Valaris Limited Financials

VAL

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Valaris Limited (VAL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 59/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Valaris Limited has an operating margin of 20.1%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 67/100, reflecting efficient cost management and pricing power. This is up from 14.9% the prior year.

Growth

Valaris Limited's revenue grew a modest 0.3% year-over-year to $2.4B. This slow but positive growth earns a score of 34/100.

Leverage

Valaris Limited carries a low D/E ratio of 0.34, meaning only $0.34 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Valaris Limited's current ratio of 1.77 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Valaris Limited has a free cash flow margin of 8.6%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Valaris Limited earns a strong 31.0% return on equity (ROE), meaning it generates $31 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 80/100. This is up from 16.7% the prior year.

Altman Z-Score Safe

3.43

Valaris Limited scores 3.43, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.9B) relative to total liabilities ($2.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong

7/9

Valaris Limited passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

0.56x

For every $1 of reported earnings, Valaris Limited generates $0.56 in operating cash flow ($546.2M OCF vs $982.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.4B

YoY+0.3%

5Y CAGR+10.7%

Valaris Limited generated $2.4B in revenue in fiscal year 2025. This represents an increase of 0.3% from the prior year.

EBITDA

$623.3M

YoY+31.4%

Valaris Limited's EBITDA was $623.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.4% from the prior year.

Net Income

$982.8M

YoY+163.2%

Valaris Limited reported $982.8M in net income in fiscal year 2025. This represents an increase of 163.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$202.7M

YoY+303.3%

10Y CAGR+10.0%

Valaris Limited generated $202.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 303.3% from the prior year.

Cash & Debt

$599.4M

YoY+62.8%

5Y CAGR+13.0%

10Y CAGR+17.3%

Valaris Limited held $599.4M in cash against $1.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

69M

YoY-2.5%

Valaris Limited had 69M shares outstanding in fiscal year 2025. This represents a decrease of 2.5% from the prior year.

Margins & Returns

Gross Margin

31.2%

YoY+5.7pp

Valaris Limited's gross margin was 31.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.7 percentage points from the prior year.

Operating Margin

20.1%

YoY+5.2pp

5Y CAGR+323.9pp

Valaris Limited's operating margin was 20.1% in fiscal year 2025, reflecting core business profitability. This is up 5.2 percentage points from the prior year.

Net Margin

41.5%

YoY+25.7pp

5Y CAGR+381.7pp

Valaris Limited's net profit margin was 41.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 25.7 percentage points from the prior year.

Return on Equity

31.0%

YoY+14.3pp

5Y CAGR+142.0pp

10Y CAGR+55.5pp

Valaris Limited's ROE was 31.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 14.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$100.0M

YoY-20.9%

Valaris Limited spent $100.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 20.9% from the prior year.

Capital Expenditures

$343.5M

YoY-24.5%

5Y CAGR+29.6%

10Y CAGR-14.4%

Valaris Limited invested $343.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 24.5% from the prior year.

VAL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.4B+0.3%	$2.4B+32.4%	$1.8B+11.3%	$1.6B	N/A	$1.4B
Cost of Revenue	$1.6B-7.5%	$1.8B+14.1%	$1.5B+11.6%	$1.4B	N/A	N/A
Gross Profit	$739.3M+22.9%	$601.7M+150.1%	$240.6M+9.7%	$219.3M	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$97.1M-16.5%	$116.3M+17.1%	$99.3M+22.7%	$80.9M	N/A	$214.6M
Operating Income	$477.0M+35.4%	$352.3M+558.5%	$53.5M+43.8%	$37.2M	N/A	-$4.3B
Interest Expense	N/A	N/A	N/A	N/A	N/A	$290.6M
Income Tax	-$426.8M-106800.0%	$400K+100.1%	-$782.6M-1915.8%	$43.1M	N/A	-$259.4M
Net Income	$982.8M+163.2%	$373.4M-56.9%	$865.4M+390.3%	$176.5M	N/A	-$4.9B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$537.4M-9.8%	$595.7M-3.2%	$615.2M-0.9%	$620.7M+6.2%	$584.4M-9.1%	$643.1M+5.4%	$610.1M+16.2%	$525.0M
Cost of Revenue	$413.4M+1.9%	$405.6M+2.5%	$395.7M-4.7%	$415.0M-0.1%	$415.3M-10.1%	$462.1M+5.3%	$438.7M-1.4%	$444.8M
Gross Profit	$124.0M-34.8%	$190.1M-13.4%	$219.5M+6.7%	$205.7M+21.6%	$169.1M-6.6%	$181.0M+5.6%	$171.4M+113.7%	$80.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$27.0M+0.4%	$26.9M+43.1%	$18.8M-23.0%	$24.4M-8.6%	$26.7M-12.7%	$30.6M-5.8%	$32.5M+22.6%	$26.5M
Operating Income	$39.4M-69.8%	$130.5M-20.5%	$164.1M+14.8%	$143.0M+20.0%	$119.2M+25.6%	$94.9M-12.9%	$108.9M+271.7%	$29.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$680.4M-2479.0%	$28.6M-9.2%	$31.5M-83.7%	$193.5M+2945.6%	-$6.8M-128.0%	$24.3M+181.0%	-$30.0M-332.6%	$12.9M
Net Income	$717.5M+281.4%	$188.1M+63.4%	$115.1M+403.7%	-$37.9M-128.3%	$133.7M+107.0%	$64.6M-56.8%	$149.6M+486.7%	$25.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VAL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.3B+20.0%	$4.4B+2.3%	$4.3B+51.1%	$2.9B+9.9%	$2.6B-79.8%	$12.9B
Current Assets	$1.2B+13.6%	$1.1B-15.2%	$1.3B-5.5%	$1.3B+11.6%	$1.2B+2.9%	$1.2B
Cash & Equivalents	$599.4M+62.8%	$368.2M-40.7%	$620.5M-14.3%	$724.1M+19.0%	$608.7M+86.8%	$325.8M
Inventory	N/A	N/A	N/A	N/A	$0-100.0%	$279.4M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.1B-1.9%	$2.2B-6.4%	$2.3B+48.8%	$1.6B+2.2%	$1.5B-82.0%	$8.5B
Current Liabilities	$691.6M+1.8%	$679.5M-8.7%	$744.3M+47.6%	$504.4M+19.5%	$422.0M-1.1%	$426.8M
Long-Term Debt	$1.1B+0.3%	$1.1B+0.3%	$1.1B+99.0%	$542.4M-0.5%	$545.3M	$0
Total Equity	$3.2B+41.6%	$2.2B+12.6%	$2.0B+54.1%	$1.3B+20.0%	$1.1B-75.4%	$4.4B
Retained Earnings	$2.4B+70.3%	$1.4B+36.4%	$1.0B+540.5%	$160.1M+1076.2%	-$16.4M+99.6%	-$4.2B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$5.3B+14.4%	$4.6B+3.0%	$4.5B+2.7%	$4.4B-0.7%	$4.4B+2.0%	$4.3B-1.9%	$4.4B+1.4%	$4.4B
Current Assets	$1.2B-8.8%	$1.3B+9.5%	$1.2B+6.0%	$1.2B+7.3%	$1.1B-3.0%	$1.1B-9.2%	$1.2B+2.3%	$1.2B
Cash & Equivalents	$599.4M-9.6%	$662.7M+31.6%	$503.4M+14.0%	$441.4M+19.9%	$368.2M-2.9%	$379.3M-4.8%	$398.3M-19.4%	$494.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.1B-2.5%	$2.2B+0.8%	$2.2B-0.2%	$2.2B0.0%	$2.2B-1.5%	$2.2B-0.8%	$2.2B-4.1%	$2.3B
Current Liabilities	$691.6M-3.7%	$718.0M+5.8%	$678.7M-2.3%	$694.6M+2.2%	$679.5M-1.8%	$692.3M-2.2%	$707.6M-7.0%	$760.7M
Long-Term Debt	$1.1B+0.1%	$1.1B+0.1%	$1.1B+0.1%	$1.1B+0.1%	$1.1B+0.1%	$1.1B+0.1%	$1.1B+0.1%	$1.1B
Total Equity	$3.2B+29.5%	$2.4B+5.1%	$2.3B+5.6%	$2.2B-1.4%	$2.2B+5.8%	$2.1B-2.8%	$2.2B+7.7%	$2.0B
Retained Earnings	$2.4B+43.1%	$1.7B+12.7%	$1.5B+8.5%	$1.4B-2.7%	$1.4B+10.6%	$1.3B+5.4%	$1.2B+14.2%	$1.1B

VAL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$546.2M+53.7%	$355.4M+32.9%	$267.5M+110.6%	$127.0M	N/A	-$251.7M
Capital Expenditures	$343.5M-24.5%	$455.1M-34.6%	$696.1M+236.3%	$207.0M	N/A	$93.8M
Free Cash Flow	$202.7M+303.3%	-$99.7M+76.7%	-$428.6M-435.8%	-$80.0M	N/A	-$345.5M
Investing Cash Flow	-$205.6M+54.5%	-$452.3M+32.1%	-$665.8M-3886.8%	-$16.7M	N/A	-$42.0M
Financing Cash Flow	-$103.6M+34.6%	-$158.3M-155.4%	$285.5M+4560.9%	-$6.4M	N/A	$522.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$0
Share Buybacks	$100.0M-20.9%	$126.4M-36.4%	$198.6M	$0	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$72.2M-63.6%	$198.1M+65.1%	$120.0M-23.0%	$155.9M+25.1%	$124.6M-35.4%	$193.0M+1578.3%	$11.5M-56.3%	$26.3M
Capital Expenditures	$106.3M+52.3%	$69.8M+3.9%	$67.2M-32.9%	$100.2M-10.3%	$111.7M+36.4%	$81.9M-25.7%	$110.2M-27.2%	$151.3M
Free Cash Flow	-$34.1M-126.6%	$128.3M+143.0%	$52.8M-5.2%	$55.7M+331.8%	$12.9M-88.4%	$111.1M+212.6%	-$98.7M+21.0%	-$125.0M
Investing Cash Flow	-$104.7M-369.2%	$38.9M+167.8%	-$57.4M+30.3%	-$82.4M+24.5%	-$109.1M-33.4%	-$81.8M+25.7%	-$110.1M+27.2%	-$151.3M
Financing Cash Flow	-$25.5M+67.2%	-$77.7M-77600.0%	-$100K+66.7%	-$300K+98.9%	-$27.2M+79.0%	-$129.3M-64550.0%	-$200K+87.5%	-$1.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$25.0M	N/A	N/A	N/A	$25.0M-75.0%	$100.0M	N/A	N/A

VAL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	31.2%+5.7pp	25.5%+12.0pp	13.5%-0.2pp	13.7%	N/A	N/A
Operating Margin	20.1%+5.2pp	14.9%+11.9pp	3.0%+0.7pp	2.3%	N/A	-303.7%
Net Margin	41.5%+25.7pp	15.8%-32.7pp	48.5%+37.5pp	11.0%	N/A	-340.2%
Return on Equity	31.0%+14.3pp	16.7%-26.9pp	43.5%+29.9pp	13.7%	N/A	-111.0%
Return on Assets	18.5%+10.1pp	8.5%-11.6pp	20.0%+13.8pp	6.2%	N/A	-37.7%
Current Ratio	1.77+0.2	1.59-0.1	1.71-1.0	2.67-0.2	2.86+0.1	2.75
Debt-to-Equity	0.34-0.1	0.48-0.1	0.54+0.1	0.42-0.1	0.51+0.5	0.00
FCF Margin	8.6%+12.8pp	-4.2%+19.8pp	-24.0%-19.0pp	-5.0%	N/A	-24.2%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	23.1%-8.8pp	31.9%-3.8pp	35.7%+2.5pp	33.1%+4.2pp	28.9%+0.8pp	28.1%+0.1pp	28.1%+12.8pp	15.3%
Operating Margin	7.3%-14.6pp	21.9%-4.8pp	26.7%+3.6pp	23.0%+2.6pp	20.4%+5.6pp	14.8%-3.1pp	17.8%+12.3pp	5.6%
Net Margin	133.5%+101.9pp	31.6%+12.9pp	18.7%+24.8pp	-6.1%-29.0pp	22.9%+12.8pp	10.1%-14.5pp	24.5%+19.7pp	4.9%
Return on Equity	22.6%+15.0pp	7.7%+2.7pp	4.9%+6.7pp	-1.7%-7.7pp	6.0%+2.9pp	3.0%-3.8pp	6.9%+5.6pp	1.3%
Return on Assets	13.5%+9.5pp	4.1%+1.5pp	2.6%+3.4pp	-0.9%-3.9pp	3.0%+1.5pp	1.5%-1.9pp	3.4%+2.8pp	0.6%
Current Ratio	1.77-0.1	1.87+0.1	1.81+0.1	1.67+0.1	1.59-0.0	1.61-0.1	1.73+0.2	1.57
Debt-to-Equity	0.34-0.1	0.44-0.0	0.47-0.0	0.490.0	0.48-0.0	0.51+0.0	0.50-0.0	0.53
FCF Margin	-6.3%-27.9pp	21.5%+13.0pp	8.6%-0.4pp	9.0%+6.8pp	2.2%-15.1pp	17.3%+33.5pp	-16.2%+7.6pp	-23.8%

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Frequently Asked Questions

What is Valaris Limited's annual revenue?

Valaris Limited (VAL) reported $2.4B in total revenue for fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Valaris Limited's revenue growing?

Valaris Limited (VAL) revenue grew by 0.3% year-over-year, from $2.4B to $2.4B in fiscal year 2025.

Is Valaris Limited profitable?

Yes, Valaris Limited (VAL) reported a net income of $982.8M in fiscal year 2025, with a net profit margin of 41.5%.

What is Valaris Limited's EBITDA?

Valaris Limited (VAL) had EBITDA of $623.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Valaris Limited have?

As of fiscal year 2025, Valaris Limited (VAL) had $599.4M in cash and equivalents against $1.1B in long-term debt.

What is Valaris Limited's gross margin?

Valaris Limited (VAL) had a gross margin of 31.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Valaris Limited's operating margin?

Valaris Limited (VAL) had an operating margin of 20.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Valaris Limited's net profit margin?

Valaris Limited (VAL) had a net profit margin of 41.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Valaris Limited's return on equity (ROE)?

Valaris Limited (VAL) has a return on equity of 31.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Valaris Limited's free cash flow?

Valaris Limited (VAL) generated $202.7M in free cash flow during fiscal year 2025. This represents a 303.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Valaris Limited's operating cash flow?

Valaris Limited (VAL) generated $546.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Valaris Limited's total assets?

Valaris Limited (VAL) had $5.3B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Valaris Limited's capital expenditures?

Valaris Limited (VAL) invested $343.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Valaris Limited buy back shares?

Yes, Valaris Limited (VAL) spent $100.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Valaris Limited have outstanding?

Valaris Limited (VAL) had 69M shares outstanding as of fiscal year 2025.

What is Valaris Limited's current ratio?

Valaris Limited (VAL) had a current ratio of 1.77 as of fiscal year 2025, which is generally considered healthy.

What is Valaris Limited's debt-to-equity ratio?

Valaris Limited (VAL) had a debt-to-equity ratio of 0.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Valaris Limited's return on assets (ROA)?

Valaris Limited (VAL) had a return on assets of 18.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Valaris Limited's Altman Z-Score?

Valaris Limited (VAL) has an Altman Z-Score of 3.43, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Valaris Limited's Piotroski F-Score?

Valaris Limited (VAL) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Valaris Limited's earnings high quality?

Valaris Limited (VAL) has an earnings quality ratio of 0.56x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Valaris Limited?

Valaris Limited (VAL) scores 59 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.