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 YoY+0.9% | 38.1B YoY-8.9% | 41.8B YoY-4.7% | 43.8B YoY-19.6% | 54.5B YoY+37.8% | |
13.5B YoY-2.4% | 13.8B YoY-22.1% | 17.7B YoY-10.7% | 19.8B YoY-39.6% | 32.8B YoY+49.1% | ||
| Research & development | 693M YoY-12.3% | 790M YoY+9.3% | 723M YoY+9.5% | 660M YoY+20.2% | 549M YoY+32.3% | |
| Operating income | 5.90B YoY-45.3% | 10.8B YoY-24.1% | 14.2B YoY-17.5% | 17.2B YoY-37.9% | 27.7B YoY+116.0% | |
| Interest expense | 1.65B YoY+11.8% | 1.47B YoY+1.0% | 1.46B YoY+23.7% | 1.18B YoY-5.6% | 1.25B YoY+7.9% | |
| Pre-tax income | 4.65B YoY-30.5% | 6.70B YoY-40.0% | 11.2B YoY-43.6% | 19.8B YoY-33.0% | 29.5B YoY+322.6% | |
| Income tax | 2.67B YoY+270.3% | 721M YoY-76.3% | 3.05B YoY+2.5% | 2.97B YoY-36.7% | 4.70B YoY+539.0% | |
1.98B YoY-66.8% | 5.97B YoY-26.3% | 8.11B YoY-57.0% | 18.9B YoY-16.0% | 22.5B YoY+395.9% | ||
4.27M YoY-0.1% | 4.27M YoY-2.1% | 4.37M YoY-5.9% | 4.64M YoY-7.5% | 5.01M YoY-2.3% | ||
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
18.3B YoY+35.7% | 13.5B YoY-27.9% | 18.7B YoY+20.4% | 15.5B YoY-30.6% | 22.4B YoY-8.4% | ||
86.5B YoY+8.0% | 80.2B YoY-14.9% | 94.2B YoY+8.4% | 86.9B YoY-2.8% | 89.4B YoY-2.8% | ||
| Total current liabilities | 15.9B YoY+21.2% | 13.1B YoY-10.7% | 14.7B YoY+5.5% | 13.9B YoY-8.6% | 15.2B YoY+4.1% | |
52.2B YoY+14.4% | 45.6B YoY-14.2% | 53.2B YoY+7.4% | 49.5B YoY-8.5% | 54.1B YoY-5.3% | ||
33.5B YoY+0.3% | 33.4B YoY-15.3% | 39.5B YoY+10.0% | 35.9B YoY+4.0% | 34.5B YoY-3.6% | ||
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
— | — | — | — | 25.7B YoY+79.3% | ||
| Acquisitions | — | — | — | — | 0.00 | |
| Long-term debt issued | 5.47B YoY+12.6% | 4.86B YoY+149.0% | 1.95B YoY+52.9% | 1.27B YoY+37.1% | 930M YoY-86.3% | |
| Long-term debt repaid | 1.45B YoY-44.2% | 2.60B YoY+295.9% | 658M YoY-71.4% | 2.30B YoY+19.4% | 1.93B YoY-68.2% | |
| Common stock issued | — | — | — | — | 0.00 | |
| Common stock repurchased | — | — | — | 2.79B YoY-49.8% | 5.55B | |
| Dividends paid | 3.56B YoY-9.0% | 3.91B YoY-29.0% | 5.51B YoY-16.5% | 6.60B YoY-51.0% | 13.5B YoY+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 | 54.8B | — | — | — | — | |
| P/E | 27.6× | — | — | — | — | |
| P/S | 1.4× | — | — | — | — | |
| P/B | 1.6× | — | — | — | — | |
| P/FCF | 67.0× | — | — | — | — | |
3.6% | — | — | — | — | ||
1.5% | — | — | — | — | ||
| 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.