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French manufacturer of seamless steel tubes used mainly in oil & gas drilling and industrial applications.
French manufacturer of seamless steel tubes used mainly in oil & gas drilling and industrial applications.
Sells high-grade pipes and the proprietary VAM threaded connections that join them, which earn more than plain pipe. Demand follows oil and gas drilling activity, with more value in deep, high-pressure and horizontal wells. A 2021 financial restructuring cut its debt and refocused it on oil and gas.
Moat: narrow (process know-how, installed base). Premium seamless tube technology for high-pressure/deepwater drilling limits low-cost competition.
Headquarters: Boulogne-Billancourt, France · Employees: 12,269
Size Vallourec (VK.PA) is a France Materials company (Steel) with a market value of $5.51B, the 64th largest of 206 France companies the cockpit tracks. Shares closed at €18.91 on 6 Nov 2026.
Performance Over six months the shares fell 30.8%, against -8.6% for the median peer and -0.4% for the France market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 6.9% over the last twelve months (peer median +9.8%); the operating margin is 14.4% (peer median 4.7%).
Valuation It trades at 15.5× forward earnings against a peer median of 13.8× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.2 points above its cost of capital (6.8% WACC).
Credit Vallourec has 1 bond outstanding ($738M), rated BBB- by the agencies and trading like BBB- at a weighted spread of 128 bp.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.55B | €3.81B | €4.03B | €5.11B | €4.88B |
| Revenue growth | — | -6% | -21% | +5% | — |
| Gross profit | €846M | €933M | €962M | €1.39B | €848M |
| EBITDA | €712M | €767M | €825M | €1.23B | €701M |
| Net income | €342M | €355M | €452M | €496M | -€366M |
| Free cash flow | €427M | €384M | €321M | €498M | -€216M |
| Capital expenditure | €186M | €176M | €167M | €213M | €191M |
| Total debt | n/a | €929M | €1.17B | €1.53B | €1.75B |
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 |
|---|---|---|---|---|---|---|
| Vallourec VK.PA | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% |
| Tenaris TEN.MI | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% |
| Nippon Steel 5401.T | $22.3B | +15% | +28% | 4% | 11.2× | n/a |
| Jfe 5411.T | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% |
| Tubacex TUB.MC | $358M | -6% | -7% | -2% | 76.4× | 15.7% |
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 | VK.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | -5.5% | highest of 21 |
| 6-month return | -30.8% | -8.6% | 3rd lowest of 21 |
| Distance from 52-week high | -31.7% | -24.8% | 6th lowest of 21 |
| Revenue growth (TTM) | -6.9% | +9.8% | 2nd lowest of 21 |
| Operating margin | 14.4% | 4.7% | 4th highest of 21 |
| Forward P/E | 15.5× | 13.8× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -7.6% | 6.2% | 4th least demanding of 16 |
| Growth delivered (Del g) | +3.3% | +7.1% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | -10.9 pp | -5.7 pp | 3rd least demanding of 16 |
| ROIC minus cost of capital | +8.2 pp | -2.1 pp | 2nd highest of 21 |
| EV / EBITDA | 6.8× | 8.1× | 6th cheapest of 15 |
| Net debt / EBITDA | -0.2× | 1.6× | 5th least indebted of 17 |
| Bond spread | 128 bp | 199 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Beijing Shougang 000959.SZ | China | $3.50B | -34% | -2% | 1% | 27.4× | -9.7% | +5.2% |
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% | +0.9% |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
Vallourec has 1 bond outstanding with $738M face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.94%, a spread of 128 bp over government bonds.