Cleveland-Cliffs Inc (CLF) is undervalued and POSCO Holdings Inc ADR (PKX) is overvalued.
Against our estimates of intrinsic value, CLF trades at the wider discount: a margin of safety of +73%, against -69% for PKX.
Values as of the 22 Sept 2026 close.
A 1.8x revenue multiple, discounted for its losses, values the shares at $47.21; the price of $12.53 is 73% below that value.
Leak Score 56/100 on 2 of 12 signals
Discounting its cash flows at 8.2% values the shares at $34.89; the price of $59.05 is 69% above that value, and 78% of that value comes from beyond year five.
Leak Score 0/100 on 3 of 12 signals
| Metric | CLF | PKX |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $12.53 | $59.05 |
| Intrinsic value | $47.21 | $34.89 |
| Margin of safety | +73% | -69% |
| Leak Score | 56/100 (2/12) | 0/100 (3/12) |
| Market cap | $7.1B | $17.9B |
| Revenue growth, 5 years | 28.9% | -0.1% |
| Operating margin | -3.9% | 3.0% |
| Net margin | -4.6% | 1.9% |
| Return on equity | -15.2% | 2.4% |
| Debt to equity | 1.37 | 0.55 |
| P/E | — | 19.4x |
| Forward P/E | 16.4x | 10.7x |
| P/B | 1.3x | 0.5x |
| Dividend yield | — | 3.0% |