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

Linde brought in $34B of revenue in fiscal 2025, Vale $38.4B in fiscal 2025. Revenue changed by +3.0% at Linde and +0.9% at Vale on the year before, so Linde grew faster. Linde kept 20.3% of its revenue as net profit, Vale 6.1%.

Side by side, latest fiscal year

LINVALE
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$34B$38.4B
Revenue growth+3.0%+0.9%
Net income$6.9B$2.4B
Net margin20.3%6.1%
Free cash flow$5.1Bn/a
Free cash flow margin15.0%n/a
Earnings per share (diluted)$14.61n/a
Cash$5.1B$7.4B
Debt$22.5Bn/a
Price to earnings32.2n/a
Market value$216.6B$58.1B
Dividend yield1.28%n/a
Rank by revenue in sector#2 of 71 · Basic materials#1 of 71 · Basic materials

Over the years

Revenue
LIN FY2018: $14.8BLIN FY2019: $28.2BLIN FY2020: $27.2BLIN FY2021: $30.8BLIN FY2022: $33.4BLIN FY2023: $32.9BLIN FY2024: $33BLIN FY2025: $34BVALE FY2018: $36.6BVALE FY2019: $36.5BVALE FY2020: $39.5BVALE FY2021: $54.5BVALE FY2022: $43.8BVALE FY2023: $41.8BVALE FY2024: $38.1BVALE FY2025: $38.4BFY18FY19FY20FY21FY22FY23FY24FY25
LIN $34BVALE $38.4B
Net income
LIN FY2018: $4.4BLIN FY2019: $2.3BLIN FY2020: $2.5BLIN FY2021: $3.8BLIN FY2022: $4.1BLIN FY2023: $6.2BLIN FY2024: $6.6BLIN FY2025: $6.9BVALE FY2018: $6.9BVALE FY2019: -$1.7BVALE FY2020: $4.9BVALE FY2021: $22.4BVALE FY2022: $18.8BVALE FY2023: $8BVALE FY2024: $6.2BVALE FY2025: $2.4BFY18FY19FY20FY21FY22FY23FY24FY25
LIN $6.9BVALE $2.4B
Net margin
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%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
LIN 20.3%VALE 6.1%
Revenue growth
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%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
LIN +3.0%VALE +0.9%
Free cash flow
LIN FY2018: $1.8BLIN FY2019: $2.4BLIN FY2020: $4BLIN FY2021: $6.6BLIN FY2022: $5.7BLIN FY2023: $5.5BLIN FY2024: $4.9BLIN FY2025: $5.1BFY18FY19FY20FY21FY22FY23FY24FY25
LIN $5.1BVALE

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

Questions about Linde and Vale

Which is bigger by revenue, Linde or Vale?

Vale is bigger by revenue: $38.4B in fiscal 2025, against $34B for Linde in fiscal 2025.

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

Linde had a net margin of 20.3% in fiscal 2025; Vale had 6.1% in fiscal 2025.

Which grew revenue faster, Linde or Vale?

In their latest fiscal years revenue changed by +3.0% at Linde 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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