Valaris Ltd. (VAL) intrinsic value & 10-year financials
Valaris Ltd. (VAL) has a Graham intrinsic value of $292.96 per share. At $85.32 on Oct 17, 2026, the stock trades 71% below that value. Over the last 10 fiscal years revenue shrank 45.4% a year to $11.9M, with an average return on invested capital of -1.2%.
- Graham intrinsic value
- $292.96
- Share price (Oct 17, 2026)
- $85.32
- Price vs Graham value
- 71% below
- Market cap
- $6.0B
- Revenue (FY2025)
- $11.9M
- Revenue growth (10-yr CAGR)
- -45.4%
- ROIC (10-yr avg)
- -1.2%
- Free cash flow (FY2025)
- $202.7M
VAL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.9M | $982.8M | $13.86 | $202.7M | 4008.4% | 14.2% |
| FY2024 | $9.6M | $373.4M | $5.12 | -$99.7M | 3669.8% | 12.8% |
| FY2023 | $8.4M | $865.4M | $11.51 | -$428.6M | 636.9% | 3.0% |
| FY2022 | $9.2M | $176.5M | $2.33 | -$79.5M | 404.3% | 2.8% |
| FY2021 | — | — | — | — | — | — |
| FY2020 | $1.4B | -$4.9B | -$24.42 | -$345.5M | -302.9% | -42.3% |
| FY2019 | $2.1B | -$198.0M | — | -$503.9M | -32.5% | -4.7% |
| FY2018 | $1.7B | -$639.7M | — | -$482.4M | -13.8% | -1.8% |
| FY2017 | $1.8B | -$303.7M | — | -$277.3M | -7.2% | -1.0% |
| FY2016 | $2.8B | $890.2M | — | $755.2M | 33.5% | 6.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Valaris Ltd is facing top-line stagnation, with revenue contracting over the decade.
Valaris Ltd has historically struggled to out-earn its cost of capital, averaging just -1.2% ROIC.
Valaris Ltd has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Valaris Ltd is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $292.96 per share.