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Vale S.A.

VALE
55
Industrial Materials · Basic Materials
Price
$13.06
+0.04 (+0.31%)
Market Cap
$55.58B
Exchange
United States
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Mixed
6/20
Cash Flow
Strong
8/10
Stability
Strong
7/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Exceptional
5/5

55 of 100 counted points = Winston Score 55.

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Share count falling — buybacks

−14.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 5.01B (2021) → 4.27B (2025)

§Winston Score History

The full picture

Vale is a Brazilian mining company and one of the largest producers of iron ore in the world. Iron ore is the main ingredient used to make steel, so Vale's biggest customers are steel mills, mostly in China. The company also mines nickel, copper, and other metals used in electric vehicle batteries and industrial equipment.

Vale earns money by digging up and selling these raw materials at market prices, which means its revenue rises and falls with global commodity prices. The company operates primarily in Brazil, with major mines in the Amazon region, and also has operations in Canada and other countries. Its massive scale and low-cost mines give it a cost advantage over smaller rivals. The biggest risk Vale faces is its heavy dependence on China's steel demand — if China's economy slows or its construction activity drops, demand for iron ore falls sharply, which directly hurts Vale's earnings.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-36.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$689M/ year

↓ Declining (-13% vs prior year)

1.8% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$12.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Vale S.A. is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
30.7%
Modest — 30.7% gross margin
Profit after running costs
Operating Margin
25.5%
Excellent — 25.5% operating margin
Return on the money invested
ROCE
20.7%
Exceptional — 20.7% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+14.2%
Fast-growing sales (+14.2% YoY)
Profit growth
EPS YoY
-60.7%
Earnings shrinking (-60.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
487%
Turns 487% of profit into real cash
Spare cash per sale
FCF Margin
9.4%
Modest free cash flow (9.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.49
Conservative — low debt load (0.49)
Covers its interest
Interest Cover
7.39x
Adequate interest coverage (7.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
27.2x
Growth-priced — P/E 27.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+19.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (27.2 → 7.5)

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Dividends

Dividend
Dividend Yield
5.90%
Healthy income — 5.90% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+20.6%
Dividend growing fast (20.6% YoY)
Payout Ratio
203%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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