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The comparison is not even close.
Imo, the only year that Flex could have won the Mr. Olympia was in 1993. Had Dorian showed up as he had in 1992, I think Flex could have edged him out, but Dorian was just too massive (256-257 pounds).
What's sad is that Shawn Ray never won it. He was VERY deserving of at least 2 wins if not more had Dorian not been around.
Other uncrowned Mr. Olympias imo:
Tom Platz/Danny Padilla (1981)
Lou Ferrigno (he could have won it in the late 70's when Arnold retired and 1982/1983 with his Hercules size and condition).
Kevin Levrone (unfortunately for him he competed against guys who just managed to edge him out).
Nasser El Sonbaty (1997)
Robby Robinson (late 70's)
Mike Mentzer (late 70's)