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

Cleveland-Cliffs brought in $18.6B of revenue in fiscal 2025, Hudbay Minerals $2.2B in fiscal 2025. Revenue changed by -3.0% at Cleveland-Cliffs and +9.4% at Hudbay Minerals on the year before, so Hudbay Minerals grew faster. Cleveland-Cliffs kept -7.9% of its revenue as net profit, Hudbay Minerals 25.7%. Free cash flow was -$1B at Cleveland-Cliffs and $240.6M at Hudbay Minerals.

Side by side, latest fiscal year

CLFHBM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.6B$2.2B
Revenue growth-3.0%+9.4%
Net income-$1.5B$568.5M
Net margin-7.9%25.7%
Free cash flow-$1B$240.6M
Free cash flow margin-5.5%10.9%
Earnings per share (diluted)-$2.91$1.44
Cash$57M$568.9M
Debt$7.3B$1B
Price to earningsn/an/a
Market value$6.9B$11.8B
Dividend yieldn/an/a
Rank by revenue in sector#4 of 71 · Basic materials#21 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: $18.6BHBM FY2018: $1.5BHBM FY2019: $1.2BHBM FY2020: $1.1BHBM FY2021: $1.5BHBM FY2022: $1.5BHBM FY2023: $1.7BHBM FY2024: $2BHBM FY2025: $2.2BFY18FY19FY20FY21FY22FY23FY24FY25
CLF $18.6BHBM $2.2B
Net income
CLF FY2018: $1.1BCLF FY2019: $293MCLF FY2020: -$122MCLF FY2021: $3BCLF FY2022: $1.3BCLF FY2023: $385MCLF FY2024: -$760MCLF FY2025: -$1.5BHBM FY2018: $85.4MHBM FY2019: -$343.8MHBM FY2020: -$144.6MHBM FY2021: -$244.4MHBM FY2022: $70.4MHBM FY2023: $66.4MHBM FY2024: $76.7MHBM FY2025: $568.5MFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1.5BHBM $568.5M
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%HBM FY2018: 5.8%HBM FY2019: -27.8%HBM FY2020: -13.2%HBM FY2021: -16.3%HBM FY2022: 4.8%HBM FY2023: 3.9%HBM FY2024: 3.8%HBM FY2025: 25.7%FY18FY19FY20FY21FY22FY23FY24FY25
CLF -7.9%HBM 25.7%
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%HBM FY2019: -16.0%HBM FY2020: -11.7%HBM FY2021: +37.5%HBM FY2022: -2.7%HBM FY2023: +15.6%HBM FY2024: +19.6%HBM FY2025: +9.4%FY19FY20FY21FY22FY23FY24FY25
CLF -3.0%HBM +9.4%
Free cash flow
CLF FY2018: $183MCLF FY2019: -$88MCLF FY2020: -$783MCLF FY2021: $2.1BCLF FY2022: $1.5BCLF FY2023: $1.6BCLF FY2024: -$590MCLF FY2025: -$1BHBM FY2018: $288.7MHBM FY2019: $51.7MHBM FY2020: -$121.7MHBM FY2021: $32.9MHBM FY2022: $178.8MHBM FY2023: $195.8MHBM FY2024: $319.1MHBM FY2025: $240.6MFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1BHBM $240.6M

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

Questions about Cleveland-Cliffs and Hudbay Minerals

Which is bigger by revenue, Cleveland-Cliffs or Hudbay Minerals?

Cleveland-Cliffs is bigger by revenue: $18.6B in fiscal 2025, against $2.2B for Hudbay Minerals in fiscal 2025.

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

Cleveland-Cliffs had a net margin of -7.9% in fiscal 2025; Hudbay Minerals had 25.7% in fiscal 2025.

Which grew revenue faster, Cleveland-Cliffs or Hudbay Minerals?

In their latest fiscal years revenue changed by -3.0% at Cleveland-Cliffs and +9.4% at Hudbay Minerals.

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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