Vale S.A. (VALE) financials

NYSE · Basic Materials · Industrial Materials · 65,805 employees · CEO Gustavo Duarte Pimenta

Price: $11.39 +1.88%
Market cap: $48.5B
Enterprise value: $59.6B
Last report: Q3 '26 filed 2026-10-30
Next report: 2027-02-11 EPS est. $0.44

Revenue (TTM)$41.4B+12.1% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)24.8%+2.6 pp vs a year agoOperating income $10.3B

Net income (TTM)$600M-89.0% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.78B+28.7% vs a year agoCapex $6.07B

Diluted EPS (TTM)$0.14-89.1% vs a year agoSum of the last 4 quarters

Net cash-$13.1B-5.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $48.5B
Revenue: $41.4B
Revenue growth: +7%
Profit margin: 1.4%
P/E: 71.3×
P/S: 1.1×
EV / EBITDA: 6.7×
Free cash flow: $3.78B
Net income: $600M
Revenue estimate: $41B
Earnings: 2027-02-11
Dividend: $1.06

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-29): revenue beat by 1.4%, EPS missed by 24.5%Revenue $10.6B vs $10.5B expected (+1.4%); EPS $0.29 vs $0.38 (-24.5%).
Revenue growth slowing: 1.9% year on yearQ3 '26 revenue $10.6B, against an average of 14.3% over the four quarters before.
Operating margin 24.8% (TTM), +2.6 pp on a year agoOperating income grew 25.1% while revenue grew 12.1%.
185.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $3.6B vs operating income $10.3B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 14.6% of revenue (a year ago 16.7%)$6.07B invested in the last 4 quarters (-1.6% on a year earlier). Free cash flow $3.78B = 630.3% of net income.
Returned $4.85B to shareholders = 128.2% of free cash flowBuybacks $213M (a year earlier -$5.21M), dividends $4.63B, stock-based pay $0 (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 0.1% in a year4.27B diluted shares in Q3 '26, 4.27B a year earlier.
Net debt $13.1BCash + short-term investments $5.04B, debt incl. leases $18.2B; a year ago net debt $12.4B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$10.6B	$10.4B	+1.9%
Gross margin	24.4%	36.4%	-12.1 pp
Operating income	$2.02B	$3.42B	-40.9%
Operating margin	19.1%	32.8%	-13.8 pp
Net income	$1.25B	$2.68B	-53.3%
Diluted EPS	$0.29	$0.63	-54.0%
Operating cash flow	$2.56B	$2.59B	-1.1%
Capex	$1.44B	$1.39B	+3.4%
Free cash flow	$1.12B	$1.2B	-6.5%
R&D	$189M	$150M	+25.9%
Stock-based compensation	$0	$0	–

Reported vs consensus

2026-10-29

	Actual	Consensus	vs consensus
Revenue	$10.6B	$10.5B	+1.4%
EPS (as estimated)	$0.29	$0.38	-24.5%

From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q4 '12	y/y	Share	TTM	TTM y/y
Base Metals	$1.44B	–	44.9%	–	–
Bulk Material	$1.43B	–	44.7%	–	–
All Other Segments	$253M	–	7.9%	–	–
Fertilizers	$79M	–	2.5%	–	–

Revenue by region

share of total

Segment	Q4 '12	y/y	Share	TTM	TTM y/y
CHINA	$6.78B	–	55.6%	–	–
Europe	$2.02B	–	16.5%	–	–
JAPAN	$1.1B	–	9.0%	–	–
Asia Market Excluding Japan and China	$942M	–	7.7%	–	–
Middle East Africa Oceania	$627M	–	5.1%	–	–
America Excluding United States	$444M	–	3.6%	–	–
United States	$278M	–	2.3%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $9.85B
Capex: -$6.07B
Buybacks: -$213M
Dividends: -$4.63B
Acquisitions: $1.15B
Net debt issued: -$500M
Stock-based compensation: $0
Free cash flow: $3.78B
Returned to shareholders / FCF: 128.2%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	71.3×	9.0×	3.1× – 22.5×
EV / EBITDA	6.7×	4.6×	2.2× – 7.2×
EV / Sales	1.4×	1.7×	1.3× – 2.0×
Price / FCF	12.6×	11.4×	3.4× – 18.2×
Price / Book	1.3×	1.8×	1.1× – 2.2×
FCF yield	7.9%	12.2%	5.5% – 29.4%
Return on invested capital	1.5%	16.9%	6.8% – 30.9%
Return on equity	1.9%	32.7%	7.4% – 65.1%

Analysts

Consensus target $15.50 (+36.1%)
range $12.50 – $19.00 · rating Hold

Strong buy0

Buy13

Hold20

Sell4

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$41B	+7.3%	$1.66	+186.9%	6.8×	7
FY2027	$41B	-0.1%	$1.71	+2.6%	6.7×	7
FY2028	$41.9B	+2.3%	$1.76	+3.2%	6.5×	4
FY2029	$45B	+7.2%	$2.28	+29.3%	5.0×	2
FY2030	$47.1B	+4.8%	$2.93	+28.4%	3.9×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-02