Vale S.A. (VALE) 10-Year Financial Performance & Capital Metrics

VALE • • Industrial / General

Basic MaterialsIndustrial MaterialsDiversified MiningGlobal Diversified Miners

AboutVale S.A., together with its subsidiaries, produces and sells iron ore, iron ore pellets, nickel, and copper in Brazil and internationally. The company operates through Iron Solutions and Energy Transition Materials segments. The Iron Solutions segment produces and extracts iron ore and pellets, and other ferrous products; and provides related logistic services. The Energy Transition Materials segment produces and extracts nickel; and its by-products, such as gold, silver, cobalt, precious metals, and others, as well as copper used in the construction sector to produce pipes and electrical wires. The company was formerly known as Companhia Vale do Rio Doce and changed its name to Vale S.A. in May 2009. Vale S.A. was founded in 1942 and is headquartered in Rio De Janeiro, Brazil.Show more

Revenue $38.06B -8.9%
EBITDA $13.85B -19.9%
Net Income $6.17B -22.8%
EPS (Diluted) 1.37 -25.1%
Gross Margin 36.24% -14.4%
EBITDA Margin 36.38% -12.0%
Operating Margin 28.35% -16.6%
Net Margin 16.2% -15.2%
ROE 16.36% -19.9%
ROIC 15.97% -23.5%
Debt/Equity 0.51 +24.8%
Interest Coverage 9.50 -10.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 29.5%
✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.3% through buybacks
✓Healthy 5Y average net margin of 26.3%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.05%

5Y1.13%

3Y-11.28%

TTM-9.8%

Profit (Net Income) CAGR

10Y25.1%

5Y-

3Y-34.99%

TTM-41.39%

EPS CAGR

10Y26.55%

5Y-

3Y-32.63%

TTM-40.74%

ROCE

10Y Avg14.36%

5Y Avg21.96%

3Y Avg18.92%

Latest14.74%

Peer Comparison

Global Diversified Miners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TECKTeck Resources Limited	25.12B	52.27	67.01	39.98%	11.98%	4.87%	0.62%	0.37
BHPBHP Group Limited	167.66B	66.03	18.55	-7.9%	15.82%	32.4%	5.53%	0.47
RIORio Tinto Group	140.31B	86.35	12.21	-0.71%	19.42%	33.83%	4.26%	0.24
VALEVale S.A.	62.62B	14.67	10.71	-8.92%	14.72%	12.89%	4.61%	0.51

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	25.61B	27.49B	33.97B	36.58B	35.98B	39.55B	54.5B	43.84B	41.78B	38.06B
Revenue Growth %	-0.33%	0.07%	0.24%	0.08%	-0.02%	0.1%	0.38%	-0.2%	-0.05%	-0.09%
Cost of Goods Sold+	20.51B	17.65B	21.04B	22.11B	19.02B	17.56B	21.73B	24.03B	24.09B	24.27B
COGS % of Revenue	0.8%	0.64%	0.62%	0.6%	0.53%	0.44%	0.4%	0.55%	0.58%	0.64%
Gross Profit+	5.1B	9.84B	12.93B	14.47B	16.97B	21.98B	32.77B	19.81B	17.7B	13.79B
Gross Margin %	0.2%	0.36%	0.38%	0.4%	0.47%	0.56%	0.6%	0.45%	0.42%	0.36%
Gross Profit Growth %	-0.59%	0.93%	0.31%	0.12%	0.17%	0.3%	0.49%	-0.4%	-0.11%	-0.22%
Operating Expenses+	2.48B	1.65B	1.7B	1.61B	13.14B	9.16B	5.08B	2.6B	3.49B	3B
OpEx % of Revenue	0.1%	0.06%	0.05%	0.04%	0.37%	0.23%	0.09%	0.06%	0.08%	0.08%
Selling, General & Admin	503M	374M	531M	461M	1.6B	442M	439M	474M	506M	566M
SG&A % of Revenue	0.02%	0.01%	0.02%	0.01%	0.04%	0.01%	0.01%	0.01%	0.01%	0.01%
Research & Development	477M	319M	340M	373M	409.02M	415M	549M	660M	720.34M	790M
R&D % of Revenue	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%
Other Operating Expenses	61M	-66M	-149M	-187M	11.13B	8.3B	4.09B	1.47B	2.26B	1.65B
Operating Income+	-6.13B	7.05B	10.93B	11.96B	3.83B	12.82B	27.69B	17.21B	14.21B	10.79B
Operating Margin %	-0.24%	0.26%	0.32%	0.33%	0.11%	0.32%	0.51%	0.39%	0.34%	0.28%
Operating Income Growth %	-1.85%	2.15%	0.55%	0.09%	-0.68%	2.35%	1.16%	-0.38%	-0.17%	-0.24%
EBITDA+	-2.1B	10.53B	14.64B	15.3B	7.26B	16.04B	30.73B	20.38B	17.27B	13.85B
EBITDA Margin %	-0.08%	0.38%	0.43%	0.42%	0.2%	0.41%	0.56%	0.46%	0.41%	0.36%
EBITDA Growth %	-1.18%	6.01%	0.39%	0.05%	-0.53%	1.21%	0.92%	-0.34%	-0.15%	-0.2%
D&A (Non-Cash Add-back)	4.03B	3.47B	3.71B	3.35B	3.44B	3.21B	3.03B	3.17B	3.07B	3.06B
EBIT	-16.79B	10.03B	10.6B	8.55B	14.47B	9.35B	31.09B	20.57B	12.49B	8.01B
Net Interest Income+	-957M	-2.06B	-3.18B	-2.62B	-3.39B	-2.63B	-1.72B	-752.05M	-1.51B	-981M
Interest Income	965M	96.39M	481M	423M	248.94M	125.24M	226.46M	439.93M	-176M	155M
Interest Expense	891M	2.15B	3.28B	1.54B	3.64B	2.75B	1.94B	1.19B	1.34B	1.14B
Other Income/Expense	-11.59B	-398.56M	-3.1B	-5.14B	-3.97B	-5.83B	1.85B	2.57B	-3.05B	-4.09B
Pretax Income+	-17.72B	7.98B	7.83B	6.82B	-143.06M	6.99B	29.54B	19.78B	11.15B	6.7B
Pretax Margin %	-0.69%	0.29%	0.23%	0.19%	-0%	0.18%	0.54%	0.45%	0.27%	0.18%
Income Tax+	-5.1B	2.78B	1.5B	-172M	-624.22M	735M	4.7B	2.97B	3.05B	721M
Effective Tax Rate %	0.68%	0.5%	0.7%	1.01%	11.6%	0.7%	0.76%	0.95%	0.72%	0.92%
Net Income+	-12.13B	3.98B	5.51B	6.86B	-1.66B	4.88B	22.45B	18.79B	7.98B	6.17B
Net Margin %	-0.47%	0.14%	0.16%	0.19%	-0.05%	0.12%	0.41%	0.43%	0.19%	0.16%
Net Income Growth %	-19.46%	1.33%	0.38%	0.25%	-1.24%	3.94%	3.6%	-0.16%	-0.58%	-0.23%
Net Income (Continuing)	-12.43B	5.2B	6.33B	6.99B	481.17M	6.25B	24.84B	16.81B	8.11B	5.97B
Discontinued Operations	214.48M	0	0	-84.79M	-2.64B	-1.72B	-2.38B	0	0	0
Minority Interest	2.12B	1.98B	1.31B	847M	-1.07B	-923M	834M	1.49B	1.52B	1.12B
EPS (Diluted)+	-2.33	0.77	1.05	1.32	-0.43	1.01	4.48	4.05	1.83	1.37
EPS Growth %	-18.92%	1.33%	0.36%	0.26%	-1.33%	3.35%	3.44%	-0.1%	-0.55%	-0.25%
EPS (Basic)	-2.35	0.77	1.05	1.32	-0.43	1.01	4.48	4.05	1.83	1.37
Diluted Shares Outstanding	5.2B	5.2B	5.2B	5.2B	5.13B	5.13B	5.01B	4.64B	4.37B	4.27B
Basic Shares Outstanding	5.15B	5.2B	5.2B	5.18B	5.13B	5.13B	5.01B	4.64B	4.37B	4.23B
Dividend Payout Ratio	-	0.06%	0.26%	0.48%	-	0.69%	0.6%	0.35%	0.7%	0.62%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	15.47B	22.57B	18.95B	15.29B	17.04B	24.4B	22.36B	15.53B	18.64B	13.5B
Cash & Short-Term Investments	3.62B	4.28B	6.35B	5.82B	8.18B	14.26B	11.9B	4.8B	3.66B	5.01B
Cash Only	3.59B	4.26B	4.33B	5.78B	7.35B	13.49B	11.72B	4.74B	3.61B	4.96B
Short-Term Investments	28M	18M	2.02B	32M	826M	771M	184M	61M	51.47M	53.52M
Accounts Receivable	2.91B	5.29B	5.65B	3.89B	3.77B	5.7B	4.78B	5.59B	5.08B	3.46B
Days Sales Outstanding	41.49	70.31	60.76	38.86	38.24	52.58	32.04	46.55	44.37	33.17
Inventory	3.53B	3.35B	3.93B	4.44B	4.27B	4.06B	4.38B	4.48B	4.67B	4.61B
Days Inventory Outstanding	62.78	69.26	68.11	73.35	82.03	84.39	73.52	68.08	70.74	69.35
Other Current Assets	4.48B	9.49B	4.23B	595M	452M	387M	1.3B	656M	5.87B	416.3M
Total Non-Current Assets+	73.02B	76.45B	80.23B	72.9B	74.67B	67.6B	67.08B	71.37B	75.23B	66.67B
Property, Plant & Equipment	54.1B	55.42B	66.94B	48.38B	46.58B	41.15B	41.93B	44.94B	48.23B	40.03B
Fixed Asset Turnover	0.47x	0.50x	0.51x	0.76x	0.77x	0.96x	1.30x	0.98x	0.87x	0.95x
Goodwill	2.96B	3.08B	4.11B	3.65B	3.63B	3.3B	3.21B	3.19B	3.25B	3.04B
Intangible Assets	2.37B	3.79B	4.38B	4.31B	4.87B	6B	5.8B	7.05B	8.37B	7.49B
Long-Term Investments	2.94B	3.7B	3.23B	4.21B	3.52B	2.79B	1.76B	1.8B	3.2B	4.61B
Other Non-Current Assets	2.75B	3.12B	-5.07B	5.43B	6.86B	4.04B	2.94B	3.62B	2.63B	11.45B
Total Assets+	88.49B	99.01B	99.18B	88.19B	91.71B	92.01B	89.44B	86.89B	93.87B	80.25B
Asset Turnover	0.29x	0.28x	0.34x	0.41x	0.39x	0.43x	0.61x	0.50x	0.45x	0.47x
Asset Growth %	-0.24%	0.12%	0%	-0.11%	0.04%	0%	-0.03%	-0.03%	0.08%	-0.15%
Total Current Liabilities+	10.54B	11.23B	13.11B	9.11B	13.85B	14.59B	15.2B	13.89B	14.61B	13.11B
Accounts Payable	3.37B	3.63B	4.04B	3.51B	4.11B	3.37B	3.48B	4.46B	5.27B	4.23B
Days Payables Outstanding	59.88	75.07	70.11	57.98	78.83	69.97	58.37	67.77	79.88	63.69
Short-Term Debt	2.98B	2.33B	1.7B	2.14B	2.42B	1.63B	1.03B	307M	824M	1.02B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.23B	2.78B	3.81B	1.27B	2.17B	5.11B	3.64B	4.39B	5.14B	6.43B
Current Ratio	1.47x	2.01x	1.45x	1.68x	1.23x	1.67x	1.47x	1.12x	1.28x	1.03x
Quick Ratio	1.13x	1.71x	1.15x	1.19x	0.92x	1.39x	1.18x	0.80x	0.96x	0.68x
Cash Conversion Cycle	44.4	64.5	58.76	54.23	41.45	67.01	47.19	46.87	35.23	38.83
Total Non-Current Liabilities+	42.24B	46.76B	41.3B	34.25B	38.88B	42.59B	38.94B	35.65B	38.44B	32.53B
Long-Term Debt	26.9B	28.56B	20.79B	16.83B	16.95B	18.2B	14.57B	13.6B	14.52B	16.01B
Capital Lease Obligations	0	0	0	0	1.57B	1.42B	1.43B	1.35B	1.25B	567.05M
Deferred Tax Liabilities	1.67B	1.7B	1.72B	1.53B	1.88B	1.77B	1.88B	1.41B	866.68M	445M
Other Non-Current Liabilities	11.92B	14.4B	16.94B	14.28B	18.48B	19.1B	19.62B	16.73B	18.51B	13.7B
Total Liabilities	52.79B	57.99B	54.41B	43.36B	52.72B	57.19B	54.14B	49.54B	53.04B	45.69B
Total Debt+	29.88B	30.9B	22.49B	18.97B	21.16B	21.49B	17.2B	15.44B	16.8B	17.74B
Net Debt	26.29B	26.63B	18.16B	13.18B	13.81B	8.01B	5.48B	10.7B	13.19B	12.78B
Debt / Equity	0.84x	0.75x	0.49x	0.42x	0.54x	0.62x	0.49x	0.41x	0.41x	0.51x
Debt / EBITDA	-	2.94x	1.54x	1.24x	2.91x	1.34x	0.56x	0.76x	0.97x	1.28x
Net Debt / EBITDA	-	2.53x	1.24x	0.86x	1.90x	0.50x	0.18x	0.53x	0.76x	0.92x
Interest Coverage	-6.88x	3.27x	3.34x	7.76x	1.05x	4.66x	14.26x	14.44x	10.61x	9.50x
Total Equity+	35.7B	41.02B	46.09B	44.83B	38.99B	34.82B	35.31B	37.36B	40.83B	34.56B
Equity Growth %	-0.36%	0.15%	0.12%	-0.03%	-0.13%	-0.11%	0.01%	0.06%	0.09%	-0.15%
Book Value per Share	6.87	7.89	8.87	8.63	7.60	6.79	7.04	8.05	9.34	8.09
Total Shareholders' Equity	33.59B	39.04B	44.77B	43.98B	40.07B	35.74B	34.47B	35.87B	39.31B	33.43B
Common Stock	61.61B	61.61B	61.61B	61.61B	61.61B	61.61B	13.86B	61.61B	15.91B	12.5B
Retained Earnings	-23.09B	-23.09B	0	0	0	0	15.72B	0	13.01B	18.58B
Treasury Stock	-1.48B	-1.48B	-1.48B	-2.48B	-2.46B	-2.44B	-5.24B	-4.98B	-3.5B	-3.2B
Accumulated OCI	-25.69B	-20.24B	-15.57B	-14.03B	-19.09B	-23.43B	10.16B	-20.77B	14.05B	5.56B
Minority Interest	2.12B	1.98B	1.31B	847M	-1.07B	-923M	834M	1.49B	1.52B	1.12B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.93B	6.4B	12.45B	12.9B	12.11B	14.32B	25.68B	11.48B	13.4B	9.39B
Operating CF Margin %	0.15%	0.23%	0.37%	0.35%	0.34%	0.36%	0.47%	0.26%	0.32%	0.25%
Operating CF Growth %	-0.7%	0.63%	0.95%	0.04%	-0.06%	0.18%	0.79%	-0.55%	0.17%	-0.3%
Net Income	-17.68B	7.98B	7.83B	6.82B	-156M	6.99B	29.54B	19.78B	8B	5.86B
Depreciation & Amortization	3.72B	3.49B	3.71B	3.35B	3.49B	3.21B	3.03B	3.17B	2.96B	2.79B
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-5.49B	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	21.99B	-3.32B	283M	3.57B	8.84B	7.32B	-7.23B	-10.15B	5.27B	2.16B
Working Capital Changes	1.39B	-1.75B	630M	-840M	-65M	-3.2B	335M	-1.32B	-2.83B	-1.42B
Change in Receivables	1.67B	-2.74B	1.28B	-156M	-47M	-2.54B	1.03B	-325M	318.53M	1.52B
Change in Inventory	-217M	288M	-339M	-817M	88M	-183M	-503M	45M	-223.43M	-456.69M
Change in Payables	658M	243M	232M	-376M	749M	-222M	251M	495M	620.24M	-373.77M
Cash from Investing+	-5.81B	-4.42B	-3.36B	159M	-6.99B	-4.67B	-6.61B	-4.69B	-6.49B	-5.79B
Capital Expenditures	-8.11B	-4.95B	-3.83B	-3.78B	-3.46B	-4.23B	-5.03B	-5.45B	-6.03B	-6.51B
CapEx % of Revenue	0.32%	0.18%	0.11%	0.1%	0.1%	0.11%	0.09%	0.12%	0.14%	0.17%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.15B	761M	656M	1.73B	-1.7B	-524M	-1.87B	-325M	-546.16M	-1.6B
Cash from Financing+	1.78B	-1.28B	-8.7B	-11.13B	-3.5B	-2.68B	-20.28B	-13.91B	-7.41B	-2.13B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.5B	-250M	-1.46B	-3.31B	0	-3.35B	-13.48B	-6.6B	-5.6B	-3.83B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.03B	-308M	-224M	-199M	-1.01B	142M	-43M	-23M	-362.77M	-205.72M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-4.18B	1.45B	8.62B	9.12B	8.65B	10.1B	20.65B	6.04B	7.36B	2.88B
FCF Margin %	-0.16%	0.05%	0.25%	0.25%	0.24%	0.26%	0.38%	0.14%	0.18%	0.08%
FCF Growth %	-4.15%	1.35%	4.94%	0.06%	-0.05%	0.17%	1.05%	-0.71%	0.22%	-0.61%
FCF per Share	-0.80	0.28	1.66	1.75	1.69	1.97	4.12	1.30	1.68	0.68
FCF Conversion (FCF/Net Income)	-0.32x	1.61x	2.26x	1.88x	-7.30x	2.93x	1.14x	0.61x	1.68x	1.52x
Interest Paid	1.46B	0	0	0	0	0	0	0	0	0
Taxes Paid	911M	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-26.48%	10.38%	12.64%	15.09%	-3.96%	13.23%	64.01%	51.71%	20.42%	16.36%
Return on Invested Capital (ROIC)	-6.35%	8.16%	12.43%	14.67%	5.18%	20.11%	49.68%	29.05%	20.87%	15.97%
Gross Margin	19.9%	35.79%	38.06%	39.55%	47.15%	55.58%	60.13%	45.19%	42.35%	36.24%
Net Margin	-47.36%	14.49%	16.21%	18.76%	-4.61%	12.34%	41.18%	42.86%	19.11%	16.2%
Debt / Equity	0.84x	0.75x	0.49x	0.42x	0.54x	0.62x	0.49x	0.41x	0.41x	0.51x
Interest Coverage	-6.88x	3.27x	3.34x	7.76x	1.05x	4.66x	14.26x	14.44x	10.61x	9.50x
FCF Conversion	-0.32x	1.61x	2.26x	1.88x	-7.30x	2.93x	1.14x	0.61x	1.68x	1.52x
Revenue Growth	-33.02%	7.34%	23.57%	7.68%	-1.62%	9.9%	37.82%	-19.56%	-4.69%	-8.92%

Revenue by Segment

	2011	2012	2024
Iron Ore	-	-	24.8B
Iron Ore Growth	-	-	-
Copper	-	-	2.81B
Copper Growth	-	-	-
Other	-	-	141M
Other Growth	-	-	-
Bulk Material	44.95B	6.78B	-
Bulk Material Growth	-	-84.92%	-
Base Metals	9.63B	1.16B	-
Base Metals Growth	-	-87.97%	-
All Others	541M	537M	-
All Others Growth	-	-0.74%	-
Fertilizers	3.55B	308M	-
Fertilizers Growth	-	-91.32%	-

Revenue by Geography

	2011	2012	2024
CHINA	19.57B	17.64B	-
CHINA Growth	-	-9.88%	-
Europe	11.44B	8.2B	-
Europe Growth	-	-28.31%	-
JAPAN	7.24B	4.93B	-
JAPAN Growth	-	-31.87%	-
Asia Market Excluding Japan and China	5.05B	4.05B	-
Asia Market Excluding Japan and China Growth	-	-19.81%	-
America Excluding United States	2.61B	1.82B	-
America Excluding United States Growth	-	-30.23%	-
Middle East Africa Oceania	1.9B	1.65B	-
Middle East Africa Oceania Growth	-	-12.77%	-
UNITED STATES	1.67B	1.33B	-
UNITED STATES Growth	-	-20.22%	-
Domestic Country	10.91B	-	-
Domestic Country Growth	-	-	-

Frequently Asked Questions

Valuation & Price

Vale S.A. (VALE) has a price-to-earnings (P/E) ratio of 10.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Vale S.A. (VALE) reported $36.93B in revenue for fiscal year 2024. This represents a 37% decrease from $58.99B in 2011.

Vale S.A. (VALE) saw revenue decline by 8.9% over the past year.

Yes, Vale S.A. (VALE) is profitable, generating $5.44B in net income for fiscal year 2024 (16.2% net margin).

Dividend & Returns

Yes, Vale S.A. (VALE) pays a dividend with a yield of 6.12%. This makes it attractive for income-focused investors.

Vale S.A. (VALE) has a return on equity (ROE) of 16.4%. This is reasonable for most industries.

Vale S.A. (VALE) generated $2.94B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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