Top Page
Vale SA
(NYSE:VALE)
Vale SA (VALE) vs. SPDR S&P 500 ETF (SPY)
Vale SA Business Overview & Revenue Model
Vale SA Key Performance Indicators (KPIs)
Reveals revenue contributions from each business unit, indicating which areas are growing, stable, or declining, and providing insight into the company's strategic focus.
The FlyVale SA Earnings Call Summary
Vale SA Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 36.93B | 38.06B | 41.78B | 43.84B | 54.50B | 39.55B |
| Gross Profit | 12.84B | 13.79B | 17.70B | 19.81B | 32.77B | 21.98B |
| EBITDA | 13.46B | 11.07B | 15.56B | 23.74B | 34.13B | 12.56B |
| Net Income | 5.44B | 6.17B | 7.98B | 18.79B | 22.45B | 4.88B |
Balance Sheet | ||||||
| Total Assets | 91.06B | 80.25B | 93.87B | 86.89B | 89.44B | 92.01B |
| Cash, Cash Equivalents and Short-Term Investments | 6.08B | 5.01B | 3.66B | 4.80B | 11.90B | 14.26B |
| Total Debt | 18.52B | 17.74B | 16.80B | 15.44B | 17.20B | 21.49B |
| Total Liabilities | 48.86B | 45.69B | 53.04B | 49.54B | 54.14B | 57.19B |
| Stockholders Equity | 40.96B | 33.43B | 39.31B | 35.87B | 34.47B | 35.74B |
Cash Flow | ||||||
| Free Cash Flow | 2.94B | 2.88B | 7.36B | 6.04B | 20.65B | 10.10B |
| Operating Cash Flow | 9.10B | 9.39B | 13.40B | 11.48B | 25.68B | 14.32B |
| Investing Cash Flow | -8.56B | -5.79B | -6.49B | -4.69B | -6.61B | -4.67B |
| Financing Cash Flow | 731.08M | -2.13B | -7.41B | -13.91B | -20.28B | -2.68B |
Vale SA Technical Analysis
Vale SA Risk Analysis
Vale SA Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $134.09B | 12.33 | 18.18% | 4.65% | -0.44% | -4.20% | |
79 Outperform | $54.09B | 10.04 | 13.65% | 10.09% | -8.49% | -41.69% | |
73 Outperform | $150.17B | 16.71 | 19.51% | 3.57% | -7.86% | 14.17% | |
65 Neutral | $1.08B | -71.84 | -1.64% | 1.24% | 7.92% | 91.83% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $9.57B | -77.46 | -6.83% | ― | 26.44% | -95.87% | |
53 Neutral | $820.08M | -10.47 | -28.98% | ― | 11.32% | 61.60% |
Vale SA Corporate Events
Vale S.A. has announced its annual calendar of corporate events for 2026, detailing important dates for financial disclosures and meetings. The schedule includes the release of complete annual financial statements for the year ending December 31, 2025, on February 12, 2026, and the annual general meeting set for April 30, 2026. This announcement is crucial for stakeholders as it outlines the company’s timeline for financial transparency and governance activities, impacting investor relations and corporate strategy.
On December 4, 2025, Vale S.A. addressed a recent court decision involving the Federal Union’s Attorney General, which mandates the company to pay R$730 million. Vale plans to appeal the decision, arguing it contradicts existing laws on Financial Compensation for Mineral Exploration and Transfer Pricing. This legal development could impact Vale’s financial obligations and its position within the mining sector.
Vale S.A., a prominent player in the mining industry, reported its latest filing with the U.S. Securities and Exchange Commission for December 2025. The report, filed under Form 6-K, is a routine disclosure for foreign private issuers, indicating compliance with regulatory requirements. This filing is part of Vale’s ongoing efforts to maintain transparency and adhere to international financial reporting standards, which is crucial for its stakeholders and investors.
On December 2, 2025, Vale S.A. announced an update to its production and financial estimates for the coming years. The company projects stable production volumes for iron ore and nickel, with growth expected in copper production. Vale also outlined its capital investment plans, emphasizing maintenance and growth investments across its operations. The company is committed to significant expenditures related to the decharacterization of dams and settlements for past incidents, such as Brumadinho and Mariana. These updates reflect Vale’s strategic focus on optimizing production costs and addressing past liabilities, which are crucial for maintaining its competitive position in the mining industry.
On December 2, 2025, Vale Base Metals, a subsidiary of Vale S.A., announced an agreement with Glencore Canada to explore a potential copper development project in the Sudbury Basin. This collaboration aims to leverage existing infrastructure at Glencore’s Nickel Rim South Mine to access underground copper deposits, with plans to produce 880 kt of copper over 21 years. The project, estimated to cost between US$ 1.6 billion and US$ 2.0 billion, also includes the extraction of nickel, cobalt, gold, PGMs, and other minerals. Detailed planning and consultations are set for 2026, with a final investment decision expected in early 2027.
On November 27, 2025, Vale S.A. announced that its Board of Directors approved a distribution of shareholder remuneration, amounting to R$ 3.581771057 per share. Shareholders on record as of December 11, 2025, will receive dividends and interest on equity payments in January and March 2026. This decision reflects Vale’s ongoing commitment to its Shareholder Remuneration Policy and is influenced by its current share buyback program, which may slightly affect the final payout amounts. The announcement underscores Vale’s strategic financial management and its impact on shareholder value.
Vale S.A. announced that its annual meeting with capital market participants, known as Vale Day 2025, will take place in London on December 2, 2025. This event, which will be broadcast live, is significant for stakeholders as it provides insights into the company’s future strategies and market positioning, amidst the challenges of global economic conditions and competitive pressures in the mining sector.
On November 19, 2025, Vale S.A. announced that Moody’s Investor Service has reaffirmed its Baa2 rating with a stable outlook. This affirmation reflects Vale’s strong credit profile, supported by its dominant market position in the mining industry, particularly in iron ore and nickel, and a growing presence in copper. The company’s low leverage, strong balance sheet, and excellent liquidity are highlighted, although its rating is constrained by the sovereign rating of Brazil due to asset concentration. The stable outlook suggests continued strong operational and financial performance, with expectations of balanced cash flow contributions from iron ore and base metals.
On November 18, 2025, Vale S.A.’s subsidiary, Vale Overseas Limited, successfully priced an offering of $750 million in subordinated dated fixed to reset notes due in 2056. These notes, guaranteed by Vale, will bear an initial interest rate of 6.000% per annum, with interest payments deferred at Vale Overseas’ discretion. The proceeds from this offering are intended for general corporate purposes, including replenishing cash reserves following a recent debenture acquisition. This financial maneuver is part of Vale’s broader strategy to manage its capital structure and ensure liquidity, potentially impacting its market positioning and stakeholder interests.
On November 17, 2025, Vale S.A. announced that its subsidiary, Vale Overseas Limited, plans to offer subordinated dated fixed to reset notes due in 2056. The proceeds from this offering will be used for general corporate purposes, including replenishing cash reserves following the acquisition of participating debentures settled on November 5, 2025. This strategic financial move highlights Vale’s efforts to manage its financial obligations and maintain liquidity, potentially impacting its market positioning and stakeholder confidence.
Vale S.A. reported a net income of $6,226 million for the nine-month period ending September 30, 2025, a decrease from $6,847 million in the same period of 2024. The company’s net operating revenue also fell by 2.1% to $27,343 million, primarily due to lower realized prices for iron ore fines and pellets, despite increased sales volumes. The financial performance reflects challenges in pricing but also highlights operational improvements, such as resumed operations at several sites, which contributed to reduced pre-operating and operational stoppage expenses.
On November 14, 2025, Vale S.A. announced that the English High Court found BHP Group liable under Brazilian law for the 2015 Fundão dam failure, a disaster operated by Samarco Mineração S.A. The court’s decision validates waivers signed by claimants already compensated in Brazil, potentially reducing the number of claimants and the value of claims. Vale and BHP had previously agreed to share liability equally for any compensation required. A second-stage trial is scheduled for October 2026 to determine BHP’s role in the losses claimed. In October 2024, Vale, along with Samarco and BHP Billiton Brasil Ltda., reached a $32 billion settlement with Brazilian authorities to address the disaster’s impacts, including environmental remediation and community reconstruction. Vale has allocated $13 billion towards these efforts, with significant progress reported in affected areas.
Vale S.A., a leading global mining company, submitted a report as a foreign private issuer to the United States Securities and Exchange Commission in November 2025. The report is part of their regulatory compliance under the Securities Exchange Act of 1934, indicating ongoing adherence to international financial reporting standards.
On November 5, 2025, Vale S.A. announced the completion of its optional acquisition of 89,410,390 participating debentures from its 6th issuance, representing 23.01% of the total outstanding debentures. This marks a significant milestone in Vale’s financial liability management, as it is the first optional acquisition offer since the debentures were issued in 1997, highlighting the company’s strategic approach to managing its financial obligations.
On October 31, 2025, Vale S.A.’s Executive Vice President of Finance, Marcelo Bacci, announced during a conference call that the company is likely to declare extraordinary dividends soon, citing market stability and better-than-expected cash flow as contributing factors. The company is also monitoring potential regulatory changes regarding dividend taxation, specifically Bill No. 1,087/25, which proposes a 10% withholding tax on dividends exceeding R$50,000 per month. Despite these potential changes, Bacci indicated that the immediate impact on Vale would be minimal due to their dividend policy. The announcement aligns with Vale’s historical pattern of dividend distribution and has not caused significant fluctuations in the company’s share price.
On October 31, 2025, Vale S.A. filed a report with the U.S. Securities and Exchange Commission, signed by Thiago Lofiego, the Director of Investor Relations. This filing, under the Securities Exchange Act of 1934, is part of Vale’s regulatory compliance and reflects its ongoing commitment to transparency in its financial operations, which is crucial for maintaining investor confidence and fulfilling international reporting obligations.
Vale S.A. reported its financial results for the three-month period ending September 30, 2025. The company achieved a net operating revenue of $10,420 million, an increase from the previous year’s $9,553 million for the same period. Despite this increase in revenue, the company’s operating income decreased to $2,791 million from $3,675 million in the same period last year. The net income attributable to Vale S.A.’s shareholders was $2,685 million, up from $2,412 million in the previous year. The financial review conducted by PricewaterhouseCoopers did not find any material modifications necessary for the interim financial statements to conform with IAS 34 standards.
Vale S.A. released its interim financial statements for the period ending September 30, 2025, showing a notable increase in net operating revenue compared to the previous year. Despite facing challenges such as increased costs and operational stoppages, the company maintained a strong financial position, reflecting its resilience and strategic management in the mining sector.
On October 30, 2025, Vale S.A. announced a revision of its 2025 all-in cost estimates for copper and nickel, citing strong operational performance and higher-than-expected gold by-product prices. The updated estimates reflect a reduction in costs, with copper costs now projected between $1,000 and $1,500 per ton, down from $1,500 to $2,000, and nickel costs between $13,000 and $14,000 per ton, down from $14,000 to $15,500. This adjustment underscores Vale’s improved efficiency and could enhance its competitive position in the global mining industry, potentially benefiting stakeholders by optimizing operational costs.
In the third quarter of 2025, Vale S.A. reported strong operational performance with significant increases in iron ore, copper, and nickel sales. The company achieved its highest quarterly iron ore production since 2018 and the best third-quarter copper results since 2019. Vale’s strategic initiatives, such as the New Carajás program and the start-up of the second furnace at Onça Puma, have bolstered its growth and long-term value creation strategy. The company has also made substantial progress in its ESG commitments, including reducing the emergency levels of its tailing dams and advancing its reparation agreements for Brumadinho and Samarco incidents.
On October 23, 2025, Fitch Ratings upgraded Vale S.A.’s Long-Term Foreign and Local Currency Issuer Default Ratings from ‘BBB’ to ‘BBB+’, reflecting the company’s enhanced operational flexibility, diversification into higher value-added products, and improved environmental risk management. This upgrade underscores Vale’s strengthened credit risk profile and its leading position in the iron ore market, with expectations of robust cash flow and disciplined growth strategies. The upgrade is likely to positively impact Vale’s market positioning and reassure stakeholders of its financial stability and strategic direction.
In the third quarter of 2025, Vale S.A. reported strong operational performance across its key mineral sectors. Iron ore production reached its highest level since 2018, with a total of 94.4 million metric tons, supported by record outputs at the S11D site. Copper production increased by 6% year-over-year, driven by consistent output from Salobo and higher concentrate volumes from Voisey’s Bay and Sudbury. Nickel production remained stable, with significant increases in ore mined at Sudbury and the successful start-up of Onça Puma’s second furnace, which is expected to boost future production. The company’s strategic focus on optimizing its product portfolio has resulted in improved price realization for iron ore fines, despite a decrease in pellet output due to market conditions.
On October 21, 2025, Vale S.A., a leading mining company, submitted a report to the U.S. Securities and Exchange Commission as part of its compliance with the Securities Exchange Act of 1934. This filing, signed by the Director of Investor Relations, Thiago Lofiego, underscores Vale’s commitment to maintaining transparency and regulatory adherence in its operations, which is crucial for its stakeholders and market positioning.
On October 16, 2025, Vale S.A. clarified details regarding its offer for the optional acquisition of participating debentures from its sixth issuance, following a media article published on October 15, 2025. The company confirmed that the terms, including a fixed acquisition price of R$42.00 per debenture, remain unchanged, offering a 15% premium over the previous closing price. This unique voluntary tender offer, available to all debenture holders without quantity restrictions, is set to conclude on October 31, 2025. The announcement underscores Vale’s strategic financial maneuvers and could impact stakeholders by offering an attractive exit option for debenture holders.
On October 14, 2025, Vale S.A. announced that it would pay interest on its 10th issue of incentive debentures on October 15, 2025. The total amount to be paid is R$ 199,838,323.19, distributed across three series of debentures. This payment reflects Vale’s ongoing financial commitments and may impact its cash flow and investor relations positively, reinforcing its position in the capital markets.
On September 30, 2025, Vale S.A. reported its equity securities purchases, maintaining a consistent balance of shares and American Depositary Shares (ADS) across its entities. This announcement reflects Vale’s ongoing strategic management of its equity holdings, which is crucial for its market positioning and stakeholder interests.
Vale S.A. announced an Optional Acquisition Offer for its 6th issuance of single series participating debentures, aiming to optimize its capital structure and enhance shareholder value. The offer, which is not contingent on a minimum number of debentures being sold, will allow the company to acquire up to all outstanding debentures at a fixed price of R$42.00 per debenture. This strategic move is expected to increase liquidity for debenture holders and improve financial efficiency, with the acquisition set to be settled by November 5, 2025.
On October 2, 2025, Vale S.A.’s Board of Directors approved a plan to repurchase up to 388,559,056 Participating Debentures, representing 100% of the outstanding debentures, for subsequent cancellation. This strategic move, recommended by the Capital Allocation and Projects Committee, aims to optimize the company’s capital structure and enhance shareholder value by offering a premium based on market conditions.
On November 5, 2025, Vale S.A. plans to execute an optional acquisition of its 6th issuance of participating debentures at a fixed price of R$42.00 per debenture. This move, facilitated by several financial institutions through the B3 trading system, aims to strengthen Vale’s financial positioning by potentially reducing outstanding debt. The acquisition is contingent on certain financial conditions and the receipt of sale intention notices from debenture holders by October 31, 2025.
On October 6, 2025, Vale S.A. announced an offer for the optional acquisition of its sixth issuance of participating debentures. This strategic move aims to optimize Vale’s capital structure by managing financial liabilities and enhancing capital allocation efficiency. The acquisition offer is designed to provide liquidity to debenture holders and will be conducted under specific conditions, including obtaining satisfactory financing. The offer’s financial settlement is set to be completed by October 31, 2025.
On October 2, 2025, Vale S.A. announced the release schedule for its third-quarter 2025 earnings reports. The production and sales report will be available on October 21, 2025, followed by the financial performance report on October 30, 2025. A conference call and webcast are scheduled for October 31, 2025. This announcement is part of Vale’s regular financial disclosure process, providing stakeholders with insights into the company’s operational and financial performance.
On September 30, 2025, Vale S.A. and its subsidiary Vale Base Metals Ltd. announced the successful start-up of the second furnace at the Onça Puma site, increasing the site’s production capacity by 15 ktpy to a total of 40 ktpy. The project was completed on schedule and under budget, demonstrating the company’s commitment to competitive and sustainable operations, which is expected to enhance long-term value for stakeholders.
On September 30, 2025, Vale S.A. announced a payment of R$598,341,134.23 in premiums for participating debentures, covering the period from January to June 2025. This payment reflects a decrease from the previous period, attributed to lower sales volumes and revenues from iron ore and copper concentrate. The premium payments are calculated based on a percentage of net revenues from these sales, with iron ore contributing the majority. The financial settlement is scheduled for October 1, 2025, impacting stakeholders by providing returns on their investments in Vale’s debentures.
On September 22, 2025, Vale S.A. announced it will disburse a semi-annual remuneration on its participating debentures on September 30, 2025. The total payment amounts to R$ 598,341,134.23, which includes premiums from iron ore and copper concentrate sales, as well as a mining right sale. This financial move reflects Vale’s ongoing commitment to its stakeholders and highlights its strong performance in the mining sector.
Vale S.A. recently approved new Internal Regulations for its Executive Committee, aimed at enhancing the governance and operational efficiency of the company. These regulations outline the responsibilities and ethical duties of the committee members, emphasizing transparency, loyalty, and sustainable practices. The changes are expected to improve the company’s management processes and strengthen its alignment with corporate governance standards, potentially impacting its industry positioning positively.
On September 18, 2025, Vale S.A. announced the completion of a joint venture with Global Infrastructure Partners in Aliança Energia. The transaction, which involved Vale receiving approximately $1 billion and retaining a 30% stake, consolidates several renewable energy assets, including solar and hydroelectric plants. This strategic move ensures Vale’s energy supply at competitive costs and supports its commitment to a renewable energy matrix in Brazil.
On September 17, 2025, Vale S.A., a leading company in the mining industry, filed a report with the U.S. Securities and Exchange Commission. This filing, which is a routine submission under the Securities Exchange Act of 1934, was signed by Thiago Lofiego, the Director of Investor Relations, signifying compliance with regulatory requirements.
On September 11, 2025, Vale S.A. announced that it has received an operating license for the Serra Sul +20 Mtpy Project, a significant milestone for the company. This project, which involves expanding the annual capacity of the S11D mine-plant by 20 million tons, is expected to enhance Vale’s production capacity and support sustainable growth in Brazil. With an estimated investment of $2.8 billion, the project has achieved 57% financial progress and 77% physical progress, positioning Vale to strengthen its market presence and operational flexibility.
On August 31, 2025, Vale S.A. reported its equity securities holdings, showing no changes in the number of shares or American Depositary Shares (ADS) held by the company and its affiliates. This stability in holdings suggests a steady approach to its equity management strategy, potentially indicating confidence in its current market position and operations.
On September 10, 2025, Vale S.A. announced updates to its 2025 capital investment guidance, reflecting efforts to optimize its project portfolio. The company adjusted its total capital expenditures to $5.4-$5.7 billion, down from the previous estimate of $5.9 billion, with specific reductions in growth and maintenance investments. Vale also introduced sales estimates for its new ‘Mid-Grade Carajás’ and ‘PFC’ iron ore products, aiming for greater portfolio flexibility and value maximization. The discontinuation of previous sales estimates for the Iron Ore Solutions portfolio indicates a strategic shift to enhance adaptability in varying market conditions.