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Ferroglobe vs Vale: revenue, profit, margins and growth compared

Ferroglobe brought in $1.3B of revenue in fiscal 2025, Vale $38.4B in fiscal 2025. Revenue changed by -18.8% at Ferroglobe and +0.9% at Vale on the year before, so Vale grew faster. Ferroglobe kept -12.8% of its revenue as net profit, Vale 6.1%.

Side by side, latest fiscal year

GSMVALE
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.3B$38.4B
Revenue growth-18.8%+0.9%
Net income-$170.7M$2.4B
Net margin-12.8%6.1%
Free cash flow-$10.2Mn/a
Free cash flow margin-0.8%n/a
Earnings per share (diluted)-$0.91n/a
Cash$122.8M$7.4B
Debt$140Mn/a
Price to earningsn/an/a
Market value$760.5M$58.1B
Dividend yieldn/an/a
Rank by revenue in sector#34 of 71 · Basic materials#1 of 71 · Basic materials

Over the years

Revenue
GSM FY2018: $2.2BGSM FY2019: $1.6BGSM FY2020: $1.1BGSM FY2021: $1.8BGSM FY2022: $2.6BGSM FY2023: $1.7BGSM FY2024: $1.6BGSM FY2025: $1.3BVALE FY2018: $36.6BVALE FY2019: $36.5BVALE FY2020: $39.5BVALE FY2021: $54.5BVALE FY2022: $43.8BVALE FY2023: $41.8BVALE FY2024: $38.1BVALE FY2025: $38.4BFY18FY19FY20FY21FY22FY23FY24FY25
GSM $1.3BVALE $38.4B
Net income
GSM FY2018: $43.7MGSM FY2019: -$280.6MGSM FY2020: -$246.3MGSM FY2021: -$110.6MGSM FY2022: $440.3MGSM FY2023: $82.7MGSM FY2024: $23.5MGSM FY2025: -$170.7MVALE FY2018: $6.9BVALE FY2019: -$1.7BVALE FY2020: $4.9BVALE FY2021: $22.4BVALE FY2022: $18.8BVALE FY2023: $8BVALE FY2024: $6.2BVALE FY2025: $2.4BFY18FY19FY20FY21FY22FY23FY24FY25
GSM -$170.7MVALE $2.4B
Net margin
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%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
GSM -12.8%VALE 6.1%
Revenue growth
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%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
GSM -18.8%VALE +0.9%
Free cash flow
GSM FY2018: $10.7MGSM FY2019: -$63.6MGSM FY2020: $124MGSM FY2021: -$28.9MGSM FY2022: $352.9MGSM FY2023: $94.7MGSM FY2024: $167.1MGSM FY2025: -$10.2MFY18FY19FY20FY21FY22FY23FY24FY25
GSM -$10.2MVALE

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

Questions about Ferroglobe and Vale

Which is bigger by revenue, Ferroglobe or Vale?

Vale is bigger by revenue: $38.4B in fiscal 2025, against $1.3B for Ferroglobe in fiscal 2025.

Which keeps more of its revenue as profit, Ferroglobe or Vale?

Ferroglobe had a net margin of -12.8% in fiscal 2025; Vale had 6.1% in fiscal 2025.

Which grew revenue faster, Ferroglobe or Vale?

In their latest fiscal years revenue changed by -18.8% at Ferroglobe 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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