Vale S A Financials

VALE

Source SEC Filings (10-K/10-Q) Updated Mar 27, 2026 Currency USD FYE March

This page shows Vale S A (VALE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VALE FY2025 2026-04-22

Thin profits on a heavy asset base make balance-sheet discipline, not leverage, the key operating mechanic at Vale.

Cash distributions outran current earnings: dividends plus buybacks of $3.8B exceeded net income of $2.0B. Paired with only a 5.2% net margin and a 1.15x current ratio, that means shareholder returns were supported more by existing balance-sheet capacity than by a wide operating surplus in FY2025.

Leverage is not the main drag on returns. Long-term debt of $7.7B and a debt-to-equity ratio of 0.2x sit alongside just $31M of interest expense, so the modest 2.3% ROA points to earnings pressure occurring before financing costs hit. In other words, this is not primarily a debt-service story.

Liquidity looks tighter than solvency. Cash of $5.0B is lower than inventory at $5.9B, while current assets cover current liabilities by only 1.2x; that suggests day-to-day flexibility depends on moving inventory and converting working capital, not on a large cash reserve. When cash is smaller than inventory, liquidity quality depends more on asset turnover than on the size of the cash line.

Financial Health Signals

Financial Profile 47/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Vale S A's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Vale S A's revenue declined 21.2% year-over-year, from $48.8B to $38.4B. This contraction results in a growth score of 0/100.

Leverage

Vale S A carries a low D/E ratio of 0.22, meaning only $0.22 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Vale S A's current ratio of 1.15 is below the typical benchmark, resulting in a score of 18/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Returns

Vale S A's ROE of 5.8% shows moderate profitability relative to equity, earning a score of 36/100. This is down from 7.4% the prior year.

Piotroski F-Score Weak

3/9

Vale S A passes 3 of 9 financial strength tests. 1 of 2 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Key Financial Metrics

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Earnings & Revenue

Revenue

$38.4B

YoY-21.2%

5Y CAGR-0.1%

Vale S A generated $38.4B in revenue in fiscal year 2025. This represents a decrease of 21.2% from the prior year.

EBITDA

N/A

Net Income

$2.0B

YoY-64.0%

5Y CAGR-31.6%

Vale S A reported $2.0B in net income in fiscal year 2025. This represents a decrease of 64.0% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$5.0B

YoY-15.1%

5Y CAGR-13.7%

Vale S A held $5.0B in cash against $7.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

4.27B

YoY+31.1%

Vale S A had 4.27B shares outstanding in fiscal year 2025. This represents an increase of 31.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

5.2%

YoY-6.1pp

5Y CAGR-29.2pp

Vale S A's net profit margin was 5.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.1 percentage points from the prior year.

Return on Equity

5.8%

YoY-1.7pp

5Y CAGR-25.3pp

Vale S A's ROE was 5.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$240.0M

5Y CAGR-20.4%

Vale S A spent $240.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

VALE Income Statement

Metric	FY25	FY12	FY11	FY10	FY09	FY08
Revenue	$38.4B-21.2%	$48.8B-21.8%	$62.3B+29.3%	$48.2B+101.4%	$23.9B-37.8%	$38.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$1.5B-11.7%	$1.7B+90.7%	$878.0M-10.5%	$981.0M-9.6%	$1.1B
SG&A Expenses	N/A	$2.2B-4.0%	$2.3B+37.2%	$1.7B+50.5%	$1.1B-35.4%	$1.7B
Operating Income	N/A	$9.2B-69.4%	$30.1B+38.8%	$21.7B+258.2%	$6.1B-58.9%	$14.7B
Interest Expense	$31.0M	N/A	N/A	N/A	N/A	N/A
Income Tax	$2.7B+420.5%	-$833.0M-115.8%	$5.3B+42.6%	$3.7B+76.4%	$2.1B+292.5%	$535.0M
Net Income	$2.0B-64.0%	$5.5B-75.9%	$22.9B+32.6%	$17.3B+222.8%	$5.3B-59.5%	$13.2B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'13	Q2'13	Q1'13	Q4'12	Q3'12	Q2'12	Q1'12	Q4'11
Revenue	$14.3B+30.4%	$11.0B-9.8%	$12.2B+7.2%	$11.3B-23.2%	$14.8B-11.9%	$16.7B+9.1%	$15.3B+13.3%	$13.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$460.0M+27.8%	$360.0M+0.3%	$359.0M+20.1%	$299.0M-43.5%	$529.0M+20.2%	$440.0M+21.2%	$363.0M+6.1%	$342.0M
SG&A Expenses	$577.0M+11.2%	$519.0M-15.6%	$615.0M+16.3%	$529.0M-36.0%	$827.0M+26.5%	$654.0M+50.7%	$434.0M+3.6%	$419.0M
Operating Income	-$1.2B-145.2%	$2.6B-32.5%	$3.9B+1.9%	$3.9B-36.1%	$6.0B-28.1%	$8.4B+8.1%	$7.7B-2.8%	$8.0B
Interest Expense	N/A	N/A	N/A	N/A	N/A	$822.0M+59.9%	$514.0M	N/A
Income Tax	-$706.0M-285.8%	$380.0M+135.8%	-$1.1B-291.7%	$553.0M-51.8%	$1.1B+226.8%	$351.0M-85.4%	$2.4B+74.8%	$1.4B
Net Income	-$2.6B-258.6%	$1.7B-37.3%	$2.7B-30.4%	$3.8B-18.1%	$4.7B-5.3%	$4.9B-23.5%	$6.5B-5.5%	$6.8B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VALE Balance Sheet

Metric	FY25	FY12	FY11	FY10	FY09	FY08
Total Assets	$86.5B-34.2%	$131.5B+2.1%	$128.7B-0.3%	$129.1B+26.3%	$102.3B+27.9%	$80.0B
Current Assets	$18.3B-20.1%	$22.9B+5.3%	$21.7B-31.6%	$31.8B+49.3%	$21.3B-8.4%	$23.2B
Cash & Equivalents	$5.0B-15.1%	$5.8B+65.2%	$3.5B-53.4%	$7.6B+4.0%	$7.3B-29.4%	$10.3B
Inventory	$5.9B+17.5%	$5.1B-3.8%	$5.3B+22.2%	$4.3B+34.5%	$3.2B-18.0%	$3.9B
Accounts Receivable	N/A	$6.7B-18.9%	$8.2B+5.7%	$7.8B+155.7%	$3.0B-0.8%	$3.1B
Goodwill	$257.0M-91.3%	$2.9B-2.6%	$3.0B-8.8%	$3.3B+43.4%	$2.3B+21.9%	$1.9B
Total Liabilities	$52.2B-8.8%	$57.2B+12.2%	$51.0B-15.3%	$60.2B+32.9%	$45.3B+21.1%	$37.4B
Current Liabilities	$15.9B+26.1%	$12.6B+14.0%	$11.0B-38.3%	$17.9B+95.1%	$9.2B+26.9%	$7.2B
Long-Term Debt	$7.7B-74.6%	$30.3B+31.4%	$23.0B+6.7%	$21.6B+8.5%	$19.9B+13.5%	$17.5B
Total Equity	$34.4B-53.7%	$74.2B-4.5%	$77.7B+12.8%	$68.9B+21.0%	$56.9B+33.8%	$42.6B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'13	Q2'13	Q1'13	Q4'12	Q3'12	Q2'12	Q1'12	Q4'11
Total Assets	$131.5B-3.6%	$136.5B+5.3%	$129.6B-3.6%	$134.4B+4.4%	$128.7B-0.2%	$129.0B-9.9%	$143.2B+6.7%	$134.2B
Current Assets	$22.9B-9.6%	$25.3B+21.8%	$20.8B-8.5%	$22.7B+4.6%	$21.7B-18.8%	$26.8B-15.5%	$31.7B+13.6%	$27.9B
Cash & Equivalents	$5.8B-26.7%	$8.0B+94.7%	$4.1B-18.2%	$5.0B+41.4%	$3.5B-53.3%	$7.6B-42.8%	$13.2B+17.4%	$11.3B
Inventory	$5.1B-1.8%	$5.1B-2.6%	$5.3B-4.6%	$5.5B+5.4%	$5.3B+3.9%	$5.1B-4.1%	$5.3B+9.6%	$4.8B
Accounts Receivable	$6.7B+2.3%	$6.5B-5.2%	$6.9B-5.8%	$7.3B-11.3%	$8.2B-2.4%	$8.4B+6.3%	$7.9B+10.3%	$7.2B
Goodwill	$2.9B-0.9%	$3.0B+0.8%	$2.9B-4.3%	$3.1B+1.9%	$3.0B+0.7%	$3.0B-10.8%	$3.4B0.0%	$3.4B
Total Liabilities	$57.2B+5.4%	$54.3B+10.2%	$49.3B-5.2%	$52.0B+1.9%	$51.0B-1.4%	$51.8B-11.1%	$58.2B+1.8%	$57.2B
Current Liabilities	$12.6B+21.7%	$10.3B+12.2%	$9.2B-15.4%	$10.9B-1.4%	$11.0B-7.8%	$12.0B-23.3%	$15.6B+23.3%	$12.7B
Long-Term Debt	$30.3B+6.5%	$28.4B+14.0%	$24.9B+2.4%	$24.4B+5.7%	$23.0B+0.5%	$22.9B+2.2%	$22.4B+1.9%	$22.0B
Total Equity	$74.2B-9.6%	$82.2B+2.3%	$80.3B-2.6%	$82.4B+6.1%	$77.7B+0.6%	$77.2B-9.1%	$85.0B+10.4%	$77.0B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VALE Cash Flow Statement

Metric	FY25	FY12	FY11	FY10	FY09	FY08
Operating Cash Flow	N/A	$16.6B-32.3%	$24.5B+27.7%	$19.2B+168.8%	$7.1B-58.3%	$17.1B
Capital Expenditures	N/A	$15.8B-1.9%	$16.1B+27.1%	$12.6B+56.2%	$8.1B-9.8%	$9.0B
Free Cash Flow	N/A	$818.0M-90.3%	$8.4B+28.8%	$6.5B+780.8%	-$960.0M-111.8%	$8.1B
Investing Cash Flow	-$6.9B	N/A	-$14.1B+18.1%	-$17.2B-30.6%	-$13.2B-15.4%	-$11.4B
Financing Cash Flow	$270.0M	N/A	-$14.4B-589.9%	-$2.1B-433.3%	$625.0M-93.1%	$9.0B
Dividends Paid	$3.6B	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$240.0M	N/A	$3.0B+98.8%	$1.5B+16677.8%	$9.0M-98.8%	$752.0M

Metric	Q3'13	Q2'13	Q1'13	Q4'12	Q3'12	Q2'12	Q1'12	Q4'11
Operating Cash Flow	$3.3B-41.9%	$5.7B+29.5%	$4.4B+34.5%	$3.3B-56.7%	$7.5B+78.4%	$4.2B-40.4%	$7.1B+17.6%	$6.0B
Capital Expenditures	$4.6B-7.6%	$5.0B+54.4%	$3.2B+9.0%	$3.0B-51.2%	$6.1B+63.6%	$3.7B+6.6%	$3.5B+23.7%	$2.8B
Free Cash Flow	-$1.3B-291.5%	$685.0M-40.5%	$1.2B+291.5%	$294.0M-79.6%	$1.4B+188.2%	$500.0M-86.1%	$3.6B+12.2%	$3.2B
Investing Cash Flow	N/A	N/A	-$3.0B+7.6%	-$3.2B+50.6%	-$6.5B-67.0%	-$3.9B-23.8%	-$3.2B-312.4%	-$766.0M
Financing Cash Flow	N/A	N/A	-$2.1B-259.4%	$1.3B+126.5%	-$5.1B+5.2%	-$5.3B-136.4%	-$2.3B-30.9%	-$1.7B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$1.0B-50.0%	$2.0B	N/A	N/A

VALE Financial Ratios

Metric	FY25	FY12	FY11	FY10	FY09	FY08
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	18.9%-29.4pp	48.3%+3.3pp	45.0%+19.7pp	25.3%-13.0pp	38.3%
Net Margin	5.2%-6.1pp	11.3%-25.4pp	36.7%+0.9pp	35.8%+13.5pp	22.3%-12.0pp	34.3%
Return on Equity	5.8%-1.7pp	7.4%-22.0pp	29.4%+4.4pp	25.1%+15.7pp	9.4%-21.7pp	31.1%
Return on Assets	2.3%-1.9pp	4.2%-13.6pp	17.8%+4.4pp	13.4%+8.1pp	5.2%-11.3pp	16.5%
Current Ratio	1.15-0.7	1.82-0.1	1.97+0.2	1.77-0.5	2.32-0.9	3.21
Debt-to-Equity	0.22-0.2	0.41+0.1	0.30-0.0	0.31-0.0	0.35-0.1	0.41
FCF Margin	N/A	1.7%-11.8pp	13.5%-0.1pp	13.6%+17.6pp	-4.0%-25.1pp	21.1%

Metric	Q3'13	Q2'13	Q1'13	Q4'12	Q3'12	Q2'12	Q1'12	Q4'11
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-8.4%-32.5pp	24.1%-8.2pp	32.3%-1.7pp	34.0%-6.9pp	40.8%-9.2pp	50.0%-0.5pp	50.5%-8.3pp	58.8%
Net Margin	-18.5%-33.7pp	15.2%-6.7pp	21.9%-11.8pp	33.8%+2.1pp	31.7%+2.2pp	29.5%-12.6pp	42.0%-8.3pp	50.4%
Return on Equity	-3.6%-5.6pp	2.0%-1.3pp	3.3%-1.3pp	4.6%-1.4pp	6.0%-0.4pp	6.4%-1.2pp	7.6%-1.3pp	8.9%
Return on Assets	-2.0%-3.2pp	1.2%-0.8pp	2.1%-0.8pp	2.9%-0.8pp	3.6%-0.2pp	3.8%-0.7pp	4.5%-0.6pp	5.1%
Current Ratio	1.82-0.6	2.45+0.2	2.25+0.2	2.09+0.1	1.97-0.3	2.24+0.2	2.03-0.2	2.20
Debt-to-Equity	0.41+0.1	0.35+0.0	0.31+0.0	0.300.0	0.300.0	0.30+0.0	0.26-0.0	0.29
FCF Margin	-9.2%-15.4pp	6.3%-3.2pp	9.5%+6.9pp	2.6%-7.2pp	9.8%+6.8pp	3.0%-20.4pp	23.4%-0.2pp	23.6%

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Frequently Asked Questions

What is Vale S A's annual revenue?

Vale S A (VALE) reported $38.4B in total revenue for fiscal year 2025. This represents a -21.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Vale S A's revenue growing?

Vale S A (VALE) revenue declined by 21.2% year-over-year, from $48.8B to $38.4B in fiscal year 2025.

Is Vale S A profitable?

Yes, Vale S A (VALE) reported a net income of $2.0B in fiscal year 2025, with a net profit margin of 5.2%.

How much debt does Vale S A have?

As of fiscal year 2025, Vale S A (VALE) had $5.0B in cash and equivalents against $7.7B in long-term debt.

What is Vale S A's net profit margin?

Vale S A (VALE) had a net profit margin of 5.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Vale S A's return on equity (ROE)?

Vale S A (VALE) has a return on equity of 5.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What are Vale S A's total assets?

Vale S A (VALE) had $86.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Vale S A buy back shares?

Yes, Vale S A (VALE) spent $240.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Vale S A have outstanding?

Vale S A (VALE) had 4.27B shares outstanding as of fiscal year 2025.

What is Vale S A's current ratio?

Vale S A (VALE) had a current ratio of 1.15 as of fiscal year 2025, which is considered adequate.

What is Vale S A's debt-to-equity ratio?

Vale S A (VALE) had a debt-to-equity ratio of 0.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vale S A's return on assets (ROA)?

Vale S A (VALE) had a return on assets of 2.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Vale S A's Piotroski F-Score?

Vale S A (VALE) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

How financially healthy is Vale S A?

Vale S A (VALE) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.