Vale S.A.

VALE3.SA

Industrial Materials · Basic Materials

Price

R$78.37

-0.33 (-0.42%)

Market Cap

R$334.21B

Exchange

B3 S.A.

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 26, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Exceptional

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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 key ingredient used to make steel, which goes into buildings, cars, and bridges. Vale also produces nickel, copper, and other metals used in batteries and electronics.

The company earns revenue by mining these materials and selling them to steelmakers and manufacturers, mostly in China and other parts of Asia. Vale operates mines primarily in Brazil and Canada, making it a global giant in the basic materials industry. Its massive, low-cost iron ore reserves in Brazil give it a strong cost advantage over many competitors. A key growth opportunity is rising demand for nickel and copper driven by electric vehicles and energy storage, but the company faces risks from volatile commodity prices, environmental liabilities, and its heavy dependence on Chinese steel demand.

Growth Profile

For growth stock investors

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

$701M/ year

↓ Declining (-11% vs prior year)

1.8% of revenue

Below sector average (3%)

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

Insider Activity

6.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$11.1B 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

30.5%

Modest — 30.5% gross margin

Profit after running costs

Operating Margin

22.5%

Excellent — 22.5% operating margin

Return on the money invested

ROCE

18.1%

Strong — 18.1% 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

+12.6%

Fast-growing sales (+12.6% YoY)

Profit growth

EPS YoY

-58.7%

Earnings shrinking (-58.7% 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

453%

Turns 453% of profit into real cash

Spare cash per sale

FCF Margin

9.1%

Modest free cash flow (9.1%)

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

0.56

Conservative — low debt load (0.56)

Covers its interest

Interest Cover

7.11x

Adequate interest coverage (7.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

30.4x

Pricey — P/E 30.4

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

Cheaper or dearer next year

P/E vs Forward

+22.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (30.4 → 8.4)

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Dividends

Dividend

Dividend Yield

10.23%

Healthy income — 10.23% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+25.6%

Dividend growing fast (25.6% YoY)

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