NYSE : VVV
Valvoline Inc. — Financial statements
Consumer Discretionary · Auto & Truck Dealerships · United States
Last price 32.95 USD (Oct 30, 2026, 9:58 AM EDT) · Market cap 4.20B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Valvoline Inc. (VVV) reported revenue of 1.96B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.96B | 1.71B | 1.62B | 1.44B | 1.24B | 1.04B |
| Cost of Revenue | 1.21B | 1.05B | 1.00B | 899.00M | 759.70M | 604.90M |
| Gross Profit | 751.90M | 658.50M | 618.80M | 544.50M | 476.40M | 432.30M |
| Selling, General & Admin | 417.50M | 373.50M | 316.80M | 236.90M | 251.60M | 95.70M |
| Other Operating Expenses | -4.70M | -7.40M | -11.70M | 24.70M | 11.40M | -31.70M |
| Operating Expenses | 412.80M | 366.10M | 305.10M | 261.60M | 263.00M | 64.00M |
| Operating Income | 339.10M | 292.40M | 313.70M | 282.90M | 213.40M | 368.30M |
| Interest Expense | -102.10M | -74.00M | -66.80M | -37.20M | -69.30M | -71.90M |
| EBT Excluding Unusual Items | 237.00M | 218.40M | 246.90M | 245.70M | 144.10M | 296.40M |
| Merger & Restructuring Charges | -16.70M | -8.10M | ||||
| Gain (Loss) on Sale of Assets | -44.00M | 73.90M | 41.80M | |||
| Other Unusual Items | -5.10M | -1.10M | -36.40M | |||
| Pretax Income | 176.30M | 292.30M | 283.60M | 236.50M | 144.10M | 260.00M |
| Income Tax Expense | 72.60M | 77.50M | 69.10M | 37.10M | 34.70M | 59.90M |
| Earnings From Continuing Operations | 103.70M | 214.80M | 214.50M | 199.40M | 109.40M | 200.10M |
| Earnings From Discontinued Operations | -2.20M | -4.10M | -3.00M | 1.22B | 314.90M | 220.20M |
| Net Income | 101.50M | 210.70M | 211.50M | 1.42B | 424.30M | 420.30M |
| Net Income to Common | 101.50M | 210.70M | 211.50M | 1.42B | 424.30M | 420.30M |
| Shares Outstanding (Basic) | 127.75M | 127.90M | 130.10M | 161.60M | 179.10M | 182.50M |
| Shares Outstanding (Diluted) | 128.30M | 128.60M | 131.00M | 162.60M | 180.40M | 183.50M |
| EPS (Basic) | 0.79 | 1.65 | 1.63 | 8.79 | 2.37 | 2.30 |
| EPS (Diluted) | 0.79 | 1.64 | 1.61 | 8.73 | 2.36 | 2.29 |
| Free Cash Flow | 135.30M | 38.00M | 40.70M | -221.30M | 152.20M | 300.80M |
| Free Cash Flow Per Share | 1.05 | 0.29 | 0.31 | -1.36 | 0.84 | 1.64 |
| Dividend Per Share | 0.12 | 0.50 | 0.50 | |||
| Gross Margin | 38.28% | 38.50% | 38.22% | 37.72% | 38.54% | 41.68% |
| Operating Margin | 17.27% | 17.10% | 19.38% | 19.60% | 17.26% | 35.51% |
| Profit Margin | 5.17% | 12.32% | 13.06% | 98.35% | 34.33% | 40.52% |
| Free Cash Flow Margin | 6.89% | 2.22% | 2.51% | -15.33% | 12.31% | 29.00% |
| EBITDA | 481.20M | 411.80M | 419.60M | 371.70M | 284.80M | 430.40M |
| EBITDA Margin | 24.50% | 24.08% | 25.92% | 25.75% | 23.04% | 41.50% |
| D&A For EBITDA | 142.10M | 119.40M | 105.90M | 88.80M | 71.40M | 62.10M |
| EBIT | 339.10M | 292.40M | 313.70M | 282.90M | 213.40M | 368.30M |
| EBIT Margin | 17.27% | 17.10% | 19.38% | 19.60% | 17.26% | 35.51% |
| Effective Tax Rate | 41.18% | 26.51% | 24.37% | 15.69% | 24.08% | 23.04% |
| Advertising Expenses | 74.30M | 69.40M | 60.50M | 54.80M | 48.10M |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 84.20M | 51.60M | 68.30M | 409.10M | 23.40M | 122.60M |
| Short-Term Investments | 347.50M | |||||
| Trading Asset Securities | 7.80M | 5.20M | ||||
| Cash & Short-Term Investments | 84.20M | 51.60M | 68.30M | 764.40M | 28.60M | 122.60M |
| Accounts Receivable | 93.90M | 88.00M | 77.30M | 65.00M | 51.80M | 49.70M |
| Other Receivables | 8.90M | 1.60M | 9.10M | 16.30M | 14.30M | 5.40M |
| Receivables | 102.80M | 89.60M | 86.40M | 81.30M | 66.10M | 65.30M |
| Inventory | 50.40M | 42.60M | 39.70M | 33.30M | 29.40M | 27.40M |
| Prepaid Expenses | 47.00M | 59.90M | 60.60M | 57.60M | 26.80M | 24.60M |
| Restricted Cash | 400.00K | |||||
| Other Current Assets | 100.00K | 1.47B | 797.20M | |||
| Total Current Assets | 284.40M | 243.70M | 255.40M | 936.70M | 1.62B | 1.04B |
| Property, Plant & Equipment | 1.68B | 1.47B | 1.26B | 1.08B | 916.70M | 785.90M |
| Long-Term Investments | 12.60M | 1.60M | ||||
| Goodwill | 1.19B | 658.00M | 615.30M | 578.00M | 548.20M | 512.70M |
| Other Intangible Assets | 93.50M | 82.50M | 90.30M | 102.60M | 114.90M | 129.50M |
| Other Long-Term Assets | 227.30M | 215.50M | 216.10M | 180.40M | 203.30M | 724.20M |
| Total Assets | 3.48B | 2.67B | 2.44B | 2.89B | 3.42B | 3.19B |
| Accounts Payable | 119.80M | 118.90M | 117.40M | 118.70M | 45.00M | 38.60M |
| Accrued Expenses | 254.50M | 130.70M | 140.10M | 171.10M | 127.20M | 99.60M |
| Current Portion of Long-Term Debt | 31.10M | 23.80M | 23.80M | 23.80M | 162.50M | 15.60M |
| Current Portion of Leases | 48.80M | 44.60M | 41.50M | 37.40M | 33.30M | |
| Other Current Liabilities | 25.20M | 28.00M | 7.20M | 547.30M | 381.60M | |
| Total Current Liabilities | 405.40M | 347.40M | 353.90M | 362.30M | 919.40M | 568.70M |
| Long-Term Debt | 1.57B | 1.05B | 1.07B | 1.56B | 1.53B | 1.64B |
| Long-Term Leases | 377.30M | 544.60M | 487.00M | 446.20M | 419.00M | 385.40M |
| Pension & Post-Retirement Benefits | 178.90M | 187.50M | 176.20M | 168.00M | 199.40M | 245.10M |
| Other Long-Term Liabilities | 532.40M | 202.20M | 166.00M | 147.90M | 47.30M | 217.60M |
| Total Liabilities | 3.06B | 2.33B | 2.25B | 2.69B | 3.11B | 3.06B |
| Common Stock | 1.30M | 1.30M | 1.30M | 1.30M | 1.80M | 1.80M |
| Additional Paid-In Capital | 63.70M | 58.40M | 51.20M | 48.00M | 44.10M | 35.20M |
| Retained Earnings | 350.10M | 273.60M | 123.20M | 140.70M | 282.00M | 90.00M |
| Comprehensive Income & Other | 1.60M | 5.20M | 9.90M | 13.20M | -21.30M | 7.50M |
| Shareholders' Equity | 416.70M | 338.50M | 185.60M | 203.20M | 306.60M | 134.50M |
| Total Liabilities & Equity | 3.48B | 2.67B | 2.44B | 2.89B | 3.42B | 3.19B |
| Total Debt | 1.98B | 1.67B | 1.63B | 2.07B | 2.14B | 2.07B |
| Net Cash (Debt) | -1.90B | -1.62B | -1.56B | -1.31B | -2.12B | -1.95B |
| Net Cash Per Share | -14.77 | -12.56 | -11.89 | -8.05 | -11.73 | -10.63 |
| Filing Date Shares Outstanding | 127.59M | 127.16M | 128.37M | 130.65M | 174.62M | 180.04M |
| Total Common Shares Outstanding | 127.60M | 127.10M | 128.50M | 134.80M | 176.10M | 180.00M |
| Working Capital | -121.00M | -103.70M | -98.50M | 574.40M | 701.70M | 468.40M |
| Book Value Per Share | 3.27 | 2.66 | 1.44 | 1.51 | 1.74 | 0.75 |
| Tangible Book Value | -866.60M | -402.00M | -520.00M | -477.40M | -356.50M | -507.70M |
| Tangible Book Value Per Share | -6.79 | -3.16 | -4.05 | -3.54 | -2.02 | -2.82 |
| Land | 65.10M | 64.00M | 63.10M | 59.40M | 55.40M | |
| Buildings | 876.00M | 703.90M | 570.50M | 421.00M | 339.70M | |
| Machinery | 402.00M | 348.70M | 302.60M | 236.00M | 211.60M | |
| Construction In Progress | 72.70M | 72.10M | 57.60M | 82.40M | 53.50M |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 101.50M | 210.70M | 211.50M | 1.42B | 424.30M | 420.30M |
| Depreciation & Amortization | 142.10M | 119.40M | 105.90M | 88.80M | 71.40M | 62.10M |
| Loss (Gain) From Sale of Assets | 44.10M | -71.10M | -41.80M | |||
| Stock-Based Compensation | 12.40M | 10.50M | 12.00M | 12.20M | 14.40M | 13.70M |
| Other Operating Activities | 75.30M | 72.60M | 29.10M | -1.22B | -248.80M | -197.80M |
| Change in Accounts Receivable | -1.80M | -3.10M | -900.00K | 26.40M | -17.50M | -17.40M |
| Change in Inventory | -5.90M | -5.40M | -7.70M | -3.30M | -5.40M | -5.30M |
| Change in Accounts Payable | 31.00M | 3.30M | -6.40M | 111.30M | 24.50M | 26.70M |
| Change in Other Net Operating Assets | 13.00M | -29.80M | -18.80M | -85.70M | -128.50M | -120.10M |
| Operating Cash Flow | 406.50M | 297.20M | 265.10M | -40.80M | 284.20M | 403.90M |
| Capital Expenditures | -271.20M | -259.20M | -224.40M | -180.50M | -132.00M | -103.10M |
| Cash Acquisitions | -685.40M | -65.00M | -52.70M | -36.30M | -50.70M | -281.70M |
| Divestitures | 63.60M | 121.00M | 71.50M | |||
| Investment in Securities | 1.50M | 1.50M | 346.50M | -360.40M | ||
| Other Investing Activities | 1.00M | 600.00K | -4.10M | 2.62B | -24.90M | -15.10M |
| Investing Cash Flow | -890.50M | -201.10M | 136.80M | 2.04B | -207.60M | -399.90M |
| Long-Term Debt Issued | 85.00M | 200.00M | 924.00M | 23.00M | 535.00M | |
| Long-Term Debt Repaid | -116.00M | -710.80M | -931.50M | -38.10M | -800.00M | |
| Net Debt Issued (Repaid) | 522.10M | -31.00M | -510.80M | -7.50M | -15.10M | -265.00M |
| Repurchase of Common Stock | -76.80M | -226.80M | -1.52B | -142.60M | -126.90M | |
| Common Dividends Paid | -21.80M | -89.20M | -90.90M | |||
| Other Financing Activities | -21.90M | -5.10M | -8.70M | -119.50M | 28.00M | -52.70M |
| Financing Cash Flow | 500.20M | -112.90M | -746.30M | -1.67B | -218.90M | -535.50M |
| Foreign Exchange Rate Adjustments | -300.00K | -300.00K | -100.00K | -5.20M | 2.40M | |
| Net Cash Flow | 15.90M | -17.10M | -344.40M | 329.20M | -147.50M | -529.10M |
| Free Cash Flow | 135.30M | 38.00M | 40.70M | -221.30M | 152.20M | 300.80M |
| Free Cash Flow Margin | 6.89% | 2.22% | 2.51% | -15.33% | 12.31% | 29.00% |
| Free Cash Flow Per Share | 1.05 | 0.29 | 0.31 | -1.36 | 0.84 | 1.64 |
| Levered Free Cash Flow | 72.53M | -8.50M | 21.51M | 1.07B | -434.44M | 34.25M |
| Unlevered Free Cash Flow | 136.34M | 37.75M | 63.26M | 1.10B | -391.12M | 79.19M |
| Cash Interest Paid | 56.10M | 56.10M | 78.20M | 69.60M | 59.40M | 62.10M |
| Cash Income Tax Paid | 35.80M | 35.80M | 31.30M | 373.80M | 73.90M | 72.30M |
| Change in Working Capital | 36.30M | -35.00M | -33.80M | 48.70M | -126.90M | -116.10M |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.12B | 4.56B | 5.39B | 4.47B | 4.49B | 5.64B |
| Enterprise Value | 6.01B | 5.89B | 6.75B | 5.62B | 6.38B | 7.38B |
| Last Close Price | 32.29 | 35.91 | 41.85 | 32.24 | 25.24 | 30.59 |
| PE Ratio | 40.76 | 21.66 | 25.50 | 3.15 | 10.57 | 13.41 |
| Forward PE | 17.88 | 19.67 | 24.56 | 19.94 | 18.36 | 15.53 |
| PS Ratio | 2.10 | 2.67 | 3.33 | 3.10 | 3.63 | 5.43 |
| PB Ratio | 9.89 | 13.48 | 29.06 | 22.00 | 14.63 | 41.90 |
| P/FCF Ratio | 30.45 | 120.12 | 132.51 | 29.47 | 18.74 | |
| P/OCF Ratio | 10.13 | 15.36 | 20.34 | 15.78 | 13.95 | |
| PEG Ratio | 0.74 | 0.68 | 0.49 | 1.27 | 1.27 | |
| EV/Sales Ratio | 3.06 | 3.44 | 4.17 | 3.89 | 5.16 | 7.12 |
| EV/EBITDA Ratio | 12.50 | 14.30 | 16.08 | 15.11 | 22.39 | 17.15 |
| EV/EBIT Ratio | 17.74 | 20.14 | 21.50 | 19.85 | 29.88 | 20.04 |
| EV/FCF Ratio | 44.46 | 154.96 | 165.75 | 41.89 | 24.54 | |
| Debt / Equity Ratio | 4.75 | 4.93 | 8.76 | 10.21 | 6.99 | 15.42 |
| Debt / EBITDA Ratio | 3.76 | 3.67 | 3.54 | 5.08 | 6.74 | 4.53 |
| Debt / FCF Ratio | 14.63 | 43.88 | 39.94 | 14.09 | 6.89 | |
| Net Debt / Equity Ratio | 4.55 | 4.77 | 8.39 | 6.44 | 6.90 | 14.51 |
| Net Debt / EBITDA Ratio | 3.94 | 3.92 | 3.71 | 3.52 | 7.43 | 4.53 |
| Net Debt / FCF Ratio | 14.01 | 42.52 | 38.26 | -5.92 | 13.90 | 6.49 |
| Asset Turnover | 0.65 | 0.67 | 0.61 | 0.46 | 0.37 | 0.33 |
| Inventory Turnover | 26.44 | 25.56 | 27.40 | 28.68 | 26.75 | 5.34 |
| Quick Ratio | 0.46 | 0.41 | 0.44 | 2.33 | 0.10 | 0.31 |
| Current Ratio | 0.70 | 0.70 | 0.72 | 2.58 | 1.76 | 1.82 |
| Return on Equity (ROE) | 28.40% | 81.97% | 110.34% | 78.23% | 49.60% | 684.10% |
| Return on Assets (ROA) | 7.01% | 7.15% | 7.36% | 5.61% | 4.04% | 7.38% |
| Return on Invested Capital (ROIC) | 8.65% | 11.62% | 14.58% | 12.12% | 7.19% | 12.08% |
| Return on Capital Employed (ROCE) | 11.00% | 12.60% | 15.00% | 11.20% | 8.50% | 14.00% |
| Earnings Yield | 2.45% | 4.62% | 3.92% | 31.76% | 9.46% | 7.46% |
| FCF Yield | 3.28% | 0.83% | 0.76% | -4.95% | 3.39% | 5.34% |
| Dividend Yield | 0.38% | 1.96% | 1.60% | |||
| Payout Ratio | 1.54% | 21.02% | 21.63% | |||
| Buyback Yield / Dilution | 0.64% | 1.83% | 19.43% | 9.87% | 1.69% | 2.13% |
| Total Shareholder Return | 0.64% | 1.83% | 19.43% | 10.24% | 3.65% | 3.73% |