Dow vs Rio Tinto
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The short version
- Rio Tinto is the larger business, with $57.6B of revenue in fiscal 2025 against $40.0B for Dow.
- Rio Tinto grew revenue faster (7.4%, against −7.0%).
- Rio Tinto turned more of its sales into free cash flow (7.8% FCF margin, against −3.6%).
- Rio Tinto earned a higher return on the capital invested in it (14.9%, against −4.1%).
| Latest fiscal year | DOW · FY25 | RIO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $23.5B | $136.6B |
| Revenue | $40.0B | $57.6B |
| Free cash flow | −$1.4B | $4.5B |
| Net income | −$2.6B | $10.0B |
| Growth | ||
| Revenue growth | −7.0% | 7.4% |
| 5-year growth | 0.7% | 5.3% |
| Share count change | 0.9% | 0.3% |
| Profitability | ||
| Gross margin | 6.3% | — |
| Operating margin | — | 25.9% |
| Net margin | −6.6% | 17.3% |
| FCF margin | −3.6% | 7.8% |
| Return on capital | −4.1% | 14.9% |
| Return on equity | −15.7% | 17.0% |
| Balance sheet | ||
| Net debt | $14.3B | $12.5B |
| Net debt / EBITDA | 12.0x | 0.6x |
| Dividends and buybacks | $1.5B | $6.1B |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 3 | 4 |
Revenue
FY16
DOW —
RIO $33.8B
FY17
DOW $43.7B
RIO $40.0B
FY18
DOW $49.6B
RIO $40.5B
FY19
DOW $43.0B
RIO $43.2B
FY20
DOW $38.5B
RIO $44.6B
FY21
DOW $55.0B
RIO $63.5B
FY22
DOW $56.9B
RIO $55.6B
FY23
DOW $44.6B
RIO $54.0B
FY24
DOW $43.0B
RIO $53.7B
FY25
DOW $40.0B
RIO $57.6B
DOW
RIO
Operating margin
FY16
DOW —
RIO 20.1%
FY17
DOW —
RIO 35.3%
FY18
DOW —
RIO 43.7%
FY19
DOW —
RIO 26.6%
FY20
DOW —
RIO 37.7%
FY21
DOW —
RIO 47.0%
FY22
DOW —
RIO 35.9%
FY23
DOW —
RIO 27.4%
FY24
DOW —
RIO 29.2%
FY25
DOW —
RIO 25.9%
DOW
RIO
Free cash flow
FY16
DOW —
RIO $5.5B
FY17
DOW −$7.7B
RIO $9.4B
FY18
DOW $2.2B
RIO $6.4B
FY19
DOW $4.0B
RIO $9.4B
FY20
DOW $5.0B
RIO $9.7B
FY21
DOW $5.5B
RIO $18.0B
FY22
DOW $5.7B
RIO $9.4B
FY23
DOW $2.8B
RIO $8.1B
FY24
DOW −$26.0M
RIO $6.0B
FY25
DOW −$1.4B
RIO $4.5B
DOW
RIO
Return on capital
FY16
DOW —
RIO —
FY17
DOW —
RIO 17.5%
FY18
DOW —
RIO 25.6%
FY19
DOW −0.6%
RIO 14.3%
FY20
DOW 6.6%
RIO 21.9%
FY21
DOW 24.6%
RIO 39.5%
FY22
DOW 15.9%
RIO —
FY23
DOW 4.3%
RIO —
FY24
DOW 5.7%
RIO 19.3%
FY25
DOW −4.1%
RIO 14.9%
DOW
RIO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.