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Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.
As of today (2026-08-31), Cleveland-Cliffs's Intrinsic Value: Projected FCF is $16.00. The stock price of Cleveland-Cliffs is $11.62. Therefore, Cleveland-Cliffs's Price-to-Intrinsic-Value-Projected-FCF of today is 0.7.
The historical rank and industry rank for Cleveland-Cliffs's Intrinsic Value: Projected FCF or its related term are showing as below:
CLF'
s Price-to-Projected-FCF Range Over the Past 10 Years
Min: 0.3 Med: 1.14 Max: 21.08
Current: 0.73
During the past 13 years, the highest Price-to-Intrinsic-Value-Projected-FCF of Cleveland-Cliffs was 21.08. The lowest was 0.30. And the median was 1.14.
CLF's Price-to-Projected-FCF is ranked better than 52.02% of 446
companies
in the Steel industry
Industry Median: 0.74
vs CLF: 0.73
The growth multiple is capped between 8.35 and 17.74.
Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.
Cleveland-Cliffs's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as
Price-to-Intrinsic-Value-Projected-FCF
=
Share Price
/
Intrinsic Value: Projected FCF
=
11.62
/
16.004208424734
=
0.73
* 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 Intrinsic Value: Projected FCF Related Terms
Cleveland-Cliffs Intrinsic Value: Projected FCF Historical Data
* Premium members only.
The historical data trend for Cleveland-Cliffs's Intrinsic Value: Projected FCF 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.
CLF vs TX, WS, NWPX: Intrinsic Value: Projected FCF Comparison
For the Steel subindustry, Cleveland-Cliffs's Price-to-Projected-FCF, along with its competitors' market caps and Price-to-Projected-FCF 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 Price-to-Projected-FCF vs Steel Industry
For the Steel industry and Basic Materials sector, Cleveland-Cliffs's Price-to-Projected-FCF distribution charts can be found below:
* The bar in red indicates where Cleveland-Cliffs's Price-to-Projected-FCF falls into.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.
The details of how we calculate the intrinsic value of stocks are described in detail here.
This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.
* 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.
What does a Intrinsic Value: Projected FCF of $16.00 mean?
Cleveland-Cliffs (CLF) has a Intrinsic Value: Projected FCF of $16.00 as of Aug. 31, 2026. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Cleveland-Cliffs and its competitors. According to the industry distribution chart, Cleveland-Cliffs ranks #214 out of 446 companies in the Steel industry, placing it in the top 48%.
Is Cleveland-Cliffs' Intrinsic Value: Projected FCF too high?
Cleveland-Cliffs' current Intrinsic Value: Projected FCF is $16.00. The Steel industry median Intrinsic Value: Projected FCF is 0.74. Cleveland-Cliffs' value of $16.00 is 2062.2% above this industry median. Based on the distribution chart, Cleveland-Cliffs ranks #214 out of 446 companies in the Steel industry, which is above the industry midpoint. Overall, Cleveland-Cliffs has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Cleveland-Cliffs' Intrinsic Value: Projected FCF compare to TX and WS?
According to the Steel industry distribution chart, Cleveland-Cliffs ranks #214 out of 446 companies for Intrinsic Value: Projected FCF. This puts Cleveland-Cliffs in the upper half of its industry. The industry median Intrinsic Value: Projected FCF is 0.74. Cleveland-Cliffs' value of $16.00 is 2062.2% 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 Intrinsic Value: Projected FCF for a Steel company?
The median Intrinsic Value: Projected FCF among Steel companies is 0.74, based on 446 companies in the industry. Companies in the top quartile (top 25%) have a Intrinsic Value: Projected FCF significantly above this median, while those in the bottom quartile fall well below. However, Intrinsic Value: Projected FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Cleveland-Cliffs's current Intrinsic Value: Projected FCF of $16.00 is 2062.2% 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 Intrinsic Value: Projected FCF mean?
A high Intrinsic Value: Projected FCF can signal that a stock is expensive relative to its fundamentals. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Cleveland-Cliffs and its competitors. For the Steel industry, the median Intrinsic Value: Projected FCF is 0.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cleveland-Cliffs's current Intrinsic Value: Projected FCF is $16.00. 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 (CLF) is currently considered Fairly Valued. The stock's GF Value™ is $11.26, compared to a current price of $11.62 — trading 3.2% above its estimated fair value. The current Intrinsic Value: Projected FCF is $16.00 and 2062.2% above the Steel industry median of 0.74. Cleveland-Cliffs' overall GF Score™ is 75/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Intrinsic Value: Projected FCF calculated?
Intrinsic Value: Projected FCF is calculated from a company's financial statements. For Cleveland-Cliffs (CLF), the current Intrinsic Value: Projected FCF is $16.00 as of Aug. 31, 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 (CLF) Overvalued in 2026?
Based on GuruFocus' analysis, Cleveland-Cliffs stock appears to be overvalued.
The current stock price of $11.62 is trading 3.2% above its estimated GF Value™ of $11.26.
GuruFocus considers Cleveland-Cliffs to be Fairly Valued.
Key valuation signals for CLF:
Intrinsic Value: Projected FCF: $16.00
GF Value™: $11.26 vs. price of $11.62 (3.2% above fair value)
Industry Position: 2062.2% above the Steel median (#214 of 446)
No single metric tells the full story. See the 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.
75GF Score
Get the complete analysis for CLF
Intrinsic Value: Projected FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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