VALENYSEMetal MiningFiscal year ends December 31

Vale S.A.

Financials through fiscal 2025, year ended Dec 31, 2025

$13.11+0.05 (+0.38%)

Close on Oct 19, 2026

Margins

Share of revenue, fiscal years 2010 to 2025

35.0%−20.5 pts over 5 years

15.4%−17.1 pts over 5 years

6.1%−6.2 pts over 5 years

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	+0.9%	-4.3%	-0.6%	+5.1%
Gross profit	-2.4%	-12.1%	-9.3%	+11.3%
Operating income	-45.3%	-30.0%	-14.4%	–
Net income	-61.9%	-50.0%	-13.6%	–

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	–	12.9%	7.0%
Return on assets	–	5.3%	2.8%
Current ratio	2.01	1.67	1.15
Debt to equity	0.75	0.37	–
Net debt to EBITDA	2.37×	-0.01×	–
Interest coverage	2.6×	11.1×	3.6×
Inventory turnover	–	4.2×	4.7×
Capex to revenue	18.0%	–	–
Diluted shares	5M	5M	4M

Return on equity split into margin, efficiency and leverage

Net margin6.1%

Asset turnover0.46×

Equity multiplier2.49×

Return on equity, FY20257.0%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	6.1%	0.46×	2.49×	7.0%
FY2024	16.2%	0.44×	2.39×	16.9%
FY2023	19.1%	0.46×	2.40×	21.2%
FY2022	42.9%	0.50×	2.51×	53.4%
FY2021	41.2%	0.60×	2.58×	63.9%
FY2020	12.3%	0.43×	2.42×	12.9%
FY2019	-4.6%	0.41×	2.14×	-4.0%
FY2018	18.8%	0.39×	2.14×	15.7%
FY2017	16.2%	0.34×	2.40×	13.4%

Trailing twelve months. Peers are matched on business description, industry and size. Ticks are peers, the dot is VALE.

Revenue growth0.9% · median 16.5%

Gross margin35.0% · median 45.4%

Operating margin15.4% · median 41.8%

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