Vale S A Financials

VALE

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2012 Currency USD FYE December

This page shows Vale S A (VALE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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 47/100

Based on FY2012 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Vale S A has an operating margin of 18.9%, meaning the company retains $19 of operating profit per $100 of revenue. This strong profitability earns a score of 95/100, reflecting efficient cost management and pricing power. This is down from 48.3% the prior year.

Growth

Vale S A's revenue declined 21.8% year-over-year, from $62.3B to $48.8B. This contraction results in a growth score of 0/100.

Leverage

Vale S A carries a low D/E ratio of 0.41, meaning only $0.41 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Vale S A's current ratio of 1.82 indicates adequate short-term liquidity, earning a score of 53/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Vale S A generated $16.6B in operating cash flow, capex of $15.8B consumed most of it, leaving $818.0M in free cash flow. This results in a low score of 8/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Vale S A's ROE of 7.4% shows moderate profitability relative to equity, earning a score of 30/100. This is down from 29.4% the prior year.

Piotroski F-Score Neutral

4/9

Vale S A passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

3.01x

For every $1 of reported earnings, Vale S A generates $3.01 in operating cash flow ($16.6B OCF vs $5.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$48.8B

YoY-21.8%

5Y CAGR+8.0%

Vale S A generated $48.8B in revenue in fiscal year 2012. This represents a decrease of 21.8% from the prior year.

EBITDA

$13.6B

YoY-60.2%

5Y CAGR-2.4%

Vale S A's EBITDA was $13.6B in fiscal year 2012, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 60.2% from the prior year.

Free Cash Flow

$818.0M

YoY-90.3%

5Y CAGR-28.4%

Vale S A generated $818.0M in free cash flow in fiscal year 2012, representing cash available after capex. This represents a decrease of 90.3% from the prior year.

Net Income

$5.5B

YoY-75.9%

5Y CAGR-14.2%

Vale S A reported $5.5B in net income in fiscal year 2012. This represents a decrease of 75.9% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$5.8B

YoY+65.2%

5Y CAGR+41.0%

Vale S A held $5.8B in cash against $30.3B in long-term debt as of fiscal year 2012.

Dividends Per Share

N/A

Shares Outstanding

3.26B

YoY+0.0%

Vale S A had 3.26B shares outstanding in fiscal year 2012. This represents an increase of 0.0% from the prior year.

Gross Margin

N/A

Operating Margin

18.9%

YoY-29.4pp

5Y CAGR-20.9pp

Vale S A's operating margin was 18.9% in fiscal year 2012, reflecting core business profitability. This is down 29.4 percentage points from the prior year.

Net Margin

11.3%

YoY-25.4pp

5Y CAGR-24.4pp

Vale S A's net profit margin was 11.3% in fiscal year 2012, showing the share of revenue converted to profit. This is down 25.4 percentage points from the prior year.

Return on Equity

7.4%

YoY-22.0pp

5Y CAGR-25.9pp

Vale S A's ROE was 7.4% in fiscal year 2012, measuring profit generated per dollar of shareholder equity. This is down 22.0 percentage points from the prior year.

R&D Spending

$1.5B

YoY-11.7%

5Y CAGR+15.1%

Vale S A invested $1.5B in research and development in fiscal year 2012. This represents a decrease of 11.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$15.8B

YoY-1.9%

5Y CAGR+18.9%

Vale S A invested $15.8B in capex in fiscal year 2012, funding long-term assets and infrastructure. This represents a decrease of 1.9% from the prior year.

VALE Income Statement

Metric	FY12	FY11	FY10	FY09	FY08	FY07
Revenue	$48.8B-21.8%	$62.3B+29.3%	$48.2B+101.4%	$23.9B-37.8%	$38.5B+16.3%	$33.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$1.5B-11.7%	$1.7B+90.7%	$878.0M-10.5%	$981.0M-9.6%	$1.1B+48.0%	$733.0M
SG&A Expenses	$2.2B-4.0%	$2.3B+37.2%	$1.7B+50.5%	$1.1B-35.4%	$1.7B+40.4%	$1.2B
Operating Income	$9.2B-69.4%	$30.1B+38.8%	$21.7B+258.2%	$6.1B-58.9%	$14.7B+11.8%	$13.2B
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	-$833.0M-115.8%	$5.3B+42.6%	$3.7B+76.4%	$2.1B+292.5%	$535.0M-83.3%	$3.2B
Net Income	$5.5B-75.9%	$22.9B+32.6%	$17.3B+222.8%	$5.3B-59.5%	$13.2B+11.8%	$11.8B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'12	Q3'12	Q2'12	Q1'11	Q3'11	Q2'11	Q4'10	Q3'10
Revenue	$14.3B+30.4%	$11.0B-3.3%	$11.3B-23.2%	$14.8B-11.9%	$16.7B+9.1%	$15.3B+0.9%	$15.2B+4.9%	$14.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$460.0M+27.8%	$360.0M+20.4%	$299.0M-43.5%	$529.0M+20.2%	$440.0M+21.2%	$363.0M+20.6%	$301.0M+39.4%	$216.0M
SG&A Expenses	$577.0M+11.2%	$519.0M-1.9%	$529.0M-36.0%	$827.0M+26.5%	$654.0M+50.7%	$434.0M-32.9%	$647.0M+54.8%	$418.0M
Operating Income	-$1.2B-145.2%	$2.6B-31.2%	$3.9B-36.1%	$6.0B-28.1%	$8.4B+8.1%	$7.7B+8.1%	$7.2B-8.5%	$7.8B
Interest Expense	N/A	N/A	N/A	N/A	$822.0M+59.9%	$514.0M	N/A	$741.0M
Income Tax	-$706.0M-285.8%	$380.0M-31.3%	$553.0M-51.8%	$1.1B+226.8%	$351.0M-85.4%	$2.4B+111.7%	$1.1B-47.0%	$2.1B
Net Income	-$2.6B-258.6%	$1.7B-56.4%	$3.8B-18.1%	$4.7B-5.3%	$4.9B-23.5%	$6.5B+9.0%	$5.9B-2.0%	$6.0B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VALE Balance Sheet

Metric	FY12	FY11	FY10	FY09	FY08	FY07
Total Assets	$131.5B+2.1%	$128.7B-0.3%	$129.1B+26.3%	$102.3B+27.9%	$80.0B	N/A
Current Assets	$22.9B+5.3%	$21.7B-31.6%	$31.8B+49.3%	$21.3B-8.4%	$23.2B	N/A
Cash & Equivalents	$5.8B+65.2%	$3.5B-53.4%	$7.6B+4.0%	$7.3B-29.4%	$10.3B+887.7%	$1.0B
Inventory	$5.1B-3.8%	$5.3B+22.2%	$4.3B+34.5%	$3.2B-18.0%	$3.9B	N/A
Accounts Receivable	$6.7B-18.9%	$8.2B+5.7%	$7.8B+155.7%	$3.0B-0.8%	$3.1B	N/A
Goodwill	$2.9B-2.6%	$3.0B-8.8%	$3.3B+43.4%	$2.3B+21.9%	$1.9B	N/A
Total Liabilities	$57.2B+12.2%	$51.0B-15.3%	$60.2B+32.9%	$45.3B+21.1%	$37.4B	N/A
Current Liabilities	$12.6B+14.0%	$11.0B-38.3%	$17.9B+95.1%	$9.2B+26.9%	$7.2B	N/A
Long-Term Debt	$30.3B+31.4%	$23.0B+6.7%	$21.6B+8.5%	$19.9B+13.5%	$17.5B	N/A
Total Equity	$74.2B-4.5%	$77.7B+12.8%	$68.9B+21.0%	$56.9B+33.8%	$42.6B+20.0%	$35.5B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'12	Q3'12	Q2'12	Q1'11	Q3'11	Q2'11	Q4'10	Q3'10
Total Assets	$131.5B-3.6%	$136.5B+1.5%	$134.4B+4.4%	$128.7B-0.2%	$129.0B-9.9%	$143.2B+10.9%	$129.1B+3.1%	$125.3B
Current Assets	$22.9B-9.6%	$25.3B+11.4%	$22.7B+4.6%	$21.7B-18.8%	$26.8B-15.5%	$31.7B-0.4%	$31.8B+1.0%	$31.5B
Cash & Equivalents	$5.8B-26.7%	$8.0B+59.3%	$5.0B+41.4%	$3.5B-53.3%	$7.6B-42.8%	$13.2B+74.4%	$7.6B-22.0%	$9.7B
Inventory	$5.1B-1.8%	$5.1B-7.0%	$5.5B+5.4%	$5.3B+3.9%	$5.1B-4.1%	$5.3B+22.7%	$4.3B+0.8%	$4.3B
Accounts Receivable	$6.7B+2.3%	$6.5B-10.7%	$7.3B-11.3%	$8.2B-2.4%	$8.4B+6.3%	$7.9B+1.8%	$7.8B+3.7%	$7.5B
Goodwill	$2.9B-0.9%	$3.0B-3.5%	$3.1B+1.9%	$3.0B+0.7%	$3.0B-10.8%	$3.4B+1.6%	$3.3B+2.1%	$3.2B
Total Liabilities	$57.2B+5.4%	$54.3B+4.5%	$52.0B+1.9%	$51.0B-1.4%	$51.8B-11.1%	$58.2B-3.4%	$60.2B+7.6%	$56.0B
Current Liabilities	$12.6B+21.7%	$10.3B-5.0%	$10.9B-1.4%	$11.0B-7.8%	$12.0B-23.3%	$15.6B-12.9%	$17.9B+19.3%	$15.0B
Long-Term Debt	$30.3B+6.5%	$28.4B+16.7%	$24.4B+5.7%	$23.0B+0.5%	$22.9B+2.2%	$22.4B+3.9%	$21.6B+4.1%	$20.7B
Total Equity	$74.2B-9.6%	$82.2B-0.4%	$82.4B+6.1%	$77.7B+0.6%	$77.2B-9.1%	$85.0B+23.4%	$68.9B-0.6%	$69.3B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VALE Cash Flow Statement

Metric	FY12	FY11	FY10	FY09	FY08	FY07
Operating Cash Flow	$16.6B-32.3%	$24.5B+27.7%	$19.2B+168.8%	$7.1B-58.3%	$17.1B+55.4%	$11.0B
Capital Expenditures	$15.8B-1.9%	$16.1B+27.1%	$12.6B+56.2%	$8.1B-9.8%	$9.0B+34.9%	$6.7B
Free Cash Flow	$818.0M-90.3%	$8.4B+28.8%	$6.5B+780.8%	-$960.0M-111.8%	$8.1B+86.7%	$4.4B
Investing Cash Flow	N/A	-$14.1B+18.1%	-$17.2B-30.6%	-$13.2B-15.4%	-$11.4B-26.6%	-$9.0B
Financing Cash Flow	N/A	-$14.4B-589.9%	-$2.1B-433.3%	$625.0M-93.1%	$9.0B+272.9%	-$5.2B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$3.0B+98.8%	$1.5B+16677.8%	$9.0M-98.8%	$752.0M	N/A

Metric	Q4'12	Q3'12	Q2'12	Q1'11	Q3'11	Q2'11	Q4'10	Q3'10
Operating Cash Flow	$3.3B-41.9%	$5.7B+74.2%	$3.3B-56.7%	$7.5B+78.4%	$4.2B-40.4%	$7.1B-1.7%	$7.2B+4.4%	$6.9B
Capital Expenditures	$4.6B-7.6%	$5.0B+68.3%	$3.0B-51.2%	$6.1B+63.6%	$3.7B+6.6%	$3.5B-26.6%	$4.7B+23.1%	$3.9B
Free Cash Flow	-$1.3B-291.5%	$685.0M+133.0%	$294.0M-79.6%	$1.4B+188.2%	$500.0M-86.1%	$3.6B+46.7%	$2.4B-19.3%	$3.0B
Investing Cash Flow	N/A	-$3.0B+7.6%	-$3.2B+50.6%	-$6.5B-67.0%	-$3.9B-23.8%	-$3.2B+51.3%	-$6.5B-32.1%	-$4.9B
Financing Cash Flow	N/A	-$2.1B-259.4%	$1.3B+126.5%	-$5.1B+5.2%	-$5.3B-136.4%	-$2.3B+24.0%	-$3.0B-376.9%	$1.1B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$1.0B-50.0%	$2.0B	N/A	$1.1B+232.0%	$341.0M

VALE Financial Ratios

Metric	FY12	FY11	FY10	FY09	FY08	FY07
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	18.9%-29.4pp	48.3%+3.3pp	45.0%+19.7pp	25.3%-13.0pp	38.3%-1.5pp	39.8%
Net Margin	11.3%-25.4pp	36.7%+0.9pp	35.8%+13.5pp	22.3%-12.0pp	34.3%-1.4pp	35.7%
Return on Equity	7.4%-22.0pp	29.4%+4.4pp	25.1%+15.7pp	9.4%-21.7pp	31.1%-2.3pp	33.4%
Return on Assets	4.2%-13.6pp	17.8%+4.4pp	13.4%+8.1pp	5.2%-11.3pp	16.5%	N/A
Current Ratio	1.82-0.1	1.97+0.2	1.77-0.5	2.32-0.9	3.21	N/A
Debt-to-Equity	0.41+0.1	0.30-0.0	0.31-0.0	0.35-0.1	0.41	N/A
FCF Margin	1.7%-11.8pp	13.5%-0.1pp	13.6%+17.6pp	-4.0%-25.1pp	21.1%+8.0pp	13.2%

Metric	Q4'12	Q3'12	Q2'12	Q1'11	Q3'11	Q2'11	Q4'10	Q3'10
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-8.4%-32.5pp	24.1%-9.8pp	34.0%-6.9pp	40.8%-9.2pp	50.0%-0.5pp	50.5%+3.4pp	47.1%-6.9pp	54.1%
Net Margin	-18.5%-33.7pp	15.2%-18.5pp	33.8%+2.1pp	31.7%+2.2pp	29.5%-12.6pp	42.0%+3.1pp	38.9%-2.7pp	41.6%
Return on Equity	N/A	2.0%-2.6pp	4.6%-1.4pp	6.0%-0.4pp	6.4%-1.2pp	7.6%-1.0pp	8.6%-0.1pp	8.7%
Return on Assets	-2.0%-3.2pp	1.2%-1.6pp	2.9%-0.8pp	3.6%-0.2pp	3.8%-0.7pp	4.5%-0.1pp	4.6%-0.2pp	4.8%
Current Ratio	1.82-0.6	2.45+0.4	2.09+0.1	1.97-0.3	2.24+0.2	2.03+0.3	1.77-0.3	2.10
Debt-to-Equity	0.41+0.1	0.35+0.1	0.300.0	0.300.0	0.30+0.0	0.26-0.0	0.31+0.0	0.30
FCF Margin	-9.2%-15.4pp	6.3%+3.7pp	2.6%-7.2pp	9.8%+6.8pp	3.0%-20.4pp	23.4%+7.3pp	16.1%-4.8pp	20.9%

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Frequently Asked Questions

What is Vale S A's annual revenue?

Vale S A (VALE) reported $48.8B in total revenue for fiscal year 2012. This represents a -21.8% 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 Vale S A's revenue growing?

Vale S A (VALE) revenue declined by 21.8% year-over-year, from $62.3B to $48.8B in fiscal year 2012.

Is Vale S A profitable?

Yes, Vale S A (VALE) reported a net income of $5.5B in fiscal year 2012, with a net profit margin of 11.3%.

What is Vale S A's EBITDA?

Vale S A (VALE) had EBITDA of $13.6B in fiscal year 2012, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Vale S A have?

As of fiscal year 2012, Vale S A (VALE) had $5.8B in cash and equivalents against $30.3B in long-term debt.

What is Vale S A's operating margin?

Vale S A (VALE) had an operating margin of 18.9% in fiscal year 2012, reflecting the profitability of core business operations before interest and taxes.

What is Vale S A's net profit margin?

Vale S A (VALE) had a net profit margin of 11.3% in fiscal year 2012, representing the share of revenue converted into profit after all expenses.

What is Vale S A's return on equity (ROE)?

Vale S A (VALE) has a return on equity of 7.4% for fiscal year 2012, measuring how efficiently the company generates profit from shareholder equity.

What is Vale S A's free cash flow?

Vale S A (VALE) generated $818.0M in free cash flow during fiscal year 2012. This represents a -90.3% 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 Vale S A's operating cash flow?

Vale S A (VALE) generated $16.6B in operating cash flow during fiscal year 2012, representing cash generated from core business activities.

What are Vale S A's total assets?

Vale S A (VALE) had $131.5B in total assets as of fiscal year 2012, including both current and long-term assets.

What are Vale S A's capital expenditures?

Vale S A (VALE) invested $15.8B in capital expenditures during fiscal year 2012, funding long-term assets and infrastructure.

How much does Vale S A spend on research and development?

Vale S A (VALE) invested $1.5B in research and development during fiscal year 2012.

How many shares does Vale S A have outstanding?

Vale S A (VALE) had 3.26B shares outstanding as of fiscal year 2012.

What is Vale S A's current ratio?

Vale S A (VALE) had a current ratio of 1.82 as of fiscal year 2012, which is generally considered healthy.

What is Vale S A's debt-to-equity ratio?

Vale S A (VALE) had a debt-to-equity ratio of 0.41 as of fiscal year 2012, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vale S A's return on assets (ROA)?

Vale S A (VALE) had a return on assets of 4.2% for fiscal year 2012, measuring how efficiently the company uses its assets to generate profit.

What is Vale S A's Piotroski F-Score?

Vale S A (VALE) has a Piotroski F-Score of 4 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Vale S A's earnings high quality?

Vale S A (VALE) has an earnings quality ratio of 3.01x, considered cash-backed (high 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 Vale S A?

Vale S A (VALE) scores 47 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.