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What this page is: Delvantic's full research page for Cleveland-Cliffs Inc. (CLF) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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Basic Materials · Steel
Cleveland, OH 44114-2315, United States
clevelandcliffs.com
Price
$12.26
Market Cap
$7.0B
Employees
25,000
Beta
2.12
Avg Volume
24,710,970
Last Dividend
$0.12
CEO
Mr. C. Lourenco Goncalves
Cleveland-Cliffs Inc. is a Cleveland-based industrial company focused on flat-rolled steel production and iron ore pellet supply for the North American market. Cleveland-Cliffs serves customers across automotive, infrastructure, manufacturing, and other industrial sectors through a vertically integrated model that spans raw material sourcing, steelmaking, rolling, finishing, and downstream fabrication services. Its operations also include tubular products, stamping, and tooling, supporting a broad range of metal-intensive applications. The company is organized around steelmaking and related business segments, with an emphasis on supplying high-quality steel products and processed materials to commercial and industrial buyers. Cleveland-Cliffs plays a significant role in the North American steel supply chain by combining mineral inputs, ironmaking capabilities, and finished steel products within a single operating platform.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 9 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Jul 23, 2026.
EPS surprise history — vs analyst consensus · 4 prints of vendor history
+150.0%
Mar '26
+4.8%
Apr '26
+72.7%
Jun '26
+9.1%
Jul '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Jul 23, 2026 | $-0.22 | $-0.20 +9.1% | — | — |
| Jun 11, 2026 | $-0.33 | $-0.09 +72.7% | — | — |
| Apr 20, 2026 | $-0.42 | $-0.40 +4.8% | — | — |
| Mar 4, 2026 | $0.06 | $0.15 +150.0% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
Last updated: Aug 9, 2026 2:57am (22m ago)| Filed | Form | Document |
|---|---|---|
| Aug 7, 2026 | SCHEDULE 13G | View |
| Jul 24, 2026 | 8-K | View |
| Jul 23, 2026 | 10-Q | View |
| Jul 23, 2026 | 8-K | View |
| Jul 2, 2026 | 4 | View |
| Jul 2, 2026 | 4 | View |
| Jun 5, 2026 | 144 | View |
| Jun 5, 2026 | 4 | View |
| May 29, 2026 | SD | View |
| May 20, 2026 | 8-K | View |
| May 19, 2026 | 144 | View |
| May 12, 2026 | SCHEDULE 13G | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 9, 2026 3:20am (just now)
Current data · timestamped when a report runs
$12.26
Change · Aug 9
+0.03 (+0.25%)
Day Range
$11.98 – $12.37
52-Week Range
$7.73 – $16.70
50-Day MA
$11.45
200-Day MA
$11.42
Volume
12,643,500.00
Share Structure
Outstanding
570,527,556.00
Float
564,503,733.00
Free Float
98.9%
High free float
— 98.9% of shares trade freely, ~1.1% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
-4.21
Stock Price: $12.26
EPS (Diluted): -2.91
EPS (Diluted): -2.91
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
0.98
Stock Price: $12.26
Total Equity: $6.32B
Shares: 508,000,000
Total Equity: $6.32B
Shares: 508,000,000
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
-41.27
Market Cap: $6.99B
Total Debt: $7.25B
Cash: $57.00M
EBITDA: -$344.00M
Total Debt: $7.25B
Cash: $57.00M
EBITDA: -$344.00M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$14.2B
Market Cap: $6.99B
Total Debt: $7.25B
Cash: $57.00M
Total Debt: $7.25B
Cash: $57.00M
P/S Ratio (Price per dollar of revenue)
HEXStock Price / Revenue Per Share
0.33
Stock Price: $12.26
Revenue: $18.61B
Shares: 508,000,000
Revenue: $18.61B
Shares: 508,000,000
EV/Sales (Total value vs revenue — works when P/E can't)
CALC0.76
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
-4.6%
Gross Profit: -$860.00M
Revenue: $18.61B
Revenue: $18.61B
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
-8.5%
Operating Income: -$1.58B
Revenue: $18.61B
Revenue: $18.61B
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
-7.9%
Net Income: -$1.48B
Revenue: $18.61B
Revenue: $18.61B
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
-23.4%
Net Income: -$1.48B
Total Equity: $6.32B
Total Equity: $6.32B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
-8.3%
Operating Income: -$1.58B
Tax Rate: 29.0%
Equity: $6.32B
Total Debt: $7.25B
Cash: $57.00M
Tax Rate: 29.0%
Equity: $6.32B
Total Debt: $7.25B
Cash: $57.00M
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
1.95
Current Assets: $6.44B
Current Liabilities: $3.30B
Current Liabilities: $3.30B
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
1.15
Short-Term Debt: $0.00
Long-Term Debt: $7.25B
Total Debt: $7.25B
Total Equity: $6.32B
Long-Term Debt: $7.25B
Total Debt: $7.25B
Total Equity: $6.32B
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$36.63
Revenue: $18.61B
Shares: 508,000,000
Shares: 508,000,000
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$12.45
Total Equity: $6.32B
Shares: 508,000,000
Shares: 508,000,000
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$-2.01
Operating CF: -$462.00M
CapEx: -$561.00M
Shares: 508,000,000
CapEx: -$561.00M
Shares: 508,000,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
1.0%
Last Dividend: $0.12
Stock Price: $12.26
Stock Price: $12.26
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$1.48B
Net Income: -$1.48B
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 6, 2026 3:07am (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $20.4B | $23.0B | $22.0B | $19.2B | $18.6B |
| Cost of Revenue | $15.9B | $20.5B | $20.6B | $19.1B | $19.5B |
| Gross Profit | $4.5B | $2.5B | $1.4B | $70.0M | -$860.0M |
| Operating Expenses | $522.0M | $579.0M | $714.0M | $826.0M | $719.0M |
| Operating Income | $4.0B | $1.9B | $677.0M | -$756.0M | -$1.6B |
| Net Income | $3.0B | $1.3B | $399.0M | -$754.0M | -$1.5B |
| EBITDA | $4.9B | $3.0B | $1.7B | $195.0M | -$344.0M |
| EPS | $5.63 | $2.57 | $0.78 | $-1.57 | $-2.91 |
| EPS (Diluted) | $5.36 | $2.55 | $0.78 | $-1.57 | $-2.91 |
Balance Sheet (Annual)
Last updated: Aug 6, 2026 3:07am (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $48.0M | $26.0M | $198.0M | $54.0M | $57.0M |
| Total Current Assets | $7.7B | $7.4B | $6.6B | $6.9B | $6.4B |
| Total Assets | $19.0B | $18.8B | $17.5B | $20.9B | $20.0B |
| Current Liabilities | $3.6B | $3.5B | $3.5B | $3.3B | $3.3B |
| Long-Term Debt | $5.2B | $4.2B | $3.1B | $7.1B | $7.3B |
| Total Liabilities | $13.2B | $10.7B | $9.4B | $14.1B | $13.7B |
| Total Equity | $5.8B | $8.0B | $8.1B | $6.9B | $6.3B |
| Retained Earnings | -$1.0M | $1.3B | $1.7B | $979.0M | -$529.0M |
Cash Flow (Annual)
Last updated: Aug 6, 2026 3:07am (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $2.8B | $2.4B | $2.3B | $105.0M | -$462.0M |
| Capital Expenditure | -$705.0M | -$943.0M | -$646.0M | -$695.0M | -$561.0M |
| Free Cash Flow | $2.1B | $1.5B | $1.6B | -$590.0M | -$1.0B |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | -$372.0M | -$1.4B | $750.0M | $2.4B | $1.3B |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | -$240.0M | -$152.0M | -$733.0M | $0 |
| Net Change in Cash | -$64.0M | -$22.0M | $172.0M | — | — |
Growth Trends (YoY %)
Last updated: Aug 6, 2026 3:07am (3d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +12.4% | -4.3% | -12.8% | -3.0% |
| Gross Profit Growth | -44.5% | -44.8% | -95.0% | -1,328.6% |
| Operating Income Growth | -51.7% | -65.1% | -211.7% | -108.9% |
| Net Income Growth | -55.3% | -70.1% | -289.0% | -96.0% |
| EBITDA Growth | -39.4% | -44.5% | -88.2% | -276.4% |
Dividend History (Last 20)
Last updated: Aug 9, 2026 2:57am (22m ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2020-04-02 | $0.06 | — | — | — |
| 2020-01-02 | $0.06 | — | — | — |
| 2019-10-03 | $0.06 | — | — | — |
| 2019-07-03 | $0.06 | — | — | — |
| 2019-04-04 | $0.05 | — | — | — |
| 2019-01-03 | $0.05 | — | — | — |
| 2014-11-12 | $0.15 | — | — | — |
| 2014-08-13 | $0.15 | — | — | — |
| 2014-05-21 | $0.15 | — | — | — |
| 2014-02-19 | $0.15 | — | — | — |
| 2013-11-20 | $0.15 | — | — | — |
| 2013-08-13 | $0.15 | — | — | — |
| 2013-05-15 | $0.15 | — | — | — |
| 2013-02-20 | $0.15 | — | — | — |
| 2012-11-20 | $0.63 | — | — | — |
| 2012-08-13 | $0.63 | — | — | — |
| 2012-04-25 | $0.63 | — | — | — |
| 2012-02-13 | $0.28 | — | — | — |
| 2011-11-16 | $0.28 | — | — | — |
| 2011-08-11 | $0.28 | — | — | — |
Insider Trading (Recent)
Last updated: Aug 9, 2026 2:57am (22m ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-01 | CRONIN JANE M. | A-Award | 4,246.00 | $9.42 | $39,997 |
| 2026-07-01 | Bloom Ron A. | A-Award | 4,246.00 | $9.42 | $39,997 |
| 2026-06-05 | Goncalves Celso L Jr | S-Sale | 214,308.00 | $13.41 | $2.9M |
| 2026-04-21 | Yocum Arlene M | A-Award | 15,334.00 | $0.00 | $0 |
| 2026-04-21 | Oren Ben | A-Award | 15,334.00 | $0.00 | $0 |
| 2026-04-21 | MICHAEL RALPH S III | A-Award | 15,334.00 | $0.00 | $0 |
| 2026-04-21 | CRONIN JANE M. | A-Award | 15,334.00 | $0.00 | $0 |
| 2026-04-21 | Camara Edilson | A-Award | 15,334.00 | $0.00 | $0 |
| 2026-04-21 | Bloom Ron A. | A-Award | 15,334.00 | $0.00 | $0 |
| 2026-04-21 | BALDWIN JOHN T | A-Award | 15,334.00 | $0.00 | $0 |
| 2026-04-01 | Stoliar Gabriel | A-Award | 2,418.00 | $8.27 | $19,997 |
| 2026-04-01 | Stoliar Gabriel | F-InKind | 725.00 | $8.27 | $5,996 |
| 2026-04-01 | CRONIN JANE M. | A-Award | 4,534.00 | $8.27 | $37,496 |
| 2026-04-01 | Bloom Ron A. | A-Award | 4,837.00 | $8.27 | $40,002 |
| 2026-02-18 | Floriani Kimberly A | A-Award | 29,573.00 | $0.00 | $0 |
| 2026-02-18 | Graham James D | A-Award | 141,991.00 | $0.00 | $0 |
| 2026-02-18 | Goncalves Celso L Jr | A-Award | 188,531.00 | $0.00 | $0 |
| 2026-02-18 | Koci Keith | A-Award | 163,791.00 | $0.00 | $0 |
| 2026-02-18 | Smith Clifford T | A-Award | 198,128.00 | $0.00 | $0 |
| 2026-02-18 | GONCALVES LOURENCO | A-Award | 650,900.00 | $0.00 | $0 |
Industry Benchmarks
Compares CLF against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for CLF — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for CLF — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for CLF — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for CLF — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · three lenses
Character & Durability Scorecard
Ten long-horizon business-character traits the Quality / Value / Sentiment lenses don’t break out, scored 1–10.
No scorecard yet for CLF — the ten traits are scored by the
pipeline (
ext-scorecard step) when a report is run on this ticker.
No community reviews yet for CLF.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.515 · 9f7cac68 · 2026-08-08 13:09:58