Valaris (VAL) financial statements
Valaris reported revenue of $2.4B in fiscal 2025, down 2.0% a year over 8 years.
Net income was $983M.
Free cash flow was $203M, and the company returned $100M in net buybacks.
The diluted share count fell 69% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Valaris's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $2.8B | $1.8B | $1.7B | $2.1B | $1.4B | $1.6B | $1.8B | $2.4B | $2.4B |
| Cost of revenue | — | — | $1.2B | $1.3B | $1.8B | — | $1.4B | $1.5B | $1.8B | $1.6B |
| Gross profit | — | — | $654M | $386M | $247M | — | $219M | $241M | $602M | $739M |
| Selling, general and admin | $118M | $101M | $158M | $103M | $189M | $215M | $81M | $99M | $116M | $97M |
| Operating income | -$1.2B | $929M | -$132M | -$236M | -$670M | -$4.3B | $37M | $54M | $352M | $477M |
| Interest expense | $216M | $229M | $224M | $283M | $428M | $291M | — | — | — | — |
| Pre-tax income | -$1.5B | $998M | -$196M | -$539M | -$64M | -$5.1B | $225M | $84M | $370M | $552M |
| Income tax | -$14M | $108M | $109M | $90M | $128M | -$259M | $43M | -$783M | $400,000 | -$427M |
| Net income | -$1.6B | $890M | -$304M | -$640M | -$198M | -$4.9B | $176M | $865M | $373M | $983M |
| EPS (diluted) | -$6.88 | $3.13 | -$3.66 | -$5.90 | -$1.14 | -$24.42 | $2.33 | $11.51 | $5.12 | $13.86 |
| Diluted shares | 232M | 279M | 83M | 108M | 173M | 199M | 76M | 75M | 73M | 71M |
| Gross margin | — | — | 35.5% | 22.6% | 12.0% | — | 13.7% | 13.5% | 25.5% | 31.2% |
| Operating margin | — | 33.5% | -7.2% | -13.8% | -32.6% | -303.7% | 2.3% | 3.0% | 14.9% | 20.1% |
| Net margin | — | 32.1% | -16.5% | -37.5% | -9.6% | -340.2% | 11.0% | 48.5% | 15.8% | 41.5% |
Balance sheet
Fiscal years, from Valaris's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $2.6B | $885M | $604M | $97M | $326M | $724M | $620M | $368M | $599M |
| Receivables | $582M | $361M | $345M | $345M | $521M | $449M | $449M | $459M | $571M | $475M |
| Inventory | $235M | $225M | $279M | $268M | $340M | $279M | — | — | — | — |
| Total current assets | $2.3B | $3.3B | $1.6B | $1.3B | $1.1B | $1.2B | $1.3B | $1.3B | $1.1B | $1.2B |
| Property, plant and equipment | $11.1B | $10.9B | $12.9B | $12.6B | $15.1B | $11.0B | $977M | $1.6B | $1.9B | $2.1B |
| Goodwill | $0 | — | — | — | — | — | — | — | — | — |
| Total assets | $13.6B | $14.4B | $14.6B | $14.0B | $16.9B | $12.9B | $2.9B | $4.3B | $4.4B | $5.3B |
| Total current liabilities | $776M | $854M | $758M | $528M | $831M | $427M | $504M | $744M | $680M | $692M |
| Long-term debt | $5.9B | $4.9B | $4.8B | $5.0B | $5.9B | $0 | $542M | $1.1B | $1.1B | $1.1B |
| Total liabilities | $7.1B | $6.1B | $5.9B | $5.9B | $7.6B | $8.5B | $1.6B | $2.3B | $2.2B | $2.1B |
| Shareholders' equity | $6.5B | $8.3B | $8.7B | $8.1B | $9.3B | $4.4B | $1.3B | $2.0B | $2.2B | $3.2B |
| Net debt | $5.7B | $4.1B | $4.3B | $4.7B | $6.0B | -$326M | -$182M | $459M | $714M | $487M |
Cash flow
Fiscal years, from Valaris's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $1.1B | $259M | -$56M | -$277M | -$252M | $127M | $268M | $355M | $546M |
| Capital spending | $1.6B | $322M | $537M | $427M | $227M | $94M | $207M | $696M | $455M | $344M |
| Free cash flow | $78M | $755M | -$277M | -$482M | -$504M | -$346M | -$80M | -$429M | -$100M | $203M |
| Stock-based compensation | $40M | $40M | $34M | $30M | $37M | $21M | $17M | $27M | $28M | $25M |
| Dividends paid | $141M | $12M | $14M | $18M | $4M | $0 | — | — | — | — |
| Share buybacks (net) | — | — | — | — | — | — | $0 | -$199M | -$126M | -$100M |
| Net borrowing | -$1.1B | -$864M | -$537M | -$771M | -$928M | -$10M | $0 | -$572M | $0 | $0 |
| Free cash flow margin | — | 27.2% | -15.0% | -28.3% | -24.5% | -24.2% | -5.0% | -24.0% | -4.2% | 8.6% |
| Dividends per share | $0.61 | $0.04 | $0.17 | $0.16 | $0.03 | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for VAL.
Open VAL in InvestinglyQuestions
What was Valaris's revenue in 2025?
$2.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Valaris generate?
$203M in fiscal 2025 (operating cash flow minus capital spending).
From Valaris's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.