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Financials · VALE

VALE S.A. (VALE) financials

For fiscal 2025 (ended Dec 31, 2025), VALE S.A. reported $38.40B of revenue and $2.35B of net income.

Revenue, FY2025
$38.40B
Revenue growth, YoY
+0.9%
Net income, FY2025
$2.35B
Net income growth, YoY
-61.9%
Net margin
6.1%
Cash
$7.37B
P/E
21.03
P/S
1.29
Market cap
$49.46B
Annual revenue$38.40B
FY2016FY2025
Annual net income$2.35B
FY2016FY2025
Annual free cash flow$21.64B
FY2016FY2021

VALE revenue and earnings growth

VALE revenueFY2025$38.40B

FY YoY
+0.9%
5Y CAGR
-0.6%
10Y CAGR
+5.1%

VALE revenue was $38.40B for fiscal 2025 (ended Dec 31, 2025), up 0.9% from fiscal 2024. Compound annual growth was -0.6% over 5 years and +5.1% over 10 years. It rose in 6 of the last 10 fiscal years.

VALE net incomeFY2025$2.35B

FY YoY
-61.9%
5Y CAGR
-13.6%

VALE net income was $2.35B for fiscal 2025 (ended Dec 31, 2025), down 61.9% from fiscal 2024. Compound annual growth was -13.6% over 5 years. It rose in 1 of the last 5 fiscal years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$38.40B$38.06B$41.78B$43.84B$54.50B$39.55B$36.55B$36.58B$33.97B$27.49B
Cost of revenue$24.95B$24.27B$24.09B$24.03B$21.73B$17.56B$19.31B$22.11B$21.04B$17.65B
Gross profit$13.46B$13.79B$17.70B$19.81B$32.77B$21.98B$17.24B$14.47B$12.93B$9.84B
Research and development$693.00M$790.00M$723.00M$660.00M$549.00M$415.00M$413.00M$373.00M$340.00M$319.00M
Selling, general and admin$641.00M$622.00M$553.00M$515.00M$481.00M$491.00M$474.00M$523.00M$531.00M$507.00M
Operating income$5.90B$10.79B$14.21B$17.21B$27.69B$12.82B$3.89B$11.96B$10.93B$7.05B
Interest expense$1.31B$1.40B$1.46B$1.18B$1.25B$1.16B$3.68B$2.31B$3.27B$2.68B
Pre-tax income$4.65B$6.70B$11.15B$19.78B$29.54B$6.99B-$156.00M$6.82B$7.83B$7.98B
Income tax$2.67B$721.00M$3.05B$2.97B$4.70B$735.00M-$595.00M-$172.00M$1.50B$2.78B
Net income$2.35B$6.17B$7.98B$18.79B$22.45B$4.88B-$1.68B$6.86B$5.51B$3.98B
Diluted shares4.3M4.3M4.4M4.6M5.0M5.1M5.1M5.2M5.2M5.2M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$7.37B$4.95B$3.61B$4.74B$11.72B$13.49B$7.35B$5.78B$5.78B$4.33B
Inventory$5.94B$4.61B$4.68B$4.48B$4.38B$4.06B$4.27B$4.44B$3.93B$3.35B
Current assets$18.29B$13.48B$18.70B$15.53B$22.36B$24.40B$17.04B$15.29B$18.95B$22.57B
Goodwill----$3.21B-----
Total assets$86.53B$80.15B$94.19B$86.89B$89.44B$92.01B$91.71B$88.19B$99.18B$99.01B
Current liabilities$15.87B$13.09B$14.65B$13.89B$15.20B$14.59B$13.85B$9.11B$13.11B$11.23B
Short-term debt----$1.03B$887.00M$1.21B$1.00B$1.70B$1.66B
Long-term debt----$11.15B$12.47B$11.84B$14.46B$20.79B$27.66B
Total debt---$12.71B$12.18B$13.36B$13.06B$15.47B$22.49B$29.32B
Total liabilities$52.17B$45.62B$53.20B$49.54B$54.14B$57.19B$52.72B$43.36B$54.41B$57.99B
Shareholders' equity$33.51B$33.41B$40.98B$37.36B$35.31B$34.82B$38.99B$44.83B$44.77B$41.02B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow----$25.68B$14.32B$12.11B$12.90B$12.45B$6.40B
Capital expenditures----$4.03B$3.71B$2.92B$2.90B$2.23B$2.09B
Free cash flow----$21.64B$10.62B$9.19B$10.01B$10.22B$4.31B
Investing cash flow-$6.86B-$5.37B-$6.32B-$4.69B-$6.61B-$4.67B-$6.99B---
Financing cash flow$270.00M-$2.27B-$7.34B-$13.91B-$20.28B-$2.68B-$3.50B---
Share repurchases-$409.00M$2.71B$6.04B$5.55B--$1.00B--
Depreciation and amortization$3.10B$3.06B$3.07B$3.17B$3.03B$3.21B$3.49B$3.35B$3.71B$3.49B

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY0.9%-8.9%-4.7%-19.6%37.8%8.2%-0.1%7.7%23.6%17.6%
Net income growth, YoY-61.9%-22.8%-57.5%-16.3%359.8%--24.6%38.3%-
Gross margin35.0%36.2%42.3%45.2%60.1%55.6%47.2%39.6%38.1%35.8%
Operating margin15.4%28.3%34.0%39.3%50.8%32.4%10.7%32.7%32.2%25.7%
Net margin6.1%16.2%19.1%42.9%41.2%12.3%-4.6%18.8%16.2%14.5%
Free cash flow margin----39.7%26.8%25.1%27.4%30.1%15.7%
Return on equity7.0%18.5%19.5%50.3%63.6%14.0%-4.3%15.3%12.3%9.7%
Return on assets2.7%7.7%8.5%21.6%25.1%5.3%-1.8%7.8%5.6%4.0%
Current ratio1.151.031.281.121.471.671.231.681.452.01
Debt to equity---0.340.340.380.330.340.500.71

Source: XBRL data VALE S.A. files with the SEC, latest filing dated Mar 27, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.

VALE peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
VALE$38.40B+0.9%$2.35B6.1%$49.46B
SCCO$17.11B+38.7%$6.36B37.2%$141.23B
RIO$57.64B+6.3%$9.97B17.3%$105.17B
FCX$26.46B+1.8%$3.44B13.0%$85.33B
HBM$2.21B+9.4%$568.50M25.7%$9.29B
BVN$1.73B+49.2%$782.14M45.2%$7.11B
CLF$20.07B+7.8%-$473.00M-2.4%$6.54B
AUGO$921.73M+55.1%-$79.34M-8.6%$6.52B
MP$399.48M+71.6%-$39.55M-9.9%$6.31B

VALE FAQ

7 questions
  • What is VALE revenue?
    VALE S.A. (VALE) reported $38.40B of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 0.9% from the year before.
  • Is VALE profitable?
    Yes. VALE S.A. earned $2.35B in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 6.1%.
  • How much cash and debt does VALE have?
    VALE S.A. reported $7.37B in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is VALE revenue growing?
    VALE S.A.'s revenue changed +0.9% in fiscal 2025, to $38.40B. Its compound annual growth rate was -0.6% over 5 years and +5.1% over 10 years.
  • What is VALE gross margin?
    VALE S.A.'s gross profit was $13.46B on $38.40B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 35.0%.
  • When did VALE last report financial results?
    The latest statements here come from VALE S.A.'s 20-F filed on Mar 27, 2026, covering the period ended Dec 31, 2025.
  • Where does this VALE financial data come from?
    Quantisnow builds these statements from the structured XBRL data VALE S.A. files with the SEC. It is provided for information only and is not investment advice.