VALE financial statements
The full income statement, balance sheet, and cash-flow statement for VALE S.A. American Depositary Shares Each Representing one common share (VALE), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 38.4B+0.9% | 38.1B-8.9% | 41.8B-4.7% | 43.8B-19.6% | 54.5B+37.8% | |
| 13.5B-2.4% | 13.8B-22.1% | 17.7B-10.7% | 19.8B-39.6% | 32.8B+49.1% | ||
| Cost of revenue | 24.9B+2.8% | 24.3B+0.7% | 24.1B+0.3% | 24.0B+10.6% | 21.7B+23.7% | |
| Research & development | 693M-12.3% | 790M+9.3% | 723M+9.5% | 660M+20.2% | 549M+32.3% | |
| Operating income | 5.90B-45.3% | 10.8B-24.1% | 14.2B-17.5% | 17.2B-37.9% | 27.7B+116.0% | |
| Interest expense | 1.65B+11.8% | 1.47B+1.0% | 1.46B+23.7% | 1.18B-5.6% | 1.25B+7.9% | |
| Pre-tax income | 4.65B-30.5% | 6.70B-40.0% | 11.2B-43.6% | 19.8B-33.0% | 29.5B+322.6% | |
| Income tax | 2.67B+270.3% | 721M-76.3% | 3.05B+2.5% | 2.97B-36.7% | 4.70B+539.0% | |
| 1.98B-66.8% | 5.97B-26.3% | 8.11B-57.0% | 18.9B-16.0% | 22.5B+395.9% | ||
| Net income to common | 2.35B-61.9% | 6.17B-22.8% | 7.98B-57.5% | 18.8B-16.3% | 22.4B+359.8% | |
| Weighted-avg shares (basic) | 4.27M-0.1% | 4.27M-2.1% | 4.37M-5.9% | 4.64M-7.5% | 5.01M-2.3% | |
| Dividends per share | $0.83-9.0% | $0.92-28.5% | $1.28-12.9% | $1.47-47.1% | $2.79+326.6% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 18.3B+35.7% | 13.5B-27.9% | 18.7B+20.4% | 15.5B-30.6% | 22.4B-8.4% | ||
| Cash & equivalents | 7.37B+48.8% | 4.95B+37.2% | 3.61B-23.8% | 4.74B-59.6% | 11.7B-13.1% | |
| Inventory | 5.94B+28.9% | 4.61B-1.7% | 4.68B+4.5% | 4.48B+2.4% | 4.38B+7.8% | |
| 86.5B+8.0% | 80.2B-14.9% | 94.2B+8.4% | 86.9B-2.8% | 89.4B-2.8% | ||
| Property, plant & equipment | 43.6B+9.1% | 40.0B-17.4% | 48.4B+7.7% | 44.9B+7.2% | 41.9B+1.9% | |
| Goodwill | — | — | — | — | 3.21B | |
| Total non-current assets | 68.2B+2.3% | 66.7B-11.7% | 75.5B+5.8% | 71.4B+6.4% | 67.1B-0.8% | |
| Total current liabilities | 15.9B+21.2% | 13.1B-10.7% | 14.7B+5.5% | 13.9B-8.6% | 15.2B+4.1% | |
| 52.2B+14.4% | 45.6B-14.2% | 53.2B+7.4% | 49.5B-8.5% | 54.1B-5.3% | ||
| Long-term debt | — | — | — | — | 11.2B-10.6% | |
| 33.5B+0.3% | 33.4B-15.3% | 39.5B+10.0% | 35.9B+4.0% | 34.5B-3.6% | ||
| Total equity incl. non-controlling | 34.4B-0.5% | 34.5B-15.7% | 41.0B+9.7% | 37.4B+5.8% | 35.3B+1.4% | |
| Common shares issued | 4.54B+0.0% | 4.54B+0.0% | 4.54B-5.0% | 4.78B-6.9% | 5.13B-2.9% | |
| Common shares outstanding | 4.27B+0.0% | 4.27B-0.7% | 4.30B-4.1% | 4.48B-7.4% | 4.84B-5.7% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| — | — | — | — | 25.7B+79.3% | ||
| Depreciation & amortization | 2.92B+3.7% | 2.81B-1.0% | 2.84B+6.5% | 2.67B+201.6% | -2.63B-195.6% | |
| Acquisitions | — | — | — | — | 0.00 | |
| Long-term debt issued | 5.47B+12.6% | 4.86B+149.0% | 1.95B+52.9% | 1.27B+37.1% | 930M-86.3% | |
| Long-term debt repaid | 1.45B-44.2% | 2.60B+295.9% | 658M-71.4% | 2.30B+19.4% | 1.93B-68.2% | |
| Common stock issued | — | — | — | — | 0.00 | |
| Common stock repurchased | — | — | — | 2.79B-49.8% | 5.55B | |
| Dividends paid | 3.56B-9.0% | 3.91B-29.0% | 5.51B-16.5% | 6.60B-51.0% | 13.5B+302.5% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 55.6B+46.9% | 37.9B-46.7% | 71.1B-13.4% | 82.1B+21.0% | 67.9B-21.1% | |
| P/E | 28.0×+342.6% | 6.3×+68.2% | 3.8×+3.1% | 3.7×+21.0% | 3.0×-84.1% | |
| P/S | 1.4×+45.6% | 1.0×-38.7% | 1.6×+7.6% | 1.5×+21.0% | 1.2×-42.7% | |
| P/B | 1.7×+46.5% | 1.1×-42.8% | 2.0×-16.8% | 2.4×+21.0% | 2.0×-18.2% | |
| P/FCF | 68.0×+46.9% | 46.3×-46.7% | 86.9×-13.4% | 100.4×+21.0% | 82.9×-21.1% | |
| Earnings yield | 3.6%-77.4% | 15.8%-40.5% | 26.5%-3.0% | 27.4%-17.4% | 33.1%+528.3% | |
| FCF yield | 1.5%-31.9% | 2.2%+87.8% | 1.2%+15.5% | 1.00%-17.4% | 1.2%+26.7% | |
| Dividend yield | 6.4%-38.1% | 10.3%+27.9% | 8.1%-6.9% | 8.7%-56.3% | 19.9%+410.0% | |
| Source filing | 20-F | 20-F | 20-F | 20-F | 20-F |
About this data
Source: VALE’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all VALE filings on SEC EDGAR → Not investment advice.