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Vale USD

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.

At a glance: strengths & risks
✓Revenue growing (+17% y/y, Q2 2026)✓Low leverage (0.8x EBITDA)✗Profit falling (-37% y/y, Q2 2026)

Sector: Diversified mining

Geography: Brazil, Canada, Indonesia

COMM_VALE

Price chart

12.4 USDDay 1.64%

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
12.4 USD · 1.64%
Market cap
52.9 bn USD

Growth

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

Multiples

P/E (LTM)
30.0x
3y avg: 14.2x
P/B (FY)
1.3x
P/E (ann.)
9.5x
EV/EBITDA (LTM)
6.7x
3y avg: 6.1x
EV/EBITDA (ann.)
5.3x

Cash return

Dividend yield
8.6%
FCF yield (LTM)
5.3%

Value creation

negative target market cap — net debt exceeds target EV (over-levered)
Upside (potential)
-119.9%
↓ details

Liquidity

Daily turnover (listing)
316.2 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%
2.4-1.291.0
y/y 2.9%
39.7
y/y 0.1%
14.1%13.4Evidence
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%
22.4%14.1Evidence
2025-12-31Q4 2025 (3M)OK10.9
y/y -4.9%
-1.1
y/y -169.3%
0.8
y/y 27.8%
-0.2
y/y -110.9%
-4.2
y/y -662.8%
2.7-2.286.5
y/y 8.0%
33.5
y/y 0.3%
5.3%11.3Yahoo Finance
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%12.3Evidence
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%11.9Evidence
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%
16.5%12.5Evidence
2024-12-31Q4 2024 (3M)PARTIAL11.5
y/y -14.1%
1.6
y/y -61.6%
0.7
y/y -24.0%
2.2
y/y -55.0%
-0.6
y/y -122.2%
——80.2
y/y -14.9%
33.4
y/y -15.3%
16.8%≈ 9.0Yahoo Finance
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%9.0Evidence
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%8.5Evidence
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%
16.8%10.6Evidence
2023-12-31Q4 2023 (3M)PARTIAL13.3
y/y —
4.1
y/y —
0.9
y/y —
5.0
y/y —
2.5
y/y —
4.9-2.294.2
y/y —
39.5
y/y —
20.6%10.4Yahoo Finance
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%9.9Evidence
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%9.1Evidence
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 —
—8.4Evidence

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 609
Net debt10 402

Net debt / LTM EBITDA: 1.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 50002 5005 0007 50010 00012 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-150%-100%-50%0%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow after capex (OCF − capex) ($ mln)

-50005001 0001 5002 0002 5002024 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 1.14x of reported net profit.
year2021
cash flow / profit1.14x
accruals, % of assets-3.6%
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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

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

iron ore

Proved reserves
13 502 Mt
2025
Reserve life (R/P)
40.2 yrs
reserves ÷ annual output
Annual production
336.10 Mt
2025

Production, Mt

321.202023327.702024336.102025

Proved reserves

YearReserves, Mt
202513 502

Production

YearProduction, Mt
2025336.10
+2.6%
2024327.70
+2.0%
2023321.20

SEC 10-K/20-F (CIK 917851), отчёт за 2025-12-31: добыча и запасы основного продукта. Извлечение DeepSeek с двумя проверками — каждое число найдено в тексте самой формы, повторы значений между годами сняты. Обновляется scripts/extract_commodity_ops_deepseek.py.

Key-commodity price — Iron Ore

Current 90spot vs LTM -12%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -119.9%

Main driver: Iron Ore -13% vs LTM; revenue ×0.91 vs costs ×1.20; EBITDA 10 432→502; at 5.8× EV/EBITDA → -120%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, BRL3y vs LTM
Iron Ore (rev)+78%90.33103.71108.92-13%-18%+5%
US Diesel Index (EIA) (cost)-15%6.284.264.23+47%+38%-1%
Nickel (rev)+11%15 846.0016 464.9717 082.41-4%-10%+4%
Copper (rev)+5%14 419.7012 225.5911 308.67+18%+11%-7%
Henry Hub Gas (cost)-5%2.633.383.12-22%-27%-8%
Coking coal (Australia) (rev)+3%261.50215.32236.29+21%+14%+10%
Manganese Ore (rev)+2%28.7531.3532.28-8%-14%+3%

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

1 · Reported baseline (LTM)
LTM revenue41 574
LTM EBITDA10 432
LTM cash costs (revenue − EBITDA)31 142
2 · Revenue projection
Revenue multiplier — spot×0.909 (-9%)
= Spot revenue37 771
Revenue multiplier — 3y price×1.043 (+4%)
= 3-year-price revenue43 355
3 · Costs projection
Cost multiplier — spot×1.197 (+20%)
= Spot cash costs37 269
Cost multiplier — 3y price×1.132 (+13%)
= 3-year-price cash costs35 255
4 · EBITDA projection (revenue − costs)
= Spot EBITDA502
= 3-year-price EBITDA8 100
Conservative EBITDA = min(spot, avg)502
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.8x
Target EV = EV/EBITDA × conservative EBITDA2 892
Net debt13 429
Target market cap = EV − net debt-10 537
Current market cap52 933

Upside = target market cap ÷ current − 1 = -119.9%

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 33011 139+19.7%4 9854 037+23.5%
2024 Q18 18710 583-22.6%3 1793 621-12.2%
2024 Q29 2209 933-7.2%4 4733 338+34.0%
2024 Q39 1948 803+4.4%3 7072 858+29.7%
2024 Q411 4559 046+26.6%2 2423 273-31.5%
2025 Q18 4368 894-5.2%2 9202 560+14.1%
2025 Q28 9338 976-0.5%2 7622 227+24.0%
2025 Q310 5359 634+9.4%4 1272 177+89.6%
2025 Q410 89710 104+7.9%-2442 279-110.7%
2026 Q19 70210 156-4.5%3 4091 786+90.8%
2026 Q210 43910 570-1.2%3 1401 529+105.4%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +1% vs -9% the year before — a +9.8 pp move. 3-year CAGR -4%.
revenue growth by year: 2023 -5% · 2024 -9% · 2025 +1%
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 8.4x · target 75th pct (3y) 5.8x · LTM avg 6.9x

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

Peer comparison

Group: Diversified mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
African Rainbow MineralsSouth Africa1.72.3x3.4x
BHP Groupglobal198.16.4x6.4x
Rio Tintoglobal136.66.9x6.9x
South32Australia13.09.1x9.2x
Anglo AmericanSouth Africa52.29.6x14.4x
Group median6.9x6.9x
Group average6.9x8.1x
This companyglobal52.96.7x6.7x

Group median 6.9x as traded, 6.9x adjusted; this company 6.7x — a 4% discount.

Group average 6.9x as traded, 8.1x adjusted; against the average this company is at a 17% discount.

At the adjusted group median the market cap would be +5% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-130.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
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)

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.

Frequently asked questions

What is Vale's P/E ratio?
Vale trades at a P/E of 30.0x (price to trailing 12-month earnings).
What is Vale's EV/EBITDA?
Vale trades at 6.7x EV/EBITDA.
What is Vale's P/B ratio?
Vale trades at a P/B of 1.3x.
What is Vale's dividend yield?
Vale's trailing 12-month dividend yield is 8.6%.
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 52.9 bn USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map