The company maintains a manageable leverage profile with a debt-to-equity ratio of 0.50 as of 2026Q1, though retained earnings have experienced extreme volatility, dropping to $3.1B from $18.6B in 2024Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Total Current Assets | 16.74B | 18.37B | 13.5B | 18.64B | 15.53B | 22.36B | 24.4B | 17.04B | 15.29B | 18.95B | 22.57B | 15.47B | 20.23B | 24.38B | 22.53B | 21.74B | 31.79B | 21.93B | 23.24B | 11.38B | 12.94B | 5.38B | 4.49B | 2.47B | 2.59B | 2.64B | 2.5B |
| Cash & Short-Term Investments | 5.28B | 7.6B | 5.01B | 3.66B | 4.8B | 11.9B | 14.26B | 8.18B | 5.82B | 6.35B | 4.28B | 3.62B | 4.12B | 5.32B | 6.08B | 3.53B | 9.38B | 11.32B | 12.64B | 1.05B | 4.45B | 1.16B | 1.48B | 585M | 1.09B | 1.12B | 1.21B |
| Cash Only | 5.08B | 7.4B | 4.96B | 3.61B | 4.74B | 11.72B | 13.49B | 7.35B | 5.78B | 4.33B | 4.26B | 3.59B | 3.97B | 5.32B | 5.83B | 3.53B | 7.58B | 7.58B | 10.33B | 1.05B | 4.45B | 1.16B | 1.48B | 585M | 1.09B | 1.12B | 1.21B |
| Short-Term Investments | 193.8M | 194.53M | 53.52M | 51.47M | 61M | 184M | 771M | 826M | 32M | 2.02B | 18M | 28M | 148M | 3M | 246M | 0 | 1.79B | 3.74B | 2.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.71B | 3.82B | 3.46B | 5.08B | 5.59B | 4.78B | 5.7B | 3.77B | 3.89B | 5.65B | 5.29B | 2.91B | 5.55B | 7.49B | 8.7B | 10.85B | 10.15B | 4.78B | 5.51B | 5.28B | 4.06B | 2.27B | 1.16B | 818M | 660M | 549M | 490M |
| Days Sales Outstanding | 34.62 | 36.45 | 33.17 | 44.37 | 46.55 | 32.04 | 52.58 | 38.24 | 38.86 | 60.76 | 70.31 | 41.49 | 52.98 | 58.45 | 66.6 | 67.12 | 81.79 | 62.76 | 53.73 | 59.8 | 75.37 | 56.96 | 52.4 | 55.81 | 58.43 | 50.22 | 45.45 |
| Inventory | 6.13B | 5.96B | 4.61B | 4.67B | 4.48B | 4.38B | 4.06B | 4.27B | 4.44B | 3.93B | 3.35B | 3.53B | 4.5B | 4.13B | 5.05B | 5.25B | 4.3B | 3.39B | 3.9B | 3.86B | 3.49B | 1.39B | 1.09B | 505M | 292M | 323M | 306M |
| Days Inventory Outstanding | 80.7 | 86.71 | 69.35 | 70.74 | 68.08 | 73.52 | 84.39 | 82.03 | 73.35 | 68.11 | 69.26 | 62.78 | 63.77 | 62.1 | 69.63 | 81.31 | 83.38 | 77.86 | 80.61 | 85.56 | 125.65 | 72.41 | 97.49 | 58.93 | 47.1 | 50.66 | 45.98 |
| Other Current Assets | 1.62B | 991.1M | 416.3M | 5.87B | 656M | 1.3B | 387M | 452M | 595M | 4.23B | 9.49B | 4.48B | 4.48B | 4.88B | 1.7B | 1.54B | 8.02B | 1.82B | 1.05B | 1.3B | 941M | 494M | 770M | 566M | 546M | 649M | 495M |
| Total Non-Current Assets | 70.81B | 68.52B | 66.67B | 75.23B | 71.37B | 67.08B | 67.6B | 74.67B | 72.9B | 80.23B | 76.45B | 73.02B | 96.25B | 100.22B | 108.09B | 106.99B | 97.35B | 78.81B | 56.69B | 65.34B | 48.01B | 17.56B | 11.88B | 8.96B | 5.37B | 6.88B | 7.29B |
| Property, Plant & Equipment | 45.64B | 43.8B | 40.03B | 48.23B | 44.94B | 41.93B | 41.15B | 46.58B | 48.38B | 66.94B | 55.42B | 54.1B | 89.08B | 81.67B | 84.88B | 90.03B | 83.1B | 66.01B | 49.33B | 54.63B | 38.01B | 14.45B | 9.34B | 6.48B | 3.3B | 3.81B | 3.96B |
| Fixed Asset Turnover | 0.88x | 0.87x | 0.95x | 0.87x | 0.98x | 1.30x | 0.96x | 0.77x | 0.76x | 0.51x | 0.50x | 0.47x | 0.43x | 0.57x | 0.56x | 0.66x | 0.55x | 0.42x | 0.76x | 0.59x | 0.52x | 1.01x | 0.86x | 0.83x | 1.25x | 1.05x | 0.99x |
| Goodwill | 1.37B | 1.3B | 3.04B | 3.25B | 3.19B | 3.21B | 3.3B | 3.63B | 3.65B | 4.11B | 3.08B | 2.96B | 3.76B | 4.14B | 4.6B | 3.03B | 3.32B | 2.31B | 1.9B | 3.79B | 4.48B | 0 | 0 | 0 | 0 | 0 | 175M |
| Intangible Assets | 7.99B | 7.69B | 7.49B | 8.37B | 7.05B | 5.8B | 6B | 4.87B | 4.31B | 4.38B | 3.79B | 2.37B | 3.06B | 2.73B | 4.61B | 1.14B | 1.27B | 1.17B | 0 | 0 | 0 | 0 | 0 | 451M | 412M | 540M | 0 |
| Long-Term Investments | 22.93B | 5.91B | 4.61B | 3.2B | 1.8B | 1.76B | 2.79B | 3.52B | 4.21B | 3.23B | 3.7B | 2.94B | 4.13B | 3.58B | 6.38B | 8.09B | 4.5B | 2.63B | 2.41B | 2.92B | 2.35B | 0 | 0 | 0 | 0 | 0 | 1.82B |
| Other Non-Current Assets | 3.67B | 3.47B | 11.45B | 2.63B | 3.62B | 2.94B | 4.04B | 6.86B | 5.43B | -5.07B | 3.12B | 2.75B | -7.75B | 3.58B | 3.64B | 4.11B | 2.12B | 4.03B | 1.3B | 1.21B | 1.08B | 2.66B | 2.14B | 1.79B | 1.3B | 2.3B | 1.09B |
| Total Assets | 87.55B | 86.88B | 80.25B | 93.87B | 86.89B | 89.44B | 92.01B | 91.71B | 88.19B | 99.18B | 99.01B | 88.49B | 116.49B | 124.6B | 130.62B | 128.73B | 129.14B | 100.74B | 79.93B | 76.72B | 60.95B | 22.94B | 16.37B | 11.43B | 7.96B | 9.52B | 9.79B |
| Asset Turnover | 0.44x | 0.44x | 0.47x | 0.45x | 0.50x | 0.61x | 0.43x | 0.39x | 0.41x | 0.34x | 0.28x | 0.29x | 0.33x | 0.38x | 0.37x | 0.46x | 0.35x | 0.28x | 0.47x | 0.42x | 0.32x | 0.63x | 0.49x | 0.47x | 0.52x | 0.42x | 0.40x |
| Asset Growth % | 20% | 8.26% | -14.51% | 8.03% | -2.85% | -2.79% | 0.32% | 3.99% | -11.08% | 0.17% | 11.89% | -24.03% | -6.51% | -4.61% | 1.47% | -0.32% | 28.19% | 26.03% | 4.19% | 25.86% | 165.73% | 40.11% | 43.19% | 43.73% | -16.46% | -2.79% | - |
| Total Current Liabilities | 13.5B | 15.94B | 13.11B | 14.61B | 13.89B | 15.2B | 14.59B | 13.85B | 9.11B | 13.11B | 11.23B | 10.54B | 10.74B | 9.61B | 12.56B | 11.04B | 17.91B | 9.98B | 7.24B | 10.08B | 7.31B | 4.99B | 3.51B | 2.25B | 1.51B | 1.92B | 2.14B |
| Accounts Payable | 5.49B | 5.59B | 4.23B | 5.27B | 4.46B | 3.48B | 3.37B | 4.11B | 3.51B | 4.04B | 3.63B | 3.37B | 4.35B | 3.77B | 4.53B | 4.81B | 3.56B | 2.31B | 2.26B | 2.43B | 2.38B | 1.11B | 743M | 482M | 325M | 296M | 0 |
| Days Payables Outstanding | 78.16 | 81.28 | 63.69 | 79.88 | 67.77 | 58.37 | 69.97 | 78.83 | 57.98 | 70.11 | 75.07 | 59.88 | 61.69 | 56.79 | 62.42 | 74.54 | 69.03 | 53.04 | 46.78 | 53.88 | 85.68 | 58.04 | 66.45 | 56.24 | 52.42 | 46.43 | - |
| Short-Term Debt | 757.19M | 680.87M | 1.02B | 824M | 307M | 1.03B | 1.63B | 2.42B | 2.14B | 1.7B | 2.33B | 2.98B | 1.73B | 1.98B | 3.68B | 1.54B | 2.97B | 2.98B | 710M | 1.42B | 1.46B | 1.48B | 1.15B | 1.26B | 965M | 1.05B | 745M |
| Deferred Revenue (Current) | 539M | 0 | 1.25M | 591M | 416M | 1.68B | 853M | 330M | 650M | 4.21B | 2.87B | 1.37B | 2.73B | 2.75B | 2.72B | 3.81B | 8.09B | 1.34B | 3.77B | 5.13B | 2.99B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 5.48B | 4.75B | 6.43B | 5.14B | 4.39B | 3.64B | 5.11B | 2.17B | 1.27B | 3.81B | 2.78B | 3.23B | 2.49B | 1.68B | 2.55B | 1.68B | 6.2B | 2.02B | 1.74B | 3.02B | 1.83B | 2.35B | 1.62B | 514M | 218M | 572M | 1.34B |
| Current Ratio | 1.24x | 1.15x | 1.03x | 1.28x | 1.12x | 1.47x | 1.67x | 1.23x | 1.68x | 1.45x | 2.01x | 1.47x | 1.88x | 2.54x | 1.79x | 1.97x | 1.77x | 2.20x | 3.21x | 1.13x | 1.77x | 1.08x | 1.28x | 1.10x | 1.72x | 1.37x | 1.17x |
| Quick Ratio | 0.79x | 0.78x | 0.68x | 0.96x | 0.80x | 1.18x | 1.39x | 0.92x | 1.19x | 1.15x | 1.71x | 1.13x | 1.47x | 2.11x | 1.39x | 1.49x | 1.53x | 1.86x | 2.67x | 0.75x | 1.29x | 0.80x | 0.97x | 0.87x | 1.52x | 1.21x | 1.03x |
| Cash Conversion Cycle | 37.16 | 41.87 | 38.83 | 35.23 | 46.87 | 47.19 | 67.01 | 41.45 | 54.23 | 58.76 | 64.5 | 44.4 | 55.06 | 63.77 | 73.81 | 73.88 | 96.15 | 87.58 | 87.56 | 91.48 | 115.34 | 71.34 | 83.44 | 58.49 | 53.11 | 54.46 | - |
| Total Non-Current Liabilities | 36.53B | 36.47B | 32.53B | 38.44B | 35.65B | 38.94B | 42.59B | 38.88B | 34.25B | 41.3B | 46.76B | 42.24B | 49.43B | 50.05B | 41.9B | 37.57B | 38.79B | 32.55B | 27.65B | 30.8B | 31.16B | 6.39B | 5.25B | 3.97B | 3.13B | 2.96B | 3.08B |
| Long-Term Debt | 17.59B | 18.2B | 16.01B | 14.52B | 13.6B | 14.57B | 18.2B | 16.95B | 16.83B | 20.79B | 28.56B | 26.9B | 29.22B | 29.45B | 28.52B | 22.96B | 21.59B | 20.71B | 19.4B | 17.61B | 21.12B | 3.88B | 3.41B | 2.77B | 2.37B | 2.19B | 2.02B |
| Capital Lease Obligations | 2.04B | 509.88M | 567.05M | 1.25B | 1.35B | 1.43B | 1.42B | 1.57B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 381.6M | 107.3M | 445M | 866.68M | 1.41B | 1.88B | 1.77B | 1.88B | 1.53B | 1.72B | 1.7B | 1.67B | 3.34B | 3.23B | 3.79B | 5.65B | 8.09B | 4.4B | 4B | 5.72B | 4.53B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 18.38B | 17.65B | 13.7B | 18.51B | 16.73B | 19.62B | 19.1B | 18.48B | 14.28B | 16.94B | 14.4B | 11.92B | 15.54B | 15.87B | 1.91B | 9.14B | 3.27B | 2.42B | 3.66B | 1.9B | 617M | 2.51B | 1.85B | 1.2B | 767M | 765M | 1.06B |
| Total Liabilities | 50.03B | 52.41B | 45.69B | 53.04B | 49.54B | 54.14B | 57.19B | 52.72B | 43.36B | 54.41B | 57.99B | 52.79B | 60.17B | 59.66B | 54.46B | 48.61B | 56.7B | 42.53B | 34.88B | 40.89B | 38.47B | 11.38B | 8.76B | 6.22B | 4.64B | 4.88B | 5.22B |
| Total Debt | 18.83B | 19.39B | 17.74B | 16.8B | 15.44B | 17.2B | 21.49B | 21.16B | 18.97B | 22.49B | 30.9B | 29.88B | 30.95B | 31.43B | 32.2B | 21.54B | 24.56B | 24.12B | 18.25B | 19.03B | 22.58B | 5.36B | 4.55B | 4.03B | 3.33B | 3.24B | 2.77B |
| Net Debt | 13.75B | 11.99B | 12.78B | 13.19B | 10.7B | 5.48B | 8.01B | 13.81B | 13.18B | 18.16B | 26.63B | 26.29B | 26.97B | 26.11B | 26.37B | 18.01B | 16.98B | 16.54B | 7.91B | 17.98B | 18.13B | 4.2B | 3.08B | 3.44B | 2.24B | 2.13B | 1.55B |
| Debt / Equity | 0.50x | 0.56x | 0.51x | 0.41x | 0.41x | 0.49x | 0.62x | 0.54x | 0.42x | 0.49x | 0.75x | 0.84x | 0.55x | 0.48x | 0.42x | 0.27x | 0.34x | 0.41x | 0.41x | 0.53x | 1.00x | 0.46x | 0.60x | 0.77x | 1.01x | 0.70x | 0.60x |
| Debt / EBITDA | 1.32x | 1.37x | 1.28x | 0.97x | 0.76x | 0.56x | 1.34x | 2.91x | 1.24x | 1.54x | 2.94x | - | 2.70x | 1.64x | 2.37x | 0.63x | 0.98x | - | 1.04x | 1.24x | 2.62x | 0.76x | 1.20x | 2.14x | 2.03x | 2.84x | 2.47x |
| Net Debt / EBITDA | 0.97x | 0.85x | 0.92x | 0.76x | 0.53x | 0.18x | 0.50x | 1.90x | 0.86x | 1.24x | 2.53x | - | 2.35x | 1.36x | 1.94x | 0.53x | 0.68x | - | 0.45x | 1.17x | 2.10x | 0.59x | 0.81x | 1.83x | 1.36x | 1.86x | 1.39x |
| Interest Coverage | 6.92x | 7.12x | 7.05x | 9.33x | 17.26x | 16.01x | 3.39x | 3.97x | 5.55x | 3.23x | 4.66x | -18.85x | 1.45x | 3.97x | 2.48x | 11.98x | 8.68x | 7.76x | 8.49x | 11.15x | 6.85x | 10.68x | 5.48x | - | - | - | - |
| Total Equity | 37.52B | 34.48B | 34.56B | 40.83B | 37.36B | 35.31B | 34.82B | 38.99B | 44.83B | 46.09B | 41.02B | 35.7B | 55.91B | 64.94B | 76.16B | 80.11B | 72.44B | 58.21B | 45.05B | 35.83B | 22.48B | 11.56B | 7.61B | 5.21B | 3.31B | 4.64B | 4.58B |
| Equity Growth % | 14.74% | -0.23% | -15.36% | 9.29% | 5.81% | 1.39% | -10.7% | -13.02% | -2.72% | 12.34% | 14.9% | -36.14% | -13.9% | -14.74% | -4.94% | 10.59% | 24.45% | 29.22% | 25.72% | 59.36% | 94.55% | 51.91% | 45.94% | 57.3% | -28.65% | 1.46% | - |
| Book Value per Share | 8.78 | 8.07 | 8.09 | 9.34 | 8.05 | 7.04 | 6.79 | 7.60 | 8.63 | 8.87 | 7.89 | 6.87 | 10.85 | 12.60 | 14.92 | 15.27 | 13.81 | 10.85 | 8.90 | 7.33 | 4.63 | 2.51 | 1.65 | 1.13 | 0.72 | 1.01 | 0.99 |
| Total Shareholders' Equity | 36.62B | 33.63B | 33.43B | 39.31B | 35.87B | 34.47B | 35.74B | 40.07B | 43.98B | 44.77B | 39.04B | 33.59B | 54.71B | 63.33B | 74.57B | 77.72B | 68.9B | 54.88B | 42.56B | 33.28B | 19.67B | 10.29B | 6.84B | 4.88B | 3.29B | 4.64B | 4.57B |
| Common Stock | 14.8B | 14.11B | 12.5B | 15.91B | 61.61B | 13.86B | 61.61B | 61.61B | 61.61B | 61.61B | 61.61B | 61.61B | 38.52B | 37.67B | 37.67B | 36.9B | 16.02B | 27.19B | 0 | 0 | 0 | 5.99B | 2.75B | 1.9B | 1.63B | 1.48B | 1.28B |
| Retained Earnings | 3.06B | 1.1B | 18.58B | 13.01B | 0 | 15.72B | 0 | 0 | 0 | 0 | -23.09B | -23.09B | -412M | 29.57B | 38.39B | 39.94B | 42.38B | 26.83B | 27.96B | 16.95B | 12.06B | 4.3B | 0 | 5.89B | 5.52B | 5.4B | 5.18B |
| Treasury Stock | -2.52B | -3.61B | -3.2B | -3.5B | -4.98B | -5.24B | -2.44B | -2.46B | -2.48B | -1.48B | -1.48B | -1.48B | -1.48B | -4.48B | -4.48B | -5.66B | -2.66B | -1.15B | -1.14B | -389M | -389M | -88M | -49M | -88M | -88M | -88M | -61M |
| Accumulated OCI | 21.27B | 22.04B | 5.56B | 14.05B | -20.77B | 10.16B | -23.43B | -19.09B | -14.03B | -15.57B | -20.24B | -25.69B | -4.41B | -21.79B | -19.37B | -5.67B | -333M | 964.75M | -11.51B | 1.66B | -1B | 0 | 4.14B | -4.38B | -5.17B | -3.46B | -3.04B |
| Minority Interest | 899.86M | 844.38M | 1.12B | 1.52B | 1.49B | 834M | -923M | -1.07B | 847M | 1.31B | 1.98B | 2.12B | 1.2B | 1.61B | 1.59B | 2.4B | 3.54B | 3.33B | 2.49B | 2.56B | 2.81B | 1.26B | 765M | 329M | 27M | 5M | 9M |
Legal and Jurisdictional Overhang
According to recent quarterly filings, VALE's total assets have fluctuated significantly, dropping from $93.9B in 2023Q4 to $87.5B in 2026Q1, a trend that suggests the company's underlying capital base is being eroded by ongoing legal provisions and the cyclical nature of its commodity-heavy asset portfolio.
The contraction in total assets alongside erratic retained earnings suggests that the company is struggling to maintain a stable capital base amidst recurring legal settlements. Investors should monitor whether this downward trend in asset value represents a strategic downsizing or a forced liquidation of value to cover non-operational liabilities.
Based on reported financial statements, VALE's debt-to-equity ratio has fluctuated between 0.41 and 0.56 over the last ten quarters, indicating that management is maintaining a relatively disciplined leverage profile despite the significant cash outflows required for dam decommissioning and ongoing legal remediation efforts across its operations.
While the D/E ratio remains within a manageable range compared to historical peaks, the reliance on debt to bridge gaps created by legal provisions warrants caution. The company's ability to service this debt appears contingent on commodity price stability, which remains highly sensitive to external macroeconomic factors.
As reported in recent balance sheets, VALE maintains a substantial investment in property, plant, and equipment, which stood at $45.6B in 2026Q1, representing over 50% of total assets and highlighting the capital-intensive nature of its integrated mine-to-port logistics chain and high-grade iron ore extraction operations.
The high concentration of PPE underscores the company's reliance on physical infrastructure to maintain its competitive moat. However, the potential for future impairment charges related to safety mandates or environmental regulations remains a significant risk that could impact the carrying value of these long-lived assets.
Based on the provided data, VALE's current ratio has shown notable volatility, dipping as low as 0.91 in 2024Q3 before recovering to 1.24 in 2026Q1, which suggests that the company's ability to cover short-term obligations is frequently challenged by the timing of large-scale legal and operational cash outflows.
The inconsistent current ratio indicates that liquidity management is a persistent friction point, likely exacerbated by the lumpy nature of legal settlements. Investors should remain wary of periods where the ratio falls below unity, as this may signal a temporary reliance on external financing to meet immediate working capital needs.
Analysis of the balance sheet reveals that retained earnings have experienced extreme swings, plummeting from $18.6B in 2024Q4 to $1.1B in 2025Q4, a distortion that suggests headline equity figures may be masking the true impact of recurring legal provisions on the company's long-term shareholder value.
The volatility in retained earnings suggests that the company's equity base is highly sensitive to non-recurring charges, which complicates the assessment of true book value. This pattern implies that investors should look past statutory equity to understand the underlying operational health of the business.
Quick answers to the most common questions about buying VALE stock.
As of 2025, Vale S.A. (VALE) had total assets of $86.88B including $18.37B in current assets.
Vale S.A. (VALE) carries total debt of $19.39B, offset by $7.60B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vale S.A. (VALE) has total shareholders' equity (book value) of $33.63B ($8.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vale S.A. (VALE) reported a current ratio of 1.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.