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Side-by-side financial comparison of ROYAL BANK OF CANADA (RY) and Vale S.A. (VALE). Click either name above to swap in a different company.
ROYAL BANK OF CANADA is the larger business by last-quarter revenue ($13.1B vs $8.8B, roughly 1.5× Vale S.A.). ROYAL BANK OF CANADA runs the higher net margin — 32.2% vs 24.3%, a 8.0% gap on every dollar of revenue.
The Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 18 million clients and has more than 98,000 employees worldwide. Founded in 1864 in Halifax, Nova Scotia, it maintains its corporate headquarters in Toronto and its head office in Montreal. RBC's institution number is 003. In November 2017, RBC was added to the Financial Stability Board's list of global systemically important banks.
Vale, formerly Companhia Vale do Rio Doce, is a Brazilian multinational corporation engaged in metals and mining and one of the largest logistics operators in Brazil. Vale is the largest producer of iron ore and nickel in the world. It also produces manganese, ferroalloys, copper, bauxite, potash, kaolin, and cobalt; as of 2014 the company operated nine hydroelectricity plants, and a large network of railroads, ships, and ports used to transport its products.
RY vs VALE — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.1B | $8.8B |
| Net Profit | $4.2B | $2.1B |
| Gross Margin | — | 30.9% |
| Operating Margin | — | 22.8% |
| Net Margin | 32.2% | 24.3% |
| Revenue YoY | — | -11.3% |
| Net Profit YoY | — | -22.9% |
| EPS (diluted) | — | $0.50 |
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 | $13.1B | — | ||
| Q3 25 | $12.4B | — | ||
| Q2 25 | $11.4B | $8.8B | ||
| Q2 24 | — | $9.9B | ||
| Q2 23 | — | $9.7B | ||
| Q2 22 | — | $11.2B |
| Q1 26 | $4.2B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $3.2B | $2.1B | ||
| Q2 24 | — | $2.8B | ||
| Q2 23 | — | $928.0M | ||
| Q2 22 | — | $6.2B |
| Q1 26 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 30.9% | ||
| Q2 24 | — | 36.0% | ||
| Q2 23 | — | 38.6% | ||
| Q2 22 | — | 46.7% |
| Q1 26 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 22.8% | ||
| Q2 24 | — | 39.1% | ||
| Q2 23 | — | 29.7% | ||
| Q2 22 | — | 38.5% |
| Q1 26 | 32.2% | — | ||
| Q3 25 | 31.9% | — | ||
| Q2 25 | 28.0% | 24.3% | ||
| Q2 24 | — | 27.9% | ||
| Q2 23 | — | 9.6% | ||
| Q2 22 | — | 55.6% |
| Q1 26 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $0.50 | ||
| Q2 24 | — | $0.65 | ||
| Q2 23 | — | $0.20 | ||
| Q2 22 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $33.7B | $5.5B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $102.1B | $40.5B |
| Total Assets | $1709.9B | $90.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $33.7B | — | ||
| Q3 25 | $25.5B | — | ||
| Q2 25 | $35.5B | $5.5B | ||
| Q2 24 | — | $6.5B | ||
| Q2 23 | — | $5.0B | ||
| Q2 22 | — | $7.2B |
| Q1 26 | $102.1B | — | ||
| Q3 25 | $99.0B | — | ||
| Q2 25 | $96.7B | $40.5B | ||
| Q2 24 | — | $38.4B | ||
| Q2 23 | — | $40.3B | ||
| Q2 22 | — | $37.0B |
| Q1 26 | $1709.9B | — | ||
| Q3 25 | $1626.4B | — | ||
| Q2 25 | $1636.8B | $90.4B | ||
| Q2 24 | — | $86.6B | ||
| Q2 23 | — | $91.5B | ||
| Q2 22 | — | — |
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 | $27.7B | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 6.55× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $27.7B | — | ||
| Q3 25 | $21.2B | — | ||
| Q2 25 | $7.2B | — | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
| Q1 26 | 6.55× | — | ||
| Q3 25 | 5.36× | — | ||
| Q2 25 | 2.24× | — | ||
| Q2 24 | — | — | ||
| Q2 23 | — | — | ||
| Q2 22 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
