NYSE : VALE
Vale S.A. — Financial statements
Materials · Other Industrial Metals & Mining · Brazil
Last price 11.18 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 47.22B
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Financial statements
Vale S.A. (VALE) reported revenue of 215.83B BRL (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 215.83B | 213.59B | 206.00B | 208.07B | 226.51B | 293.52B |
| Cost of Revenue | 146.63B | 138.89B | 131.32B | 120.02B | 124.19B | 117.27B |
| Gross Profit | 69.20B | 74.71B | 74.69B | 88.05B | 102.31B | 176.26B |
| Selling, General & Admin | 3.62B | 3.57B | 3.40B | 2.76B | 2.66B | 2.60B |
| Research & Development | 157.00M | 3.41B | 2.96B | |||
| Other Operating Expenses | 12.80B | 10.57B | 13.24B | 7.92B | 8.13B | 15.92B |
| Operating Expenses | 16.59B | 14.13B | 16.64B | 10.68B | 16.67B | 24.95B |
| Operating Income | 52.61B | 60.58B | 58.05B | 77.37B | 85.65B | 151.30B |
| Interest Expense | -15.54B | -15.35B | -14.75B | -14.88B | -4.30B | -7.88B |
| Interest & Investment Income | 2.19B | 2.41B | 1.78B | 1.55B | 2.27B | 1.22B |
| Earnings From Equity Investments | -2.34B | -1.17B | -1.57B | -5.43B | 1.62B | -6.95B |
| Currency Exchange Gain (Loss) | -1.50B | 3.06B | 25.09B | |||
| Other Non Operating Income (Expenses) | 8.04B | 8.00B | -7.98B | 3.73B | 10.91B | -815.00M |
| EBT Excluding Unusual Items | 43.46B | 54.46B | 35.52B | 62.33B | 99.21B | 161.97B |
| Merger & Restructuring Charges | -49.00M | |||||
| Gain (Loss) on Sale of Assets | -25.15B | -25.15B | 510.00M | -1.32B | -1.07B | |
| Asset Writedown | 2.41B | 3.83B | -583.00M | |||
| Legal Settlements | 321.00M | -793.00M | -531.00M | |||
| Other Unusual Items | -2.99B | -2.62B | -1.80B | -5.45B | -568.00M | -592.00M |
| Pretax Income | 18.06B | 26.69B | 34.22B | 55.55B | 101.70B | 159.15B |
| Income Tax Expense | 17.50B | 14.88B | 3.79B | 15.00B | 15.19B | 25.32B |
| Earnings From Continuing Operations | 556.00M | 11.81B | 30.43B | 40.55B | 86.52B | 133.83B |
| Earnings From Discontinued Operations | 9.82B | -12.48B | ||||
| Net Income to Company | 556.00M | 11.81B | 30.43B | 40.55B | 96.34B | 121.34B |
| Minority Interest in Earnings | 1.63B | 2.00B | 1.16B | -614.00M | -413.00M | -115.00M |
| Net Income | 2.19B | 13.81B | 31.59B | 39.94B | 95.92B | 121.23B |
| Net Income to Common | 2.19B | 13.81B | 31.59B | 39.94B | 95.92B | 121.23B |
| Shares Outstanding (Basic) | 4.26B | 4.27B | 4.27B | 4.37B | 4.64B | 5.01B |
| Shares Outstanding (Diluted) | 4.27B | 4.27B | 4.28B | 4.37B | 4.64B | 5.02B |
| EPS (Basic) | 0.51 | 3.24 | 7.39 | 9.15 | 20.68 | 24.19 |
| EPS (Diluted) | 0.50 | 3.23 | 7.38 | 9.15 | 20.68 | 24.18 |
| Free Cash Flow | 18.06B | 15.38B | 15.10B | 36.46B | 30.02B | 109.47B |
| Free Cash Flow Per Share | 4.23 | 3.60 | 3.53 | 8.34 | 6.47 | 21.82 |
| Dividend Per Share | 5.61 | 5.48 | 4.76 | 6.99 | 5.69 | 14.09 |
| Gross Margin | 32.06% | 34.98% | 36.25% | 42.32% | 45.17% | 60.05% |
| Operating Margin | 24.38% | 28.36% | 28.18% | 37.19% | 37.81% | 51.55% |
| Profit Margin | 1.01% | 6.47% | 15.34% | 19.20% | 42.35% | 41.30% |
| Free Cash Flow Margin | 8.37% | 7.20% | 7.33% | 17.52% | 13.25% | 37.29% |
| EBITDA | 70.05B | 76.86B | 73.27B | 92.67B | 102.03B | 167.68B |
| EBITDA Margin | 32.46% | 35.99% | 35.57% | 44.54% | 45.05% | 57.13% |
| D&A For EBITDA | 17.44B | 16.29B | 15.22B | 15.30B | 16.39B | 16.38B |
| EBIT | 52.61B | 60.58B | 58.05B | 77.37B | 85.65B | 151.30B |
| EBIT Margin | 24.38% | 28.36% | 28.18% | 37.19% | 37.81% | 51.55% |
| Effective Tax Rate | 96.92% | 55.75% | 11.08% | 27.00% | 14.93% | 15.91% |
| Advertising Expenses | 114.00M | 145.00M |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 25.08B | 40.56B | 30.67B | 17.47B | 24.71B | 65.41B |
| Short-Term Investments | 1.01B | 1.03B | ||||
| Trading Asset Securities | 1.07B | 331.00M | 250.00M | 320.00M | ||
| Cash & Short-Term Investments | 26.09B | 41.63B | 31.00B | 17.72B | 25.03B | 66.44B |
| Accounts Receivable | 15.31B | 12.64B | 14.60B | 20.32B | 22.54B | 21.84B |
| Other Receivables | 7.82B | 8.28B | 6.81B | 4.36B | 6.64B | 4.81B |
| Receivables | 23.15B | 20.92B | 21.41B | 24.67B | 29.18B | 26.65B |
| Inventory | 31.39B | 32.67B | 28.51B | 22.68B | 23.39B | 24.43B |
| Other Current Assets | 7.17B | 5.43B | 2.55B | 25.45B | 3.42B | 7.29B |
| Total Current Assets | 87.79B | 100.64B | 83.48B | 90.53B | 81.01B | 124.80B |
| Property, Plant & Equipment | 241.92B | 240.04B | 247.59B | 234.30B | 234.47B | 234.00B |
| Long-Term Investments | 28.16B | 27.67B | 28.16B | 9.06B | 9.42B | 9.80B |
| Goodwill | 7.14B | 7.14B | 18.81B | 15.80B | 16.64B | 17.91B |
| Other Intangible Assets | 41.60B | 42.12B | 46.29B | 40.51B | 36.78B | 32.38B |
| Long-Term Deferred Tax Assets | 31.14B | 34.76B | 51.05B | 46.31B | 56.20B | 63.85B |
| Other Long-Term Assets | 19.19B | 23.71B | 20.94B | 19.48B | 18.87B | 16.39B |
| Total Assets | 458.20B | 476.09B | 496.32B | 455.98B | 453.39B | 499.13B |
| Accounts Payable | 35.30B | 30.62B | 26.22B | 25.52B | 23.28B | 19.39B |
| Accrued Expenses | 6.92B | 6.23B | 6.27B | 4.67B | 6.15B | 5.11B |
| Current Portion of Long-Term Debt | 6.18B | 2.85B | 6.32B | 3.99B | 1.60B | 5.74B |
| Current Portion of Leases | 834.00M | 884.00M | 907.00M | 954.00M | 948.00M | 976.00M |
| Current Income Taxes Payable | 2.51B | 6.11B | 5.74B | 8.43B | 1.16B | 12.15B |
| Current Unearned Revenue | 6.17B | 9.35B | ||||
| Other Current Liabilities | 27.87B | 40.62B | 35.61B | 27.39B | 33.17B | 32.09B |
| Total Current Liabilities | 79.63B | 87.32B | 81.06B | 70.95B | 72.48B | 84.81B |
| Long-Term Debt | 100.65B | 109.33B | 99.01B | 70.30B | 70.95B | 81.30B |
| Long-Term Leases | 2.28B | 2.79B | 3.51B | 6.08B | 7.04B | 7.97B |
| Long-Term Unearned Revenue | 10.01B | 10.83B | 11.65B | 9.50B | 21.74B | 17.94B |
| Pension & Post-Retirement Benefits | 5.91B | 6.68B | 6.92B | 6.69B | 6.57B | 8.56B |
| Long-Term Deferred Tax Liabilities | 885.00M | 588.00M | 2.76B | 4.21B | 7.37B | 10.49B |
| Other Long-Term Liabilities | 59.11B | 69.62B | 77.70B | 89.94B | 72.34B | 91.00B |
| Total Liabilities | 258.48B | 287.17B | 282.61B | 257.66B | 258.49B | 302.07B |
| Common Stock | 77.80B | 77.30B | 77.30B | 77.30B | 77.30B | 77.30B |
| Retained Earnings | 103.31B | 96.18B | 114.89B | 106.18B | 108.21B | 87.62B |
| Treasury Stock | -13.85B | -19.78B | -19.79B | -17.74B | -25.68B | -29.19B |
| Comprehensive Income & Other | 27.51B | 30.60B | 34.37B | 25.22B | 27.27B | 56.67B |
| Total Common Equity | 194.76B | 184.30B | 206.77B | 190.97B | 187.11B | 192.40B |
| Minority Interest | 4.96B | 4.63B | 6.95B | 7.36B | 7.78B | 4.66B |
| Shareholders' Equity | 199.72B | 188.93B | 213.72B | 198.32B | 194.89B | 197.06B |
| Total Liabilities & Equity | 458.20B | 476.09B | 496.32B | 455.98B | 453.39B | 499.13B |
| Total Debt | 109.95B | 115.86B | 109.74B | 81.32B | 80.55B | 95.99B |
| Net Cash (Debt) | -83.86B | -74.23B | -78.74B | -63.59B | -55.52B | -29.55B |
| Net Cash Per Share | -19.64 | -17.36 | -18.40 | -14.55 | -11.96 | -5.89 |
| Filing Date Shares Outstanding | 4.26B | 4.27B | 4.27B | 4.30B | 4.48B | 4.84B |
| Total Common Shares Outstanding | 4.26B | 4.27B | 4.27B | 4.30B | 4.48B | 4.84B |
| Working Capital | 8.17B | 13.32B | 2.42B | 19.58B | 8.53B | 39.99B |
| Book Value Per Share | 45.76 | 43.17 | 48.44 | 44.41 | 41.74 | 39.76 |
| Tangible Book Value | 146.02B | 135.04B | 141.67B | 134.66B | 133.69B | 142.12B |
| Tangible Book Value Per Share | 34.31 | 31.63 | 33.19 | 31.32 | 29.82 | 29.37 |
| Land | 3.89B | |||||
| Buildings | 187.03B | 99.63B | 94.53B | 83.62B | 83.36B | |
| Machinery | 88.31B | 84.20B | 82.51B | 82.16B | 80.84B | |
| Construction In Progress | 51.36B | 57.54B | 60.19B | 48.66B | 43.09B |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.19B | 13.81B | 31.59B | 39.94B | 95.92B | 121.23B |
| Depreciation & Amortization | 18.22B | 17.06B | 16.24B | 15.30B | 16.39B | 16.38B |
| Other Amortization | 224.00M | 243.00M | 287.00M | |||
| Loss (Gain) From Sale of Assets | 1.17B | |||||
| Asset Writedown & Restructuring Costs | 22.74B | 25.15B | -510.00M | 1.32B | -3.83B | 1.18B |
| Loss (Gain) on Equity Investments | 2.34B | 1.17B | 1.57B | 5.43B | -1.62B | 6.95B |
| Other Operating Activities | 5.48B | -6.75B | -405.00M | 8.02B | -40.95B | -9.32B |
| Change in Accounts Receivable | -3.02B | 907.00M | 8.19B | 1.59B | -1.81B | 4.60B |
| Change in Inventory | -3.56B | -6.07B | -2.46B | -1.12B | 211.00M | -2.57B |
| Change in Accounts Payable | 5.74B | 4.59B | -2.02B | 3.10B | 2.28B | 1.29B |
| Change in Other Net Operating Assets | -502.00M | -1.36B | -2.28B | -7.68B | -8.61B | -2.40B |
| Operating Cash Flow | 49.85B | 48.77B | 50.20B | 65.91B | 58.20B | 136.77B |
| Capital Expenditures | -31.79B | -33.39B | -35.10B | -29.45B | -28.18B | -27.30B |
| Investment in Securities | 1.38B | 6.54B | 13.43B | -84.00M | 4.32B | 6.22B |
| Other Investing Activities | -1.42B | -11.61B | -9.12B | -1.90B | -315.00M | -14.21B |
| Investing Cash Flow | -31.83B | -38.46B | -30.78B | -31.43B | -24.18B | -35.29B |
| Long-Term Debt Issued | 30.48B | 26.70B | 9.59B | 6.76B | 5.17B | |
| Long-Term Debt Repaid | -9.27B | -15.45B | -4.37B | -12.92B | -11.91B | |
| Lease Payments | -1.02B | -971.00M | -1.11B | -1.16B | -1.15B | -1.15B |
| Net Debt Issued (Repaid) | 364.00M | 21.21B | 11.25B | 5.21B | -6.15B | -6.75B |
| Repurchase of Common Stock | -1.09B | -2.05B | -13.59B | -30.64B | -29.12B | |
| Common Dividends Paid | -23.61B | -19.97B | -20.66B | -27.97B | -34.09B | -73.11B |
| Other Financing Activities | -653.00M | -119.00M | -247.00M | |||
| Financing Cash Flow | -24.33B | 1.24B | -11.47B | -37.00B | -71.00B | -109.23B |
| Foreign Exchange Rate Adjustments | -661.00M | -1.65B | 5.25B | -4.71B | -3.66B | 3.07B |
| Miscellaneous Cash Flow Adjustments | 658.00M | -61.00M | ||||
| Net Cash Flow | -6.31B | 9.89B | 13.20B | -7.24B | -40.70B | -4.68B |
| Free Cash Flow | 18.06B | 15.38B | 15.10B | 36.46B | 30.02B | 109.47B |
| Free Cash Flow Margin | 8.37% | 7.20% | 7.33% | 17.52% | 13.25% | 37.29% |
| Free Cash Flow Per Share | 4.23 | 3.60 | 3.53 | 8.34 | 6.47 | 21.82 |
| Levered Free Cash Flow | 8.64B | 15.45B | 36.70B | 4.23B | 33.36B | 84.78B |
| Unlevered Free Cash Flow | 18.35B | 25.04B | 45.92B | 13.53B | 36.04B | 89.70B |
| Free Cash Flow After Leases | 17.04B | 14.40B | 13.99B | 35.30B | 28.86B | 108.31B |
| Cash Interest Paid | 5.46B | 5.59B | 4.71B | 3.69B | 5.90B | 6.14B |
| Cash Income Tax Paid | 6.25B | 11.11B | 9.98B | 9.37B | 24.07B | 23.61B |
| Change in Working Capital | -1.34B | -1.93B | 1.43B | -4.11B | -7.92B | 915.00M |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 48.61B | 55.77B | 37.65B | 68.46B | 76.37B | 68.45B |
| Enterprise Value | 64.96B | 71.57B | 49.42B | 82.81B | 87.66B | 75.01B |
| Last Close Price | 11.39 | 12.74 | 7.74 | 12.77 | 12.67 | 9.59 |
| PE Ratio | 123.53 | 22.24 | 7.37 | 8.32 | 4.21 | 3.15 |
| PS Ratio | 1.17 | 1.44 | 1.13 | 1.60 | 1.78 | 1.30 |
| PB Ratio | 1.26 | 1.63 | 1.09 | 1.68 | 2.07 | 1.94 |
| P/TBV Ratio | 1.72 | 2.27 | 1.64 | 2.47 | 3.02 | 2.68 |
| P/FCF Ratio | 14.64 | 19.98 | 15.42 | 9.11 | 13.45 | 3.48 |
| P/OCF Ratio | 5.30 | 6.30 | 4.64 | 5.04 | 6.94 | 2.79 |
| EV/Sales Ratio | 1.56 | 1.85 | 1.48 | 1.93 | 2.05 | 1.42 |
| EV/EBITDA Ratio | 4.80 | 5.13 | 4.17 | 4.34 | 4.54 | 2.49 |
| EV/EBIT Ratio | 6.40 | 6.51 | 5.27 | 5.19 | 5.41 | 2.76 |
| EV/FCF Ratio | 19.57 | 25.64 | 20.24 | 11.02 | 15.44 | 3.82 |
| Debt / Equity Ratio | 0.55 | 0.61 | 0.51 | 0.41 | 0.41 | 0.49 |
| Debt / EBITDA Ratio | 1.55 | 1.49 | 1.48 | 0.88 | 0.79 | 0.57 |
| Debt / FCF Ratio | 6.09 | 7.54 | 7.27 | 2.23 | 2.68 | 0.88 |
| Net Debt / Equity Ratio | 0.42 | 0.39 | 0.37 | 0.32 | 0.28 | 0.15 |
| Net Debt / EBITDA Ratio | 1.20 | 0.97 | 1.07 | 0.69 | 0.54 | 0.18 |
| Net Debt / FCF Ratio | 4.64 | 4.83 | 5.21 | 1.74 | 1.85 | 0.27 |
| Asset Turnover | 0.46 | 0.44 | 0.43 | 0.46 | 0.48 | 0.60 |
| Inventory Turnover | 4.81 | 4.54 | 5.13 | 5.21 | 5.20 | 5.15 |
| Quick Ratio | 0.62 | 0.72 | 0.65 | 0.60 | 0.75 | 1.10 |
| Current Ratio | 1.10 | 1.15 | 1.03 | 1.28 | 1.12 | 1.47 |
| Return on Equity (ROE) | 0.26% | 5.87% | 14.77% | 20.63% | 44.15% | 70.80% |
| Return on Assets (ROA) | 6.97% | 7.79% | 7.62% | 10.63% | 11.24% | 19.35% |
| Return on Invested Capital (ROIC) | 0.57% | 9.65% | 18.62% | 22.05% | 30.55% | 57.73% |
| Return on Capital Employed (ROCE) | 13.90% | 15.60% | 14.00% | 20.10% | 22.50% | 36.50% |
| Earnings Yield | 0.81% | 4.50% | 13.57% | 12.02% | 23.76% | 31.79% |
| FCF Yield | 6.83% | 5.00% | 6.49% | 10.98% | 7.43% | 28.70% |
| Dividend Yield | 6.25% | 7.61% | 8.72% | 9.04% | 6.32% | 17.89% |
| Payout Ratio | 758.96% | 144.57% | 65.41% | 70.02% | 35.54% | 60.31% |
| Buyback Yield / Dilution | 0.12% | 0.12% | 2.06% | 5.87% | 7.46% | 2.20% |
| Total Shareholder Return | 6.37% | 7.73% | 10.78% | 14.91% | 13.78% | 20.08% |