CLF NYSE
Cleveland-Cliffs Inc.
1W: -5.1%
1M: +9.8%
3M: +11.7%
YTD: -1.6%
1Y: +2.5%
3Y: -8.0%
5Y: -37.4%
$13.90
+0.52 (+3.89%)
Weekly Expected Move ±12.3%
$10
$12
$14
$16
$17
Credit Risk of going bust: higher than 84% of companies Debt: 50.0% of company value Bonds: $862.2M held by 447 funds, 245 bp over Treasuries → details ▾
Of US companies ranked in the second-riskiest tenth, about 1 in 87 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $1.32 (down 91%), Cleveland-Cliffs Inc. would be worth roughly what it owes.
Total debt $7.64B against a stock market value of $7.63B.
Distance to default 2.27 (Merton model): prices to 2026-10-26, balance sheet 2026-09-30, debt counted $3.82B (short-term plus half of long-term), stock volatility 66.6%; Altman Z 1.44. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $1.32 (down 91%), Cleveland-Cliffs Inc. would be worth roughly what it owes.
Total debt $7.64B against a stock market value of $7.63B.
Distance to default 2.27 (Merton model): prices to 2026-10-26, balance sheet 2026-09-30, debt counted $3.82B (short-term plus half of long-term), stock volatility 66.6%; Altman Z 1.44. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Cash Flow Trends
Operating Cash Flow
-$462M
-540.0% ▼
Capital Expenditures
$561M
+19.3% ▲
5Y CAGR: +1.3%
Free Cash Flow
-$1.0B
-73.4% ▼
Dividends Paid
$0
+0.0% ▲
Buybacks
$0
+100.0% ▲
Net Change in Cash
$3M
+102.1% ▲
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $3.0B | $1.3B | $398M | -$754M | -$1.4B |
| Depreciation & Amort. | $904M | $1.0B | $973M | $951M | $1.2B |
| Stock-Based Comp. | $0 | $0 | $0 | $0 | $0 |
| Change in Working Capital | -$2.2B | -$171M | $692M | -$217M | $212M |
| Other Non-Cash Items | $326M | $138M | $56M | $320M | $25M |
| Operating Cash Flow | $2.8B | $2.4B | $2.2B | $105M | -$462M |
| — Investing Activities — | |||||
| Capital Expenditures | -$705M | -$943M | -$646M | -$695M | -$561M |
| Acquisitions (Net) | -$707M | -$31M | $0 | -$2.5B | $0 |
| Investment Purchases | $0 | $0 | $0 | $0 | $0 |
| Investment Sales | $0 | $0 | $0 | $0 | $0 |
| Other Investing | $33M | $38M | $55M | -$5M | $82M |
| Investing Cash Flow | -$1.4B | -$936M | -$591M | -$3.2B | -$479M |
| — Financing Activities — | |||||
| Net Debt Issuance | -$319M | -$1.1B | -$1.1B | $3.8B | $159M |
| Stock Repurchased | -$1.3B | -$240M | -$152M | -$733M | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 |
| Other Financing | -$130M | -$166M | -$204M | -$124M | -$168M |
| Financing Cash Flow | -$1.5B | -$1.5B | -$1.5B | $3.0B | $942M |
| Net Change in Cash | -$64M | -$22M | $172M | -$144M | $3M |
| Cash End of Period | $48M | $26M | $198M | $54M | $63M |
| Free Cash Flow | $2.1B | $1.5B | $1.6B | -$590M | -$1.0B |