NYSE : VAL
Valaris Limited — Financial statements
Energy · Oil & Gas Equipment & Services · Bermuda
Last price 105.31 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.31B
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Financial statements
Valaris Limited (VAL) reported revenue of 2.14B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.14B | 2.37B | 2.36B | 1.78B | 1.60B | 1.23B |
| Cost of Revenue | 1.61B | 1.63B | 1.76B | 1.54B | 1.38B | 1.07B |
| Gross Profit | 529.80M | 739.30M | 601.70M | 240.60M | 219.30M | 164.50M |
| Selling, General & Admin | 105.00M | 98.00M | 113.90M | 98.40M | 64.50M | 74.80M |
| Operating Expenses | 270.00M | 244.30M | 236.00M | 199.50M | 155.70M | 300.50M |
| Operating Income | 259.80M | 495.00M | 365.70M | 41.10M | 63.60M | -136.00M |
| Interest Expense | -98.00M | -98.80M | -84.80M | -68.90M | -45.30M | -33.40M |
| Interest & Investment Income | 74.60M | 70.80M | 86.10M | 101.40M | 65.50M | 32.10M |
| Earnings From Equity Investments | 24.30M | 8.40M | -11.00M | 13.30M | 24.50M | 9.20M |
| Currency Exchange Gain (Loss) | -3.40M | -14.30M | 13.80M | -3.50M | 12.20M | 21.50M |
| Other Non Operating Income (Expenses) | 900.00K | -100.00K | 600.00K | 1.40M | -2.30M | 1.20M |
| EBT Excluding Unusual Items | 258.20M | 461.00M | 370.40M | 84.80M | 118.20M | -105.40M |
| Merger & Restructuring Charges | -25.00M | |||||
| Gain (Loss) on Sale of Assets | 129.60M | 118.60M | -200.00K | 28.60M | 141.20M | 27.20M |
| Asset Writedown | -19.50M | -27.30M | -34.50M | -756.50M | ||
| Other Unusual Items | -29.20M | -3.60B | ||||
| Pretax Income | 343.30M | 552.30M | 370.20M | 84.20M | 224.90M | -4.43B |
| Income Tax Expense | -589.80M | -426.80M | 400.00K | -782.60M | 43.10M | 52.60M |
| Earnings From Continuing Operations | 933.10M | 979.10M | 369.80M | 866.80M | 181.80M | -4.49B |
| Net Income to Company | 933.10M | 979.10M | 369.80M | 866.80M | 181.80M | -4.49B |
| Minority Interest in Earnings | 6.50M | 3.70M | 3.60M | -1.40M | -5.30M | -7.00M |
| Net Income | 939.60M | 982.80M | 373.40M | 865.40M | 176.50M | -4.49B |
| Net Income to Common | 939.60M | 982.80M | 373.40M | 865.40M | 176.50M | -4.49B |
| Shares Outstanding (Basic) | 69.65M | 70.60M | 72.10M | 74.10M | 75.10M | 116.53M |
| Shares Outstanding (Diluted) | 70.40M | 70.90M | 72.90M | 75.20M | 75.60M | 116.53M |
| EPS (Basic) | 13.49 | 13.92 | 5.18 | 11.68 | 2.35 | -38.57 |
| EPS (Diluted) | 13.34 | 13.86 | 5.12 | 11.51 | 2.33 | -38.57 |
| Free Cash Flow | -24.10M | 202.70M | -99.70M | -428.60M | -80.00M | -125.10M |
| Free Cash Flow Per Share | -0.34 | 2.86 | -1.37 | -5.70 | -1.06 | -1.07 |
| Gross Margin | 24.78% | 31.21% | 25.47% | 13.48% | 13.69% | 13.35% |
| Operating Margin | 12.15% | 20.89% | 15.48% | 2.30% | 3.97% | -11.04% |
| Profit Margin | 43.95% | 41.49% | 15.80% | 48.50% | 11.01% | -364.69% |
| Free Cash Flow Margin | -1.13% | 8.56% | -4.22% | -24.02% | -4.99% | -10.15% |
| EBITDA | 424.80M | 641.30M | 487.80M | 142.20M | 154.80M | 89.70M |
| EBITDA Margin | 19.87% | 27.07% | 20.65% | 7.97% | 9.66% | 7.28% |
| D&A For EBITDA | 165.00M | 146.30M | 122.10M | 101.10M | 91.20M | 225.70M |
| EBIT | 259.80M | 495.00M | 365.70M | 41.10M | 63.60M | -136.00M |
| EBIT Margin | 12.15% | 20.89% | 15.48% | 2.30% | 3.97% | -11.04% |
| Effective Tax Rate | 0.11% | 19.16% | ||||
| Revenue as Reported | 2.14B | 2.37B | 2.36B | 1.78B | 1.60B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 541.20M | 599.40M | 368.20M | 620.50M | 724.10M | 608.70M |
| Cash & Short-Term Investments | 541.20M | 599.40M | 368.20M | 620.50M | 724.10M | 608.70M |
| Accounts Receivable | 423.10M | 409.20M | 485.80M | 361.40M | 335.50M | 280.70M |
| Other Receivables | 35.00M | 65.60M | 85.40M | 99.40M | 118.20M | 163.80M |
| Receivables | 458.10M | 474.80M | 571.20M | 460.80M | 453.70M | 444.50M |
| Prepaid Expenses | 99.70M | 71.50M | 61.50M | 72.70M | 62.10M | 67.50M |
| Restricted Cash | 15.20M | 24.40M | 35.90M | |||
| Other Current Assets | 99.70M | 79.60M | 77.80M | 103.00M | 81.90M | 50.00M |
| Total Current Assets | 1.20B | 1.23B | 1.08B | 1.27B | 1.35B | 1.21B |
| Property, Plant & Equipment | 2.23B | 2.16B | 2.02B | 1.71B | 977.20M | 890.90M |
| Long-Term Investments | 139.20M | 121.80M | 113.40M | 124.40M | 111.10M | 86.60M |
| Long-Term Accounts Receivable | 15.10M | 12.80M | 5.50M | 4.50M | 700.00K | |
| Long-Term Deferred Tax Assets | 1.35B | 1.36B | 849.50M | 855.10M | 55.10M | |
| Other Long-Term Assets | 159.10M | 77.60M | 59.10M | 75.30M | 116.00M | 169.90M |
| Total Assets | 5.45B | 5.30B | 4.42B | 4.32B | 2.86B | 2.60B |
| Accounts Payable | 416.00M | 348.20M | 328.50M | 400.10M | 256.50M | 225.80M |
| Accrued Expenses | 82.90M | 97.00M | 104.50M | 92.00M | 63.40M | 54.90M |
| Current Portion of Leases | 30.70M | 35.60M | 28.00M | 27.20M | 9.40M | 10.00M |
| Current Income Taxes Payable | 80.50M | 73.90M | 57.20M | 52.90M | 41.40M | 45.70M |
| Current Unearned Revenue | 117.50M | 87.70M | 87.20M | 116.20M | 78.00M | 45.80M |
| Other Current Liabilities | 47.20M | 49.20M | 74.10M | 55.90M | 55.70M | 39.80M |
| Total Current Liabilities | 774.80M | 691.60M | 679.50M | 744.30M | 504.40M | 422.00M |
| Long-Term Debt | 1.09B | 1.09B | 1.08B | 1.08B | 542.40M | 545.30M |
| Long-Term Leases | 47.20M | 37.30M | 56.90M | 48.90M | 13.80M | |
| Long-Term Unearned Revenue | 74.00M | 63.20M | 71.40M | 37.60M | 41.00M | |
| Pension & Post-Retirement Benefits | 59.50M | 68.30M | 106.50M | 141.60M | 159.80M | 204.00M |
| Long-Term Deferred Tax Liabilities | 31.50M | 29.70M | 30.10M | 29.90M | 16.10M | |
| Other Long-Term Liabilities | 156.00M | 157.00M | 148.40M | 243.60M | 284.90M | 354.40M |
| Total Liabilities | 2.23B | 2.13B | 2.18B | 2.33B | 1.56B | 1.53B |
| Common Stock | 800.00K | 800.00K | 800.00K | 800.00K | 800.00K | 800.00K |
| Additional Paid-In Capital | 1.15B | 1.13B | 1.11B | 1.12B | 1.10B | 1.08B |
| Retained Earnings | 2.42B | 2.38B | 1.40B | 1.03B | 160.10M | -16.40M |
| Treasury Stock | -425.10M | -425.10M | -325.10M | -200.10M | ||
| Comprehensive Income & Other | 80.30M | 77.30M | 50.60M | 41.60M | 31.10M | 7.30M |
| Total Common Equity | 3.22B | 3.17B | 2.24B | 1.99B | 1.29B | 1.07B |
| Minority Interest | -2.90M | 2.10M | 5.80M | 9.40M | 8.00M | 2.70M |
| Shareholders' Equity | 3.22B | 3.17B | 2.24B | 2.00B | 1.30B | 1.08B |
| Total Liabilities & Equity | 5.45B | 5.30B | 4.42B | 4.32B | 2.86B | 2.60B |
| Total Debt | 1.17B | 1.16B | 1.17B | 1.16B | 565.60M | 555.30M |
| Net Cash (Debt) | -624.30M | -559.50M | -799.40M | -534.90M | 158.50M | 53.40M |
| Net Cash Per Share | -8.87 | -7.89 | -10.97 | -7.11 | 2.10 | 0.46 |
| Filing Date Shares Outstanding | 69.44M | 69.23M | 71.03M | 72.41M | 75.18M | 75.00M |
| Total Common Shares Outstanding | 69.30M | 69.20M | 71.00M | 72.40M | 75.20M | 75.00M |
| Working Capital | 423.90M | 533.70M | 399.20M | 527.90M | 841.80M | 784.60M |
| Book Value Per Share | 46.47 | 45.80 | 31.53 | 27.45 | 17.15 | 14.33 |
| Tangible Book Value | 3.22B | 3.17B | 2.24B | 1.99B | 1.29B | 1.07B |
| Tangible Book Value Per Share | 46.47 | 45.80 | 31.53 | 27.45 | 17.15 | 14.33 |
| Machinery | 2.08B | 1.96B | 1.66B | 1.31B | 1.04B | 886.90M |
| Construction In Progress | 695.40M | 590.30M | 607.60M | 537.00M | 59.80M | 35.60M |
| Order Backlog | 4.67B | 3.61B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 939.60M | 982.80M | 373.40M | 865.40M | 176.50M | -4.49B |
| Depreciation & Amortization | 165.00M | 146.30M | 122.10M | 101.10M | 91.20M | 225.70M |
| Loss (Gain) From Sale of Assets | -126.80M | -118.60M | 200.00K | -28.60M | -141.20M | -27.20M |
| Asset Writedown & Restructuring Costs | 27.30M | 27.30M | 34.50M | 756.50M | ||
| Loss (Gain) on Equity Investments | -24.30M | -8.40M | 11.00M | -13.30M | -24.50M | -9.20M |
| Stock-Based Compensation | 29.20M | 25.20M | 27.70M | 27.30M | 17.40M | 9.10M |
| Other Operating Activities | -756.30M | -587.30M | -45.80M | -805.60M | -20.30M | 3.37B |
| Change in Accounts Receivable | 119.20M | 119.20M | -64.90M | 44.90M | -6.90M | 4.90M |
| Change in Other Net Operating Assets | -3.20M | -40.30M | -68.30M | 76.30M | 300.00K | 92.20M |
| Operating Cash Flow | 358.40M | 546.20M | 355.40M | 267.50M | 127.00M | -66.20M |
| Capital Expenditures | -382.50M | -343.50M | -455.10M | -696.10M | -207.00M | -58.90M |
| Sale of Property, Plant & Equipment | 170.60M | 137.90M | 2.80M | 30.30M | 150.30M | 55.20M |
| Other Investing Activities | 40.00M | |||||
| Investing Cash Flow | -211.90M | -205.60M | -452.30M | -665.80M | -16.70M | -3.70M |
| Long-Term Debt Issued | 1.10B | 520.00M | ||||
| Long-Term Debt Repaid | -571.80M | -129.90M | ||||
| Net Debt Issued (Repaid) | 531.20M | 390.10M | ||||
| Repurchase of Common Stock | -103.60M | -103.60M | -156.30M | -204.00M | -2.50M | |
| Other Financing Activities | -1.10M | -2.00M | -41.70M | -3.90M | -1.40M | |
| Financing Cash Flow | -104.70M | -103.60M | -158.30M | 285.50M | -6.40M | 388.70M |
| Net Cash Flow | 41.80M | 237.00M | -255.20M | -112.80M | 103.90M | 318.80M |
| Free Cash Flow | -24.10M | 202.70M | -99.70M | -428.60M | -80.00M | -125.10M |
| Free Cash Flow Margin | -1.13% | 8.56% | -4.22% | -24.02% | -4.99% | -10.15% |
| Free Cash Flow Per Share | -0.34 | 2.86 | -1.37 | -5.70 | -1.06 | -1.07 |
| Levered Free Cash Flow | 79.72M | 165.12M | -253.74M | -392.38M | -28.16M | -7.00B |
| Unlevered Free Cash Flow | 140.97M | 226.88M | -200.74M | -349.31M | 150.00K | -6.98B |
| Cash Interest Paid | 90.50M | 90.50M | 78.30M | 32.30M | 44.20M | 22.80M |
| Cash Income Tax Paid | 61.50M | 61.50M | 55.60M | -8.30M | 5.60M | 6.60M |
| Change in Working Capital | 116.00M | 78.90M | -133.20M | 121.20M | -6.60M | 97.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.31B | 3.51B | 3.15B | 5.00B | 5.08B | 2.70B |
| Enterprise Value | 7.94B | 4.01B | 3.95B | 5.07B | 5.02B | 2.64B |
| Last Close Price | 105.31 | 50.40 | 44.24 | 68.57 | 67.62 | 36.00 |
| PE Ratio | 7.89 | 3.57 | 8.43 | 5.78 | 28.80 | |
| Forward PE | 17.06 | 18.68 | 9.04 | 27.68 | 21.62 | |
| PS Ratio | 3.42 | 1.48 | 1.33 | 2.80 | 3.17 | 2.19 |
| PB Ratio | 2.27 | 1.11 | 1.40 | 2.50 | 3.92 | 2.51 |
| P/TBV Ratio | 2.27 | 1.11 | 1.41 | 2.52 | 3.94 | 2.51 |
| P/FCF Ratio | 17.30 | |||||
| P/OCF Ratio | 20.40 | 6.42 | 8.85 | 18.69 | 40.03 | |
| EV/Sales Ratio | 3.71 | 1.69 | 1.67 | 2.84 | 3.13 | 2.14 |
| EV/EBITDA Ratio | 18.68 | 6.25 | 8.09 | 35.65 | 32.40 | 29.42 |
| EV/EBIT Ratio | 30.55 | 8.10 | 10.79 | 123.35 | 78.86 | |
| EV/FCF Ratio | 19.79 | |||||
| Debt / Equity Ratio | 0.36 | 0.36 | 0.52 | 0.58 | 0.44 | 0.52 |
| Debt / EBITDA Ratio | 2.29 | 1.61 | 2.12 | 6.04 | 3.07 | 4.14 |
| Debt / FCF Ratio | 5.72 | |||||
| Net Debt / Equity Ratio | 0.19 | 0.18 | 0.36 | 0.27 | -0.12 | -0.05 |
| Net Debt / EBITDA Ratio | 1.47 | 0.87 | 1.64 | 3.76 | -1.02 | -0.59 |
| Net Debt / FCF Ratio | -25.91 | 2.76 | -8.02 | -1.25 | 1.98 | 0.43 |
| Asset Turnover | 0.43 | 0.49 | 0.54 | 0.50 | 0.59 | 0.16 |
| Quick Ratio | 1.29 | 1.55 | 1.38 | 1.45 | 2.33 | 2.50 |
| Current Ratio | 1.55 | 1.77 | 1.59 | 1.71 | 2.67 | 2.86 |
| Return on Equity (ROE) | 33.62% | 36.16% | 17.44% | 52.62% | 15.31% | -164.75% |
| Return on Assets (ROA) | 3.26% | 6.36% | 5.23% | 0.71% | 1.46% | -1.10% |
| Return on Invested Capital (ROIC) | 6.86% | 14.61% | 13.10% | 2.24% | 4.75% | -5.35% |
| Return on Capital Employed (ROCE) | 5.60% | 10.70% | 9.80% | 1.10% | 2.70% | -6.20% |
| Earnings Yield | 12.67% | 28.03% | 11.87% | 17.31% | 3.47% | -166.46% |
| FCF Yield | -0.33% | 5.78% | -3.17% | -8.58% | -1.57% | -4.63% |
| Buyback Yield / Dilution | 1.81% | 2.74% | 3.06% | 0.53% | 35.13% | 41.41% |
| Total Shareholder Return | 1.81% | 2.74% | 3.06% | 0.53% | 35.13% | 41.41% |