Cleveland-Cliffs Inc (CLF) is undervalued and Reliance Inc (RS) is overvalued.
Against our estimates of intrinsic value, CLF trades at the wider discount: a margin of safety of +73%, against -63% for RS.
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 9.5% (average of 3 methods) values the shares at $237.41; the price of $386.95 is 63% above that value, and 74% of that value comes from beyond year five.
Leak Score 43/100 on 10 of 12 signals
| Metric | CLF | RS |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $12.53 | $386.95 |
| Intrinsic value | $47.21 | $237.41 |
| Margin of safety | +73% | -63% |
| Leak Score | 56/100 (2/12) | 43/100 (10/12) |
| Market cap | $7.1B | $19.8B |
| Revenue growth, 5 years | 28.9% | 10.2% |
| Operating margin | -3.9% | 7.9% |
| Net margin | -4.6% | 5.7% |
| Return on equity | -15.2% | 12.2% |
| Debt to equity | 1.37 | 0.27 |
| P/E | — | 22.5x |
| Forward P/E | 16.4x | 16.4x |
| P/B | 1.3x | 2.7x |
| Dividend yield | — | 1.3% |