Revenue remains highly erratic, fluctuating from a peak of $13.0B in 2023Q4 to $9.3B in 2026Q1, while gross margins have structurally compressed to 33.0% over the same period.
| 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 |
|---|
| Sales/Revenue | 39.53B | 38.23B | 38.06B | 41.78B | 43.84B | 54.5B | 39.55B | 35.98B | 36.58B | 33.97B | 27.49B | 25.61B | 38.24B | 46.77B | 47.69B | 58.99B | 45.29B | 27.8B | 37.43B | 32.24B | 19.65B | 14.55B | 8.07B | 5.35B | 4.12B | 3.99B | 3.94B |
| Revenue Growth % | 6.28% | 0.46% | -8.92% | -4.69% | -19.56% | 37.82% | 9.9% | -1.62% | 7.68% | 23.57% | 7.34% | -33.02% | -18.24% | -1.94% | -19.15% | 30.24% | 62.93% | -25.72% | 16.08% | 64.07% | 35.07% | 80.37% | 50.77% | 29.76% | 3.33% | 1.4% | - |
| Cost of Goods Sold | 25.89B | 25.09B | 24.27B | 24.09B | 24.03B | 21.73B | 17.56B | 19.02B | 22.11B | 21.04B | 17.65B | 20.51B | 25.76B | 24.25B | 26.48B | 23.57B | 18.81B | 15.89B | 17.64B | 16.46B | 10.15B | 6.98B | 4.08B | 3.13B | 2.26B | 2.33B | 2.43B |
| COGS % of Revenue | - | 65.63% | 63.76% | 57.65% | 54.81% | 39.87% | 44.42% | 52.85% | 60.45% | 61.94% | 64.21% | 80.1% | 67.37% | 51.84% | 55.52% | 39.96% | 41.54% | 57.16% | 47.14% | 51.06% | 51.64% | 47.98% | 50.6% | 58.47% | 54.89% | 58.32% | 61.73% |
| Gross Profit | 13.65B | 13.14B | 13.79B | 17.7B | 19.81B | 32.77B | 21.98B | 16.97B | 14.47B | 12.93B | 9.84B | 5.1B | 12.47B | 22.52B | 21.21B | 35.42B | 26.48B | 11.91B | 19.79B | 15.78B | 9.5B | 7.57B | 3.98B | 2.22B | 1.86B | 1.66B | 1.51B |
| Gross Margin % | 34.52% | 34.37% | 36.24% | 42.35% | 45.19% | 60.13% | 55.58% | 47.15% | 39.55% | 38.06% | 35.79% | 19.9% | 32.63% | 48.16% | 44.48% | 60.04% | 58.46% | 42.84% | 52.86% | 48.94% | 48.36% | 52.02% | 49.4% | 41.53% | 45.11% | 41.68% | 38.27% |
| Gross Profit Growth % | - | -4.73% | -22.06% | -10.68% | -39.55% | 49.1% | 29.55% | 17.29% | 11.9% | 31.41% | 93.05% | -59.15% | -44.61% | 6.18% | -40.11% | 33.76% | 122.34% | -39.81% | 25.39% | 66.02% | 25.58% | 89.91% | 79.34% | 19.46% | 11.85% | 10.42% | - |
| Operating Expenses | 2.64B | 2.06B | 3B | 3.49B | 2.6B | 5.08B | 9.16B | 13.14B | 1.61B | 1.7B | 1.65B | 2.48B | 3.98B | 5.01B | 7.25B | 5.3B | 2.58B | 4.35B | 2.83B | 1.98B | 1.3B | 1.34B | 862M | 578M | 431M | 734M | 580M |
| OpEx % of Revenue | - | 5.38% | 7.89% | 8.35% | 5.94% | 9.32% | 23.16% | 36.51% | 4.41% | 5.02% | 6% | 9.7% | 10.4% | 10.71% | 15.21% | 8.99% | 5.69% | 15.66% | 7.57% | 6.13% | 6.6% | 9.2% | 10.69% | 10.8% | 10.45% | 18.4% | 14.74% |
| Selling, General & Admin | 590.74M | 566.7M | 566M | 506M | 474M | 439M | 442M | 1.6B | 461M | 531M | 374M | 503M | 1.1B | 1.08B | 1.97B | 2.33B | 1.7B | 1.36B | 1.75B | 1.25B | 816M | 693M | 709M | 297M | 381M | 691M | 225M |
| SG&A % of Revenue | - | 1.48% | 1.49% | 1.21% | 1.08% | 0.81% | 1.12% | 4.45% | 1.26% | 1.56% | 1.36% | 1.96% | 2.87% | 2.32% | 4.13% | 3.96% | 3.76% | 4.88% | 4.67% | 3.86% | 4.15% | 4.76% | 8.79% | 5.55% | 9.24% | 17.32% | 5.72% |
| Research & Development | 834.63M | 688.77M | 790M | 720.34M | 660M | 549M | 415M | 409.02M | 373M | 340M | 319M | 477M | 734M | 801M | 1.48B | 1.67B | 878M | 1.13B | 1.08B | 733M | 481M | 288M | 153M | 82M | 50M | 43M | 48M |
| R&D % of Revenue | - | 1.8% | 2.08% | 1.72% | 1.51% | 1.01% | 1.05% | 1.14% | 1.02% | 1% | 1.16% | 1.86% | 1.92% | 1.71% | 3.1% | 2.84% | 1.94% | 4.05% | 2.9% | 2.27% | 2.45% | 1.98% | 1.9% | 1.53% | 1.21% | 1.08% | 1.22% |
| Other Operating Expenses | 4M | 802.26M | 1.65B | 2.26B | 1.47B | 4.09B | 8.3B | 11.13B | -187M | -149M | -66M | 61M | -19M | -239M | -37M | 2.33B | 0 | 1.13B | 0 | 0 | 0 | 1.05B | 0 | 496M | 0 | 0 | 532M |
| Operating Income | 11B | 11.08B | 10.79B | 14.21B | 17.21B | 27.69B | 12.82B | 3.83B | 11.96B | 10.93B | 7.05B | -6.13B | 7.18B | 15.06B | 9.32B | 30.11B | 21.7B | -7.56B | 14.75B | 13.19B | 7.64B | 6.23B | 3.12B | 1.64B | 1.43B | 929M | 926M |
| Operating Margin % | 27.84% | 28.98% | 28.35% | 34% | 39.25% | 50.81% | 32.43% | 10.64% | 32.69% | 32.18% | 25.65% | -23.94% | 18.77% | 32.21% | 19.55% | 51.05% | 47.9% | -27.18% | 39.41% | 40.92% | 38.86% | 42.82% | 38.72% | 30.73% | 34.66% | 23.28% | 23.53% |
| Operating Income Growth % | - | 2.72% | -24.05% | -17.45% | -37.86% | 115.96% | 235.01% | -67.98% | 9.38% | 54.99% | 215.02% | -185.41% | -52.35% | 61.53% | -69.03% | 38.8% | 387.13% | -151.23% | 11.78% | 72.76% | 22.58% | 99.49% | 89.96% | 15.05% | 53.82% | 0.32% | - |
| EBITDA | 14.24B | 14.12B | 13.85B | 17.27B | 20.38B | 30.73B | 16.04B | 7.26B | 15.3B | 14.64B | 10.53B | -2.1B | 11.47B | 19.21B | 13.61B | 34.23B | 24.95B | -4.43B | 17.55B | 15.38B | 8.63B | 7.08B | 3.8B | 1.88B | 1.64B | 1.14B | 1.12B |
| EBITDA Margin % | 36.03% | 36.93% | 36.38% | 41.34% | 46.49% | 56.38% | 40.56% | 20.19% | 41.84% | 43.1% | 38.29% | -8.21% | 29.99% | 41.08% | 28.54% | 58.03% | 55.1% | -15.95% | 46.91% | 47.7% | 43.94% | 48.68% | 47.07% | 35.18% | 39.85% | 28.6% | 28.49% |
| EBITDA Growth % | 13.99% | 1.97% | -19.86% | -15.24% | -33.67% | 91.59% | 120.77% | -52.53% | 4.53% | 39.09% | 600.72% | -118.33% | -40.32% | 41.14% | -60.24% | 37.18% | 662.89% | -125.25% | 14.14% | 78.13% | 21.9% | 86.54% | 101.75% | 14.55% | 44% | 1.78% | - |
| D&A (Non-Cash Add-back) | 3.24B | 3.04B | 3.06B | 3.07B | 3.17B | 3.03B | 3.21B | 3.44B | 3.35B | 3.71B | 3.47B | 4.03B | 4.29B | 4.15B | 4.29B | 4.12B | 3.26B | 3.12B | 2.81B | 2.19B | 997M | 853M | 674M | 238M | 214M | 212M | 195M |
| EBIT | 11.09B | 11.08B | 8.01B | 12.49B | 20.57B | 31.09B | 9.35B | 14.47B | 8.55B | 10.6B | 10.03B | -16.79B | 4.25B | 8.96B | 5.81B | 29.52B | 22.96B | 8.68B | 14.98B | 17.75B | 9.17B | 5.98B | 3.67B | 1.64B | 1.43B | 929M | 926M |
| Net Interest Income | -1.16B | -1.13B | -981M | -1.51B | -752.05M | -1.72B | -2.63B | -3.39B | -2.62B | -3.18B | -2.06B | -957M | -2.69B | -2.15B | -2.22B | -2.01B | -2.11B | -1.18B | -1.16B | -2.22B | -1.01B | -437M | -589M | 0 | 0 | 0 | 0 |
| Interest Income | 444.5M | 431.2M | 155M | -176M | 439.93M | 226.46M | 125.24M | 248.94M | 423M | 481M | 96.39M | 965M | 401M | 103.73M | 124.81M | 718M | 290M | 381M | 602M | 295M | 327M | 123M | 82M | 0 | 0 | 0 | 0 |
| Interest Expense | 1.6B | 1.56B | 1.14B | 1.34B | 1.19B | 1.94B | 2.75B | 3.64B | 1.54B | 3.28B | 2.15B | 891M | 2.94B | 2.25B | 2.34B | 2.46B | 2.65B | 1.12B | 1.76B | 1.59B | 1.34B | 560M | 671M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -5.99B | -6.3B | -4.09B | -3.05B | 2.57B | 1.85B | -5.83B | -3.97B | -5.14B | -3.1B | -398.56M | -11.59B | -5.58B | -7.82B | -9.94B | -2.2B | -1.38B | 1.64B | -1.53B | 2.04B | -1.08B | -303M | -41.54M | 10M | -828M | 191M | -195M |
| Pretax Income | 5.02B | 4.78B | 6.7B | 11.15B | 19.78B | 29.54B | 6.99B | -143.06M | 6.82B | 7.83B | 7.98B | -17.72B | 1.55B | 7.24B | 3.92B | 26.8B | 20.31B | -8.79B | 13.22B | 15.23B | 7.83B | 5.93B | 3B | 1.65B | 601M | 1.12B | 731M |
| Pretax Margin % | 12.69% | 12.5% | 17.6% | 26.69% | 45.12% | 54.2% | 17.68% | -0.4% | 18.64% | 23.05% | 29.05% | -69.19% | 4.06% | 15.48% | 8.22% | 45.43% | 44.85% | -31.64% | 35.32% | 47.25% | 39.84% | 40.74% | 37.23% | 30.92% | 14.58% | 28.07% | 18.58% |
| Income Tax | 2.55B | 2.66B | 721M | 3.05B | 2.97B | 4.7B | 735M | -624.22M | -172M | 1.5B | 2.78B | -5.1B | 1.2B | 6.83B | -1.19B | 5.28B | 3.71B | 2.82B | 535M | 3.2B | 1.43B | 1.01B | 749M | 297M | -149M | -218M | -32M |
| Effective Tax Rate % | 50.88% | 55.75% | 10.77% | 27.32% | 15.02% | 15.9% | 10.52% | 436.35% | -2.52% | 19.1% | 34.83% | 28.78% | 77.27% | 94.37% | -30.44% | 19.71% | 18.24% | -32.1% | 4.05% | 21.01% | 18.29% | 17.11% | 24.94% | 17.96% | -24.79% | -19.46% | -4.38% |
| Net Income | 2.79B | 2.47B | 6.17B | 7.98B | 18.79B | 22.45B | 4.88B | -1.66B | 6.86B | 5.51B | 3.98B | -12.13B | 657M | 584M | 5.37B | 22.89B | 17.26B | 5.88B | 13.22B | 11.82B | 6.53B | 4.47B | 2.57B | 1.55B | 680M | 1.29B | 1.09B |
| Net Margin % | 7.06% | 6.47% | 16.2% | 19.11% | 42.86% | 41.18% | 12.34% | -4.61% | 18.76% | 16.21% | 14.49% | -47.36% | 1.72% | 1.25% | 11.27% | 38.79% | 38.12% | 21.13% | 35.32% | 36.68% | 33.22% | 30.72% | 31.9% | 28.93% | 16.49% | 32.26% | 27.6% |
| Net Income Growth % | -52.02% | -59.9% | -22.76% | -57.51% | -16.29% | 359.84% | 394.05% | -124.2% | 24.57% | 38.3% | 132.83% | -1946.12% | 12.5% | -89.13% | -76.52% | 32.56% | 193.85% | -55.55% | 11.78% | 81.14% | 46.04% | 73.73% | 66.21% | 127.65% | -47.16% | 18.51% | - |
| Net Income (Continuing) | 2.46B | 2.11B | 5.97B | 8.11B | 16.81B | 24.84B | 6.25B | 481.17M | 6.99B | 6.33B | 5.2B | -12.43B | 1.19B | 408M | 5.26B | 22.65B | 17.6B | 5.21B | 11.83B | 12.63B | 6.68B | 4.72B | 2.46B | 1.56B | 680M | 1.29B | 1.08B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -2.38B | -1.72B | -2.64B | -84.79M | 0 | 0 | 214.48M | 0 | -533.61M | -560.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 |
| EPS (Diluted) | 0.65 | 0.58 | 1.37 | 1.83 | 4.05 | 4.48 | 1.01 | -0.43 | 1.32 | 1.05 | 0.77 | -2.33 | 0.13 | 0.11 | 1.06 | 4.34 | 3.23 | 0.97 | 2.58 | 2.41 | 1.35 | 1.05 | 0.56 | 0.34 | 0.15 | 0.84 | 0.71 |
| EPS Growth % | -51.47% | -57.66% | -25.14% | -54.81% | -9.6% | 343.56% | 334.88% | -132.58% | 25.71% | 36.36% | 133.05% | -1892.31% | 18.18% | -89.62% | -75.58% | 34.37% | 232.99% | -62.4% | 7.05% | 78.52% | 28.57% | 87.5% | 64.71% | 126.67% | -82.14% | 18.31% | - |
| EPS (Basic) | - | 0.58 | 1.37 | 1.83 | 4.05 | 4.48 | 1.01 | -0.43 | 1.32 | 1.05 | 0.77 | -2.35 | 0.13 | 0.11 | 1.06 | 4.34 | 3.23 | 0.97 | 2.58 | 2.41 | 1.35 | 1.05 | 0.56 | 0.34 | 0.15 | 0.84 | 0.71 |
| Diluted Shares Outstanding | 4.27B | 4.27B | 4.27B | 4.37B | 4.64B | 5.01B | 5.13B | 5.13B | 5.2B | 5.2B | 5.2B | 5.2B | 5.15B | 5.15B | 5.11B | 5.25B | 5.25B | 5.36B | 5.06B | 4.89B | 4.85B | 4.61B | 4.61B | 4.61B | 4.62B | 4.62B | 4.62B |
| Basic Shares Outstanding | 4.27B | 4.27B | 4.23B | 4.37B | 4.64B | 5.01B | 5.13B | 5.13B | 5.18B | 5.2B | 5.2B | 5.15B | 5.15B | 5.15B | 5.11B | 5.25B | 5.25B | 5.36B | 5.06B | 4.89B | 4.85B | 4.61B | 4.61B | 4.61B | 4.62B | 4.62B | 4.62B |
| Dividend Payout Ratio | - | 144.57% | 62.16% | 70.14% | 35.14% | 60.07% | 68.63% | - | 48.29% | 26.44% | 6.28% | - | 639.27% | 770.55% | 111.67% | 39.33% | 17.38% | - | - | - | - | - | - | - | - | - | - |
Legal and Jurisdictional Overhang
According to quarterly financial disclosures, VALE's revenue trajectory remains highly erratic, fluctuating from a peak of $13.0B in 2023Q4 to a low of $8.1B in 2025Q1, reflecting the company's acute sensitivity to global commodity price cycles and shifting demand from the Chinese industrial sector.
The top-line performance suggests a lack of structural growth, as revenue remains tethered to volatile iron ore spot prices rather than consistent volume expansion. Investors should monitor whether the recent 14.1% year-over-year growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from the depressed levels observed throughout 2025.
As reported in recent income statements, gross margins have struggled to maintain historical highs, contracting from 46.9% in 2023Q4 to 33.0% in 2026Q1, which suggests that rising operational costs and potential inefficiencies in the mining process are eroding the company's core competitive pricing advantage.
The compression in gross margins appears to indicate that the cost of production is rising faster than the realized price for high-grade ore. This trend warrants further investigation into whether the company's integrated logistics chain is facing inflationary pressures that are not being fully offset by the premium pricing of its green briquette products.
Based on the provided income statement data, net income exhibits extreme volatility, including significant losses of $3.9B in 2025Q4 and $756.2M in 2024Q4, which appear to be driven by non-operating legal provisions rather than core operational underperformance or fundamental shifts in the underlying business model.
The wide gap between operating income and net income suggests that recurring legal settlements related to historical tailings dam failures continue to obscure the company's true earnings power. Analysts should treat statutory net income with caution, as these periodic, large-scale charges mask the underlying cash-generating capability of the mining assets.
Analysis of the income statement reveals that operating margins have frequently decoupled from gross profit trends, as seen in 2024Q4 when operating margins plummeted to 10.3% despite a 38.1% gross margin, suggesting that the company's high fixed-cost structure leaves it vulnerable during periods of lower production volume.
Short-sellers may focus on the company's inability to protect operating margins during revenue downturns, which implies that the fixed costs associated with the Carajás system and logistics network are difficult to scale down. This lack of operational flexibility may indicate that the company is more exposed to commodity price troughs than its peers.
Quick answers to the most common questions about buying VALE stock.
For fiscal year 2025, Vale S.A. (VALE) reported total revenue of $38.23B. This represents a 871.6% increase compared to $3.94B in 2000.
Vale S.A. (VALE) is profitable, generating $2.47B in net income for the fiscal year ending 2025 with a net profit margin of 6.5%.
Vale S.A. (VALE) reported an operating income of $11.08B, resulting in an operating profit margin of 29.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Vale S.A. (VALE) generated $13.14B in gross profit for the year, representing a gross profit margin of 34.4%. This demonstrates the company's core pricing power and production efficiency.