Vale S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Vale S.A. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	27,488	33,967	36,575	36,549	39,545	54,502	43,839	41,784	38,056	38,403
Cost of revenue	17,650	21,039	22,109	19,312	17,564	21,729	24,028	24,089	24,265	24,947
Gross profit	9,838	12,928	14,466	17,237	21,981	32,773	19,811	17,695	13,791	13,456
Research and development	319	340	373	413	415	549	660	723	790	693
Selling, general and administrative	507	531	523	474	491	481	515	553	622	641
Selling and marketing		68	95	79	81	80	86
General and administrative						305	517
Operating income	7,052	10,930	11,955	3,893	12,823	27,693	17,208	14,205	10,788	5,897
Interest expense	2,677	3,273	2,314	3,684	1,158	1,249	1,179	1,459	1,473	1,647
Interest income	170	478	423	453	307	337	520	432	422	501
Pre-tax income	7,984	7,829	6,816	-156	6,990	29,541	19,781	11,151	6,696	4,653
Income tax	2,781	1,495	-172	-595	735	4,697	2,971	3,046	721	2,670
Income from continuing operations	5,203	6,334	6,988	439	6,255	24,844	16,810	8,105	5,975
Net income to minority interests	-6	14	36	-497	-350	23	82	122	-191	-369
Net income	3,982	5,507	6,860	-1,683	4,881	22,445	18,788	7,983	6,166	2,352
EBITDA	10,606	14,439	15,166	7,396	15,569	25,067	19,877	17,047	13,601	8,813

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,328	5,784	5,784	7,350	13,487	11,721	4,736	3,609	4,953	7,372
Short-term investments			32	826	771	184	61	13
Inventory	3,349	3,926	4,443	4,274	4,061	4,377	4,482	4,684	4,605	5,937
Total current assets	22,567	18,954	15,292	17,042	24,403	22,360	15,526	18,700	13,481	18,291
Property, plant and equipment	55,419	54,878	48,385	46,576	41,148	41,931	44,938	48,396	39,984	43,625
Lease right-of-use assets				1,692
Goodwill						3,208
Total assets	99,014	99,184	88,190	91,713	92,007	89,442	86,894	94,186	80,152	86,525
Accounts payable	3,630	4,041	3,512	4,107	3,367	3,475	4,461	5,272	4,234	5,565
Total current liabilities	11,232	13,114	9,111	13,845	14,594	15,198	13,891	14,655	13,090	15,870
Lease liabilities				1,566
Total liabilities	57,990	54,412	43,358	52,720	57,186	54,136	49,536	53,205	45,624	52,175
Total debt	29,322	22,489	15,466	13,056	15,027	13,782	12,712
Shareholders' equity	39,042	43,458	43,985	40,067	35,744	34,472	35,867	39,461	33,406	33,509
Minority interests	1,982	1,314	847	-1,074	-923	834	1,491	1,520	1,122	841
Total equity	41,024	44,772	44,832	38,993	34,821	35,306	37,358	40,981	34,528	34,350
Total liabilities and equity	99,014	99,184	88,190	91,713	92,007	89,442	86,894	94,186	80,152	86,525

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,976	5,521	6,896	-2,180	4,531	22,468	18,870	8,105	5,975	1,983
Depreciation and amortization	3,554	3,509	3,211	3,503	2,746	-2,626	2,669	2,842	2,813	2,916
Cash from operations	6,401	12,450	12,901	12,110	14,322	25,679
Capital expenditures	-4,951	-3,831
Cash from investing				-6,989	-4,669	-6,610	-4,686	-6,319	-5,368	-6,864
Debt issued	6,994	1,976	1,225	3,142	6,800	930	1,275	1,950	4,855	5,468
Debt repaid	-7,717	-8,998	-7,841	-5,417	-6,064	-1,927	-2,300	-658	-2,605	-1,454
Share buybacks			-1,000			-5,546	-6,036	-2,714	-409
Dividends paid	-250	-1,456						-5,313	-4,360	-5,923
Cash from financing				-3,495	-2,676	-20,284	-13,911	-7,339	-2,275	270
Exchange rate effect	86	-60	-313	-60	-825	-551	138	69	-454	212
Free cash flow	1,450	8,619
Interest paid	1,663	1,686	1,121	1,186	755	693	785

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $13.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.0%	Gross profit / revenue.
Operating margin	15.4%	Operating income / revenue.
EBITDA margin	22.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.1%	Pre-tax income / revenue.
Net margin	6.1%	Net income / revenue.
Effective tax rate	57.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	17.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.8%	Research and development expense / revenue.
SG&A / revenue	1.7%	Selling, general and administrative expense / revenue.
D&A / revenue	7.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-12.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-9.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-45.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-30.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-14.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-35.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-23.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-10.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-61.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-50.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-13.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.15x	Current assets / current liabilities.
Quick ratio	0.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.46x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	60.3%	Total liabilities / total assets.
Interest coverage	3.58x	Operating income / interest expense.
Working capital	$2.42B	Current assets - current liabilities.
Tangible book value	$33.51B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	0.92x	Revenue / average property, plant and equipment.
Inventory turnover	4.73x	Cost of revenue / average inventory.
Days inventory	77 days	365 x average inventory / cost of revenue.
Days payables	72 days	365 x average accounts payable / cost of revenue.

Per share

Metric	Value	How it is calculated
Payout ratio	251.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$58.11B	Share price x shares outstanding.
Enterprise value	$50.74B	Market cap + total debt - cash - short-term investments.
P/E	24.7x	Market cap / net income. Only when net income is positive.
P/S	1.51x	Market cap / revenue.
P/B	1.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.73x	Market cap / tangible book value, when positive.
EV/Sales	1.32x	Enterprise value / revenue.
EV/EBIT	8.60x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.76x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Dividend yield	10.2%	Dividends paid over the period / market cap.
Shareholder yield	10.2%	(Dividends paid + share buybacks) / market cap.

What was Vale S.A.'s revenue in fiscal 2025?

Vale S.A. reported revenue of $38.40B for fiscal 2025, 0.9% higher than the year before.

Was Vale S.A. profitable in fiscal 2025?

Yes. Net income was $2.35B, a net margin of 6.1%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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