Valvoline Inc. (VVV) 10-Year Financial Performance & Capital Metrics

VVV • • Industrial / General

EnergyOil Refining & MarketingSpecialty Products & ServicesLubricants & Chemicals

AboutValvoline Inc. manufactures, markets, and supplies, engine and automotive maintenance products and services. It operates through two segments, Retail Services and Global Products. The company offers lubricants for passenger car, light duty, and heavy duty; antifreeze/coolants for original equipment manufacturers; functional and maintenance chemicals, such as brake fluids and power steering fluids, as well as specialty coatings for automotive and industrial applications; and oil and air filters for light-duty vehicles. It also provides batteries, windshield wiper blades, light bulbs, serpentine belts, and drain plugs. In addition, the company operates Valvoline instant oil change service centers. As of September 30, 2021, it operated and franchised approximately 1,594 quick-lube locations under the Valvoline Instant Oil Change brand in the United States and the Great Canadian Oil Change brand in Canada. The company also serves car dealers, general repair shops, and third-party quick lube locations, as well as through distributors and licensees. It has operations in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company was founded in 1866 and is headquartered in Lexington, Kentucky.Show more

Revenue $1.71B +5.6%
EBITDA $428M +16.3%
Net Income $211M -0.4%
EPS (Diluted) 1.64 +1.9%
Gross Margin 38.5% +0.7%
EBITDA Margin 25.02% +10.1%
Operating Margin 18.04% -20.4%
Net Margin 12.32% -5.7%
ROE 80.4% -26.1%
ROIC 12.52% -17.9%
Debt/Equity 4.93 -43.8%
Interest Coverage 4.17 -18.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 248.7%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.7%
✓Healthy 5Y average net margin of 39.7%

✗Weaknesses

✗High debt to equity ratio of 4.9x
✗Expensive at 12.1x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.39%

5Y18.66%

3Y11.43%

TTM5.64%

Profit (Net Income) CAGR

10Y0.72%

5Y-7.82%

3Y-20.81%

TTM-0.38%

EPS CAGR

10Y5.28%

5Y-0.6%

3Y-11.3%

TTM-

ROCE

10Y Avg19.65%

5Y Avg11.51%

3Y Avg13.25%

Latest14%

Peer Comparison

Lubricants & Chemicals

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VVVValvoline Inc.	4.05B	31.82	19.40	5.64%	12.32%	62.25%	0.94%	4.93

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	1.93B	2.08B	2.29B	2.39B	727M	1.04B	1.24B	1.44B	1.62B	1.71B
Revenue Growth %	-0.02%	0.08%	0.1%	0.05%	-0.7%	0.43%	0.19%	0.17%	0.12%	0.06%
Cost of Goods Sold+	1.17B	1.31B	1.48B	1.58B	426M	604.9M	759.7M	899M	1B	1.05B
COGS % of Revenue	0.61%	0.63%	0.65%	0.66%	0.59%	0.58%	0.61%	0.62%	0.62%	0.61%
Gross Profit+	761M	778M	806M	810M	301M	432.3M	476.4M	544.5M	618.8M	658.5M
Gross Margin %	0.39%	0.37%	0.35%	0.34%	0.41%	0.42%	0.39%	0.38%	0.38%	0.39%
Gross Profit Growth %	0.11%	0.02%	0.04%	0%	-0.63%	0.44%	0.1%	0.14%	0.14%	0.06%
Operating Expenses+	342M	375M	430M	449M	140.8M	192.2M	256.1M	297.3M	251.6M	349.9M
OpEx % of Revenue	0.18%	0.18%	0.19%	0.19%	0.19%	0.19%	0.21%	0.21%	0.16%	0.2%
Selling, General & Admin	270M	375M	430M	449M	122.3M	95.7M	251.6M	236.9M	316.8M	349.9M
SG&A % of Revenue	0.14%	0.18%	0.19%	0.19%	0.17%	0.09%	0.2%	0.16%	0.2%	0.2%
Research & Development	13M	13M	14M	13M	0	0	0	0	0	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	-	-	-	-	-	-
Other Operating Expenses	0	136M	0	-60M	18.5M	96.5M	4.5M	60.4M	-65.2M	0
Operating Income+	431M	532M	395M	398M	160.2M	240.1M	220.3M	247.2M	367.2M	308.6M
Operating Margin %	0.22%	0.26%	0.17%	0.17%	0.22%	0.23%	0.18%	0.17%	0.23%	0.18%
Operating Income Growth %	0.33%	0.23%	-0.26%	0.01%	-0.6%	0.5%	-0.08%	0.12%	0.49%	-0.16%
EBITDA+	469M	574M	449M	459M	200.8M	302.2M	291.7M	336M	367.9M	428M
EBITDA Margin %	0.24%	0.28%	0.2%	0.19%	0.28%	0.29%	0.24%	0.23%	0.23%	0.25%
EBITDA Growth %	0.3%	0.22%	-0.22%	0.02%	-0.56%	0.5%	-0.03%	0.15%	0.09%	0.16%
D&A (Non-Cash Add-back)	38M	42M	54M	61M	40.6M	62.1M	71.4M	88.8M	700K	119.4M
EBIT	419M	520M	379M	321M	215.7M	368.3M	213.4M	280M	366.5M	366.3M
Net Interest Income+	-9M	-42M	-63M	-73M	-74M	-108.3M	-69.3M	-38.3M	-71.9M	-74M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	9M	42M	63M	73M	74M	108.3M	69.3M	38.3M	71.9M	74M
Other Income/Expense	-10M	-42M	-63M	-133M	-37.2M	19.9M	-76.2M	-10.7M	-83.6M	-16.3M
Pretax Income+	421M	490M	332M	265M	123M	260M	144.1M	236.5M	283.6M	292.3M
Pretax Margin %	0.22%	0.24%	0.15%	0.11%	0.17%	0.25%	0.12%	0.16%	0.18%	0.17%
Income Tax+	148M	186M	166M	57M	53.4M	59.9M	34.7M	37.1M	69.1M	77.5M
Effective Tax Rate %	0.65%	0.62%	0.5%	0.78%	2.57%	1.62%	2.94%	6%	0.75%	0.72%
Net Income+	273M	304M	166M	208M	316.6M	420.3M	424.3M	1.42B	211.5M	210.7M
Net Margin %	0.14%	0.15%	0.07%	0.09%	0.44%	0.41%	0.34%	0.98%	0.13%	0.12%
Net Income Growth %	0.39%	0.11%	-0.45%	0.25%	0.52%	0.33%	0.01%	2.35%	-0.85%	-0%
Net Income (Continuing)	273M	304M	166M	208M	69.6M	200.1M	109.4M	199.4M	214.5M	214.8M
Discontinued Operations	0	0	0	0	247M	220.2M	314.9M	1.22B	-3M	-4.1M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.60	1.49	0.84	1.10	1.69	2.29	2.35	8.73	1.61	1.64
EPS Growth %	0.63%	-0.07%	-0.44%	0.31%	0.54%	0.36%	0.03%	2.71%	-0.82%	0.02%
EPS (Basic)	1.60	1.49	0.84	1.10	1.70	2.30	2.37	8.79	1.63	1.65
Diluted Shares Outstanding	170M	204M	197M	189M	187.5M	183.5M	180.4M	162.6M	131M	128.6M
Basic Shares Outstanding	170M	204M	197M	189M	187M	182.5M	179.1M	161.6M	130.1M	127.9M
Dividend Payout Ratio	-	0.13%	0.35%	0.38%	0.27%	0.22%	0.21%	0.02%	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	730M	790M	725M	797M	1.44B	1.04B	1.62B	936.7M	255.4M	243.7M
Cash & Short-Term Investments	172M	201M	96M	159M	760M	122.6M	23.4M	756.6M	68.3M	51.6M
Cash Only	172M	201M	96M	159M	760M	122.6M	23.4M	409.1M	68.3M	51.6M
Short-Term Investments	0	0	0	0	0	0	0	347.5M	0	0
Accounts Receivable	363M	385M	409M	401M	433M	65.3M	66.1M	81.3M	86.4M	89.6M
Days Sales Outstanding	68.69	67.43	65.33	61.24	217.39	22.98	19.52	20.56	19.48	19.12
Inventory	139M	175M	176M	194M	199M	27.4M	29.4M	33.3M	39.7M	42.6M
Days Inventory Outstanding	43.44	48.91	43.43	44.82	170.5	16.53	14.13	13.52	14.49	14.78
Other Current Assets	56M	29M	44M	43M	1M	794.5M	1.46B	65.5M	61M	37.6M
Total Non-Current Assets+	1.09B	1.13B	1.13B	1.27B	1.61B	2.15B	1.8B	1.95B	2.18B	2.43B
Property, Plant & Equipment	324M	391M	420M	498M	874M	785.9M	916.7M	1.08B	1.26B	1.47B
Fixed Asset Turnover	5.95x	5.33x	5.44x	4.80x	0.83x	1.32x	1.35x	1.33x	1.29x	1.17x
Goodwill	264M	330M	381M	430M	445M	512.8M	548.2M	578M	615.3M	658M
Intangible Assets	3M	5M	67M	74M	84M	129.5M	114.9M	102.6M	90.3M	82.5M
Long-Term Investments	60M	30M	31M	34M	44M	47M	12.6M	0	0	4.3M
Other Non-Current Assets	55M	88M	92M	108M	132M	664.7M	141.7M	187.8M	220.4M	177.2M
Total Assets+	1.82B	1.92B	1.85B	2.06B	3.05B	3.19B	3.42B	2.89B	2.44B	2.67B
Asset Turnover	1.06x	1.09x	1.23x	1.16x	0.24x	0.33x	0.36x	0.50x	0.66x	0.64x
Asset Growth %	0.87%	0.05%	-0.03%	0.11%	0.48%	0.05%	0.07%	-0.15%	-0.16%	0.1%
Total Current Liabilities+	400M	478M	411M	423M	444M	568.7M	919.4M	362.3M	353.9M	347.4M
Accounts Payable	177M	192M	178M	171M	189M	38.6M	45M	118.7M	117.4M	118.9M
Days Payables Outstanding	55.31	53.66	43.93	39.5	161.94	23.29	21.62	48.19	42.84	41.26
Short-Term Debt	19M	90M	30M	15M	36M	48.3M	199.9M	65.3M	68.4M	72.6M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	160M	163M	203M	237M	219M	481.8M	674.5M	178.3M	168.1M	135.4M
Current Ratio	1.83x	1.65x	1.76x	1.88x	3.24x	1.82x	1.76x	2.59x	0.72x	0.70x
Quick Ratio	1.48x	1.29x	1.34x	1.43x	2.79x	1.78x	1.73x	2.49x	0.61x	0.58x
Cash Conversion Cycle	56.81	62.68	64.84	66.55	225.96	16.22	12.02	-14.12	-8.88	-7.36
Total Non-Current Liabilities+	1.75B	1.55B	1.8B	1.9B	2.68B	2.49B	2.19B	2.32B	1.9B	1.98B
Long-Term Debt	724M	1.03B	1.29B	1.33B	1.96B	1.64B	1.53B	1.56B	1.07B	1.05B
Capital Lease Obligations	6M	58M	47M	55M	301M	385.4M	419M	446.2M	487M	544.6M
Deferred Tax Liabilities	2M	0	0	0	1M	26M	0	0	0	0
Other Non-Current Liabilities	1.02B	462M	462M	517M	420M	436.7M	246.7M	315.9M	342.2M	389.7M
Total Liabilities	2.15B	2.03B	2.21B	2.32B	3.13B	3.06B	3.11B	2.69B	2.25B	2.33B
Total Debt+	749M	1.18B	1.37B	1.4B	2.3B	2.07B	2.14B	2.07B	1.63B	1.67B
Net Debt	577M	981M	1.27B	1.24B	1.54B	1.95B	2.12B	1.66B	1.56B	1.62B
Debt / Equity	-	-	-	-	-	15.42x	6.99x	10.21x	8.76x	4.93x
Debt / EBITDA	1.60x	2.06x	3.05x	3.04x	11.45x	6.86x	7.35x	6.17x	4.42x	3.90x
Net Debt / EBITDA	1.23x	1.71x	2.84x	2.70x	7.66x	6.46x	7.27x	4.95x	4.23x	3.78x
Interest Coverage	47.89x	12.67x	6.27x	5.45x	2.16x	2.22x	3.18x	6.45x	5.11x	4.17x
Total Equity+	-330M	-117M	-358M	-258M	-76M	134.5M	306.6M	203.2M	185.6M	338.5M
Equity Growth %	-1.53%	0.65%	-2.06%	0.28%	0.71%	2.77%	1.28%	-0.34%	-0.09%	0.82%
Book Value per Share	-1.94	-0.57	-1.82	-1.37	-0.41	0.73	1.70	1.25	1.42	2.63
Total Shareholders' Equity	-330M	-117M	-358M	-258M	-76M	134.5M	306.6M	203.2M	185.6M	338.5M
Common Stock	2M	2M	2M	2M	2M	1.8M	1.8M	1.3M	1.3M	1.3M
Retained Earnings	0	-167M	-399M	-284M	-110M	90M	282M	140.7M	123.2M	273.6M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-3M	43M	32M	11M	8M	7.5M	-21.3M	13.2M	9.9M	5.2M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	311M	-130M	320M	325M	371.7M	403.9M	284.2M	-40.8M	265.1M	297.2M
Operating CF Margin %	0.16%	-0.06%	0.14%	0.14%	0.51%	0.39%	0.23%	-0.03%	0.16%	0.17%
Operating CF Growth %	-0.06%	-1.42%	3.46%	0.02%	0.14%	0.09%	-0.3%	-1.14%	7.5%	0.12%
Net Income	273M	304M	166M	208M	69.6M	200.1M	109.4M	199.4M	214.5M	210.7M
Depreciation & Amortization	38M	42M	54M	61M	40.6M	62.1M	71.4M	88.8M	105.9M	119.4M
Stock-Based Compensation	0	9M	12M	9M	12.1M	13.7M	14.4M	12.2M	12M	10.5M
Deferred Taxes	13M	117M	145M	23M	68.7M	56.9M	18M	33.6M	23.5M	38.3M
Other Non-Cash Items	-35M	-481M	22M	54M	241.1M	187.2M	197.9M	-423.5M	-57M	-46.7M
Working Capital Changes	22M	-121M	-79M	-30M	-60.4M	-116.1M	-126.9M	48.7M	-33.8M	-35M
Change in Receivables	-17M	-22M	-38M	-30M	1.7M	-17.4M	-17.5M	26.4M	-900K	-3.1M
Change in Inventory	-4M	-35M	-4M	-10M	-2.3M	-5.3M	-5.4M	-3.3M	-7.7M	-5.4M
Change in Payables	-49M	0	0	0	0	0	0	0	0	0
Cash from Investing+	-148M	-135M	-213M	-188M	-222.6M	-399.9M	-207.6M	2.04B	136.8M	-201.1M
Capital Expenditures	-66M	-68M	-93M	-108M	-94M	-103.1M	-132M	-180.5M	-224.4M	-259.2M
CapEx % of Revenue	0.03%	0.03%	0.04%	0.05%	0.13%	0.1%	0.11%	0.13%	0.14%	0.15%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1M	1M	5M	-2M	-88.5M	-15.1M	-24.9M	2.62B	-4.1M	127.6M
Cash from Financing+	10M	295M	-209M	-71M	450.3M	-535.5M	-218.9M	-1.67B	-746.3M	-112.9M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-40M	-58M	-80M	-84.3M	-90.9M	-89.2M	-21.8M	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.44B	5M	-23M	-9M	86.3M	-45.6M	28M	-127.1M	-20.7M	-5.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	245M	-198M	227M	217M	277.7M	300.8M	152.2M	-221.3M	40.7M	38M
FCF Margin %	0.13%	-0.1%	0.1%	0.09%	0.38%	0.29%	0.12%	-0.15%	0.03%	0.02%
FCF Growth %	-0.14%	-1.81%	2.15%	-0.04%	0.28%	0.08%	-0.49%	-2.45%	1.18%	-0.07%
FCF per Share	1.44	-0.97	1.15	1.15	1.48	1.64	0.84	-1.36	0.31	0.30
FCF Conversion (FCF/Net Income)	1.14x	-0.43x	1.93x	1.56x	1.17x	0.96x	0.67x	-0.03x	1.25x	1.41x
Interest Paid	0	35M	53M	67M	64.9M	62.1M	59.4M	69.6M	78.2M	0
Taxes Paid	17M	26M	26M	25M	43.6M	72.3M	73.9M	373.8M	31.3M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	190.18%	-	-	-	-	1436.92%	192.38%	556.96%	108.8%	80.4%
Return on Invested Capital (ROIC)	74.47%	71.83%	33.31%	31.5%	9.84%	10.15%	7.32%	8.63%	15.26%	12.52%
Gross Margin	39.45%	37.33%	35.27%	33.89%	41.4%	41.68%	38.54%	37.72%	38.22%	38.5%
Net Margin	14.15%	14.59%	7.26%	8.7%	43.55%	40.52%	34.33%	98.35%	13.06%	12.32%
Debt / Equity	-	-	-	-	-	15.42x	6.99x	10.21x	8.76x	4.93x
Interest Coverage	47.89x	12.67x	6.27x	5.45x	2.16x	2.22x	3.18x	6.45x	5.11x	4.17x
FCF Conversion	1.14x	-0.43x	1.93x	1.56x	1.17x	0.96x	0.67x	-0.03x	1.25x	1.41x
Revenue Growth	-1.93%	8.04%	9.64%	4.6%	-69.58%	42.67%	19.18%	16.78%	12.16%	5.64%

Revenue by Segment

	2017	2018	2019	2020	2021	2023	2024	2025
Oil Changes	-	-	-	-	-	1.07B	1.19B	1.25B
Oil Changes Growth	-	-	-	-	-	-	10.65%	4.93%
Non-oil Changes	-	-	-	-	-	297.6M	350.1M	368.4M
Non-oil Changes Growth	-	-	-	-	-	-	17.64%	5.23%
Franchise	-	-	-	-	-	71.6M	80.2M	94.6M
Franchise Growth	-	-	-	-	-	-	12.01%	17.96%
Global Products	-	-	-	-	1.76B	-	-	-
Global Products Growth	-	-	-	-	-	-	-	-
Retail Services	-	-	-	-	1.22B	-	-	-
Retail Services Growth	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2023	2024	2025
Quick Lubes	1.54B	1.7B	-	-	-	1.41B	1.57B	1.66B
Quick Lubes Growth	-	9.71%	-	-	-	-	11.66%	5.43%
International	539M	590M	-	-	-	35.8M	47.2M	53.2M
International Growth	-	9.46%	-	-	-	-	31.84%	12.71%
North America	-	-	1.82B	1.83B	2.27B	-	-	-
North America Growth	-	-	-	0.66%	24.34%	-	-	-
Asia Pacific	-	-	285M	273M	358M	-	-	-
Asia Pacific Growth	-	-	-	-4.21%	31.14%	-	-	-
EMEA	-	-	181M	169M	219M	-	-	-
EMEA Growth	-	-	-	-6.63%	29.59%	-	-	-
Latin America	-	-	108M	83M	131M	-	-	-
Latin America Growth	-	-	-	-23.15%	57.83%	-	-	-

Frequently Asked Questions

Valuation & Price

Valvoline Inc. (VVV) has a price-to-earnings (P/E) ratio of 19.4x. This is roughly in line with market averages.

Growth & Financials

Valvoline Inc. (VVV) reported $1.71B in revenue for fiscal year 2025. This represents a 16% decrease from $2.04B in 2014.

Valvoline Inc. (VVV) grew revenue by 5.6% over the past year. This is steady growth.

Yes, Valvoline Inc. (VVV) is profitable, generating $210.7M in net income for fiscal year 2025 (12.3% net margin).

Dividend & Returns

Valvoline Inc. (VVV) has a return on equity (ROE) of 80.4%. This is excellent, indicating efficient use of shareholder capital.

Valvoline Inc. (VVV) generated $38.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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