted Cash Flows (DCF).

Simply Wall St -

Company Info

Description

Cleveland-Cliffs Inc. operates as an iron ore mining company in the United States, Canada, and internationally. The company operates four iron ore mines, including the Tilden mine in Michigan; and the Northshore, United Taconite, and Hibbing mines in Minnesota. It serves integrated steel companies and steel producers. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.

Details
Name: Cleveland-Cliffs Inc.
CLF
Exchange: NYSE
Founded: 1847
$2,718,141,026
282,845,060
Website: http://www.clevelandcliffs.com
Address: Cleveland-Cliffs Inc.
200 Public Square,
Suite 3300,
Cleveland,
Ohio, 44114,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CLF Common Shares New York Stock Exchange US USD 02. Jan 1968
DB CVA Common Shares Deutsche Boerse AG DE EUR 02. Jan 1968
LSE 0I0H Common Shares London Stock Exchange GB USD 02. Jan 1968
BMV CLF * Common Shares Bolsa Mexicana de Valores MX MXN 02. Jan 1968
Number of employees
Current staff
Staff numbers
2,926
Cleveland-Cliffs employees.
Industry
Steel
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 00:28
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/11
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.