Vale S.A. American Depositary Shares (VALE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.49	$0.36	-26.5%	—	$10.5B	—
Q1 26	$0.5	$0.44	-12.0%	—	$9.3B	—
Q4 25	$0.63	$0.34	-46.0%	—	$11.1B	—
Q3 25	$0.52	$0.64	+23.1%	—	$10.4B	—
Q2 25	$0.36	$0.5	+38.9%	—	$8.8B	—
Q1 25	$0.41	$0.35	-14.6%	—	$8.1B	—
Q4 24	$0.52	$0.2	-61.5%	—	$10.1B	—
Q3 24	$0.45	$0.37	-17.8%	—	$9.6B	—
Q2 24	$0.53	$0.43	-18.9%	—	$9.9B	—
Q1 24	$0.53	$0.42	-20.8%	—	$8.5B	—
Q4 23	$0.93	$0.67	-28.0%	—	$13.1B	—
Q3 23	$0.62	$0.66	+6.5%	—	$10.6B	—
Q2 23	$0.56	$0.2	-64.3%	—	$9.7B	—
Q1 23	$0.52	$0.41	-21.2%	—	$8.4B	—
Q4 22	$0.61	$0.82	+34.4%	—	$11.9B	—
Q3 22	$0.56	$0.98	+75.0%	—	$9.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.55	—	—	$38.4B	—
FY24	—	$1.44	—	—	$38.1B	—
FY23	—	$1.83	—	—	$41.8B	—
FY22	—	$4.05	—	—	$43.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$27.5B	$34B	$36.6B	$36.5B	$39.5B	$54.5B	$43.8B	$41.8B	$38.1B	$38.4B
YoY change	+17.6%	+23.6%	+7.68%	-0.07%	+8.2%	+37.8%	-19.6%	-4.69%	-8.92%	+0.91%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	27.5B	34B	36.6B	36.5B	39.5B	54.5B	43.8B	41.8B	38.1B	38.4B
Cost of revenue	17.6B	21B	22.1B	19.3B	17.6B	21.7B	24B	24.1B	24.3B	24.9B
Gross profit	9.8B	12.9B	14.5B	17.2B	22B	32.8B	19.8B	17.7B	13.8B	13.5B
Gross margin	35.8%	38.1%	39.6%	47.2%	55.6%	60.1%	45.2%	42.3%	36.2%	35%
Research & development	319M	340M	373M	413M	415M	549M	660M	723M	790M	693M
Selling, general & administrative	387M	440M	461M	418M	442M	439M	474M	506M	566M	569M
Operating expenses	1.3B	1.4B	1.3B	2.2B	2.3B	1.9B	2B	1.8B	2.2B	2B
Operating income	8.4B	11.4B	13.1B	15B	19.6B	30.8B	17.8B	15.9B	11.5B	11.3B
Operating margin	30.7%	33.6%	35.7%	41.1%	49.5%	56.6%	40.6%	37.9%	30.2%	29.5%
Non-operating income, net	2.3B	-399M	-3.6B	-11.2B	-9.4B	241M	2B	-3.2B	-3.3B	-4.4B
Pretax income	8B	7.8B	6.8B	-156M	7B	29.5B	19.8B	11.2B	6.7B	4.7B
Income tax	2.8B	1.5B	-172M	-595M	735M	4.7B	3B	3B	721M	2.7B
Net income	4B	5.5B	6.9B	-2.2B	4.5B	22.5B	18.9B	8.1B	6B	2B
Net margin	14.5%	16.3%	18.9%	-5.96%	11.5%	41.2%	43%	19.4%	15.7%	5.16%
EBITDA	10.3B	14.2B	15.4B	16.4B	21B	32.6B	22.2B	17.6B	14.1B	14B
EPS	0.77	1.06	1.32	-0.33	0.95	4.47	4.05	1.83	1.44	0.55
Diluted EPS	0.77	1.06	1.32	-0.33	0.95	4.47	4.05	1.83	1.44	0.55

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	10.6B	13.1B	8.5B	9.9B	9.6B	10.1B	8.1B	8.8B	10.4B	11.1B	9.3B	10.5B
Cost of revenue	6.3B	6.9B	5.4B	6.3B	6.3B	6.3B	5.5B	6.1B	6.6B	6.8B	6.2B	7.3B
Gross profit	4.3B	6.2B	3.1B	3.6B	3.3B	3.9B	2.7B	2.7B	3.8B	4.3B	3.1B	3.2B
Gross margin	40.6%	47.2%	36.6%	36%	34.3%	38.1%	32.9%	30.9%	36.4%	38.7%	33.3%	30.5%
Research & development	188M	231M	156M	189M	192M	253M	123M	159M	151M	260M	131M	185M
Selling, general & administrative	138M	136M	140M	128M	125M	183M	121M	124M	142M	182M	142M	159M
Operating expenses	569M	317M	644M	574M	472M	892M	429M	538M	581M	759M	469M	820M
Operating income	3.7B	5.8B	2.4B	3B	2.8B	2.9B	2.2B	2.2B	3.2B	3.5B	2.6B	2.4B
Operating margin	35.1%	44.7%	28.9%	30.1%	29.2%	29%	27.3%	24.7%	30.6%	31.6%	28.1%	22.5%
Non-operating income, net	-442M	-1.9B	124M	350M	129M	-3.2B	154M	338M	161M	-4.6B	475M	-395M
Pretax income	3B	3.2B	2.1B	2.7B	2.7B	-901M	2B	2.1B	2.6B	-2.1B	2.4B	1.8B
Income tax	127M	709M	448M	-34M	336M	-29M	647M	-32M	-83M	2.1B	505M	368M
Net income	2.9B	2.4B	1.7B	2.8B	2.4B	-872M	1.4B	2.1B	2.7B	-4.2B	1.9B	1.4B
Net margin	26.9%	18.7%	19.9%	27.9%	25%	-8.61%	17.2%	24.3%	25.9%	-38.4%	21%	13.5%
EBITDA	4.6B	5.4B	2.5B	3.8B	3B	3.7B	2.9B	2.8B	2.9B	3.3B	3.4B	3.5B
EPS	0.66	0.56	0.39	0.65	0.56	—	0.33	0.5	0.63	—	0.44	0.32
Diluted EPS	0.66	0.56	0.39	0.65	0.56	—	0.33	0.5	0.63	—	0.44	0.32

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	39.3B	63.5B	68.5B	67.7B	86B	70.3B	78.7B	69.2B	37.9B	55.6B	57.8B
Enterprise value	65.5B	84.8B	81.7B	78.9B	91.5B	75.6B	89.3B	82.3B	50.6B	69.9B	27.6B
Shares outstanding	5.2B	5.2B	5.2B	5.1B	5.1B	5B	4.6B	4.4B	4.3B	4.3B	4.3B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	9.88	11.5	9.94	—	19	3.13	4.17	8.54	6.35	28	27.3
P/S	1.43	1.87	1.87	1.85	2.17	1.29	1.8	1.66	1	1.45	0.27
P/B	0.96	1.42	1.53	1.74	2.47	1.99	2.11	1.69	1.1	1.62	1.5
EV/EBITDA	6.37	5.97	5.32	4.81	4.37	2.32	4.02	4.67	3.6	4.99	1.85
EV/Sales	2.38	2.5	2.23	2.16	2.31	1.39	2.04	1.97	1.33	1.82	0.66
Earnings yield	10.1%	8.69%	10.1%	—	5.27%	32%	24%	11.7%	15.8%	3.57%	3.66%
FCF yield	3.69%	13.6%	13.3%	12.8%	11.7%	29.4%	7.67%	10.5%	7.7%	5.02%	4.44%
PEG	—	—	—	—	—	—	—	—	—	—	-0.76

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	35.8%	38.1%	39.6%	47.2%	55.6%	60.1%	45.2%	42.3%	36.2%	35%	30.5%
Operating margin	30.7%	33.6%	35.7%	41.1%	49.5%	56.6%	40.6%	37.9%	30.2%	29.5%	22%
Net margin	14.5%	16.3%	18.9%	-5.96%	11.5%	41.2%	43%	19.4%	15.7%	5.16%	4.75%
ROE	9.69%	12.3%	15.4%	-5.59%	13%	63.6%	50.5%	19.8%	17.3%	5.77%	4.11%
ROA	4.02%	5.57%	7.82%	-2.38%	4.92%	25.1%	21.7%	8.61%	7.45%	2.29%	7.92%
ROIC	8.16%	14%	22.5%	29.9%	43.4%	63.9%	31.5%	21.3%	21.8%	9.95%	8.06%
Return on tangible assets	4.66%	6.72%	9.54%	-2.92%	6.17%	31.5%	28.4%	11.4%	10.1%	2.89%	2.56%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.01	1.45	1.68	1.23	1.67	1.47	1.12	1.28	1.03	1.15	1.19
Quick ratio	1.71	1.15	1.19	0.92	1.39	1.18	0.8	0.96	0.68	0.78	0.77
Debt / equity	0.74	0.57	0.42	0.5	0.57	0.49	0.41	0.41	0.51	0.63	0.55
Debt / assets	0.31	0.26	0.22	0.21	0.22	0.19	0.18	0.18	0.22	0.25	0.25
Net debt / EBITDA	2.55	1.49	0.86	0.68	0.27	0.16	0.48	0.74	0.9	1.02	1.23
Interest coverage	4.9	4.33	4.92	0.94	3.97	20	21.9	9.33	6.08	3.28	3
Effective tax rate	34.8%	19.1%	0%	0%	10.5%	15.9%	15%	27.3%	10.8%	57.4%	61.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.33	6.54	7.04	7.13	7.71	10.9	9.45	9.58	8.9	9	51.1
EPS (basic)	0.77	1.06	1.32	-0.33	0.95	4.47	4.05	1.83	1.44	0.55	0.55
EPS (diluted)	0.77	1.06	1.32	-0.33	0.95	4.47	4.05	1.83	1.44	0.55	0.5
Book value per share	7.96	8.62	8.63	7.6	6.79	7.04	8.06	9.39	8.08	8.05	9.1
FCF per share	0.28	1.66	1.75	1.69	1.97	4.12	1.3	1.66	0.68	0.65	0.83
Cash per share	0.83	0.84	1.12	1.59	2.78	2.38	1.03	0.84	1.17	1.77	7.01
Capex per share	0.05	0.74	0	—	—	—	—	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1%	11.3%	0%	—	—	—	—	—	—	—	—
Capex / operating cash flow	2.42%	25.4%	0%	—	—	—	—	—	—	—	—
Payout ratio	6.29%	26.4%	48%	0%	73.9%	60%	35%	68%	65.5%	179.6%	159.1%
Dividend yield	0.64%	2.29%	4.83%	0%	3.9%	19.2%	8.39%	7.97%	10.3%	6.4%	5.96%

Yield

5.96%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.40

ex-dividend Aug 13, 2026

Payout ratio

159%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 13, 2026	$0.40
Dec 12, 2025	$0.668
Aug 13, 2025	$0.342
Mar 10, 2025	$0.3758
Dec 12, 2024	$0.087

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$10.6B	$13.1B	$8.5B	$9.9B	$9.6B	$10.1B	$8.1B	$8.8B	$10.4B	$11.1B	$9.3B	$10.5B
YoY change	+6.99%	+9.32%	+0.3%	+2.55%	-10.1%	-22.4%	-4.02%	-11.3%	+9.08%	+9.25%	+14%	+19.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.3B	4.3B	5.8B	8.2B	14.3B	11.9B	4.8B	3.7B	5B	7.6B
Receivables	3.7B	2.6B	2.6B	2.5B	5B	3.9B	4.3B	4.2B	2.4B	2.3B
Inventory	3.3B	3.9B	4.4B	4.3B	4.1B	4.4B	4.5B	4.7B	4.6B	5.9B
Total current assets	22.6B	19B	15.3B	17B	24.4B	22.4B	15.5B	18.7B	13.5B	18.3B
Property, plant & equipment	22.7B	18.2B	13.4B	29.5B	24.1B	24.9B	28.5B	32.7B	27.3B	28.5B
Goodwill & intangibles	13.7B	17B	15.9B	17B	18.6B	18B	20.5B	23.3B	21B	17.9B
Total assets	99B	99.2B	88.2B	91.7B	92B	89.4B	86.9B	94.2B	80.2B	86.5B
Accounts payable	3.6B	4B	3.5B	4.1B	3.4B	3.5B	4.5B	5.3B	4.2B	5.6B
Short-term debt	2B	2.6B	2.1B	2.4B	1.6B	1.2B	489M	1B	1.2B	682M
Total current liabilities	11.2B	13.1B	9.1B	13.8B	14.6B	15.2B	13.9B	14.7B	13.1B	15.9B
Long-term debt	28.5B	23B	16.8B	16.9B	18.2B	16B	14.9B	15.8B	16.5B	21.1B
Total liabilities	58B	54.4B	43.4B	52.7B	57.2B	54.1B	49.5B	53.2B	45.6B	52.2B
Shareholders' equity	41B	44.8B	44.8B	39B	34.8B	35.3B	37.4B	41B	34.5B	34.4B
Total debt	30.5B	25.6B	19B	19.4B	19.8B	17.2B	15.4B	16.8B	17.7B	21.8B
Net debt	26.3B	21.3B	13.2B	12B	6.3B	5.5B	10.7B	13.2B	12.7B	14.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	4B	3.7B	3.8B	6.5B	4.6B	5B	4B	5.7B	6.7B	7.6B	5.3B	5.8B
Receivables	3.3B	4.2B	2.2B	2.3B	3B	2.4B	2.1B	2.3B	2.5B	2.3B	2.4B	2.6B
Inventory	5.1B	4.7B	5.2B	4.8B	4.9B	4.6B	4.9B	5.2B	5.6B	5.9B	6.1B	6.3B
Total current assets	14.7B	18.7B	17.5B	14.8B	13.8B	13.5B	14.7B	17.6B	16.5B	18.3B	16.8B	17.7B
Property, plant & equipment	31.9B	32.7B	32.2B	29.8B	31.2B	27.3B	30.5B	32B	30.6B	28.5B	29.1B	29.9B
Goodwill & intangibles	21.2B	23.3B	22.5B	20.4B	23.1B	21B	20.4B	21.4B	21.9B	17.9B	18.7B	18.8B
Total assets	89B	94.2B	91.7B	86.6B	88.9B	80.2B	83.4B	90.4B	91.2B	86.5B	87.6B	89.3B
Accounts payable	5.6B	5.3B	5.5B	4.8B	5.4B	4.2B	4.4B	5.5B	5.7B	5.6B	5.5B	6.2B
Short-term debt	976M	1B	1.5B	1.1B	999M	1.2B	784M	860M	645M	682M	762M	1.3B
Total current liabilities	13.6B	14.7B	15.7B	13.7B	15.2B	13.1B	13.2B	14.5B	13.3B	15.9B	13.5B	14.8B
Long-term debt	15.5B	15.8B	15.8B	16.5B	15.6B	16.5B	17.8B	19.4B	20.6B	21.1B	21.4B	20.7B
Total liabilities	49.5B	53.2B	52.7B	48.2B	49.2B	45.6B	47.1B	49.9B	48.9B	52.2B	50B	50.3B
Shareholders' equity	39.5B	41B	39B	38.4B	39.7B	34.5B	36.4B	40.5B	42.3B	34.4B	37.6B	38.9B
Total debt	16.4B	16.8B	17.3B	17.6B	16.6B	17.7B	18.5B	20.3B	21.2B	21.8B	22.2B	22B
Net debt	12.5B	13.2B	13.5B	11.1B	12B	12.7B	14.6B	14.8B	15.3B	14.4B	17.1B	16.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	8B	7.8B	6.8B	-156M	7B	29.5B	19.8B	11.2B	6.7B	4.7B
Depreciation & amortization	3.5B	3.7B	3.4B	3.5B	3.2B	3B	3.2B	3.1B	3.1B	3.1B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-1.7B	630M	-150M	-963M	-3.2B	335M	-1.3B	-903M	313M	-312M
Operating cash flow	11.4B	15.1B	12.6B	5B	9.3B	28.2B	18.5B	13.6B	10.2B	8.8B
Capital expenditure	276M	-3.8B	0	—	—	—	—	—	—	—
Investing cash flow	353M	-3.6B	6B	-3.8B	-486M	160M	644M	-742M	1.1B	-1.5B
Dividends paid	-250M	-1.5B	-3.3B	0	-3.4B	-13.5B	-6.6B	-5.5B	-3.9B	-3.6B
Share repurchases	0	0	-1B	0	0	-5.5B	-6B	-2.7B	-409M	0
Financing cash flow	-2B	-6.7B	-11.1B	-3.5B	-2.7B	-20.3B	-13.9B	-7.3B	-2.3B	270M
Net change in cash	9.8B	4.8B	7.4B	-2.2B	6.2B	8.1B	5.2B	5.5B	9B	7.6B
Free cash flow	1.4B	8.6B	9.1B	8.6B	10.1B	20.6B	6B	7.2B	2.9B	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	3B	3.2B	2.1B	2.7B	2.7B	-901M	2B	2.1B	2.6B	-2.1B	2.4B	1.8B
Depreciation & amortization	780M	855M	714M	793M	748M	802M	704M	780M	761M	860M	845M	911M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-186M	-858M	1.4B	-1.2B	-570M	726M	-252M	-8M	-231M	179M	-863M	127M
Operating cash flow	3.5B	3.7B	4.1B	2.5B	2.8B	764M	2.8B	1.9B	2.6B	2.7B	1.9B	2.4B
Capital expenditure	—	—	—	—	—	—	-1.3B	—	-1.4B	—	—	—
Investing cash flow	-235M	-335M	-127M	-81M	-9M	-1.3B	-1.4B	-892M	-1.3B	-383M	-111M	-678M
Dividends paid	-1.7B	-2B	-2.3B	0	-1.6B	0	-2B	0	-1.5B	-97M	-2.7B	0
Share repurchases	-546M	-44M	-275M	-114M	-20M	0	0	0	0	0	-74M	-140M
Financing cash flow	-2.1B	-2.2B	-1.8B	402M	-2.3B	1.4B	-1.3B	1.6B	-977M	972M	-3B	-109M
Net change in cash	1.1B	1.2B	2.1B	2.8B	534M	873M	94M	2.6B	302M	3.3B	-1.2B	1.6B
Free cash flow	1.4B	2.7B	2.2B	-117M	269M	586M	414M	688M	1.2B	510M	694M	1.2B

Date	Ratio
Sep 13, 2007	2:1
Jun 7, 2006	2:1
Sep 7, 2004	3:1

Vale S.A. American Depositary Shares Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history