VAL

MKT CAP:$6B

Valaris Limited

Market Cap

$6B

Energy·Oil & Gas Equipment & Services·🇧🇲 Bermuda·NYSE

Energy·Oil & Gas Equipment & Services·🇧🇲·NYSE

Stock Price

$87.77+$35.62 (+68.30%)

Apr 20, 2026

Company Details

Valaris Limited provides offshore contract drilling services to the international oil and gas industry. The company owns an offshore drilling rig fleet of 56 rigs, which include 11 drillships, 4 dynamically positioned semisubmersible rigs, ...

CEO

Anton Dibowitz

IPO Date

May 3, 2021

Website

www.valaris.com

Key Metrics TTM

Revenue

$2.3B

+37.1% YoY

Net Income

$1.1B

EPS (Diluted)

$15.29

Free Cash Flow

-$133M

Revenue / Share

$32.45

Gross Margin

23.2%

Operating Margin

14.1%

Net Margin

47.6%

FCF Margin

-5.9%

P/S

2.8x

P/E

5.8x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

Q4 2025

Feb 20, 2026

$537MEPS $10.26

Q3 2025

Oct 30, 2025

$596MEPS $2.65

Q2 2024

Aug 1, 2024

$610M+46.9%EPS $2.03

Q1 2024

May 2, 2024

$525MEPS $0.35

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$512M	$36M	-$193M
Q1 20	$457M	-$19M	-$3.1B
Q2 20	$389M	$18M	-$1.0B
Q3 20	$285M	-$22M	-$94M
Q1 21	$307M	$54M	-$848M
Q2 21	$293M	$34M	-$33M
Q3 21	$327M	$52M	$3M
Q4 21	$306M	$25M	-$897M
Q1 22	$318M	-$13M	-$50M
Q3 22	$437M	$101M	$62M
Q2 23	$415M	$42M	-$10M
Q4 23	$484M	$82M	$38M
Q1 24	$525M	$80M	$29M
Q2 24	$610M	$171M	$109M
Q3 25	$596M	$190M	$126M
Q4 25	$537M	$83M	$56M

Valuation

Quarter	P/S	P/E
Q4 19	3.1x	—
Q1 20	3.0x	—
Q2 20	3.3x	—
Q3 20	3.8x	—
Q1 21	4.4x	—
Q2 21	4.9x	—
Q3 21	5.2x	—
Q4 21	5.1x	—
Q1 22	5.1x	—
Q3 22	4.5x	433.7x
Q2 23	4.3x	158.8x
Q4 23	3.8x	7.5x
Q1 24	3.4x	6.9x
Q2 24	3.1x	6.4x
Q3 25	2.8x	5.2x
Q4 25	2.8x	5.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$135M	$75M
Q1 20	-$204M	-$241M
Q2 20	-$171M	-$201M
Q3 20	-$15M	-$31M
Q1 21	-$32M	-$38M
Q2 21	-$34M	-$45M
Q3 21	$7M	-$8M
Q4 21	-$6M	-$31M
Q1 22	$500.0K	-$38M
Q3 22	$85M	$39M
Q2 23	-$27M	-$100M
Q4 23	$93M	-$364M
Q1 24	$26M	-$125M
Q2 24	$11M	-$98M
Q3 25	$198M	$128M
Q4 25	$65M	-$39M

Capital Expenditures

Quarter	CapEx
Q4 19	$60M
Q1 20	$36M
Q2 20	$30M
Q3 20	$16M
Q1 21	$6M
Q2 21	$11M
Q3 21	$15M
Q4 21	$25M
Q1 22	$39M
Q3 22	$46M
Q2 23	$73M
Q4 23	$457M
Q1 24	$151M
Q2 24	$110M
Q3 25	$70M
Q4 25	$103M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	+28.3%	+38.5%
Q1 20	+12.5%	+620.1%
Q2 20	-33.4%	+89.9%
Q3 20	-48.2%	-51.8%
Q1 21	-40.0%	+63.7%
Q2 21	-35.8%	-90.7%
Q3 21	-16.0%	-77.0%
Q4 21	+7.1%	+216.8%
Q1 22	+3.7%	-68.1%
Q3 22	+49.2%	+15.2%
Q2 23	+27.1%	+31.4%
Q4 23	+58.4%	-63.0%
Q1 24	+64.9%	+34.6%
Q2 24	+39.5%	+33.4%
Q3 25	+43.5%	+10.5%
Q4 25	+11.1%	+8.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$4M	1.5%
Q1 21	$4M	1.2%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q3 22	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$8M	1.5%
Q2 24	$0	0.0%
Q3 25	$7M	1.1%
Q4 25	$7M	1.3%

OpEx Breakdown

Quarter	G&A
Q4 19	$42M
Q1 20	$53M
Q2 20	$63M
Q3 20	$72M
Q1 21	$24M
Q2 21	$19M
Q3 21	$27M
Q4 21	$18M
Q1 22	$19M
Q3 22	$19M
Q2 23	$26M
Q4 23	$24M
Q1 24	$27M
Q2 24	$33M
Q3 25	$27M
Q4 25	$27M

Revenue Segments

Quarter	Aro	Floaters	Jackups	Other Segments	Other Operating Segment	Reconciling Items Member
Q2 21	$84M	$50M	$129M	$25M	—	—
Q3 25	$157M	$303M	$237M	—	$56M	-$157M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$578M	$0	$578M
Q2 22	$554M	$0	$554M
Q3 22	$406M	$220M	$626M
Q4 22	$749M	$0	$749M
Q1 23	$823M	$0	$823M
Q2 23	$805M	$0	$805M
Q3 23	$1.1B	$0	$1.1B
Q4 23	$621M	$0	$621M
Q1 24	$494M	$0	$494M
Q2 24	$398M	$0	$398M
Q3 24	$379M	$0	$379M
Q4 24	$368M	$0	$368M
Q1 25	$441M	$0	$441M
Q2 25	$503M	$0	$503M
Q3 25	$663M	$0	$663M
Q4 25	$606M	$0	$606M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	92M	0.0%	-15.2%
Q1 20	92M	0.0%	-15.7%
Q2 20	75M	-18.6%	-18.6%
Q3 20	75M	0.0%	-18.6%
Q1 21	75M	0.0%	-18.6%
Q2 21	75M	-0.0%	-18.6%
Q3 21	75M	0.0%	-0.0%
Q4 21	75M	0.0%	-0.0%
Q1 22	75M	0.0%	-0.0%
Q3 22	76M	+0.8%	+0.8%
Q2 23	75M	-1.1%	-0.3%
Q4 23	74M	-1.2%	-1.5%
Q1 24	74M	-0.4%	-1.9%
Q2 24	74M	+0.1%	-2.5%
Q3 25	71M	-3.7%	-5.1%
Q4 25	70M	-1.5%	-5.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$88.3K	6K
Q1 20	$78.7K	6K
Q2 20	$67.0K	6K
Q3 20	$49.2K	6K
Q1 21	$68.2K	5K
Q2 21	$65.1K	5K
Q3 21	$72.6K	5K
Q4 21	$62.3K	5K
Q1 22	$65.0K	5K
Q3 22	$89.2K	5K
Q2 23	$76.2K	5K
Q4 23	$80.8K	6K
Q1 24	$87.7K	6K
Q2 24	$101.9K	6K
Q3 25	$105.6K	6K
Q4 25	$106.0K	5K

Revenue / Employee