InsiderClue
Stocks · Materials · Metal Mining

Vale S.A.

VALE Clue Score46
Fiscal year ends December CIK 0000917851
$13.62 +1.49% Close, 9 Oct 2026
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Price $13.62 −7.66% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue27.49Operating income7.05Net income3.98Fiscal year 2017Revenue33.97 +23.6%Operating income10.93Net income5.51 +38.3%Fiscal year 2018Revenue36.58 +7.7%Operating income11.96Net income6.86 +24.6%Fiscal year 2019Revenue36.55 −0.1%Operating income3.89Net income−1.68 −124.5%Fiscal year 2020Revenue39.55 +8.2%Operating income12.82Net income4.88Fiscal year 2021Revenue54.50 +37.8%Operating income27.69Net income22.45 +359.8%Fiscal year 2022Revenue43.84 −19.6%Operating income17.21Net income18.79 −16.3%Fiscal year 2023Revenue41.78 −4.7%Operating income14.21Net income7.98 −57.5%Fiscal year 2024Revenue38.06 −8.9%Operating income10.79Net income6.17 −22.8%Fiscal year 2025Revenue38.40 +0.9%Operating income5.90Net income2.35 −61.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 27.49 33.97 36.58 36.55 39.55 54.50 43.84 41.78 38.06 38.40
Growth +23.6% +7.7% −0.1% +8.2% +37.8% −19.6% −4.7% −8.9% +0.9%
Operating income 7.05 10.93 11.96 3.89 12.82 27.69 17.21 14.21 10.79 5.90
Net income 3.98 5.51 6.86 −1.68 4.88 22.45 18.79 7.98 6.17 2.35
Growth +38.3% +24.6% −124.5% +359.8% −16.3% −57.5% −22.8% −61.9%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin35.8%Operating margin25.7%Net margin14.5%Free cash flow margin5.3%Fiscal year 2017Gross margin38.1%Operating margin32.2%Net margin16.2%Free cash flow margin25.4%Fiscal year 2018Gross margin39.6%Operating margin32.7%Net margin18.8%Fiscal year 2019Gross margin47.2%Operating margin10.7%Net margin−4.6%Fiscal year 2020Gross margin55.6%Operating margin32.4%Net margin12.3%Fiscal year 2021Gross margin60.1%Operating margin50.8%Net margin41.2%Fiscal year 2022Gross margin45.2%Operating margin39.3%Net margin42.9%Fiscal year 2023Gross margin42.3%Operating margin34.0%Net margin19.1%Fiscal year 2024Gross margin36.2%Operating margin28.3%Net margin16.2%Fiscal year 2025Gross margin35.0%Operating margin15.4%Net margin6.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 35.8% 38.1% 39.6% 47.2% 55.6% 60.1% 45.2% 42.3% 36.2% 35.0%
Operating margin 25.7% 32.2% 32.7% 10.7% 32.4% 50.8% 39.3% 34.0% 28.3% 15.4%
Net margin 14.5% 16.2% 18.8% −4.6% 12.3% 41.2% 42.9% 19.1% 16.2% 6.1%
Free cash flow margin 5.3% 25.4% n/a n/a n/a n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow6.40Capital expenditure−4.95Free cash flow1.45Dividends paid−0.25Fiscal year 2017Operating cash flow12.45Capital expenditure−3.83Free cash flow8.62 +494.4%Dividends paid−1.46Fiscal year 2018Operating cash flow12.90Buybacks−1.00Fiscal year 2019Operating cash flow12.11Fiscal year 2020Operating cash flow14.32Fiscal year 2021Operating cash flow25.68Buybacks−5.55Fiscal year 2022Buybacks−6.04Fiscal year 2023Buybacks−2.71Dividends paid−5.31Fiscal year 2024Buybacks−0.41Dividends paid−4.36Fiscal year 2025Dividends paid−5.92
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 6.40 12.45 12.90 12.11 14.32 25.68 n/a n/a n/a n/a
Capital expenditure −4.95 −3.83 n/a n/a n/a n/a n/a n/a n/a n/a
Free cash flow 1.45 8.62 n/a n/a n/a n/a n/a n/a n/a n/a
Growth +494.4%
Buybacks n/a n/a −1.00 n/a n/a −5.55 −6.04 −2.71 −0.41 n/a
Dividends paid −0.25 −1.46 n/a n/a n/a n/a n/a −5.31 −4.36 −5.92

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash4.33Total debt27.66Net cash (debt)−23.33Shareholders’ equity39.04Debt to equity0.71Fiscal year 2017Cash5.78Total debt20.79Net cash (debt)−15.00Shareholders’ equity43.46Debt to equity0.48Fiscal year 2018Cash5.78Total debt14.46Net cash (debt)−8.68Shareholders’ equity43.99Debt to equity0.33Fiscal year 2019Cash7.35Total debt11.84Net cash (debt)−4.49Shareholders’ equity40.07Debt to equity0.30Fiscal year 2020Cash13.49Total debt12.47Net cash (debt)1.01Shareholders’ equity35.74Debt to equity0.35Fiscal year 2021Cash11.72Total debt11.15Net cash (debt)0.57Shareholders’ equity34.47Debt to equity0.32Fiscal year 2022Cash4.74Shareholders’ equity35.87Fiscal year 2023Cash3.61Shareholders’ equity39.46Fiscal year 2024Cash4.95Shareholders’ equity33.41Fiscal year 2025Cash7.37Shareholders’ equity33.51
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 4.33 5.78 5.78 7.35 13.49 11.72 4.74 3.61 4.95 7.37
Total debt 27.66 20.79 14.46 11.84 12.47 11.15 n/a n/a n/a n/a
Net cash (debt) −23.33 −15.00 −8.68 −4.49 1.01 0.57 n/a n/a n/a n/a
Shareholders’ equity 39.04 43.46 43.99 40.07 35.74 34.47 35.87 39.46 33.41 33.51
Debt to equity 0.71 0.48 0.33 0.30 0.35 0.32 n/a n/a n/a n/a

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
27.49 33.97 36.58 36.55 39.55 54.50 43.84 41.78 38.06 38.40
Growth +23.6% +7.7% −0.1% +8.2% +37.8% −19.6% −4.7% −8.9% +0.9%
17.65 21.04 22.11 19.31 17.56 21.73 24.03 24.09 24.27 24.95
9.84 12.93 14.47 17.24 21.98 32.77 19.81 17.70 13.79 13.46
Growth +31.4% +11.9% +19.2% +27.5% +49.1% −39.6% −10.7% −22.1% −2.4%
0.32 0.34 0.37 0.41 0.42 0.55 0.66 0.72 0.79 0.69
0.51 0.53 0.52 0.47 0.49 0.48 0.52 0.55 0.62 0.64
7.05 10.93 11.96 3.89 12.82 27.69 17.21 14.21 10.79 5.90
Growth +55.0% +9.4% −67.4% +229.4% +116.0% −37.9% −17.5% −24.1% −45.3%
7.98 7.83 6.82 −0.16 6.99 29.54 19.78 11.15 6.70 4.65
2.78 1.50 −0.17 −0.60 0.74 4.70 2.97 3.05 0.72 2.67
3.98 5.51 6.86 −1.68 4.88 22.45 18.79 7.98 6.17 2.35
Growth +38.3% +24.6% −124.5% +359.8% −16.3% −57.5% −22.8% −61.9%
Per share
5.2 5.2 5.2 5.1 5.1 5.0 4.6 4.4 4.3 4.3

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 0.6% a year over five years.
  • Operating margin is down 17.1 points on five years ago, at 15.4%.
  • A net loss in 1 of 10 years on file.