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

Cleveland-Cliffs brought in $18.6B of revenue in fiscal 2025, Vale $38.4B in fiscal 2025. Revenue changed by -3.0% at Cleveland-Cliffs and +0.9% at Vale on the year before, so Vale grew faster. Cleveland-Cliffs kept -7.9% of its revenue as net profit, Vale 6.1%.

Side by side, latest fiscal year

CLFVALE
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.6B$38.4B
Revenue growth-3.0%+0.9%
Net income-$1.5B$2.4B
Net margin-7.9%6.1%
Free cash flow-$1Bn/a
Free cash flow margin-5.5%n/a
Earnings per share (diluted)-$2.91n/a
Cash$57M$7.4B
Debt$7.3Bn/a
Price to earningsn/an/a
Market value$6.9B$58.1B
Dividend yieldn/an/a
Rank by revenue in sector#4 of 71 · Basic materials#1 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: $18.6BVALE FY2018: $36.6BVALE FY2019: $36.5BVALE FY2020: $39.5BVALE FY2021: $54.5BVALE FY2022: $43.8BVALE FY2023: $41.8BVALE FY2024: $38.1BVALE FY2025: $38.4BFY18FY19FY20FY21FY22FY23FY24FY25
CLF $18.6BVALE $38.4B
Net income
CLF FY2018: $1.1BCLF FY2019: $293MCLF FY2020: -$122MCLF FY2021: $3BCLF FY2022: $1.3BCLF FY2023: $385MCLF FY2024: -$760MCLF FY2025: -$1.5BVALE FY2018: $6.9BVALE FY2019: -$1.7BVALE FY2020: $4.9BVALE FY2021: $22.4BVALE FY2022: $18.8BVALE FY2023: $8BVALE FY2024: $6.2BVALE FY2025: $2.4BFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1.5BVALE $2.4B
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%VALE FY2018: 18.8%VALE FY2019: -4.6%VALE FY2020: 12.3%VALE FY2021: 41.2%VALE FY2022: 42.9%VALE FY2023: 19.1%VALE FY2024: 16.2%VALE FY2025: 6.1%FY18FY19FY20FY21FY22FY23FY24FY25
CLF -7.9%VALE 6.1%
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%VALE FY2019: -0.1%VALE FY2020: +8.2%VALE FY2021: +37.8%VALE FY2022: -19.6%VALE FY2023: -4.7%VALE FY2024: -8.9%VALE FY2025: +0.9%FY19FY20FY21FY22FY23FY24FY25
CLF -3.0%VALE +0.9%
Free cash flow
CLF FY2018: $183MCLF FY2019: -$88MCLF FY2020: -$783MCLF FY2021: $2.1BCLF FY2022: $1.5BCLF FY2023: $1.6BCLF FY2024: -$590MCLF FY2025: -$1BFY18FY19FY20FY21FY22FY23FY24FY25
CLF -$1BVALE

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

Questions about Cleveland-Cliffs and Vale

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

Vale is bigger by revenue: $38.4B in fiscal 2025, against $18.6B for Cleveland-Cliffs in fiscal 2025.

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

Cleveland-Cliffs had a net margin of -7.9% in fiscal 2025; Vale had 6.1% in fiscal 2025.

Which grew revenue faster, Cleveland-Cliffs or Vale?

In their latest fiscal years revenue changed by -3.0% at Cleveland-Cliffs and +0.9% at Vale.

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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