Valaris Limited Financials
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).
Nearly flat revenue exposed a margin-led earnings engine as operating cash flow finally covered reinvestment and strengthened the balance sheet in FY2025.
In the latest year, gross margin rose from25.5% to31.2% even though revenue barely moved from the prior year. Because free cash flow also turned from-$99.7M to$202.7M , the earnings jump reflects a more profitable and less capital-hungry operating setup rather than simple volume growth.
The important pattern is in cash conversion: FY2023 and FY2024 already showed operations strong enough to produce positive operating cash flow, but capex was still too heavy for the business to fund itself. In FY2025, operating cash flow reached
The balance sheet improved alongside profitability, which matters because a profit recovery is sturdier when higher earnings also rebuild the capital base and widen financial flexibility, not just reported income. Cash increased to
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Valaris Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Valaris Limited scores 2.98, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Valaris Limited passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Valaris Limited generates $0.56 in operating cash flow ($546.2M OCF vs $979.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Valaris Limited generated $2.4B in revenue in fiscal year 2025. This represents an increase of 0.3% from the prior year.
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.
Valaris Limited reported $979.1M in net income in fiscal year 2025. This represents an increase of 13.0% from the prior year.
Cash & Balance Sheet
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.
Valaris Limited held $599.4M in cash against $1.1B in long-term debt as of fiscal year 2025.
Valaris Limited had 69M shares outstanding in fiscal year 2025. This represents a decrease of 2.5% from the prior year.
Margins & Returns
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.
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.
Valaris Limited's net profit margin was 41.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.6 percentage points from the prior year.
Valaris Limited's ROE was 30.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.8 percentage points from the prior year.
Capital Allocation
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $465.4M-13.4% | $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 |
| Cost of Revenue | $373.4M-9.7% | $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 |
| Gross Profit | $92.0M-25.8% | $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 |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $25.3M-6.3% | $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 |
| Operating Income | $20.0M-49.2% | $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 |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $28.4M+104.2% | -$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 |
| Net Income | -$16.4M-102.3% | $713.8M+279.5% | $188.1M+63.4% | $115.1M+403.7% | -$37.9M-106.0% | $627.1M+870.7% | $64.6M-56.8% | $149.6M |
| EPS (Diluted) | $-0.24 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
VAL Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.4B+1.1% | $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 |
| Current Assets | $1.2B-1.7% | $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 |
| Cash & Equivalents | $578.3M-3.5% | $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 |
| 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 | $2.2B+3.2% | $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 |
| Current Liabilities | $777.7M+12.4% | $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 |
| 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-0.3% | $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 |
| Retained Earnings | $2.4B-0.7% | $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 |
VAL Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $75.0M+3.9% | $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 |
| Capital Expenditures | $100.9M-5.1% | $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 |
| Free Cash Flow | -$25.9M+24.0% | -$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 |
| Investing Cash Flow | -$95.7M+8.6% | -$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 |
| Financing Cash Flow | -$1.4M+94.5% | -$25.5M+67.2% | -$77.7M-77600.0% | -$100K+66.7% | -$300K+98.9% | -$27.2M+79.0% | -$129.3M-64550.0% | -$200K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | $25.0M | N/A | N/A | N/A | $25.0M-75.0% | $100.0M | N/A |
VAL Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.8%-3.3pp | 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% |
| Operating Margin | 4.3%-3.0pp | 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% |
| Net Margin | -3.5%-136.3pp | 132.8%+101.2pp | 31.6%+12.9pp | 18.7%+24.8pp | -6.1%-113.4pp | 107.3%+97.3pp | 10.1%-14.5pp | 24.5% |
| Return on Equity | -0.5%-23.0pp | 22.5%+14.8pp | 7.7%+2.7pp | 4.9%+6.7pp | -1.7%-29.7pp | 28.0%+25.0pp | 3.0%-3.8pp | 6.9% |
| Return on Assets | -0.3%-13.8pp | 13.5%+9.4pp | 4.1%+1.5pp | 2.6%+3.4pp | -0.9%-15.0pp | 14.2%+12.7pp | 1.5%-1.9pp | 3.4% |
| Current Ratio | 1.55-0.2 | 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 |
| Debt-to-Equity | 0.340.0 | 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 |
| FCF Margin | -5.6%+0.8pp | -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% |
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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 $979.1M in fiscal year 2025, with a net profit margin of 41.3%.
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 41.3% 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 30.9% 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.
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 2.98, placing it in the Grey Zone (moderate 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 6 out of 9, indicating neutral 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 to 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 51 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.