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Cost per Lead
Ad spend divided by the leads it produced.
Cost per lead is ad spend divided by the paid leads it produced, for the selected period.
What is in the denominator
Only leads Ghost could credit to a paid source. Organic and unknown-source leads are not included, because they were not bought.
Why it can look high
A large unknown-source bucket moves leads out of the denominator and pushes cost per lead up. The number is honest about what can be proven, and the way to improve it is better source information rather than a looser rule. See Review Tracking.
When it is unavailable
With no spend, or no paid leads, there is no cost per lead to show.