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Cleveland-Cliffs vs Ferroglobe: revenue, profit, margins and growth compared

Cleveland-Cliffs brought in $18.6B of revenue in fiscal 2025, Ferroglobe $1.3B in fiscal 2025. Revenue changed by -3.0% at Cleveland-Cliffs and -18.8% at Ferroglobe on the year before, so Cleveland-Cliffs grew faster. Cleveland-Cliffs kept -7.9% of its revenue as net profit, Ferroglobe -12.8%. Free cash flow was -$1B at Cleveland-Cliffs and -$10.2M at Ferroglobe.

Side by side, latest fiscal year

CLFGSM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.6B$1.3B
Revenue growth-3.0%-18.8%
Net income-$1.5B-$170.7M
Net margin-7.9%-12.8%
Free cash flow-$1B-$10.2M
Free cash flow margin-5.5%-0.8%
Earnings per share (diluted)-$2.91-$0.91
Cash$57M$122.8M
Debt$7.3B$140M
Price to earningsn/an/a
Market value$6.9B$760.5M
Dividend yieldn/an/a
Rank by revenue in sector#4 of 71 · Basic materials#34 of 71 · Basic materials

Over the years

Revenue
CLF FY2018: $2.3BCLF FY2019: $2BCLF FY2020: $5.4BCLF FY2021: $20.4BCLF FY2022: $23BCLF FY2023: $22BCLF FY2024: $19.2BCLF FY2025: $18.6BGSM FY2018: $2.2BGSM FY2019: $1.6BGSM FY2020: $1.1BGSM FY2021: $1.8BGSM FY2022: $2.6BGSM FY2023: $1.7BGSM FY2024: $1.6BGSM FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
CLF $18.6BGSM $1.3B
Net income
CLF FY2018: $1.1BCLF FY2019: $293MCLF FY2020: -$122MCLF FY2021: $3BCLF FY2022: $1.3BCLF FY2023: $385MCLF FY2024: -$760MCLF FY2025: -$1.5BGSM FY2018: $43.7MGSM FY2019: -$280.6MGSM FY2020: -$246.3MGSM FY2021: -$110.6MGSM FY2022: $440.3MGSM FY2023: $82.7MGSM FY2024: $23.5MGSM FY2025: -$170.7MFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1.5BGSM -$170.7M
Net margin
CLF FY2018: 48.4%CLF FY2019: 14.7%CLF FY2020: -2.3%CLF FY2021: 14.6%CLF FY2022: 5.8%CLF FY2023: 1.8%CLF FY2024: -4.0%CLF FY2025: -7.9%GSM FY2018: 1.9%GSM FY2019: -17.4%GSM FY2020: -21.5%GSM FY2021: -6.2%GSM FY2022: 16.9%GSM FY2023: 5.0%GSM FY2024: 1.4%GSM FY2025: -12.8%FY18FY19FY20FY21FY22FY23FY24FY25
CLF -7.9%GSM -12.8%
Revenue growth
CLF FY2019: -14.7%CLF FY2020: +169.0%CLF FY2021: +281.8%CLF FY2022: +12.4%CLF FY2023: -4.3%CLF FY2024: -12.8%CLF FY2025: -3.0%GSM FY2019: -28.0%GSM FY2020: -29.1%GSM FY2021: +55.4%GSM FY2022: +46.0%GSM FY2023: -36.5%GSM FY2024: -0.4%GSM FY2025: -18.8%FY19FY20FY21FY22FY23FY24FY25
CLF -3.0%GSM -18.8%
Free cash flow
CLF FY2018: $183MCLF FY2019: -$88MCLF FY2020: -$783MCLF FY2021: $2.1BCLF FY2022: $1.5BCLF FY2023: $1.6BCLF FY2024: -$590MCLF FY2025: -$1BGSM FY2018: $10.7MGSM FY2019: -$63.6MGSM FY2020: $124MGSM FY2021: -$28.9MGSM FY2022: $352.9MGSM FY2023: $94.7MGSM FY2024: $167.1MGSM FY2025: -$10.2MFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1BGSM -$10.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Cleveland-Cliffs and Ferroglobe

Which is bigger by revenue, Cleveland-Cliffs or Ferroglobe?

Cleveland-Cliffs is bigger by revenue: $18.6B in fiscal 2025, against $1.3B for Ferroglobe in fiscal 2025.

Which keeps more of its revenue as profit, Cleveland-Cliffs or Ferroglobe?

Cleveland-Cliffs had a net margin of -7.9% in fiscal 2025; Ferroglobe had -12.8% in fiscal 2025.

Which grew revenue faster, Cleveland-Cliffs or Ferroglobe?

In their latest fiscal years revenue changed by -3.0% at Cleveland-Cliffs and -18.8% at Ferroglobe.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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