Valaris Ltd key statistics and ratios

In fiscal 2025, Valaris Ltd had return on equity of 36.3%, an operating margin of 20.1%, debt equal to 34.3% of equity and a current ratio of 1.77. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Valaris Ltd: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	35.5%	22.6%	12.0%	—	13.7%	13.5%	25.5%	31.2%	24.2%
Operating margin	33.5%	−7.2%	−13.8%	−32.6%	−303.7%	2.3%	3.0%	14.9%	20.1%	9.0%
Net margin	32.1%	−16.5%	−37.5%	−9.6%	−340.2%	11.0%	48.5%	15.8%	41.5%	37.3%
Free-cash-flow margin	27.2%	−15.0%	−28.3%	−24.5%	−24.2%	−5.0%	−24.0%	−4.2%	8.6%	−9.7%
Return on equity	10.8%	−3.6%	−7.6%	−2.3%	−71.0%	6.2%	52.8%	17.7%	36.3%	24.8%
Return on assets	6.2%	−2.1%	−4.5%	−1.3%	−32.6%	2.2%	24.1%	8.5%	20.2%	14.8%
Asset turnover	0.19	0.13	0.12	0.13	0.10	0.20	0.50	0.54	0.49	0.40
Current ratio	3.84	2.13	2.48	1.28	2.75	2.67	1.71	1.59	1.77	1.64
Debt to equity	73.3%	54.4%	63.8%	70.1%	148.9%	42.0%	54.3%	48.4%	34.3%	33.3%
Interest cover (operating income ÷ interest)	4.1x	n/m	n/m	n/m	n/m	—	—	—	—	—
Effective tax rate	10.9%	—	—	—	—	19.2%	—	0.1%	—	—
Capital spending as % of revenue	11.6%	29.1%	25.0%	11.1%	6.6%	12.9%	39.0%	19.3%	14.5%	20.3%
Free cash flow ÷ net income	84.8%	—	—	—	—	−45.3%	−49.5%	−26.7%	20.6%	−25.9%
Dividends ÷ net income	1.3%	—	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	1.5%	—	—	—	—	—	—	—	49.3%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Valaris Ltd: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	28.9%	33.1%	35.7%	31.9%	23.1%	19.8%	22.9%	29.7%
Operating margin	20.4%	23.0%	26.7%	21.9%	7.3%	4.3%	9.5%	13.7%
Net margin	22.9%	−6.1%	18.7%	31.6%	133.5%	−3.5%	9.3%	7.8%
Free-cash-flow margin	2.2%	9.0%	8.6%	21.5%	−6.3%	−5.6%	−17.1%	−9.2%
Current ratio	1.59	1.67	1.81	1.87	1.77	1.55	1.55	1.64
Debt to equity	48.4%	49.1%	46.5%	44.3%	34.3%	34.4%	33.8%	33.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · September 30, 2026

What it owns · $5.5bn

Short-term assets $1.3bnLonger-term assets $4.2bn

What it owes, and who funded it · $5.5bn

Short-term liabilities $769mLonger-term liabilities $1.4bnShareholders' equity $3.3bn

Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $769m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.3bn short-term assets against $1.4bn of longer-dated liabilities.
More cash than debt $525m of cash against $1.1bn of debt.
Debt below 40% of shareholders' equity Debt is 33% of equity.
Debt burden no higher than five years ago Debt to equity moved from 53% to 33% over five years.
A year's operating cash flow covers at least 20% of debt $228m of operating cash flow against $1.1bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Valaris Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

26 /100

Weak moat

How hard Valaris's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 0.6% of total assets over 10 years.
Pricing power 4 / 20

Gross margin has been a median 22.7%, moving by 6.8 percentage points (standard deviation) across 6 years.
Durability 0 / 20

Operating margin has been a median 0.8%; its worst year was -265.3%.
Cash conversion 3 / 20

Free cash flow was positive in 2 of 8 years, at a median -17.9% of revenue.
Discipline 20 / 20

The diluted share count fell 64.2% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Valaris Ltd's SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Valaris Ltd.