VVVNYSEMiscellaneous Products of Petroleum & CoalFiscal year ends September 30
VALVOLINE INC
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$30.72−0.74 (-2.35%)
Close on Oct 19, 2026
- Market cap
- $3.94B
- P/E (TTM)
- 38.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
38.5%−2.9 pts over 5 years
Operating margin
22.8%+0.8 pts over 5 years
Net margin
12.3%−31.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.6% | +11.4% | +18.7% | -1.4% | |
| Gross profit | +6.4% | +11.4% | +16.9% | -0.4% | |
| Operating income | +6.2% | +21.0% | +19.5% | +1.9% | |
| Net income | -0.4% | -20.8% | -7.8% | +0.7% | |
| EPS, diluted | +1.9% | -11.3% | -0.6% | +3.6% | |
| Free cash flow | -6.6% | -37.0% | -32.8% | -18.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 190.2% | -189.7% | 80.4% | |
| Return on assets | – | 12.4% | 8.2% | |
| Current ratio | 1.82 | 3.24 | 0.70 | |
| Debt to equity | -2.25 | -25.82 | 3.17 | |
| Inventory turnover | – | 2.2× | 25.6× | |
| Capex to revenue | 3.4% | 12.9% | 15.2% | |
| Diluted shares | 170M | 188M | 129M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Valvoline generated $1.29B from operations and spent $3.20B on capital expenditure, dividends and share buybacks. 28% of that went back into the business.
Generated
$1.29B
Used
$3.20B
Capital expenditure$899.20M28%Dividends$201.90M6%Share buybacks$2.10B66%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.3%
×Asset turnover0.67×
×Equity multiplier9.75×
=Return on equity, FY202580.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.3% | 0.67× | 9.75× | 80.4% |
| FY2024 | 13.1% | 0.61× | 13.71× | 108.8% |
| FY2023 | 98.4% | 0.46× | 12.37× | 557.0% |
| FY2022 | 34.3% | 0.37× | 14.98× | 192.4% |
| FY2021 | 40.5% | 0.33× | 106.70× | 1436.9% |
| FY2020 | 43.5% | 0.28× | -15.32× | -189.7% |
| FY2019 | 8.7% | 1.22× | -6.36× | -67.6% |
| FY2018 | 7.3% | 1.21× | -7.93× | -69.9% |
| FY2017 | 14.6% | 1.11× | -8.37× | -136.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$210.70M
- Cash generatingOperating cash flow above zero$297.20M
- Return on assets improvedROA up on the prior year7.3% → 8.6%
- Earnings backed by cashOperating cash flow above net income$297.20M vs $210.70M
- Less leverageLong-term debt to assets fell43.9% → 39.3%
- Better liquidityCurrent ratio rose0.72 → 0.70
- No dilutionShare count did not rise131M → 129M
- Gross margin improvedGross margin up on the prior year38.22% → 38.50%
- More efficientAsset turnover rose0.56 → 0.70