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

Cleveland-Cliffs brought in $18.6B of revenue in fiscal 2025, Nexa Resources $3B in fiscal 2025. Revenue changed by -3.0% at Cleveland-Cliffs and +8.5% at Nexa Resources on the year before, so Nexa Resources grew faster. Cleveland-Cliffs kept -7.9% of its revenue as net profit, Nexa Resources 4.4%. Free cash flow was -$1B at Cleveland-Cliffs and $13.1M at Nexa Resources.

Side by side, latest fiscal year

CLFNEXA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.6B$3B
Revenue growth-3.0%+8.5%
Net income-$1.5B$132.6M
Net margin-7.9%4.4%
Free cash flow-$1B$13.1M
Free cash flow margin-5.5%0.4%
Earnings per share (diluted)-$2.91$1.00
Cash$57M$515.9M
Debt$7.3B$1.7B
Price to earningsn/an/a
Market value$6.9B$1.6B
Dividend yieldn/an/a
Rank by revenue in sector#4 of 71 · Basic materials#16 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: $18.6BNEXA FY2018: $2.5BNEXA FY2019: $2.3BNEXA FY2020: $2BNEXA FY2021: $2.6BNEXA FY2022: $3BNEXA FY2023: $2.6BNEXA FY2024: $2.8BNEXA FY2025: $3BFY18FY19FY20FY21FY22FY23FY24FY25
CLF $18.6BNEXA $3B
Net income
CLF FY2018: $1.1BCLF FY2019: $293MCLF FY2020: -$122MCLF FY2021: $3BCLF FY2022: $1.3BCLF FY2023: $385MCLF FY2024: -$760MCLF FY2025: -$1.5BNEXA FY2018: $77MNEXA FY2019: -$145.1MNEXA FY2020: -$559.2MNEXA FY2021: $114.3MNEXA FY2022: $49.7MNEXA FY2023: -$292MNEXA FY2024: -$205MNEXA FY2025: $132.6MFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1.5BNEXA $132.6M
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%NEXA FY2018: 3.1%NEXA FY2019: -6.2%NEXA FY2020: -28.7%NEXA FY2021: 4.4%NEXA FY2022: 1.6%NEXA FY2023: -11.3%NEXA FY2024: -7.4%NEXA FY2025: 4.4%FY18FY19FY20FY21FY22FY23FY24FY25
CLF -7.9%NEXA 4.4%
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%NEXA FY2019: -6.4%NEXA FY2020: -16.4%NEXA FY2021: +34.4%NEXA FY2022: +15.7%NEXA FY2023: -15.2%NEXA FY2024: +7.5%NEXA FY2025: +8.5%FY19FY20FY21FY22FY23FY24FY25
CLF -3.0%NEXA +8.5%
Free cash flow
CLF FY2018: $183MCLF FY2019: -$88MCLF FY2020: -$783MCLF FY2021: $2.1BCLF FY2022: $1.5BCLF FY2023: $1.6BCLF FY2024: -$590MCLF FY2025: -$1BNEXA FY2018: $47.8MNEXA FY2019: -$273.8MNEXA FY2020: -$32MNEXA FY2021: $7.8MNEXA FY2022: -$113.5MNEXA FY2023: -$54MNEXA FY2024: $92.4MNEXA FY2025: $13.1MFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1BNEXA $13.1M

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

Questions about Cleveland-Cliffs and Nexa Resources

Which is bigger by revenue, Cleveland-Cliffs or Nexa Resources?

Cleveland-Cliffs is bigger by revenue: $18.6B in fiscal 2025, against $3B for Nexa Resources in fiscal 2025.

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

Cleveland-Cliffs had a net margin of -7.9% in fiscal 2025; Nexa Resources had 4.4% in fiscal 2025.

Which grew revenue faster, Cleveland-Cliffs or Nexa Resources?

In their latest fiscal years revenue changed by -3.0% at Cleveland-Cliffs and +8.5% at Nexa Resources.

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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