Valvoline Inc. (VVV) 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 %
Q3 26	$0.5	$0.57	+14.0%	—	$544.6M	—
Q2 26	$0.34	$0.41	+20.6%	—	$503.8M	—
Q1 26	$0.33	$0.37	+12.1%	—	$461.8M	—
Q4 25	$0.47	$0.45	-4.3%	—	$453.8M	—
Q3 25	$0.45	$0.47	+4.4%	—	$439M	—
Q2 25	$0.36	$0.34	-5.6%	—	$403.2M	—
Q1 25	$0.3	$0.32	+6.7%	—	$414.3M	—
Q4 24	$0.42	$0.46	+9.5%	—	$435.5M	—
Q3 24	$0.47	$0.45	-4.3%	—	$421.4M	—
Q2 24	$0.35	$0.37	+5.7%	—	$388.7M	—
Q1 24	$0.29	$0.29	0.0%	—	$373.4M	—
Q4 23	$0.41	$0.39	-4.9%	—	$390M	—
Q3 23	$0.34	$0.43	+26.5%	—	$376.2M	—
Q2 23	$0.2	$0.23	+15.0%	—	$344.5M	—
Q1 23	$0.22	$0.16	-27.3%	—	$332.8M	—
Q4 22	$0.56	$0.59	+5.4%	—	-$1.5B	—

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	—	$1.65	—	—	$1.7B	—
FY24	—	$1.63	—	—	$1.6B	—
FY23	—	$8.79	—	—	$1.4B	—
FY22	—	$2.37	—	—	$1.2B

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	$1.9B	$2.1B	$2.3B	$2.4B	$727M	$1B	$1.2B	$1.4B	$1.6B	$1.7B
YoY change	-1.93%	+8.04%	+9.64%	+4.6%	-69.6%	+42.7%	+19.2%	+16.8%	+12.2%	+5.64%

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	1.9B	2.1B	2.3B	2.4B	727M	1B	1.2B	1.4B	1.6B	1.7B
Cost of revenue	1.2B	1.3B	1.5B	1.6B	426M	604.9M	759.7M	899M	1B	1.1B
Gross profit	748M	776M	806M	810M	301M	432.3M	476.4M	544.5M	618.8M	658.5M
Gross margin	38.8%	37.2%	35.3%	33.9%	41.4%	41.7%	38.5%	37.7%	38.2%	38.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	365M	396M	430M	449M	177.2M	223.9M	244.7M	264.5M	305.1M	349.9M
Operating expenses	358M	383M	411M	449M	170.8M	215.8M	235.6M	264.5M	252.3M	267.2M
Operating income	390M	380M	376M	361M	130.2M	216.5M	240.8M	280M	366.5M	391.3M
Operating margin	20.2%	18.2%	16.5%	15.1%	17.9%	20.9%	19.5%	19.4%	22.6%	22.9%
Non-operating income, net	40M	152M	19M	-23M	84.9M	151.8M	-27.4M	-5.2M	-11M	-25M
Pretax income	421M	490M	332M	265M	123M	260M	144.1M	236.5M	283.6M	292.3M
Income tax	148M	186M	166M	57M	53.4M	59.9M	34.7M	37.1M	69.1M	77.5M
Net income	273M	304M	166M	208M	316.6M	420.3M	424.3M	1.4B	211.5M	210.7M
Net margin	14.2%	14.6%	7.26%	8.7%	43.5%	40.5%	34.3%	98.4%	13.1%	12.3%
EBITDA	475M	585M	463M	402M	225.7M	255M	332.7M	401.6M	471.7M	512.1M
EPS	1.6	1.49	0.84	1.1	1.7	2.3	2.37	8.79	1.63	1.65
Diluted EPS	1.6	1.49	0.84	1.1	1.69	2.29	2.35	8.73	1.61	1.64

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	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	390M	373.4M	388.7M	421.4M	435.5M	414.3M	403.2M	439M	453.8M	461.8M	503.8M	544.6M
Cost of revenue	241.7M	238.6M	242.5M	253.9M	265.2M	261.4M	252.7M	261.4M	276.3M	289.3M	316.8M	329.7M
Gross profit	148.3M	134.8M	146.2M	167.5M	170.3M	152.9M	150.5M	177.6M	177.5M	172.5M	187M	214.9M
Gross margin	38%	36.1%	37.6%	39.7%	39.1%	36.9%	37.3%	40.5%	39.1%	37.4%	37.1%	39.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	70.3M	77.9M	75.9M	77.2M	81.1M	82.8M	86.3M	85.5M	95.3M	106.8M	98.7M	103M
Operating expenses	70.3M	75.3M	73.4M	74M	36.6M	8.7M	82.8M	82.5M	93.2M	149M	100.1M	102.6M
Operating income	72.2M	59.5M	72.8M	93.5M	133.7M	144.2M	67.7M	95.1M	84.3M	23.5M	86.9M	112.3M
Operating margin	18.5%	15.9%	18.7%	22.2%	30.7%	34.8%	16.8%	21.7%	18.6%	5.09%	17.2%	20.6%
Non-operating income, net	36.6M	-100K	—	-3.5M	-400K	500K	100K	500K	-26.1M	-4M	300K	1.2M
Pretax income	97.9M	45.8M	57.3M	65.2M	115.3M	127.2M	50.9M	77M	37.2M	-6M	59.5M	85.6M
Income tax	22.9M	11.9M	14M	17M	26.2M	33.3M	12.6M	20M	11.6M	26.2M	14.2M	20.6M
Net income	48.9M	31.9M	41.4M	45.9M	92.3M	91.6M	37.6M	56.5M	25M	-32.8M	44.8M	64.5M
Net margin	12.5%	8.54%	10.7%	10.9%	21.2%	22.1%	9.33%	12.9%	5.51%	-7.1%	8.89%	11.8%
EBITDA	102.3M	84.1M	98.4M	120.5M	161.6M	173.1M	97M	125.7M	116.9M	58.2M	125.7M	150.6M
EPS	0.33	0.24	0.32	0.35	0.71	0.71	0.29	0.44	0.2	-0.26	0.35	0.51
Diluted EPS	0.32	0.24	0.32	0.35	0.71	0.71	0.29	0.44	0.2	-0.26	0.35	0.51

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	—	—	4.2B	4.2B	3.6B	5.7B	4.5B	5.2B	—	4.6B	3.6B
Enterprise value	—	—	5.5B	5.3B	5B	7.4B	6.4B	6.3B	—	5.9B	5.6B
Shares outstanding	170M	204M	197M	189M	187M	182M	179.1M	161.6M	130.1M	127.9M	127.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	25.5	20	11.2	13.5	10.7	3.67	—	21.8	35
P/S	—	—	1.85	1.74	4.9	5.47	3.67	3.61	—	2.69	1.84
P/B	—	—	-11.8	-16.1	-46.8	42.2	14.8	25.6	—	13.6	10.2
EV/EBITDA	—	—	11.8	13.3	22.1	29.1	19.3	15.7	—	11.6	11.6
EV/Sales	—	—	2.39	2.24	6.87	7.15	5.2	4.36	—	3.47	2.84
Earnings yield	—	—	3.92%	5%	8.89%	7.41%	9.35%	27.2%	—	4.59%	2.86%
FCF yield	—	—	5.36%	5.21%	7.8%	5.3%	3.35%	-4.25%	—	0.83%	2%
PEG	—	—	—	—	—	—	—	—	—	—	2.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	38.8%	37.2%	35.3%	33.9%	41.4%	41.7%	38.5%	37.7%	38.2%	38.5%	39.5%
Operating margin	20.2%	18.2%	16.5%	15.1%	17.9%	20.9%	19.5%	19.4%	22.6%	22.9%	21%
Net margin	14.2%	14.6%	7.26%	8.7%	43.5%	40.5%	34.3%	98.4%	13.1%	12.3%	5.17%
ROE	-82.7%	-259.8%	-46.4%	-80.6%	-416.6%	312.5%	138.4%	698.7%	114%	62.2%	28.4%
ROA	15%	15.9%	8.95%	10.1%	10.4%	13.2%	12.4%	49.1%	8.67%	7.89%	7.01%
ROIC	102.4%	29.3%	21.7%	30.6%	5.43%	8.89%	8.31%	18.4%	18.6%	17.2%	7.81%
Return on tangible assets	21.1%	24.4%	17.3%	19.7%	15.9%	22%	20.3%	92.9%	20.6%	17.7%	11.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.82	1.65	1.76	1.88	3.24	1.82	1.76	2.59	0.72	0.7	0.7
Quick ratio	1.48	1.29	1.34	1.43	2.79	1.78	1.73	2.49	0.61	0.58	0.58
Debt / equity	-2.27	-9.61	-3.69	-5.2	-28.9	13.8	6.25	9.02	7.4	4.1	4.75
Debt / assets	0.41	0.59	0.71	0.65	0.72	0.58	0.56	0.63	0.56	0.52	0.57
Net debt / EBITDA	1.21	1.58	2.65	2.94	6.35	6.82	5.69	2.68	2.77	2.61	4.2
Interest coverage	47.8	12.7	6.27	4.63	2.34	1.95	3.47	—	—	—	—
Effective tax rate	35.2%	38%	50%	21.5%	43.4%	23%	24.1%	15.7%	24.4%	26.5%	41.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.3	10.2	11.6	12.6	3.89	5.7	6.9	8.93	12.4	13.4	15.4
EPS (basic)	1.6	1.49	0.84	1.1	1.7	2.3	2.37	8.79	1.63	1.65	1.65
EPS (diluted)	1.6	1.49	0.84	1.1	1.69	2.29	2.35	8.73	1.61	1.64	0.81
Book value per share	-1.94	-0.57	-1.82	-1.37	-0.41	0.74	1.71	1.26	1.43	2.65	2.77
FCF per share	1.44	-0.97	1.15	1.15	1.49	1.65	0.85	-1.37	0.31	0.3	1.05
Cash per share	1.01	0.99	0.49	0.84	4.06	0.67	0.13	4.68	0.52	0.4	0.66
Capex per share	0.39	0.33	0.47	0.57	0.5	0.57	0.74	1.12	1.72	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.42%	3.26%	4.07%	4.52%	12.9%	9.94%	10.7%	12.5%	13.9%	—	—
Capex / operating cash flow	22.4%	-117.2%	32.3%	49.3%	76.3%	53.3%	200%	63.7%	68.3%	—	—
Payout ratio	0%	13.2%	34.9%	38.5%	26.6%	21.6%	21%	1.54%	0%	0%	0%
Dividend yield	—	—	1.37%	1.92%	2.37%	1.6%	1.97%	0.42%	—	0%	1.68%

Yield

1.68%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.125

ex-dividend Dec 1, 2022

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Dec 1, 2022	$0.125
Aug 30, 2022	$0.125
May 27, 2022	$0.125
Feb 25, 2022	$0.125
Nov 26, 2021	$0.125
Aug 27, 2021	$0.125
May 27, 2021	$0.125
Feb 25, 2021	$0.125

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$390M	$373.4M	$388.7M	$421.4M	$435.5M	$414.3M	$403.2M	$439M	$453.8M	$461.8M	$503.8M	$544.6M
YoY change	+126.6%	+12.2%	+12.8%	+12%	+11.7%	+11%	+3.73%	+4.18%	+4.2%	+11.5%	+25%	+24.1%

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	172M	201M	96M	159M	760M	122.6M	23.4M	756.6M	68.3M	51.6M
Receivables	363M	362M	390M	394M	409M	50M	56.2M	64M	73.2M	82M
Inventory	139M	175M	176M	194M	199M	27.4M	29.4M	33.3M	39.7M	42.6M
Total current assets	730M	790M	725M	797M	1.4B	1B	1.6B	936.7M	255.4M	243.7M
Property, plant & equipment	108M	105M	128M	150M	462M	314.7M	353.9M	359.7M	387.8M	420.6M
Goodwill & intangibles	534M	670M	896M	1B	1.1B	1.3B	1.3B	1.4B	1.4B	1.5B
Total assets	1.8B	1.9B	1.9B	2.1B	3.1B	3.2B	3.4B	2.9B	2.4B	2.7B
Accounts payable	177M	192M	178M	171M	189M	38.6M	45M	118.7M	117.4M	118.9M
Short-term debt	19M	90M	30M	15M	—	15M	162.5M	23.8M	23.8M	23.8M
Total current liabilities	400M	478M	411M	423M	444M	568.7M	919.4M	362.3M	353.9M	347.4M
Long-term debt	730M	1B	1.3B	1.3B	2.2B	1.8B	1.8B	1.8B	1.3B	1.4B
Total liabilities	2.2B	2B	2.2B	2.3B	3.1B	3.1B	3.1B	2.7B	2.3B	2.3B
Shareholders' equity	-330M	-117M	-358M	-258M	-76M	134.5M	306.6M	203.2M	185.6M	338.5M
Total debt	749M	1.1B	1.3B	1.3B	2.2B	1.9B	1.9B	1.8B	1.4B	1.4B
Net debt	577M	923M	1.2B	1.2B	1.4B	1.7B	1.9B	1.4B	1.3B	1.3B

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	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	756.6M	540.4M	494.5M	65.7M	68.3M	60M	61.9M	68.3M	51.6M	69.9M	84.7M	84.2M
Receivables	64M	65.9M	94.3M	85.4M	73.2M	73.3M	79.3M	79.5M	82M	73.8M	78.1M	89.2M
Inventory	33.3M	31.5M	37.5M	40.2M	39.7M	38M	41.5M	41.3M	42.6M	48.5M	47.6M	50.4M
Total current assets	936.7M	710.6M	701.4M	256.4M	255.4M	212.7M	230M	239M	243.7M	255.2M	272.3M	284.4M
Property, plant & equipment	359.7M	1.1B	1.2B	1.2B	387.8M	1.2B	1.3B	1.4B	420.6M	1.6B	1.6B	1.7B
Goodwill & intangibles	1.4B	685.6M	692.3M	693.7M	1.4B	689.5M	690.8M	713.1M	1.5B	2.6B	2.6B	2.6B
Total assets	2.9B	2.7B	2.8B	2.4B	2.4B	2.3B	2.5B	2.6B	2.7B	3.4B	3.4B	3.5B
Accounts payable	118.7M	77.2M	118.8M	107.7M	117.4M	88.3M	102.5M	100.8M	118.9M	113.4M	112.7M	119.8M
Short-term debt	23.8M	23.8M	623.8M	23.8M	23.8M	23.8M	23.8M	23.8M	23.8M	31.2M	31.2M	31.1M
Total current liabilities	362.3M	317.4M	963.7M	351.4M	353.9M	303.6M	315.6M	327.5M	347.4M	363.8M	371.3M	405.4M
Long-term debt	1.8B	1.8B	1.2B	1.4B	1.3B	1.3B	1.3B	1.4B	1.4B	2B	2B	1.9B
Total liabilities	2.7B	2.6B	2.7B	2.3B	2.3B	2.1B	2.2B	2.2B	2.3B	3.1B	3.1B	3.1B
Shareholders' equity	203.2M	64.8M	60.1M	106.5M	185.6M	229.8M	248.7M	313.6M	338.5M	307.6M	353.1M	416.7M
Total debt	1.8B	1.8B	1.8B	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	2B	2B	2B
Net debt	1.4B	1.4B	1.3B	1.4B	1.3B	1.2B	1.3B	1.3B	1.3B	2B	1.9B	1.9B

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	273M	304M	166M	208M	69.6M	200.1M	109.4M	199.4M	214.5M	214.8M
Depreciation & amortization	38M	42M	54M	61M	40.6M	62.1M	71.4M	88.8M	105.9M	119.4M
Stock-based compensation	0	9M	12M	9M	12.1M	13.7M	14.4M	12.2M	12M	10.5M
Change in working capital	-32M	-121M	-77M	-67M	-63.6M	-142.8M	-151.4M	-62.6M	-27.4M	-38.3M
Operating cash flow	295M	-58M	288M	219M	123.2M	193.4M	66M	283.3M	328.4M	297.2M
Capital expenditure	-66M	-68M	-93M	-108M	-94M	-103.1M	-132M	-180.5M	-224.4M	—
Investing cash flow	-148M	-135M	-213M	-188M	-159.4M	-358.7M	-170.9M	-577.2M	136.8M	58.1M
Dividends paid	0	-40M	-58M	-80M	-84.3M	-90.9M	-89.2M	-21.8M	0	0
Share repurchases	0	-50M	-325M	0	-59.8M	-126.9M	-142.6M	-1.5B	-226.8M	-76.8M
Financing cash flow	10M	295M	-209M	-71M	345.2M	-526.1M	-262.9M	-1.6B	-746.3M	-112.9M
Net change in cash	157M	102M	-134M	-40M	309M	-691.4M	-367.8M	-1.9B	-281.1M	242.4M
Free cash flow	245M	-198M	227M	217M	277.7M	300.8M	152.2M	-221.3M	40.7M	38M

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	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	-1.2B	31.9M	41.4M	45.9M	95.3M	91.6M	37.6M	56.5M	29.1M	-32.8M	44.8M	64.5M
Depreciation & amortization	28.1M	24.6M	25.6M	26.9M	28.8M	28M	28.4M	30.2M	32.8M	33.5M	37.6M	38.2M
Stock-based compensation	3.4M	2.4M	2.5M	4.5M	2.6M	2M	2.6M	2.8M	3.1M	2.4M	3.5M	3.4M
Change in working capital	-66.7M	3.7M	-49.5M	4.8M	13.6M	27M	-33.7M	2M	-33.6M	40.1M	700K	-1.9M
Operating cash flow	109.8M	65.6M	22.3M	84.6M	155.9M	151.1M	36.4M	86.9M	121.9M	64.8M	95.4M	124.4M
Capital expenditure	-54.6M	-42.3M	-44.9M	-65.8M	-71.4M	-53.6M	-51.8M	—	—	—	—	—
Investing cash flow	-63.1M	172.3M	58.3M	-67.2M	-23.1M	64M	-53.7M	-31.8M	-25.8M	-574M	-5.7M	-9.3M
Dividends paid	0	0	0	0	0	—	—	—	—	—	—	—
Share repurchases	-129.3M	-171.7M	-40.5M	0	-14.6M	-45.7M	-31.1M	0	0	0	0	0
Financing cash flow	-138.1M	-184.7M	-52.9M	-434.8M	-73.9M	-112.7M	8.3M	800K	-9.3M	584.7M	-12.4M	-62.8M
Net change in cash	-91.4M	53.2M	27.7M	-417.4M	58.9M	102.4M	-9M	55.9M	86.8M	75.5M	77.3M	52.3M
Free cash flow	-47M	-22.4M	23.4M	9.8M	29.9M	-12.4M	-4.6M	32M	23M	7.4M	37.6M	67.3M

Valvoline Inc. 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