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Valaris

VAL NYSE Oil & Gas Drilling Financials FY2015–FY2025

Valaris' revenue rose 0.3% to $2.4 billion in fiscal 2025. Its operating margin was 20.1%, up from 14.9% a year earlier. Free cash flow was $203 million. It paid out $100 million in dividends and buybacks, 49% of free cash flow. The diluted share count fell 2.7%.

Last close · Oct 23, 2026

$97.33

5.6%
Value it Compare
Revenue Total sales reported in the income statement.
$2.4B
0.3% vs prior year
Operating margin Operating income as a share of revenue.
20.1%
5.2 pts
Net income Profit after all expenses, interest and tax.
$983M
163.2%
Free cash flow Cash from operations minus capital spending.
$203M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.4%
1.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
7.3x
On $13.26 EPS (TTM)

About these figures. Valaris emerged from bankruptcy in April 2021, so 2021 is split into two periods with no full-year figures and is not shown. Its old shares were cancelled, and its assets were revalued, so figures before and after 2021 aren't comparable. Share counts and per-share figures for earlier years are restated for a stock split (1-for-4), so every year is on today's share basis.

What Valaris does

No business description yet.

Legal name
Valaris Limited
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000314808-26-000029
0000314808

Revenue and margins

Valaris had $2.4B of revenue in fiscal 2025, up 0.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $203M in fiscal 2025, 8.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Valaris returned $100M to shareholders in fiscal 2025, 49% of free cash flow. The diluted share count fell 2.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Valaris yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$487M and divides by 70.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 7.3x · peers — · sector 17.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Valaris can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY20FY22FY23FY24FY25
Cash and short-term investments $326M$724M$621M$368M$599M
Debt incl. finance leases $0.0M$542M$1.1B$1.1B$1.1B
Net debt / EBITDA —−1.4x3.0x1.5x0.8x
Debt / equity 0.0x0.4x0.5x0.5x0.3x
Interest coverage −14.9x0.8x1.7x4.5x5.3x
Current ratio 2.8x2.7x1.7x1.6x1.8x
Quick ratio 2.1x—1.7x1.6x1.8x
Total assets $12.9B$2.9B$4.3B$4.4B$5.3B
Total liabilities $8.5B$1.6B$2.3B$2.2B$2.1B
Shareholders' equity $4.4B$1.3B$2.0B$2.2B$3.2B
Net debt (− = net cash) −$326M−$182M$459M$715M$487M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose — ✕ ✓
Cash from operations exceeds net income ✕ ✕ ✕
Debt fell relative to assets — ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets — ✕ ✕
F-score — / 95 / 97 / 9
Accruals ratio 16.7%0.4%9.0%
Altman Z'' 2.563.244.29

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Valaris VAL $6.9B 0.3% 20.1% 8.6% 14.4% 7.3x 7
Noble NE $7.6B 7.5% 12.7% 13.2% 5.3% 50.7x 5 Compare →
Helmerich & Payne HP $3.9B 35.9% 0.1% 3.1% 0.1% — 4 Compare →
Transocean RIG $7.7B 12.5% −58.9% 15.8% −12.4% — 6 Compare →
Patterson-UTI Energy PTEN $4.6B −10.3% −0.9% 7.7% −0.8% — 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY15FY16FY17FY18FY19FY20FY22FY23FY24FY25
Income statement
Revenue — $2.8B $1.8B $1.7B $2.1B $1.4B $1.6B $1.8B $2.4B $2.4B
Gross profit — — $654M $386M $247M — $219M $241M $602M $739M
Operating income −$1.2B $929M −$132M −$236M −$670M −$4.3B $37.2M $53.5M $352M $477M
Interest expense $216M $229M $224M $283M $428M $291M $44.2M $32.3M $78.3M $90.5M
Pretax income −$1.5B $998M −$196M −$539M −$63.8M −$5.1B $225M $84.2M $370M $552M
Income tax −$13.9M $109M $109M $89.6M $128M −$259M $43.1M −$783M $0.4M −$427M
Net income −$1.6B $890M −$304M −$640M −$198M −$4.9B $177M $865M $373M $983M
Diluted EPS −$27.52 $12.52 −$3.66 −$5.90 −$1.14 −$24.42 $2.33 $11.51 $5.12 $13.86
Diluted shares 0.06B 0.07B 0.08B 0.11B 0.17B 0.20B 0.08B 0.08B 0.07B 0.07B
Cash flow
Cash from operations $1.7B $1.1B $259M −$55.7M −$277M −$252M $127M $268M $355M $546M
Capital expenditure $1.6B $322M $537M $427M $227M $93.8M $207M $696M $455M $344M
Free cash flow $78.4M $755M −$277M −$482M −$504M −$346M −$80.0M −$429M −$99.7M $203M
Depreciation and amortization — — — $479M $610M $541M $91.2M $101M $122M $146M
Stock-based compensation $40.2M $39.6M $34.2M $29.9M $37.3M $21.4M $17.4M $27.3M $27.7M $25.2M
Acquisitions $0.0M $0.0M $872M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $199M $126M $100M
Dividends paid $141M $11.6M $13.8M $17.9M $4.5M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $141M $11.6M $13.8M $17.9M $4.5M $0.0M $0.0M $199M $126M $100M
Balance sheet
Cash and short-term investments $1.3B $2.6B $885M $604M $97.2M $326M $724M $621M $368M $599M
Total debt $6.5B $5.4B $4.8B $5.0B $6.0B $0.0M $542M $1.1B $1.1B $1.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.3B $3.3B $1.6B $1.3B $1.1B $1.2B $1.3B $1.3B $1.1B $1.2B
Current liabilities $776M $854M $759M $529M $831M $427M $504M $744M $680M $692M
Inventory $235M $225M $279M $268M $340M $279M — $0.0M $0.0M $0.0M
Property and equipment, net $11.1B $10.9B $12.9B $12.6B $15.1B $11.0B $977M $1.6B $1.9B $2.1B
Total assets $13.6B $14.4B $14.6B $14.0B $16.9B $12.9B $2.9B $4.3B $4.4B $5.3B
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
Margins
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%
EBITDA margin — — — 14.3% −2.9% −265.8% 8.0% 8.7% 20.1% 26.3%
Net margin — 32.1% −16.5% −37.5% −9.6% −340.2% 11.0% 48.5% 15.8% 41.5%
FCF margin — 27.2% −15.1% −28.3% −24.5% −24.2% −5.0% −24.0% −4.2% 8.6%
Returns
Return on capital −8.1% 7.3% −0.9% −1.5% −3.8% −35.5% — 3.0% 13.0% 14.4%
Return on capital employed −9.0% 7.1% −1.0% −1.7% −4.5% −30.4% — 1.8% 9.6% 11.4%
Return on equity −21.7% 12.1% −3.6% −7.6% −2.3% −71.0% — 52.8% 17.7% 36.4%
Return on assets −10.8% 6.4% −2.1% −4.5% −1.3% −32.6% — 24.1% 8.5% 20.2%
Growth
Revenue growth — — −33.6% −7.5% 20.4% −30.5% — 11.3% 32.4% 0.3%
Net income growth — — −134.1% — — — — 390.3% −56.9% 163.2%
EPS growth — — −129.2% — — — — 394.0% −55.5% 170.7%
FCF growth −84.0% 863.3% −136.7% — — — — — — —
Share count change 0.3% 20.2% 19.1% 30.6% 59.8% 14.7% — −0.5% −3.1% −2.7%
Financial health
Net debt / EBITDA — — — 18.1x — — −1.4x 3.0x 1.5x 0.8x
Debt / equity 1.0x 0.7x 0.5x 0.6x 0.7x 0.0x 0.4x 0.5x 0.5x 0.3x
Interest coverage −5.8x 4.1x −0.6x −0.8x −1.6x −14.9x 0.8x 1.7x 4.5x 5.3x
Current ratio 3.0x 3.8x 2.1x 2.5x 1.3x 2.8x 2.7x 1.7x 1.6x 1.8x
Quick ratio 2.6x 3.6x 1.8x 2.0x 0.9x 2.1x — 1.7x 1.6x 1.8x
Capital allocation
Capex / revenue — 11.6% 29.1% 25.0% 11.1% 6.6% 12.9% 39.0% 19.3% 14.5%
Stock comp / revenue — 1.4% 1.9% 1.8% 1.8% 1.5% 1.1% 1.5% 1.2% 1.1%
Payouts / FCF 180.1% 1.5% — — — — — — — 49.3%
Quality scores
Piotroski F-score — — 3.0 2.0 2.0 3.0 — — 5.0 7.0
Altman Z'' 1.3 3.4 2.2 1.9 1.2 −2.4 3.1 2.6 3.2 4.3
Accruals ratio −22.2% −1.3% −3.9% −4.1% 0.5% −30.9% — 16.7% 0.4% 9.0%

Source: SEC EDGAR XBRL filings (CIK 0000314808). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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