Vale S.A. (VALE) intrinsic value & 10-year financials
Vale S.A. (VALE) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 3.8% a year to $38.4B, with an average return on invested capital of 23.5%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $38.4B
- Revenue growth (10-yr CAGR)
- 3.8%
- ROIC (10-yr avg)
- 23.5%
- Free cash flow (FY2025)
- —
VALE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $38.4B | $2.0B | — | — | 15.4% | — |
| FY2024 | $38.1B | $6.0B | — | — | 28.3% | — |
| FY2023 | $41.8B | $8.1B | — | — | 34.0% | — |
| FY2022 | $43.8B | $18.9B | — | — | 39.3% | 36.0% |
| FY2021 | $54.5B | $22.5B | — | — | 50.8% | 62.1% |
| FY2020 | $40.0B | $4.5B | — | — | 27.1% | 24.4% |
| FY2019 | $37.6B | -$2.2B | — | — | 3.5% | 2.1% |
| FY2018 | $36.6B | $6.9B | — | — | 32.7% | 20.4% |
| FY2017 | $34.0B | $5.5B | — | $8.6B | 32.2% | 13.3% |
| FY2016 | $27.5B | $4.0B | — | $1.4B | 25.7% | 6.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Vale S.A. has demonstrated mature, steady growth, with revenue compounding at 3.8% annually over the past decade.
Vale S.A. has earned high returns on invested capital, averaging 23.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Vale S.A. shows that management has aggressively returned capital to shareholders by retiring 17.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Vale S.A. is modeled at -5.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-913.77 per share.