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Cleveland-CliffsMEX:CLF 63 Net-Net Working Capital is MXN-333.25 as of Mar. 2026. GuruFocus rates MEX:CLF with a GF Score™ of 63/100 and a GF Value™ of MXN211.44 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 179 Steel companies, Cleveland-Cliffs ranks worse than 558658.66% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Cleveland-Cliffs's Net-Net Working Capital for the quarter that ended in Mar. 2026 was MXN-333.25.
The industry rank for Cleveland-Cliffs's Net-Net Working Capital or its related term are showing as below:
MEX:CLF's Price-to-Net-Net-Working-Capital is not ranked *
in the Steel industry.
Industry Median: 4.33 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Cleveland-Cliffs (MEX:CLF) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Cleveland-Cliffs Net-Net Working Capital Related Terms
Cleveland-Cliffs Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Cleveland-Cliffs's Net-Net Working Capital 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.
MEX:CLF vs TX, WS, NWPX: Net-Net Working Capital Comparison
For the Steel subindustry, Cleveland-Cliffs's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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-Net-Net-Working-Capital vs Steel Industry
For the Steel industry and Basic Materials sector, Cleveland-Cliffs's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Cleveland-Cliffs's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of MXN-333.25 mean?
Cleveland-Cliffs (MEX:CLF) has a Net-Net Working Capital of MXN-333.25 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Cleveland-Cliffs According to the industry distribution chart, Cleveland-Cliffs ranks #999999 out of 179 companies in the Steel industry.
Is Cleveland-Cliffs' Net-Net Working Capital too high?
Cleveland-Cliffs' current Net-Net Working Capital is MXN-333.25. Based on the distribution chart, Cleveland-Cliffs ranks #999999 out of 179 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Cleveland-Cliffs has a GF Score™ of 63/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Cleveland-Cliffs' Net-Net Working Capital compare to TX and WS?
According to the Steel industry distribution chart, Cleveland-Cliffs ranks #999999 out of 179 companies for Net-Net Working Capital. This places Cleveland-Cliffs in the lower half of its industry. The industry median Net-Net Working Capital is 4.33. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Steel company?
The median Net-Net Working Capital among Steel companies is 4.33, based on 179 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Cleveland-Cliffs For the Steel industry, the median Net-Net Working Capital is 4.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cleveland-Cliffs's current Net-Net Working Capital is MXN-333.25. 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 MXN211.44, compared to a current price of MXN169.76 — trading 19.7% below its estimated fair value. The current Net-Net Working Capital is MXN-333.25. Cleveland-Cliffs' overall GF Score™ is 63/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Cleveland-Cliffs (MEX:CLF), the current Net-Net Working Capital is MXN-333.25 as of Mar. 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 MXN169.76 is trading 19.7% below its estimated GF Value™ of MXN211.44.
GuruFocus considers Cleveland-Cliffs to be Modestly Undervalued.
Key valuation signals for MEX:CLF:
Net-Net Working Capital: MXN-333.25
GF Value™: MXN211.44 vs. price of MXN169.76 (19.7% below fair value)
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.
63GF Score
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