Cleveland-cliffs Inc.: what the price is pricing in

There is no current cash flow reading for Cleveland-cliffs Inc.: its latest is from December 31, 2025. Switch lens below to see the other readings and how trading the gap would have done.

No published rating for Cleveland-cliffs Inc.: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet. The readings below run our models backwards for research and show how trading the gap would have done; they are not a valuation or a rating. The valuation page shows the models and their status.

What growth in cash flow is the price paying for?

No current reading. The latest is from December 31, 2025: the figures this lens needs have not been filed recently enough (or no longer apply), so there is no position this quarter.

Quarters with a position2711 long, 16 short, since December 31, 2012

Beat the S&P 50011 of 2740.7% of quarters held

Strategy against the index−99.8%cumulative; worst fall -99.9%

$10,000 became$98S&P 500 bought and held: $39,255

Over time

The growth in owner earnings (free cash flow after stock-based pay) that would justify the share price in our discounted-cash-flow model, against the growth the model itself assumes from the company's record.

Growth our model assumes Growth the price implies Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

StrategyS&P 500, buy and hold Hypothetical, before costs. The strategy holds the S&P 500 and only changes on a signal: it switches into CLF in long quarters and adds a short of CLF in short quarters. The gap between the lines is what the signal added or lost.

Skill or luck?

In plain English: Across 27 quarters with a position, this lens beat the S&P 500 in 11, by −11.3% a quarter on average. That leans towards losing, though it could still be chance. One company is a small sample: the results across all companies are the better guide.

Positions	Quarters	Beat the S&P 500	Average vs S&P 500, a quarter	Typical (median), a quarter	A year	Confidence (t)	Evidence
Longs	11	36.4%	−7.9%	−7.4%	−32.6%	-1.51	Some evidence: worse
Shorts	16	43.8%	−13.7%	−6.7%	−73.4%	-1.39	No reliable evidence
All positions	27	40.7%	−11.3%	−7.3%	−61.1%	-1.85	Some evidence: worse

Each position is measured against the S&P 500 over the same quarter: a long earns the stock's return minus the index's, a short the index's minus the stock's. "A year" compounds the per-quarter results. Evidence: strong at a t-statistic of 2 or more, some from 1.5; "worse" when the result is that far below zero; one company's history is a small sample, so read these alongside the results across all companies.

Every quarter (44)

From	Price paid	Growth the price implies	Growth our model assumes	Position	CLF	S&P 500
December 31, 2025	$13.28	100.0%*	2.0%	Short	−36.4%	−4.4%
September 30, 2025	$12.20	31.3%	4.0%	Short	+8.8%	+2.7%
June 30, 2025	$7.60	13.6%	4.0%	No position	+60.5%	+8.1%
March 31, 2025	$8.22	4.5%	4.0%	No position	−7.5%	+10.8%
December 31, 2024	$9.40	-9.0%	2.0%	Long	−12.6%	−4.3%
September 30, 2024	$12.77	-14.6%	6.2%	Long	−26.4%	+2.5%
June 30, 2024	$15.39	-12.6%	11.1%	Long	−17.0%	+5.8%
March 31, 2024	$22.74	-7.3%	13.0%	Long	−32.3%	+4.4%
December 31, 2023	$20.42	-5.3%	13.0%	Long	+11.4%	+10.4%
September 30, 2023	$15.63	-6.7%	13.0%	Long	+30.6%	+11.6%
June 30, 2023	$16.76	-1.2%	13.0%	Long	−6.7%	−3.2%
March 31, 2023	$18.33	-2.3%	13.0%	Long	−8.6%	+8.7%
December 31, 2022	$16.11	-1.9%	13.0%	Long	+13.8%	+7.5%
September 30, 2022	$13.47	-4.0%	13.0%	Long	+19.6%	+7.6%
June 30, 2022	$15.37	0.9%	13.0%	Long	−12.4%	−4.9%
March 31, 2022	$32.21	14.3%	13.0%	No position	−52.3%	−16.1%
December 31, 2021	$21.77	37.0%	13.0%	Short	+48.0%	−4.6%
June 30, 2020	$5.52	48.4%	2.0%	Short	+16.3%	+9.0%
March 31, 2020	$3.95	16.1%	4.0%	Short	+42.0%	+20.2%
December 31, 2019	$8.40	8.6%	2.9%	No position	−52.6%	−19.4%
September 30, 2019	$7.22	6.5%	12.2%	No position	+18.1%	+9.0%
June 30, 2019	$10.67	9.2%	12.6%	No position	−32.0%	+1.8%
March 31, 2019	$9.99	4.7%	10.5%	No position	+7.3%	+4.2%
December 31, 2018	$7.69	4.1%	2.0%	No position	+30.7%	+13.5%
September 30, 2018	$12.66	17.8%	2.0%	Short	−39.3%	−13.5%
June 30, 2018	$8.43	17.0%	4.0%	Short	+50.2%	+7.7%
March 31, 2018	$6.95	12.2%	4.0%	No position	+21.3%	+3.5%
December 31, 2017	$7.21	5.6%	4.0%	No position	−3.6%	−1.0%
September 30, 2017	$7.15	5.8%	4.0%	No position	+0.8%	+6.8%
June 30, 2017	$6.92	11.3%	4.0%	No position	+3.3%	+4.4%
March 31, 2017	$8.21	23.1%	4.0%	Short	−15.7%	+3.1%
December 31, 2016	$8.41	23.3%	4.0%	Short	−2.4%	+5.9%
September 30, 2016	$5.85	24.2%	4.0%	Short	+43.8%	+4.0%
June 30, 2016	$5.67	26.9%	4.0%	Short	+3.2%	+3.8%
March 31, 2016	$3.00	31.2%	4.0%	Short	+89.0%	+2.5%
December 31, 2015	$1.58	44.2%	4.0%	Short	+89.9%	+1.3%
September 30, 2014	$10.38	30.9%	4.0%	Short	−30.2%	+4.9%
June 30, 2014	$15.05	10.4%	4.0%	No position	−30.4%	+1.1%
March 31, 2014	$20.46	8.4%	2.0%	No position	−25.8%	+5.2%
December 31, 2013	$26.21	29.9%	5.0%	Short	−21.4%	+1.7%
September 30, 2013	$20.50	22.6%	4.7%	Short	+28.6%	+10.5%
June 30, 2013	$16.25	5.0%	7.3%	No position	+26.9%	+5.2%
March 31, 2013	$19.01	1.5%	8.9%	No position	−13.9%	+2.9%
December 31, 2012	$38.57	0.5%	9.5%	No position	−50.5%	+10.5%

Price paid: the closing price that day as traded, before any later share split. * At the edge of the range we solve for.

What growth in earnings is the price paying for?

No current reading. The latest is from September 30, 2024: the figures this lens needs have not been filed recently enough (or no longer apply), so there is no position this quarter.

Quarters with a position2723 long, 4 short, since December 31, 2012

Beat the S&P 50015 of 2755.6% of quarters held

Strategy against the index−74.0%cumulative; worst fall -82.4%

$10,000 became$6,438S&P 500 bought and held: $30,635

Over time

The earnings growth the price-to-earnings ratio requires, against the growth our model assumes. Net income is already after interest, so it is valued at the return shareholders require, plus spare cash (none for banks and insurers, whose cash is funded by deposits and policies), with no debt subtracted.

Growth our model assumes Growth the P/E implies Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

Skill or luck?

In plain English: Across 27 quarters with a position, this lens beat the S&P 500 in 15, by −0.9% a quarter on average. That could easily be chance. One company is a small sample: the results across all companies are the better guide.

Positions	Quarters	Beat the S&P 500	Average vs S&P 500, a quarter	Typical (median), a quarter	A year	Confidence (t)	Evidence
Longs	23	47.8%	−3.0%	−0.6%	−26.2%	-0.50	No reliable evidence
Shorts	4	100.0%	+11.1%	+7.1%	+49.5%	1.80	Too few quarters
All positions	27	55.6%	−0.9%	+3.1%	−18.1%	-0.17	No reliable evidence

Every quarter (34)

From	Price paid	Growth the P/E implies	Growth our model assumes	Position	CLF	S&P 500
September 30, 2024	$12.77	49.5%	6.2%	Short	−26.4%	+2.5%
June 30, 2024	$15.39	5.3%	11.1%	No position	−17.0%	+5.8%
March 31, 2024	$22.74	12.1%	13.0%	No position	−32.3%	+4.4%
December 31, 2023	$20.42	12.7%	13.0%	No position	+11.4%	+10.4%
September 30, 2023	$15.63	15.3%	13.0%	No position	+30.6%	+11.6%
June 30, 2023	$16.76	3.4%	13.0%	No position	−6.7%	−3.2%
March 31, 2023	$18.33	-12.5%	13.0%	Long	−8.6%	+8.7%
December 31, 2022	$16.11	-25.2%	13.0%	Long	+13.8%	+7.5%
September 30, 2022	$13.47	-30.0%*	13.0%	Long	+19.6%	+7.6%
June 30, 2022	$15.37	-30.0%*	13.0%	Long	−12.4%	−4.9%
March 31, 2022	$32.21	-16.3%	13.0%	Long	−52.3%	−16.1%
December 31, 2021	$21.77	-16.9%	13.0%	Long	+48.0%	−4.6%
September 30, 2021	$19.81	-2.0%	13.0%	Long	+9.9%	+11.1%
June 30, 2020	$5.52	-16.7%	2.0%	Long	+16.3%	+9.0%
March 31, 2020	$3.95	-29.8%	4.0%	Long	+42.0%	+20.2%
December 31, 2019	$8.40	-15.4%	2.9%	Long	−52.6%	−19.4%
September 30, 2019	$7.22	-30.0%*	12.2%	Long	+18.1%	+9.0%
June 30, 2019	$10.67	-22.5%	12.6%	Long	−32.0%	+1.8%
March 31, 2019	$9.99	-23.8%	10.5%	Long	+7.3%	+4.2%
December 31, 2018	$7.69	-30.0%*	2.0%	Long	+30.7%	+13.5%
September 30, 2018	$12.66	-13.3%	2.0%	Long	−39.3%	−13.5%
June 30, 2018	$8.43	-16.5%	4.0%	Long	+50.2%	+7.7%
March 31, 2018	$6.95	-18.0%	4.0%	Long	+21.3%	+3.5%
December 31, 2017	$7.21	-0.6%	4.0%	No position	−3.6%	−1.0%
September 30, 2017	$7.15	14.2%	4.0%	Short	+0.8%	+6.8%
June 30, 2017	$6.92	17.9%	4.0%	Short	+3.3%	+4.4%
March 31, 2017	$8.21	-7.8%	4.0%	Long	−15.7%	+3.1%
December 31, 2016	$8.41	20.4%	4.0%	Short	−2.4%	+5.9%
September 30, 2016	$5.85	-12.9%	4.0%	Long	+43.8%	+4.0%
June 30, 2016	$5.67	-18.9%	4.0%	Long	+3.2%	+3.8%
September 30, 2014	$10.38	-3.3%	4.0%	No position	−30.2%	+4.9%
June 30, 2014	$15.05	-10.0%	4.0%	Long	−30.4%	+1.1%
March 31, 2014	$20.46	-9.1%	2.0%	Long	−25.8%	+5.2%
December 31, 2012	$38.57	-15.2%	9.5%	Long	−50.5%	+10.5%

Price paid: the closing price that day as traded, before any later share split. * At the edge of the range we solve for.

Is the price-to-earnings ratio cheap or dear for the growth delivered?

No current reading. The latest is from March 31, 2023: the figures this lens needs have not been filed recently enough (or no longer apply), so there is no position this quarter.

Quarters with a position1111 long, 0 short, since June 30, 2019

Beat the S&P 5006 of 1154.5% of quarters held

Strategy against the index−43.9%cumulative; worst fall -51.7%

$10,000 became$5,373S&P 500 bought and held: $12,423

Over time

The P/E divided by the earnings-per-share growth delivered over three years. Under 0.75 the market pays little for the growth (long); over 3 it pays a lot (short).

EPS growth, 3 years (%) Price-to-earnings ratio (x) Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

Skill or luck?

In plain English: Across 11 quarters with a position, this lens beat the S&P 500 in 6, by −1.7% a quarter on average. That could easily be chance. One company is a small sample: the results across all companies are the better guide.

Positions	Quarters	Beat the S&P 500	Average vs S&P 500, a quarter	Typical (median), a quarter	A year	Confidence (t)	Evidence
Longs	11	54.5%	−1.7%	+6.3%	−19.0%	-0.21	No reliable evidence
Shorts	0	—	—	—	—	—	—
All positions	11	54.5%	−1.7%	+6.3%	−19.0%	-0.21	No reliable evidence

Every quarter (12)

From	Price paid	Price-to-earnings ratio (x)	EPS growth, 3 years (%)	Position	CLF	S&P 500
March 31, 2023	$18.33	7.1x	35.2%	Long	−8.6%	+8.7%
December 31, 2022	$16.11	3.4x	61.3%	Long	+13.8%	+7.5%
September 30, 2022	$13.47	2.0x	44.0%	Long	+19.6%	+7.6%
June 30, 2022	$15.37	2.2x	45.4%	Long	−12.4%	−4.9%
March 31, 2022	$32.21	5.7x	38.7%	Long	−52.3%	−16.1%
December 31, 2021	$21.77	5.5x	14.2%	Long	+48.0%	−4.6%
September 30, 2021	$19.81	13.2x	6.3%	No position	+9.9%	+11.1%
June 30, 2020	$5.52	6.3x	75.5%	Long	+16.3%	+9.0%
March 31, 2020	$3.95	3.8x	5.8%	Long	+42.0%	+20.2%
December 31, 2019	$8.40	7.3x	76.7%	Long	−52.6%	−19.4%
September 30, 2019	$7.22	3.1x	36.8%	Long	+18.1%	+9.0%
June 30, 2019	$10.67	4.6x	21.8%	Long	−32.0%	+1.8%

Price paid: the closing price that day as traded, before any later share split.

What profit margin is the price paying for?

The price implies an owner-earnings margin of 4.6%; the company has kept -2.3%.

Market more optimistic than our model: short this quarter

What the price implies What the company delivered

Quarters with a position243 long, 21 short, since December 31, 2012

Beat the S&P 50013 of 2454.2% of quarters held

Strategy against the index−100.0%cumulative; worst fall -100.0%

$10,000 became$0S&P 500 bought and held: $67,599

Over time

The owner-earnings margin (free cash flow after stock pay, as a share of revenue) the price requires at our model's growth, against the margin the company has delivered over three years.

Margin delivered Margin the price implies Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

Skill or luck?

In plain English: Across 24 quarters with a position, this lens beat the S&P 500 in 13, by −12.2% a quarter on average. That could easily be chance. One company is a small sample: the results across all companies are the better guide.

Positions	Quarters	Beat the S&P 500	Average vs S&P 500, a quarter	Typical (median), a quarter	A year	Confidence (t)	Evidence
Longs	3	0.0%	−37.5%	−28.9%	−87.2%	-3.17	Too few quarters
Shorts	21	61.9%	−8.6%	+1.2%	—	-0.89	No reliable evidence
All positions	24	54.2%	−12.2%	+0.9%	—	-1.40	No reliable evidence

Every quarter (56)

From	Price paid	Margin the price implies	Margin delivered	Position	CLF	S&P 500
September 30, 2026 (open)	$11.01	4.6%	-2.3%	Short	+30.3%	−0.8%
June 30, 2026	$9.39	4.4%	-1.1%	Short	+17.3%	+2.4%
March 31, 2026	$8.45	4.1%	-0.7%	No position	+11.1%	+15.1%
December 31, 2025	$13.28	5.0%	0.0%	No position	−36.4%	−4.4%
September 30, 2025	$12.20	4.2%	1.0%	No position	+8.8%	+2.7%
June 30, 2025	$7.60	3.5%	2.0%	No position	+60.5%	+8.1%
March 31, 2025	$8.22	3.3%	3.2%	No position	−7.5%	+10.8%
December 31, 2024	$9.40	2.7%	5.2%	No position	−12.6%	−4.3%
September 30, 2024	$12.77	2.3%	7.8%	Long	−26.4%	+2.5%
June 30, 2024	$15.39	2.0%	7.8%	Long	−17.0%	+5.8%
March 31, 2024	$22.74	2.3%	7.2%	No position	−32.3%	+4.4%
December 31, 2023	$20.42	2.2%	6.3%	No position	+11.4%	+10.4%
September 30, 2023	$15.63	1.9%	6.0%	No position	+30.6%	+11.6%
June 30, 2023	$16.76	2.1%	4.6%	No position	−6.7%	−3.2%
March 31, 2023	$18.33	2.1%	5.0%	No position	−8.6%	+8.7%
December 31, 2022	$16.11	2.1%	5.0%	No position	+13.8%	+7.5%
September 30, 2022	$13.47	1.9%	5.2%	No position	+19.6%	+7.6%
June 30, 2022	$15.37	2.3%	4.5%	No position	−12.4%	−4.9%
March 31, 2022	$32.21	4.0%	3.7%	No position	−52.3%	−16.1%
December 31, 2021	$21.77	3.9%	1.1%	No position	+48.0%	−4.6%
September 30, 2021	$19.81	5.1%	-5.0%	Short	+9.9%	+11.1%
June 30, 2021	$21.56	7.7%	-8.1%	Short	−8.1%	+0.6%
March 31, 2021	$20.11	10.6%	-7.8%	Short	+7.2%	+8.4%
December 31, 2020	$14.56	10.2%	-4.7%	Short	+38.1%	+6.3%
September 30, 2020	$6.42	14.1%	-5.7%	Short	+126.8%	+12.1%
June 30, 2020	$5.52	20.0%	1.8%	Short	+16.3%	+9.0%
March 31, 2020	$3.95	8.8%	4.5%	No position	+42.0%	+20.2%
December 31, 2019	$8.40	11.6%	8.4%	No position	−52.6%	−19.4%
September 30, 2019	$7.22	5.9%	8.2%	No position	+18.1%	+9.0%
June 30, 2019	$10.67	7.1%	8.6%	No position	−32.0%	+1.8%
March 31, 2019	$9.99	7.2%	10.1%	No position	+7.3%	+4.2%
December 31, 2018	$7.69	11.1%	9.9%	No position	+30.7%	+13.5%
September 30, 2018	$12.66	16.6%	6.8%	Short	−39.3%	−13.5%
June 30, 2018	$8.43	13.0%	6.3%	Short	+50.2%	+7.7%
March 31, 2018	$6.95	10.9%	6.8%	No position	+21.3%	+3.5%
December 31, 2017	$7.21	9.8%	8.9%	No position	−3.6%	−1.0%
September 30, 2017	$7.15	10.0%	9.0%	No position	+0.8%	+6.8%
June 30, 2017	$6.92	9.1%	6.0%	No position	+3.3%	+4.4%
March 31, 2017	$8.21	10.7%	3.7%	Short	−15.7%	+3.1%
December 31, 2016	$8.41	12.1%	4.2%	Short	−2.4%	+5.9%
September 30, 2016	$5.85	10.9%	3.6%	Short	+43.8%	+4.0%
June 30, 2016	$5.67	12.9%	3.7%	Short	+3.2%	+3.8%
March 31, 2016	$3.00	10.3%	2.4%	Short	+89.0%	+2.5%
December 31, 2015	$1.58	6.3%	0.8%	Short	+89.9%	+1.3%
September 30, 2015	$2.44	6.1%	-0.3%	Short	−35.3%	+7.0%
June 30, 2015	$4.33	6.2%	-1.3%	Short	−43.6%	−6.4%
March 31, 2015	$4.81	5.6%	-2.1%	Short	−10.0%	+0.2%
December 31, 2014	$7.14	6.0%	-1.0%	Short	−32.6%	+0.9%
September 30, 2014	$10.38	6.9%	1.6%	Short	−30.2%	+4.9%
June 30, 2014	$15.05	6.5%	4.5%	No position	−30.4%	+1.1%
March 31, 2014	$20.46	8.1%	5.6%	No position	−25.8%	+5.2%
December 31, 2013	$26.21	8.3%	2.1%	Short	−21.4%	+1.7%
September 30, 2013	$20.50	7.5%	2.8%	No position	+28.6%	+10.5%
June 30, 2013	$16.25	5.5%	6.3%	No position	+26.9%	+5.2%
March 31, 2013	$19.01	5.6%	8.6%	No position	−13.9%	+2.9%
December 31, 2012	$38.57	7.4%	12.4%	Long	−50.5%	+10.5%

Price paid: the closing price that day as traded, before any later share split.

What return on equity is the price paying for?

The price implies a return on equity of 9.2%; the company earned -15.3%.

Market more optimistic than our model: short this quarter

What the price implies What the company delivered

Quarters with a position3212 long, 20 short, since December 31, 2012

Beat the S&P 50017 of 3253.1% of quarters held

Strategy against the index−100.0%cumulative; worst fall -100.0%

$10,000 became$0S&P 500 bought and held: $41,134

Over time

The return on equity that justifies the price-to-book ratio, (P/B)(r − g) + g with an 8.5% required return and 2.5% long-run growth, against the return the company delivered last year.

Return on equity delivered Return on equity the price implies Long quarter Short quarter. Lower panel: the share price at each quarter end, adjusted for later share splits and spin-offs (the table below gives the price as traded).

$10,000 trading the gap vs the S&P 500

Skill or luck?

In plain English: Across 32 quarters with a position, this lens beat the S&P 500 in 17, by −3.8% a quarter on average. That could easily be chance. One company is a small sample: the results across all companies are the better guide.

Positions	Quarters	Beat the S&P 500	Average vs S&P 500, a quarter	Typical (median), a quarter	A year	Confidence (t)	Evidence
Longs	12	50.0%	−4.4%	+0.9%	−32.4%	-0.52	No reliable evidence
Shorts	20	55.0%	−3.4%	+2.6%	—	-0.43	No reliable evidence
All positions	32	53.1%	−3.8%	+2.1%	—	-0.65	No reliable evidence

Every quarter (38)

From	Price paid	Return on equity the price implies	Return on equity delivered	Position	CLF	S&P 500
September 30, 2026 (open)	$11.01	9.2%	-15.3%	Short	+30.3%	−0.8%
June 30, 2026	$9.39	8.0%	-20.2%	Short	+17.3%	+2.4%
March 31, 2026	$8.45	7.0%	-23.2%	Short	+11.1%	+15.1%
December 31, 2025	$13.28	9.7%	-27.3%	Short	−36.4%	−4.4%
September 30, 2025	$12.20	8.7%	-25.9%	Short	+8.8%	+2.7%
June 30, 2025	$7.60	6.1%	-17.6%	Short	+60.5%	+8.1%
March 31, 2025	$8.22	6.1%	-10.4%	Short	−7.5%	+10.8%
December 31, 2024	$9.40	6.3%	-6.4%	Short	−12.6%	−4.3%
September 30, 2024	$12.77	7.6%	0.4%	Short	−26.4%	+2.5%
June 30, 2024	$15.39	8.8%	5.1%	No position	−17.0%	+5.8%
March 31, 2024	$22.74	11.3%	4.9%	Short	−32.3%	+4.4%
December 31, 2023	$20.42	10.3%	4.5%	Short	+11.4%	+10.4%
September 30, 2023	$15.63	8.7%	3.1%	Short	+30.6%	+11.6%
June 30, 2023	$16.76	9.4%	6.9%	No position	−6.7%	−3.2%
March 31, 2023	$18.33	9.8%	20.1%	Long	−8.6%	+8.7%
December 31, 2022	$16.11	9.7%	44.4%	Long	+13.8%	+7.5%
September 30, 2022	$13.47	8.8%	71.5%	Long	+19.6%	+7.6%
June 30, 2022	$15.37	10.2%	85.9%	Long	−12.4%	−4.9%
March 31, 2022	$32.21	21.1%	79.6%	Long	−52.3%	−16.1%
December 31, 2021	$21.77	20.4%	89.8%	Long	+48.0%	−4.6%
September 30, 2021	$19.81	24.0%	43.5%	Long	+9.9%	+11.1%
June 30, 2021	$21.56	33.4%	-1.8%	Short	−8.1%	+0.6%
March 31, 2021	$20.11	27.6%	-10.3%	Short	+7.2%	+8.4%
December 31, 2020	$14.56	45.5%	-21.0%	Short	+38.1%	+6.3%
September 30, 2020	$6.42	21.9%	-4.1%	Short	+126.8%	+12.1%
June 30, 2020	$5.52	13.4%	45.1%	Long	+16.3%	+9.0%
March 31, 2020	$3.95	21.3%	74.9%	Long	+42.0%	+20.2%
December 31, 2019	$8.40	41.2%	89.0%	Long	−52.6%	−19.4%
March 31, 2019	$9.99	45.9%	143.7%	Long	+7.3%	+4.2%
December 31, 2014	$7.14	216.2%	-2.6%	Short	−32.6%	+0.9%
September 30, 2014	$10.38	4.1%	1.7%	No position	−30.2%	+4.9%
June 30, 2014	$15.05	4.8%	4.0%	No position	−30.4%	+1.1%
March 31, 2014	$20.46	6.4%	7.7%	No position	−25.8%	+5.2%
December 31, 2013	$26.21	7.4%	-20.6%	Short	−21.4%	+1.7%
September 30, 2013	$20.50	6.4%	-21.5%	Short	+28.6%	+10.5%
June 30, 2013	$16.25	5.0%	-19.7%	Short	+26.9%	+5.2%
March 31, 2013	$19.01	6.0%	-17.3%	Short	−13.9%	+2.9%
December 31, 2012	$38.57	7.7%	15.0%	Long	−50.5%	+10.5%

Price paid: the closing price that day as traded, before any later share split.

How the test works

At each quarter end since March 2010 we rebuild the models from Cleveland-cliffs Inc.'s quarters ending at least 90 days earlier (and no more than 200 days before that), using the figures as later filed, including any restatement, and value them at that day's close, adjusted for later share splits and spin-offs so that price and share count are on the same basis. A wide enough gap is a long or a short for one quarter (growth 10 points; margin and return on equity 5 points; a PEG under 0.75 or over 3), measured on total return against the S&P 500. The rules were set before the test. No trading or borrowing costs; today's list of companies. Not investment advice. All companies and the results across them.

Compare with peers

Head to head: CLF vs STLD CLF vs RS CLF vs NUE

More: Steel stocks compared, Materials sector, rankings of US companies

Figures from Cleveland-cliffs Inc.'s SEC filings (10-K and 10-Q), retrieved October 21, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cleveland-cliffs Inc.