Cleveland-Cliffs (MEX:CLF) Forward PE Ratio Explanation
The Forward PE Ratio of a company is often used to compare current earnings to estimated future earnings, as well as gaining a clearer picture of what earnings will look like without charges and other accounting adjustments. If earnings are expected to grow in the future, the Forward PE Ratio will be lower than the current PE Ratio. This measure is also used to compare one company to another with a forward-looking focus.
Trailing PE Ratio relies on what is already done. It uses the current share price and divides by the total EPS (Basic) over the past 12 months. PE Ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than PE Ratio .
Cleveland-Cliffs Forward PE Ratio Related Terms
Cleveland-Cliffs Forward PE Ratio Historical Data
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The historical data trend for Cleveland-Cliffs's Forward PE Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Cleveland-Cliffs Forward PE Ratio Chart
Cleveland-Cliffs Annual Data
Trend
2018-12
2020-12
2021-12
2022-12
2023-12
2024-12
Forward PE Ratio
4.75
36.36
3.83
7.50
10.50
75.48
Cleveland-Cliffs Quarterly Data
2018-03
2018-06
2018-09
2018-12
2019-03
2019-06
2019-09
2020-03
2020-09
2020-12
2021-03
2021-06
2021-09
2021-12
2022-03
2022-06
2022-09
2022-12
2023-03
2023-06
2023-09
2023-12
2024-03
2024-06
2024-09
2024-12
2025-09
Forward PE Ratio
6.06
5.72
9.17
4.75
5.75
5.55
6.41
10.32
15.41
36.36
6.29
4.16
4.05
3.83
5.14
2.59
5.62
7.50
10.16
11.17
8.01
10.50
13.25
18.08
14.68
75.48
109.16
MEX:CLF vs TX, WS, NWPX: Forward PE Ratio Comparison
For the Steel subindustry, Cleveland-Cliffs's Forward PE Ratio, along with its competitors' market caps and Forward PE Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Cleveland-Cliffs Forward PE Ratio vs Steel Industry
For the Steel industry and Basic Materials sector, Cleveland-Cliffs's Forward PE Ratio distribution charts can be found below:
* The bar in red indicates where Cleveland-Cliffs's Forward PE Ratio falls into.
It's a measure of the price-to-earnings ratio (PE Ratio) using forecasted earnings for the calculation. While the earnings used are just an estimate and are not as reliable as current earnings data, there is still benefit in estimated P/E analysis. The forecasted earnings used in the formula can either be for the next 12 months or for the next full-year fiscal period.
Cleveland-Cliffs (MEX:CLF) has a Forward PE Ratio of 704.63 as of Jul. 09, 2026. Forward P/E ratio is the share price dividend by the expected per-share earnings in the next 12 months. View historical data on Cleveland-Cliffs and its competitors. According to the industry distribution chart, Cleveland-Cliffs ranks #176 out of 178 companies in the Steel industry, placing it in the top 98.9%.
Is Cleveland-Cliffs' Forward PE Ratio too high?
Cleveland-Cliffs' current Forward PE Ratio is 704.63. The Steel industry median Forward PE Ratio is 13.65. Cleveland-Cliffs' value of 704.63 is 5064% above this industry median. Based on the distribution chart, Cleveland-Cliffs ranks #176 out of 178 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Cleveland-Cliffs has a GF Score™ of 54/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Cleveland-Cliffs' Forward PE Ratio compare to TX and WS?
According to the Steel industry distribution chart, Cleveland-Cliffs ranks #176 out of 178 companies for Forward PE Ratio. This places Cleveland-Cliffs in the lower half of its industry. The industry median Forward PE Ratio is 13.65. Cleveland-Cliffs' value of 704.63 is 5064% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward PE Ratio for a Steel company?
The median Forward PE Ratio among Steel companies is 13.65, based on 178 companies in the industry. Companies in the top quartile (top 25%) have a Forward PE Ratio significantly above this median, while those in the bottom quartile fall well below. However, Forward PE Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Cleveland-Cliffs's current Forward PE Ratio of 704.63 is 5064% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Forward PE Ratio mean?
A high Forward PE Ratio can signal that a stock is expensive relative to its fundamentals. Forward P/E ratio is the share price dividend by the expected per-share earnings in the next 12 months. View historical data on Cleveland-Cliffs and its competitors. For the Steel industry, the median Forward PE Ratio is 13.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cleveland-Cliffs's current Forward PE Ratio is 704.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cleveland-Cliffs stock overvalued right now?
Based on GuruFocus' analysis, Cleveland-Cliffs (MEX:CLF) is currently considered Modestly Undervalued. The stock's GF Value™ is MXN207.02, compared to a current price of MXN166.00 — trading 19.8% below its estimated fair value. The current Forward PE Ratio is 704.63 and 5064% above the Steel industry median of 13.65. Cleveland-Cliffs' overall GF Score™ is 54/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward PE Ratio calculated?
Forward PE Ratio is calculated from a company's financial statements. For Cleveland-Cliffs (MEX:CLF), the current Forward PE Ratio is 704.63 as of Jul. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Cleveland-Cliffs (MEX:CLF) Overvalued in 2026?
Based on GuruFocus' analysis, Cleveland-Cliffs stock appears to be undervalued.
The current stock price of MXN166.00 is trading 19.8% below its estimated GF Value™ of MXN207.02.
GuruFocus considers Cleveland-Cliffs to be Modestly Undervalued.
Key valuation signals for MEX:CLF:
Forward PE Ratio: 704.63
GF Value™: MXN207.02 vs. price of MXN166.00 (19.8% below fair value)
Industry Position: 5064% above the Steel median (#176 of 178)
No single metric tells the full story. See the MEX:CLF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cleveland-Cliffs Inc is a flat-rolled steel producer and manufacturer of iron ore pellets in North America. It is organized into four operating segments based on differentiated products, Steelmaking, Tubular, Tooling and Stamping and European Operations, but operates through one reportable segment -Steelmaking. It is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. It serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Geographically, it operates in the United States, Canada and other countries. The majority of revenue is from the United States. It is a supplier of steel to the automotive industry in North America.
54GF Score
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Forward PE Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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