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Side-by-side financial comparison of Baxter International (BAX) and CLEVELAND-CLIFFS INC. (CLF). Click either name above to swap in a different company.
CLEVELAND-CLIFFS INC. is the larger business by last-quarter revenue ($4.3B vs $2.7B, roughly 1.6× Baxter International). Baxter International runs the higher net margin — -0.6% vs -5.6%, a 5.0% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (3.0% vs -0.3%). Baxter International produced more free cash flow last quarter ($76.0M vs $-153.0M). Over the past eight quarters, CLEVELAND-CLIFFS INC.'s revenue compounded faster (-8.9% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Cleveland-Cliffs Inc. is an American steel manufacturer based in Cleveland, Ohio. It specializes in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling. The company is ranked 22nd on the list of steel producers and is the second-largest steel producer in the United States after Nucor. It is the largest flat-rolled steel producer in North America. The company is ranked 221st on the Fortune 500 and 1511th on the Forbes Global 2000.
BAX vs CLF — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $4.3B |
| Net Profit | $-15.0M | $-241.0M |
| Gross Margin | 33.0% | -5.0% |
| Operating Margin | 2.4% | -7.9% |
| Net Margin | -0.6% | -5.6% |
| Revenue YoY | 3.0% | -0.3% |
| Net Profit YoY | — | 46.1% |
| EPS (diluted) | $-0.03 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.0B | $4.3B | ||
| Q3 25 | $2.8B | $4.7B | ||
| Q2 25 | $2.8B | $4.9B | ||
| Q1 25 | $2.6B | $4.6B | ||
| Q4 24 | $533.0M | $4.3B | ||
| Q3 24 | $2.7B | $4.6B | ||
| Q2 24 | $3.8B | $5.1B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $-241.0M | ||
| Q3 25 | $-46.0M | $-251.0M | ||
| Q2 25 | $91.0M | $-470.0M | ||
| Q1 25 | $126.0M | $-483.0M | ||
| Q4 24 | $-512.0M | $-447.0M | ||
| Q3 24 | $140.0M | $-242.0M | ||
| Q2 24 | $-314.0M | $2.0M |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | -5.0% | ||
| Q3 25 | 33.5% | -1.0% | ||
| Q2 25 | 35.3% | -4.2% | ||
| Q1 25 | 32.8% | -8.4% | ||
| Q4 24 | 25.0% | -6.3% | ||
| Q3 24 | 38.3% | -2.3% | ||
| Q2 24 | 37.5% | 3.2% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | -7.9% | ||
| Q3 25 | 6.1% | -4.3% | ||
| Q2 25 | 6.8% | -10.1% | ||
| Q1 25 | 2.2% | -11.6% | ||
| Q4 24 | -25.5% | -10.8% | ||
| Q3 24 | 5.7% | -5.7% | ||
| Q2 24 | -5.0% | 0.1% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | -5.6% | ||
| Q3 25 | -1.6% | -5.3% | ||
| Q2 25 | 3.2% | -9.5% | ||
| Q1 25 | 4.8% | -10.4% | ||
| Q4 24 | -96.1% | -10.3% | ||
| Q3 24 | 5.2% | -5.3% | ||
| Q2 24 | -8.2% | 0.0% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | — | ||
| Q3 25 | $-0.09 | $-0.51 | ||
| Q2 25 | $0.18 | — | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $-0.99 | $-0.91 | ||
| Q3 24 | $0.27 | $-0.52 | ||
| Q2 24 | $-0.62 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $57.0M |
| Total DebtLower is stronger | — | $7.3B |
| Stockholders' EquityBook value | — | $6.1B |
| Total Assets | — | $20.0B |
| Debt / EquityLower = less leverage | — | 1.19× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $57.0M | ||
| Q3 25 | $1.7B | $66.0M | ||
| Q2 25 | $1.7B | $61.0M | ||
| Q1 25 | $2.3B | $57.0M | ||
| Q4 24 | $1.8B | $54.0M | ||
| Q3 24 | $1.4B | $39.0M | ||
| Q2 24 | $2.1B | $110.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $7.3B | ||
| Q3 25 | — | $8.0B | ||
| Q2 25 | — | $7.7B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | $10.4B | $7.1B | ||
| Q3 24 | $10.4B | $3.8B | ||
| Q2 24 | $10.4B | $3.5B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $6.1B | ||
| Q3 25 | $7.2B | $5.5B | ||
| Q2 25 | $7.3B | $5.8B | ||
| Q1 25 | $7.1B | $6.3B | ||
| Q4 24 | $7.0B | $6.7B | ||
| Q3 24 | $7.9B | $6.9B | ||
| Q2 24 | $7.6B | $7.1B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $20.0B | ||
| Q3 25 | $21.1B | $20.3B | ||
| Q2 25 | $21.0B | $20.5B | ||
| Q1 25 | $21.3B | $20.8B | ||
| Q4 24 | $25.8B | $20.9B | ||
| Q3 24 | $26.7B | $16.8B | ||
| Q2 24 | $26.3B | $16.9B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 1.19× | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | 1.33× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | 1.49× | 1.06× | ||
| Q3 24 | 1.33× | 0.55× | ||
| Q2 24 | 1.37× | 0.49× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-13.0M |
| Free Cash FlowOCF − Capex | $76.0M | $-153.0M |
| FCF MarginFCF / Revenue | 2.8% | -3.5% |
| Capex IntensityCapex / Revenue | 5.1% | 3.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $-13.0M | ||
| Q3 25 | $237.0M | $-143.0M | ||
| Q2 25 | $217.0M | $45.0M | ||
| Q1 25 | $-193.0M | $-351.0M | ||
| Q4 24 | $488.0M | $-472.0M | ||
| Q3 24 | $253.0M | $-84.0M | ||
| Q2 24 | $115.0M | $519.0M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $-153.0M | ||
| Q3 25 | — | $-300.0M | ||
| Q2 25 | — | $-67.0M | ||
| Q1 25 | — | $-503.0M | ||
| Q4 24 | — | $-677.0M | ||
| Q3 24 | — | $-235.0M | ||
| Q2 24 | — | $362.0M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | -3.5% | ||
| Q3 25 | — | -6.3% | ||
| Q2 25 | — | -1.4% | ||
| Q1 25 | — | -10.9% | ||
| Q4 24 | — | -15.7% | ||
| Q3 24 | — | -5.1% | ||
| Q2 24 | — | 7.1% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 3.2% | ||
| Q3 25 | — | 3.3% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 3.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.38× | — | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | — | 259.50× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
CLF
| Hot Rolled Steel | $1.1B | 27% |
| Automotive | $1.1B | 27% |
| Steel Producers | $555.0M | 13% |
| Cold Rolled Steel | $530.0M | 12% |
| Other | $409.0M | 9% |
| Stainless And Electrical Steel | $404.0M | 9% |
| Other Businesses | $159.0M | 4% |
