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Vale USD

At a glance: strengths & risks
✓Revenue growing (+17%)✗Profit falling (-56%)✗Margins compressing (35%→23%)✗Pricier than own history (EV/EBITDA 7.1 vs avg 5.4)

Sector: Diversified mining

Geography: Brazil, Canada, Indonesia

COMM_VALE

Price chart

13.8 USDDay -4.30%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
13.8 USD · -4.30%
Market cap
58.9 bn USD

Growth

Δ revenue y/y
16.9%
Δ EBITDA y/y
13.7%

Multiples

P/E (LTM)
27.3x
3y avg: 13.9x
P/B (FY)
1.4x
P/E (ann.)
10.6x
EV/EBITDA (LTM)
7.1x
3y avg: 5.4x
EV/EBITDA (ann.)
5.8x

Cash return

Dividend yield
4.8%
FCF yield (LTM)
4.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-89.5%
↓ details

Liquidity

Daily turnover (listing)
284.4 mln USD

Shares: yahoo_fundamentals_timeseries/VALE

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)PARTIAL10.4
y/y 16.9%
2.2
y/y 13.4%
0.9
y/y 14.4%
3.1
y/y 13.7%
-0.6
y/y -36.6%
2.40.091.0
y/y 2.9%
39.7
y/y 0.1%
14.1%13.4—
2026-03-31Q1 2026 (3M)PARTIAL9.7
y/y 15.0%
2.5
y/y 30.3%
0.9
y/y 21.0%
3.4
y/y 27.8%
2.0
y/y 39.8%
1.9-1.291.1
y/y 6.9%
39.0
y/y 5.1%
22.1%14.1—
2025-12-31Q4 2025 (3M)OK11.1
y/y 64.6%
-1.1
y/y -353.2%
0.9
y/y 65.3%
-0.2
y/y -164.4%
-4.2
y/y -162.2%
2.7-2.286.9
y/y 8.2%
34.5
y/y -0.3%
5.7%11.3—
2025-09-30Q3 2025 (3M)PARTIAL10.5
y/y 14.6%
3.0
y/y 0.0%
0.8
y/y 6.8%
3.8
y/y 1.3%
2.7
y/y 18.4%
2.6-1.490.1
y/y 7.2%
41.8
y/y 11.3%
8.9%12.3—
2025-06-30Q2 2025 (3M)PARTIAL8.9
y/y -3.1%
2.0
y/y -47.3%
0.8
y/y 7.4%
2.8
y/y -38.3%
0.7
y/y -15.9%
1.9-1.288.5
y/y 3.1%
39.6
y/y 4.3%
22.8%11.9—
2025-03-31Q1 2025 (3M)PARTIAL8.4
y/y 3.0%
1.9
y/y -22.1%
0.7
y/y 5.6%
2.7
y/y -16.1%
1.5
y/y -10.7%
1.7-1.385.2
y/y -4.8%
37.1
y/y -2.5%
16.2%12.5—
2024-12-31Q4 2024 (3M)OK6.7
y/y -48.3%
-0.2
y/y -104.5%
0.5
y/y -38.5%
0.3
y/y -95.1%
-1.6
y/y -166.4%
2.0-1.780.3
y/y -14.7%
34.6
y/y -15.6%
13.7%10.5—
2024-09-30Q3 2024 (3M)PARTIAL9.2
y/y -10.7%
3.0
y/y -8.6%
0.7
y/y -4.7%
3.7
y/y -7.9%
2.3
y/y -16.8%
1.6-1.384.0
y/y -4.8%
37.5
y/y -4.2%
8.1%9.0—
2024-06-30Q2 2024 (3M)PARTIAL9.2
y/y -8.8%
3.7
y/y 24.2%
0.7
y/y -9.6%
4.5
y/y 17.0%
2.6
y/y 158.4%
1.1-1.285.8
y/y -8.1%
38.0
y/y -7.5%
27.3%8.5—
2024-03-31Q1 2024 (3M)PARTIAL8.2
y/y -6.9%
2.5
y/y -15.5%
0.7
y/y 1.2%
3.2
y/y -12.4%
1.6
y/y -16.6%
3.5-1.389.5
y/y 0.3%
38.1
y/y -3.9%
16.5%10.6—
2023-12-31Q4 2023 (3M)PARTIAL13.1
y/y —
5.2
y/y —
0.9
y/y —
6.0
y/y —
2.4
y/y —
5.0—94.2
y/y —
41.0
y/y —
20.9%10.3—
2023-09-30Q3 2023 (3M)PARTIAL10.3
y/y —
3.3
y/y —
0.8
y/y —
4.0
y/y —
2.8
y/y —
2.8-1.488.3
y/y —
39.2
y/y —
9.2%9.9—
2023-06-30Q2 2023 (3M)PARTIAL10.1
y/y —
3.0
y/y —
0.8
y/y —
3.8
y/y —
1.0
y/y —
2.0-1.393.4
y/y —
41.1
y/y —
10.0%9.1—
2023-03-31Q1 2023 (3M)PARTIAL8.8
y/y —
2.9
y/y —
0.7
y/y —
3.6
y/y —
2.0
y/y —
3.8-1.289.2
y/y —
39.6
y/y —
—8.4—

Net debt structure (leases included, IFRS 16) 2023-12-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)14 011
− Cash & equivalents3 663
Net debt10 348

Net debt / LTM EBITDA: 1.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 50002 5005 0007 50010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-50005001 0001 5002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.64x of reported net profit; after capex, 0.90x.
year2021202320242025
cash flow / profit1.14x1.62x1.65x4.13x
accruals, % of assets-3.6%-5.6%-4.0%-7.8%
Last twelve months (to 2026-06-30): 1.99x of profit came back as operating cash flow.
net debt / EBITDA 1.2x · capex 1.2x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Iron Ore

Proved reserves
127 mln tons
2021
Annual production
0.00 mln tons
2021

Proved reserves

YearReserves, mln tons
2021127
2020148.20

Production

YearProduction, mln tonsper day, mln tons
20220.00 * (4M)
−37.5%		0.00
20210.000.00

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Iron Ore

Current 96spot vs LTM -8%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -89.5% ▼ -0.6 pp 1d

Main driver: Iron Ore -8% vs LTM; revenue ×0.95 vs costs ×1.17; EBITDA 10 117→2 736; at 7.2× EV/EBITDA → -90%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, BRL3y vs LTM
Iron Ore (rev)+78%95.85103.71110.37-8%-14%+6%
US Diesel Index (EIA) (cost)-15%5.264.214.13+25%+16%-2%
Nickel (rev)+11%16 739.1316 464.9717 316.21+2%-5%+5%
Copper (rev)+5%14 619.9712 225.5910 861.21+20%+12%-11%
Henry Hub Gas (cost)-5%2.733.383.11-19%-25%-8%
Coking coal (Australia) (rev)+3%230.00215.32239.48+7%-0%+11%
Manganese Ore (rev)+2%28.7531.3532.44-8%-14%+3%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue41 776
LTM EBITDA10 117
LTM cash costs (revenue − EBITDA)31 659
2 · Revenue projection
Revenue multiplier — spot×0.953 (-5%)
= Spot revenue39 814
Revenue multiplier — 3y price×1.054 (+5%)
= 3-year-price revenue44 034
3 · Costs projection
Cost multiplier — spot×1.171 (+17%)
= Spot cash costs37 078
Cost multiplier — 3y price×1.137 (+14%)
= 3-year-price cash costs35 985
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 736
= 3-year-price EBITDA8 049
Conservative EBITDA = min(spot, avg)2 736
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)7.2x
Target EV = EV/EBITDA × conservative EBITDA19 588
Net debt13 429
Target market cap = EV − net debt6 159
Current market cap58 909

Upside = target market cap ÷ current − 1 = -89.5%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q310 29710 085+2.1%4 0252 964+35.8%
2023 Q413 05411 139+17.2%6 0324 037+49.4%
2024 Q18 18710 514-22.1%3 1793 906-18.6%
2024 Q29 2209 868-6.6%4 4733 609+23.9%
2024 Q39 1948 744+5.2%3 7073 122+18.8%
2024 Q46 7458 984-24.9%2933 535-91.7%
2025 Q18 4367 793+8.2%2 6672 174+22.7%
2025 Q28 9337 872+13.5%2 7621 802+53.3%
2025 Q310 5358 440+24.8%3 7571 692+122.0%
2025 Q411 0998 894+24.8%-1881 682-111.2%
2026 Q19 70210 209-5.0%3 4091 694+101.2%
2026 Q210 43910 623-1.7%3 1402 554+23.0%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +17% vs -22% the year before — a +39.4 pp move. 3-year CAGR -4%.
revenue growth by year: 2023 -2% · 2024 -22% · 2025 +17%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.3x · target 75th pct (3y) 7.2x · LTM avg 7.9x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2025-12-120.668 USDEx-dividend: 0.668 USD per sharePaidYahoo Finance (ex-div)
2025-08-130.347 USDEx-dividend: 0.347 USD per sharePaidYahoo Finance (ex-div)
2025-03-100.373 USDEx-dividend: 0.373 USD per sharePaidYahoo Finance (ex-div)
2024-12-120.091 USDEx-dividend: 0.091 USD per sharePaidYahoo Finance (ex-div)
2024-08-050.371 USDEx-dividend: 0.371 USD per sharePaidYahoo Finance (ex-div)
2024-03-120.544 USDEx-dividend: 0.544 USD per sharePaidYahoo Finance (ex-div)
2023-11-220.469 USDEx-dividend: 0.469 USD per sharePaidYahoo Finance (ex-div)
2023-08-140.406 USDEx-dividend: 0.406 USD per sharePaidYahoo Finance (ex-div)
2023-03-140.354 USDEx-dividend: 0.354 USD per sharePaidYahoo Finance (ex-div)
2022-12-130.056 USDEx-dividend: 0.056 USD per sharePaidYahoo Finance (ex-div)
2022-08-120.687 USDEx-dividend: 0.687 USD per sharePaidYahoo Finance (ex-div)
2022-03-090.725 USDEx-dividend: 0.725 USD per sharePaidYahoo Finance (ex-div)
2021-09-231.559 USDEx-dividend: 1.559 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Vale — from primary filings.

Vale S.A. is a Brazilian mining company that produces and distributes iron ore, nickel, copper, and other base metals, along with operating logistics systems including railways, ports, and ships.

Frequently asked questions

What is Vale's P/E ratio?
Vale trades at a P/E of 27.3x (price to trailing 12-month earnings).
What is Vale's EV/EBITDA?
Vale trades at 7.1x EV/EBITDA.
What is Vale's P/B ratio?
Vale trades at a P/B of 1.4x.
What is Vale's dividend yield?
Vale's trailing 12-month dividend yield is 4.8%.
What is Vale's return on equity (ROE)?
Vale's ROE is 14.1%.
What is Vale's market capitalization?
Vale's market cap is 58.9 bn USD.

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