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Vale S.A. (VALE) financial health, profit and balance sheet · Scorvest

VALE · NYSE · United States · Metal Mining

Vale S.A.

Rio De Janeiro · Fiscal year ends in December · Figures in USD

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In shortVale S.A. is profitable, generates cash and carries moderate debt, with revenue stable (+0.9% last year).

Financial health

Mixed

Built from five areas over the last five annual reports. Tap an area to see the figures behind it.

How is this score calculated? →

Profitability49

Operating marginShare of each sale left after running the business, before interest and tax.	15.4%	68/100
Net marginShare of each sale left as profit after every cost, interest and tax.	6.1%	44/100
Return on equityProfit earned on the money shareholders put in. Above 15% is strong.	7.0%	35/100
Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge.	7.3%	49/100

Weight in the score: 25%

Balance sheet37

Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash.	1.15×	29/100
Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted.	0.91×	61/100
Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable.	2.62×	39/100
Interest coverageHow many times operating profit covers interest. Below 2 is risky.	3.58×	20/100
Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress.	–	n/a

Weight in the score: 25%

Cash generation100

Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt.	34.9%	100/100
Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy.	5.70×	100/100
Years with positive free cash flow (last 5)	5 of 5	100/100

Weight in the score: 20%

Stability33
Profitable years (last 5) 5 of 5 100/100
Years of revenue decline (last 5) 3 of 5 0/100
Revenue growth volatility 21.8% 30/100
Operating margin volatility 13.1% 0/100
Weight in the score: 20%
Growth0
Revenue growth, 3-year average -4.3% 0/100
EPS growth, 3-year average – n/a
Weight in the score: 10%

Profitable years (last 5)	5 of 5	100/100
Years of revenue decline (last 5)	3 of 5	0/100
Revenue growth volatility	21.8%	30/100
Operating margin volatility	13.1%	0/100

Revenue growth, 3-year average	-4.3%	0/100
EPS growth, 3-year average	–	n/a

Fiscal year 2025 · change vs prior year

Revenue: $38.4B; ▲ 0.9%
Net income: $2.4B; ▼ 61.9%
Free cash flow: $13.4B; ▼ 2.7%
Operating margin: 15.4%; −13.0 pts
Cash & investments: $7.4B; –
Total debt: $30.5B; ▲ 17.9%
Diluted EPS: –; –
Return on equity: 7.0%; –

Trends

Annual figures as reported. Hover a bar or point for the exact value.

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Revenue and net income

RevenueNet income

Margins

Statements

The last 5 fiscal years from the company's annual reports.

USD millions; negative values in parentheses.

Fiscal year	FY21	FY22	FY23	FY24	FY25
Revenue	54,502	43,839	41,784	38,056	38,403
Cost of revenue	21,729	24,028	24,089	24,265	24,947
Gross profit	32,773	19,811	17,695	13,791	13,456
Research & development	549	660	723	790	693
Selling, general & admin	481	515	553	622	641
Operating income	27,693	17,208	14,205	10,788	5,897
Interest expense	1,249	1,179	1,459	1,473	1,647
Pre-tax income	29,541	19,781	11,151	6,696	4,653
Income tax	4,697	2,971	3,046	721	2,670
Net income	22,445	18,788	7,983	6,166	2,352
Diluted shares (millions)	5	4.6	4.4	4.3	4.3

5 older years available with the 10-year history. Essential plan, from €8.25/month →

Quarterly results

The last 8 reported quarters (10-Q and 10-K filings), in USD millions. The fourth quarter is derived from the annual report.

The last 8 quarters of Vale S.A. are included in the Investor plan. Try free for 7 days →

Risk checks

Altman Z'' score

Not computed: a required balance-sheet item is missing.

Piotroski F-score

5/9

Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.

Positive net income: passed
Positive operating cash flow: passed
Return on assets improved: failed
Cash flow exceeds net income: passed
Long-term debt ratio fell: failed
Current ratio improved: passed
No share dilution: passed
Gross margin improved: failed
Asset turnover improved: failed

Sources

20-FPeriod ending Dec 31, 2025Filed Mar 27, 2026Open the report ↗
20-FPeriod ending Dec 31, 2024Filed Mar 28, 2025Open the report ↗
20-FPeriod ending Dec 31, 2023Filed Apr 19, 2024Open the report ↗
20-FPeriod ending Dec 31, 2022Filed Apr 13, 2023Open the report ↗
20-FPeriod ending Dec 31, 2021Filed Apr 14, 2022Open the report ↗

All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works

Latest annual report: Dec 31, 2025 · Data updated Mar 27, 2026