CLEVELAND-CLIFFS Inc. (CLF) intrinsic value & 10-year financials
CLEVELAND-CLIFFS Inc. (CLF) has a Graham intrinsic value of $25.91 per share. At $12.12 on Oct 17, 2026, the stock trades 53% below that value. Over the last 10 fiscal years revenue grew 33.5% a year to $18.6B, with an average return on invested capital of 23.7%.
- Graham intrinsic value
- $25.91
- Share price (Oct 17, 2026)
- $12.12
- Price vs Graham value
- 53% below
- Market cap
- $6.2B
- Revenue (FY2025)
- $18.6B
- Revenue growth (10-yr CAGR)
- 33.5%
- ROIC (10-yr avg)
- 23.7%
- Free cash flow (FY2025)
- -$1.0B
CLF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $18.6B | -$1.5B | -$2.91 | -$1.0B | -8.5% | -8.1% |
| FY2024 | $19.2B | -$754.0M | -$1.57 | -$590.0M | -3.9% | -4.5% |
| FY2023 | $22.0B | $399.0M | $0.78 | $1.6B | 3.1% | 4.2% |
| FY2022 | $23.0B | $1.3B | $2.55 | $1.5B | 8.4% | 12.6% |
| FY2021 | $20.4B | $3.0B | $5.36 | $2.1B | 19.6% | 33.8% |
| FY2020 | $5.4B | -$122.0M | -$0.32 | -$786.0M | -2.7% | -1.5% |
| FY2019 | $2.0B | $292.8M | $1.03 | -$76.5M | 21.6% | 21.2% |
| FY2018 | $2.2B | $1.1B | $3.71 | $391.0M | 31.0% | 52.9% |
| FY2017 | $1.6B | $367.0M | $1.26 | $186.4M | 25.8% | 67.4% |
| FY2016 | $1.4B | $174.1M | $0.87 | $233.9M | 17.5% | 59.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CLEVELAND-CLIFFS INC. is a consistent compounder, expanding top-line revenue at 33.5% annually over the past decade.
CLEVELAND-CLIFFS INC. has earned high returns on invested capital, averaging 23.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, CLEVELAND-CLIFFS INC. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CLEVELAND-CLIFFS INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $25.91 per share.