Vale S.a. key statistics and ratios

In fiscal 2025, Vale S.a. had return on equity of 7.0%, an operating margin of 15.4%, debt equal to 0.0% of equity and a current ratio of 1.15. 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.

Vale S.a.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	19.8%	35.8%	38.1%	39.6%	47.2%	55.6%	60.1%	45.2%	42.3%	36.2%	35.0%
Operating margin	−26.6%	25.7%	32.2%	32.7%	10.7%	32.4%	50.8%	39.3%	34.0%	28.3%	15.4%
Net margin	−51.9%	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%	35.3%	33.1%	36.2%	47.1%	—	—	—	—
Return on equity	−34.0%	10.7%	13.4%	15.7%	−4.0%	12.9%	63.9%	53.4%	21.2%	16.9%	7.0%
Return on assets	—	4.0%	5.6%	7.3%	−1.9%	5.3%	24.7%	21.3%	8.8%	7.1%	2.8%
Asset turnover	—	0.28	0.34	0.39	0.41	0.43	0.60	0.50	0.46	0.44	0.46
Current ratio	—	2.01	1.45	1.68	1.23	1.67	1.47	1.12	1.28	1.03	1.15
Debt to equity	0.0%	75.1%	51.7%	35.2%	32.6%	42.0%	40.0%	35.4%	—	0.0%	0.0%
Interest cover (operating income ÷ interest)	n/m	4.0x	6.4x	10.1x	3.8x	15.9x	37.7x	27.4x	18.0x	7.7x	4.5x
Effective tax rate	—	34.8%	19.1%	−2.5%	—	10.5%	15.9%	15.0%	27.3%	10.8%	57.4%
R&D as % of revenue	1.7%	1.2%	1.0%	1.0%	1.1%	1.0%	1.0%	1.5%	1.7%	2.1%	1.8%
Capital spending as % of revenue	34.7%	18.0%	11.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	36.4%	156.5%	188.1%	—	293.4%	114.4%	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	—	7.8%	—	—	21.6%	—	—	—	—

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

1 of 3 checks passed · December 31, 2025

What it owns · $86.5bn

Short-term assets $18.3bnLonger-term assets $68.2bn

What it owes, and who funded it · $85.7bn

Short-term liabilities $15.9bnLonger-term liabilities $36.3bnShareholders' equity $33.5bn

Short-term assets cover short-term liabilities $18.3bn of assets due within a year against $15.9bn of liabilities due within a year.
Short-term assets cover long-term liabilities $18.3bn short-term assets against $36.3bn of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $5.9bn against $1.3bn of interest.

From Vale S.a.'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

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

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 Vale S.a.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Vale S.a.