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Brazilian mining giant and the world's largest iron ore producer, also mining nickel and copper.
Brazilian mining giant and the world's largest iron ore producer, also mining nickel and copper.
Sells iron ore, pellets, nickel and copper at market-linked prices, so results follow steel demand in China and ore prices. Iron ore from the Carajas region of northern Brazil carries the company and is moved on its own railways to its own ports. Dam failures at Mariana in 2015 and Brumadinho in 2019 reshaped its risk and safety spending.
Moat: narrow (scale, cost advantage, installed base). World-leading iron ore reserves/scale in Brazil give a structural cost advantage, offset by periodic operational/environmental disasters.
Headquarters: Rio de Janeiro, Brazil · Founded: 1942 · Employees: 65,805
Size Vale S.A. Sponsored ADR (VALE) is a United States Materials company (Steel) with a market value of $45.4B, the 275th largest of 3,117 United States companies the cockpit tracks. Shares closed at $11.59 on 6 Nov 2026.
Performance Over six months the shares fell 30.3%, against -3.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 14 in its peer set.
Growth Revenue grew 10.5% over the last twelve months (peer median +10.5%); the operating margin is 24.8% (peer median 9.5%).
Valuation It trades at 7.7× forward earnings against a peer median of 14.4× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.6 points above its cost of capital (6.8% WACC).
Short interest Short interest is 1.4% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $41.4B | $38.2B | $38.2B | $41.7B | $43.9B |
| Revenue growth | — | 0% | -8% | -5% | — |
| Gross profit | $12.9B | $13.1B | $13.8B | $17.4B | $19.6B |
| EBITDA | $13.7B | $14.1B | $13.9B | $17.6B | $21.1B |
| Net income | $600M | $2.47B | $5.86B | $8.00B | $18.6B |
| Free cash flow | $3.78B | $3.06B | $2.88B | $7.36B | $6.04B |
| Capital expenditure | $6.07B | $5.98B | $6.51B | $6.03B | $5.46B |
| Total debt | $18.2B | $18.9B | $15.5B | $13.9B | $12.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Vale S.A. Sponsored ADR VALE | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% |
| BHP Group Ltd Sponsored American Depositary Receipt Repr 2 BHP | $198B | -6% | +15% | 39% | 15.7× | -2.9% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| Fortescue FMG.AX | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
| Anglo American AAL.L | $53.7B | -5% | -14% | 23% | 29.6× | 17.0% |
| Champion Iron CIA.TO | $741M | -57% | 0% | 7% | 11.7× | 8.0% |
| Mineral Resources MIN.AX | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VALE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.6% | +1.1% | 2nd lowest of 14 |
| 6-month return | -30.3% | -3.2% | 3rd lowest of 14 |
| Distance from 52-week high | -35.4% | -17.0% | 3rd lowest of 14 |
| Revenue growth (TTM) | +10.5% | +10.5% | 7th highest of 14 |
| Operating margin | 24.8% | 9.5% | 2nd highest of 14 |
| Forward P/E | 7.7× | 14.4× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -14.0% | 9.1% | least demanding of 10 |
| Growth delivered (Del g) | -0.9% | +10.0% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | -13.1 pp | -1.1 pp | least demanding of 10 |
| ROIC minus cost of capital | +8.6 pp | +1.1 pp | 2nd highest of 14 |
| EV / EBITDA | 4.3× | 10.2× | 2nd cheapest of 11 |
| Net debt / EBITDA | 1.0× | 1.2× | 5th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| Fortescue FMG.AX | Australia | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% | -3.5% |
| Steel Dynamics STLD | United States | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% | +13.6% |
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |