VALE

MKT CAP:$75B

Vale S.A.

Market Cap

$75B

Basic Materials·Industrial Materials·🇧🇷 Brazil·NYSE

Materials·Industrial·🇧🇷·NYSE

Stock Price

$17.17+$3.91 (+29.49%)

Apr 24, 2026

Company Details

Vale S.A., together with its subsidiaries, produces and sells iron ore, iron ore pellets, nickel, and copper in Brazil and internationally. The company operates through Iron Solutions and Energy Transition Materials segments. The Iron Solut...

CEO

Gustavo Duarte Pimenta

IPO Date

Mar 21, 2002

Website

www.vale.com

Key Metrics TTM

Revenue

$38.4B

— YoY

Net Income

$2.3B

EPS (Diluted)

$0.55

Free Cash Flow

$3.1B

Revenue / Share

$8.99

Gross Margin

34.5%

Operating Margin

26.4%

Net Margin

6.0%

FCF Margin

8.0%

P/S

2.0x

P/E

32.7x

Earnings Reports

FY 2025

Mar 27, 2026

$38.2BEPS $0.58

Q4 2025

Feb 12, 2026

$11.1BEPS -$0.91

Q3 2025

Oct 30, 2025

$10.4B+8.9%EPS $0.63

Q2 2025

Jul 31, 2025

$8.8BEPS $0.50

Q1 2025

Apr 24, 2025

$8.1BEPS $0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$10.0B	$4.3B	-$2.4B
Q4 23	$13.0B	$6.1B	$5.2B
Q3 24	$9.6B	$3.3B	$3.7B
Q1 25	$8.1B	$2.7B	$1.8B
Q2 25	$8.8B	$2.7B	$2.0B
Q3 25	$10.4B	$3.8B	$3.4B
Q4 25	$11.1B	$4.1B	$2.9B

Valuation

Quarter	P/S	P/E
Q4 19	—	—
Q4 23	—	—
Q3 24	—	—
Q1 25	1.0x	9.1x
Q2 25	1.0x	5.0x
Q3 25	1.2x	5.3x
Q4 25	1.4x	24.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$2.7B	$1.3B
Q4 23	$4.8B	$2.6B
Q3 24	$1.6B	$197M
Q1 25	$1.7B	$424M
Q2 25	$1.9B	$732M
Q3 25	$2.6B	$1.2B
Q4 25	$2.9B	$723M

Capital Expenditures

Quarter	CapEx
Q4 19	$1.4B
Q4 23	$2.1B
Q3 24	$1.4B
Q1 25	$1.3B
Q2 25	$1.2B
Q3 25	$1.4B
Q4 25	$2.2B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 25	-11.6%	-45.1%
Q3 25	-20.0%	-11.0%
Q4 25	+15.8%	+38.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q4 23	$0	0.0%
Q3 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 19	$158M	$65M	$74M	—
Q4 23	$230M	$175M	—	—
Q3 24	$192M	$485M	—	—
Q1 25	$123M	$121M	—	—
Q2 25	$159M	$124M	—	—
Q3 25	$150M	—	—	$142M
Q4 25	$395M	—	—	$183M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$9.1B	$43M	$9.1B
Q2 22	$7.2B	$48M	$7.2B
Q3 22	$5.2B	$42M	$5.2B
Q4 22	$4.7B	$61M	$4.8B
Q1 23	$4.7B	$53M	$4.8B
Q2 23	$5.0B	$46M	$5.0B
Q3 23	$4.0B	$60M	$4.0B
Q4 23	$3.6B	$51M	$3.7B
Q1 24	$3.8B	$44M	$3.8B
Q2 24	$6.5B	$61M	$6.5B
Q3 24	$4.6B	$53M	$4.6B
Q4 24	$5.0B	$54M	$5.0B
Q1 25	$4.0B	$43M	$4.0B
Q2 25	$5.5B	$182M	$5.7B
Q3 25	$5.9B	$188M	$6.1B
Q4 25	$7.4B	$195M	$7.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	5.21B	—	—
Q4 23	4.32B	-17.0%	—
Q3 24	4.27B	-1.1%	—
Q1 25	4.27B	-0.0%	—
Q2 25	4.27B	0.0%	-17.9%
Q3 25	4.27B	+0.0%	-1.1%
Q4 25	4.27B	-0.1%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$140.0K	71K
Q4 23	$194.8K	67K
Q3 24	$143.0K	67K
Q1 25	$125.7K	65K
Q2 25	$136.3K	65K
Q3 25	$161.1K	65K
Q4 25	$168.1K	66K

Revenue / Employee