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

Cleveland-Cliffs brought in $18.6B of revenue in fiscal 2025, Linde $34B in fiscal 2025. Revenue changed by -3.0% at Cleveland-Cliffs and +3.0% at Linde on the year before, so Linde grew faster. Cleveland-Cliffs kept -7.9% of its revenue as net profit, Linde 20.3%. Free cash flow was -$1B at Cleveland-Cliffs and $5.1B at Linde.

Side by side, latest fiscal year

CLFLIN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.6B$34B
Revenue growth-3.0%+3.0%
Net income-$1.5B$6.9B
Net margin-7.9%20.3%
Free cash flow-$1B$5.1B
Free cash flow margin-5.5%15.0%
Earnings per share (diluted)-$2.91$14.61
Cash$57M$5.1B
Debt$7.3B$22.5B
Price to earningsn/a32.2
Market value$6.9B$216.6B
Dividend yieldn/a1.28%
Rank by revenue in sector#4 of 71 · Basic materials#2 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: $18.6BLIN FY2018: $14.8BLIN FY2019: $28.2BLIN FY2020: $27.2BLIN FY2021: $30.8BLIN FY2022: $33.4BLIN FY2023: $32.9BLIN FY2024: $33BLIN FY2025: $34BFY18FY19FY20FY21FY22FY23FY24FY25
CLF $18.6BLIN $34B
Net income
CLF FY2018: $1.1BCLF FY2019: $293MCLF FY2020: -$122MCLF FY2021: $3BCLF FY2022: $1.3BCLF FY2023: $385MCLF FY2024: -$760MCLF FY2025: -$1.5BLIN FY2018: $4.4BLIN FY2019: $2.3BLIN FY2020: $2.5BLIN FY2021: $3.8BLIN FY2022: $4.1BLIN FY2023: $6.2BLIN FY2024: $6.6BLIN FY2025: $6.9BFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1.5BLIN $6.9B
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%LIN FY2018: 29.5%LIN FY2019: 8.1%LIN FY2020: 9.2%LIN FY2021: 12.4%LIN FY2022: 12.4%LIN FY2023: 18.9%LIN FY2024: 19.9%LIN FY2025: 20.3%FY18FY19FY20FY21FY22FY23FY24FY25
CLF -7.9%LIN 20.3%
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%LIN FY2019: +90.3%LIN FY2020: -3.5%LIN FY2021: +13.0%LIN FY2022: +8.3%LIN FY2023: -1.5%LIN FY2024: +0.5%LIN FY2025: +3.0%FY19FY20FY21FY22FY23FY24FY25
CLF -3.0%LIN +3.0%
Free cash flow
CLF FY2018: $183MCLF FY2019: -$88MCLF FY2020: -$783MCLF FY2021: $2.1BCLF FY2022: $1.5BCLF FY2023: $1.6BCLF FY2024: -$590MCLF FY2025: -$1BLIN FY2018: $1.8BLIN FY2019: $2.4BLIN FY2020: $4BLIN FY2021: $6.6BLIN FY2022: $5.7BLIN FY2023: $5.5BLIN FY2024: $4.9BLIN FY2025: $5.1BFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1BLIN $5.1B

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

Questions about Cleveland-Cliffs and Linde

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

Linde is bigger by revenue: $34B in fiscal 2025, against $18.6B for Cleveland-Cliffs in fiscal 2025.

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

Cleveland-Cliffs had a net margin of -7.9% in fiscal 2025; Linde had 20.3% in fiscal 2025.

Which grew revenue faster, Cleveland-Cliffs or Linde?

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

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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