Cleveland-Cliffs

CLF

Steel · Basic Materials

Price

$9.28

-0.25 (-2.62%)

Market Cap

$5.29B

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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)

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.

Winston Score History

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

+6.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+58.0% 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

Relatively low insider ownership

Cash Runway

~0 months

$45M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Cleveland-Cliffs has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

Gross Margin

-1.7%

Thin — -1.7% gross margin

Operating Margin

-4.2%

Losing money on operations — -4.2%

ROCE

-1.5%

Weak — -1.5% return on capital

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

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Growth

Sales YoY

+1.5%

Nearly flat sales (1.5% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-5.3%

Burning cash (-5.3%)

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

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Stability

Debt / Equity

1.33

Elevated debt (1.33)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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