Valaris (VAL) Financials

$104.98 +1.71 (+1.66%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$105.25 +0.27 (+0.26%)

As of 05/15/2026 07:59 PM Eastern

Annual Income Statements for Valaris

This table shows Valaris' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-3,903	-1,595	890	-304	-640	-198	-4,856	177	865	373	983
Consolidated Net Income / (Loss)	-3,889	-1,586	897	-304	-637	-192	-4,858	182	867	370	979
Net Income / (Loss) Continuing Operations	-2,689	-1,457	889	-305	-629	-192	-4,858	182	867	370	979
Total Pre-Tax Income	-2,549	-1,471	998	-196	-539	-64	-5,117	225	84	370	552
Total Operating Income	-2,401	-1,244	929	-132	-236	-670	-4,335	37	54	352	477
Total Gross Profit	2,488	2,194	1,475	654	386	2,053	1,427	219	241	602	739
Total Revenue	4,565	4,063	2,776	1,843	1,705	2,053	1,427	1,603	1,784	2,363	2,369
Operating Revenue	4,565	4,063	2,776	1,843	1,705	2,053	1,427	1,603	1,784	2,363	2,369
Total Cost of Revenue	2,077	1,870	1,301	1,190	1,319	0.00	0.00	1,383	1,544	1,761	1,630
Operating Cost of Revenue	2,077	1,870	1,301	1,190	1,319	-	-	1,383	1,544	1,761	1,630
Total Operating Expenses	4,889	3,437	546	786	622	2,723	5,762	182	187	249	262
Selling, General & Admin Expense	132	118	101	158	103	189	215	81	99	116	97
Depreciation Expense	538	573	445	445	479	610	541	91	101	122	146
Other Operating Expenses / (Income)	-	-	-	-	0.00	1,820	1,360	-25	-13	11	-8.40
Impairment Charge	4,219	2,746	0.00	183	40	104	3,646	35	0.00	0.00	27
Total Other Income / (Expense), net	-148	-228	68	-64	-303	606	-783	188	31	18	75
Interest Expense	161	216	229	224	283	428	291	45	69	85	99
Interest & Investment Income	13	9.90	14	26	15	28	20	66	101	86	71
Other Income / (Expense), net	0.50	-21	283	134	-35	1,006	-512	168	-1.80	17	103
Income Tax Expense	141	-14	109	109	90	128	-259	43	-783	0.40	-427
Net Income / (Loss) Attributable to Noncontrolling Interest	14	8.90	6.90	-0.50	3.10	5.80	-2.10	5.30	1.40	-3.60	-3.70
Basic Earnings per Share	($16.88)	($6.88)	$3.13	($3.66)	($5.90)	($1.14)	($24.42)	$2.35	$11.68	$5.18	$13.92
Weighted Average Basic Shares Outstanding	231.60M	232.20M	279.10M	83.10M	108.50M	173.40M	198.90M	75.10M	74.10M	72.10M	70.60M
Diluted Earnings per Share	($16.88)	($6.88)	$3.13	($3.66)	($5.90)	($1.14)	($24.42)	$2.33	$11.51	$5.12	$13.86
Weighted Average Diluted Shares Outstanding	231.60M	232.20M	279.10M	83.10M	108.50M	173.40M	198.90M	75.60M	75.20M	72.90M	70.90M
Weighted Average Basic & Diluted Shares Outstanding	231.60M	232.20M	279.10M	83.10M	108.50M	173.40M	198.90M	75.18M	72.41M	71.03M	69.23M

This table shows Valaris' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	13	835	26	150	65	134	-38	115	188	718	-16
Consolidated Net Income / (Loss)	17	829	26	151	63	131	-39	114	187	717	-18
Net Income / (Loss) Continuing Operations	17	829	26	151	63	131	-39	114	187	717	-18
Total Pre-Tax Income	28	38	38	121	87	124	154	146	216	36	10
Total Operating Income	17	38	29	109	95	119	143	164	131	39	20
Total Gross Profit	64	82	80	171	181	169	206	220	190	124	92
Total Revenue	455	484	525	610	643	584	621	615	596	537	465
Operating Revenue	455	484	525	610	643	584	621	615	596	537	465
Total Cost of Revenue	391	402	445	439	462	415	415	396	406	413	373
Operating Cost of Revenue	391	402	445	439	462	415	415	396	406	413	373
Total Operating Expenses	48	44	51	63	86	50	63	55	60	85	72
Selling, General & Admin Expense	24	24	27	33	31	27	24	19	27	27	25
Depreciation Expense	26	28	27	30	32	34	33	36	37	41	43
Other Operating Expenses / (Income)	-2.40	-8.30	-2.40	0.30	24	-11	5.20	1.10	-4.40	-2.50	-9.60
Restructuring Charge	-	-	-	-	-	-	0.00	-	-	-	14
Total Other Income / (Expense), net	11	-	9.10	12	-7.70	4.60	11	-18	85	-3.00	-9.60
Interest Expense	19	22	18	23	22	22	24	25	25	25	24
Interest & Investment Income	27	27	21	31	18	17	14	15	23	19	17
Other Income / (Expense), net	3.90	-5.50	5.80	3.50	-2.80	10	21	-8.70	88	3.10	-2.30
Income Tax Expense	11	-790	13	-30	24	-6.80	194	32	29	-680	28
Net Income / (Loss) Attributable to Noncontrolling Interest	4.10	-6.70	0.00	1.20	-1.70	-3.10	-1.30	-0.90	-0.80	-0.70	-1.60
Basic Earnings per Share	$0.18	$11.27	$0.35	$2.07	$0.89	$1.87	($0.53)	$1.62	$2.66	$10.17	($0.24)
Weighted Average Basic Shares Outstanding	73.70M	74.10M	72.40M	72.40M	72.40M	72.10M	71M	71.10M	70.70M	70.60M	69.20M
Diluted Earnings per Share	$0.17	$11.12	$0.35	$2.03	$0.88	$1.86	($0.53)	$1.61	$2.65	$10.13	($0.24)
Weighted Average Diluted Shares Outstanding	74.80M	75.20M	73.60M	73.70M	73.20M	72.90M	71M	71.30M	71M	70.90M	69.20M
Weighted Average Basic & Diluted Shares Outstanding	72.90M	72.41M	72.41M	72.75M	71.12M	71.03M	71.07M	71.21M	69.58M	69.23M	69.25M

This table details how cash moves in and out of Valaris' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	499	-544	1,038	-714	-170	-178	229	104	-113	-255	237
Net Cash From Operating Activities	2,058	1,698	1,077	259	-56	-277	-252	127	268	355	546
Net Cash From Continuing Operating Activities	2,058	1,698	1,077	259	-56	-277	-252	127	268	356	546
Net Income / (Loss) Continuing Operations	-2,689	-1,457	889	-304	-637	-192	-4,858	182	867	370	979
Consolidated Net Income / (Loss)	-3,889	-1,586	897	-304	-637	-192	-4,858	182	867	370	979
Depreciation Expense	538	573	445	445	479	610	541	91	101	122	146
Non-Cash Adjustments To Reconcile Net Income	4,247	2,792	-287	53	114	-667	4,162	-109	-9.10	-47	-159
Changes in Operating Assets and Liabilities, net	-30	-45	169	127	36	-42	-140	-38	-691	-88	-420
Net Cash From Investing Activities	-2,105	-2,041	-575	-403	-305	1,052	-42	-17	-666	-452	-206
Net Cash From Continuing Investing Activities	-2,105	-2,041	-575	-403	-305	1,052	-42	-17	-666	-452	-206
Purchase of Property, Plant & Equipment	-1,567	-1,620	-322	-537	-427	-227	-94	-207	-696	-455	-344
Sale of Property, Plant & Equipment	169	1.60	9.80	2.80	11	18	52	150	30	2.80	138
Net Cash From Financing Activities	443	-192	529	-571	188	-952	522	-6.40	286	-158	-104
Net Cash From Continuing Financing Activities	443	-192	529	-571	188	-952	522	-6.40	286	-158	-104
Repayment of Debt	-101	-1,129	-894	-557	-794	-1,153	-27	-3.90	-614	-2.00	0.00
Repurchase of Common Equity	-	-	-	-	-	-	-	0.00	-199	-126	-100
Issuance of Debt	1,246	1,079	850	0.00	1,000	215	596	0.00	1,103	0.00	0.00
Other Financing Activities, net	-	-	-	0.00	0.00	-9.50	-40	-2.50	-5.40	-30	-3.60

This table details how cash moves in and out of Valaris' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	252	-422	-127	-99	-18	-12	73	63	159	-58	-22
Net Cash From Operating Activities	48	97	26	12	193	125	156	120	198	72	75
Net Cash From Continuing Operating Activities	48	97	26	12	193	125	156	120	198	72	75
Net Income / (Loss) Continuing Operations	17	829	26	151	63	131	-39	114	187	717	-18
Consolidated Net Income / (Loss)	17	829	26	151	63	131	-39	114	187	717	-18
Non-Cash Adjustments To Reconcile Net Income	1.60	-1.10	-8.90	-32	23	-30	-18	-17	-102	2.80	29
Changes in Operating Assets and Liabilities, net	3.80	-758	-17	-137	75	-10	213	-13	76	-688	64
Net Cash From Investing Activities	-106	-462	-151	-110	-82	-109	-82	-57	39	-105	-96
Net Cash From Continuing Investing Activities	-106	-462	-151	-110	-82	-109	-82	-57	39	-105	-96
Purchase of Property, Plant & Equipment	-106	-463	-151	-110	-82	-112	-100	-67	-70	-106	-101
Sale of Property, Plant & Equipment	-	-	0.00	-	-	-	18	9.80	109	1.60	5.20
Net Cash From Financing Activities	310	-56	-1.60	-0.20	-129	-27	-0.30	-0.10	-78	-26	-1.40
Net Cash From Continuing Financing Activities	310	-56	-1.60	-0.20	-129	-27	-0.30	-0.10	-78	-26	-1.40
Other Financing Activities, net	-	-0.20	-	-	-	-0.20	-0.30	-	-	-0.50	-1.40

This table presents Valaris' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	13,611	14,375	14,626	14,024	16,931	12,873	2,603	2,860	4,322	4,420	5,305
Total Current Assets	2,285	3,279	1,612	1,310	1,064	1,173	1,207	1,346	1,272	1,079	1,225
Cash & Equivalents	121	1,160	445	275	97	326	609	724	621	368	599
Accounts Receivable	582	361	345	345	521	449	444	449	459	571	475
Prepaid Expenses	-	-	-	-	-	-	-	-	-	-	145
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	6.40
Plant, Property, & Equipment, net	11,088	10,919	12,874	12,616	15,097	10,961	891	977	1,634	1,933	2,089
Plant, Property & Equipment, gross	12,719	12,993	15,332	15,517	18,394	13,209	957	1,135	1,889	2,309	2,598
Accumulated Depreciation	1,632	2,073	2,458	2,901	3,297	2,249	66	157	255	377	510
Total Noncurrent Assets	238	176	140	98	770	740	506	537	1,416	1,408	1,991
Long-Term Investments	-	-	-	0.00	129	121	87	111	124	113	122
Noncurrent Note & Lease Receivables	-	-	-	0.00	453	443	249	254	282	296	345
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	55	855	850	1,364
Other Noncurrent Operating Assets	238	176	140	98	188	176	170	117	154	149	160
Total Liabilities & Shareholders' Equity	13,611	14,375	14,626	14,024	16,931	12,873	2,603	2,860	4,322	4,420	5,305
Total Liabilities	7,093	6,120	5,896	5,935	7,622	8,503	1,526	1,562	2,325	2,176	2,133
Total Current Liabilities	776	854	759	529	831	427	422	504	744	680	692
Accounts Payable	225	146	433	211	288	176	226	257	400	329	348
Other Current Liabilities	551	377	326	318	418	250	196	248	344	351	343
Total Noncurrent Liabilities	6,318	5,265	5,137	5,406	6,791	8,076	1,104	1,058	1,581	1,496	1,442
Long-Term Debt	5,869	4,943	4,751	5,010	5,924	0.00	545	542	1,079	1,083	1,086
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	16	30	30	30
Other Noncurrent Operating Liabilities	449	323	387	396	867	8,076	558	500	472	383	326
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,517	8,255	8,730	8,089	9,310	4,370	1,077	1,298	1,997	2,244	3,172
Total Preferred & Common Equity	6,513	8,251	8,732	8,091	9,311	4,375	1,075	1,290	1,988	2,239	3,170
Preferred Stock	-	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6,489	8,220	8,732	8,091	9,311	4,375	1,074	1,290	1,988	2,239	3,170
Common Stock	5,555	6,402	7,195	7,271	8,710	8,723	1,083	1,099	1,121	1,114	1,136
Retained Earnings	985	1,864	1,533	874	672	-4,184	-16	160	1,026	1,399	2,382
Treasury Stock	-64	-66	-69	-72	-77	-76	-	0.00	-200	-325	-425
Accumulated Other Comprehensive Income / (Loss)	13	19	29	18	6.20	-88	-9.10	15	25	34	61
Other Equity Adjustments	-	-	45	-	-	0.00	16	16	16	16	16
Noncontrolling Interest	4.30	4.40	-2.10	-2.60	-1.30	-4.30	2.70	8.00	9.40	5.80	2.10

This table presents Valaris' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,821	2,951	3,088	3,485	4,354	4,416	4,333	4,387	4,503	4,638	5,364
Total Current Assets	1,343	1,396	1,447	1,728	1,198	1,225	1,112	1,158	1,227	1,344	1,205
Cash & Equivalents	406	823	787	1,041	494	398	379	441	503	663	578
Accounts Receivable	536	393	473	492	511	632	556	558	554	514	448
Prepaid Expenses	-	158	169	179	178	183	164	139	157	154	170
Other Current Nonoperating Assets	-	-	-	-	-	-	-	7.00	-	-	9.20
Plant, Property, & Equipment, net	954	1,016	1,074	1,160	1,732	1,809	1,843	1,977	2,022	2,034	2,165
Plant, Property & Equipment, gross	1,087	1,196	1,276	1,388	2,014	2,121	2,185	2,382	2,462	2,508	2,716
Accumulated Depreciation	134	181	202	228	282	311	343	405	440	473	551
Total Noncurrent Assets	525	540	567	597	1,425	1,382	1,379	1,252	1,254	1,260	1,994
Long-Term Investments	103	114	114	116	127	127	103	116	115	119	129
Noncurrent Note & Lease Receivables	247	261	268	275	289	259	265	302	309	315	351
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	855	841	837	679	676	674	1,356
Other Noncurrent Operating Assets	176	165	186	205	154	155	174	155	155	152	159
Total Liabilities & Shareholders' Equity	2,821	2,951	3,088	3,485	4,354	4,416	4,333	4,387	4,503	4,638	5,364
Total Liabilities	1,601	1,599	1,822	2,285	2,324	2,228	2,210	2,175	2,170	2,187	2,202
Total Current Liabilities	519	592	659	723	761	708	692	695	679	718	778
Accounts Payable	257	324	364	376	394	347	304	329	332	327	399
Other Current Liabilities	263	268	295	347	367	361	389	365	346	391	379
Total Noncurrent Liabilities	1,082	1,007	1,163	1,562	1,563	1,521	1,517	1,481	1,491	1,469	1,424
Long-Term Debt	542	543	682	1,079	1,080	1,081	1,082	1,084	1,084	1,085	1,087
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	32	31	31	29	29	27	31
Other Noncurrent Operating Liabilities	540	465	482	483	452	408	404	368	378	357	307
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,221	1,352	1,266	1,200	2,030	2,187	2,124	2,212	2,333	2,451	3,162
Total Preferred & Common Equity	1,214	1,342	1,254	1,184	2,021	2,177	2,115	2,207	2,330	2,448	3,161
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,214	1,342	1,254	1,184	2,021	2,177	2,115	2,207	2,330	2,448	3,161
Common Stock	1,092	1,104	1,111	1,113	1,129	1,136	1,109	1,119	1,125	1,129	1,141
Retained Earnings	114	207	177	190	1,051	1,201	1,265	1,361	1,476	1,664	2,365
Treasury Stock	-	-	-65	-150	-200	-200	-300	-325	-325	-400	-425
Accumulated Other Comprehensive Income / (Loss)	-9.10	15	14	14	25	24	24	35	37	38	64
Other Equity Adjustments	16	16	16	16	16	16	16	16	16	16	16
Noncontrolling Interest	6.10	9.90	12	16	9.40	11	8.90	4.50	3.60	2.80	0.50

This table displays calculated financial ratios and metrics derived from Valaris' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.58%	-10.98%	-31.67%	-33.62%	-7.47%	20.39%	-30.49%	0.00%	11.34%	32.42%	0.27%
EBITDA Growth	-183.38%	54.16%	277.08%	-74.60%	-58.30%	497.51%	-543.62%	0.00%	-48.36%	221.34%	47.98%
EBIT Growth	-235.20%	47.31%	195.87%	-99.80%	-11,379.17%	224.27%	-1,540.58%	0.00%	-74.74%	613.54%	57.31%
NOPAT Growth	-210.73%	48.21%	195.15%	-111.16%	-78.71%	-183.93%	-547.13%	0.00%	1,731.53%	-36.10%	140.29%
Net Income Growth	-372.32%	59.22%	156.57%	-133.91%	-109.27%	69.81%	-2,427.37%	0.00%	376.79%	-57.34%	164.76%
EPS Growth	-378.09%	59.24%	145.49%	-216.93%	-61.20%	80.68%	-2,042.11%	0.00%	393.99%	-55.52%	170.70%
Operating Cash Flow Growth	13.62%	-17.49%	-36.55%	-75.92%	-121.47%	-397.13%	9.10%	0.00%	110.63%	32.86%	53.69%
Free Cash Flow Firm Growth	677.90%	-74.01%	28.62%	-278.64%	96.31%	-4,683.24%	363.56%	0.00%	0.00%	78.98%	190.77%
Invested Capital Growth	-26.68%	-12.87%	-1.42%	15.27%	-0.80%	21.10%	-74.15%	0.00%	136.18%	22.32%	24.06%
Revenue Q/Q Growth	6.51%	-7.54%	-10.44%	-2.66%	-3.14%	5.83%	-13.12%	0.00%	2.90%	4.45%	-1.95%
EBITDA Q/Q Growth	-219.66%	30.58%	241.09%	-39.36%	-22.54%	264.22%	8.07%	0.00%	0.39%	26.51%	-9.93%
EBIT Q/Q Growth	-322.86%	29.66%	188.06%	-98.80%	-0.86%	27.52%	-3.05%	0.00%	-5.66%	35.43%	-13.01%
NOPAT Q/Q Growth	-299.37%	29.74%	171.18%	96.82%	37.79%	-14.50%	0.59%	0.00%	1,123.52%	-65.42%	147.27%
Net Income Q/Q Growth	-5,016.45%	38.15%	155.59%	-437.46%	0.62%	-6.01%	2.90%	0.00%	1,148.99%	-65.36%	149.20%
EPS Q/Q Growth	-3,651.11%	38.35%	141.46%	-1,364.00%	19.84%	0.00%	0.00%	0.00%	1,394.81%	-64.40%	147.94%
Operating Cash Flow Q/Q Growth	4.22%	-6.70%	-24.03%	-14.16%	-31.37%	30.95%	-2.40%	0.00%	-17.82%	8.52%	-8.75%
Free Cash Flow Firm Q/Q Growth	130.61%	-50.86%	-43.84%	43.37%	96.41%	2.25%	-33.87%	0.00%	0.00%	71.89%	-48.37%
Invested Capital Q/Q Growth	-23.52%	-19.88%	0.10%	13.26%	-1.32%	-1.94%	0.00%	0.00%	109.42%	4.52%	28.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.50%	53.99%	53.14%	35.46%	22.63%	100.00%	100.00%	13.68%	13.49%	25.47%	31.21%
EBITDA Margin	-40.98%	-21.10%	54.68%	20.92%	9.43%	46.80%	-298.65%	18.46%	8.56%	20.78%	30.67%
Operating Margin	-52.60%	-30.60%	33.47%	-7.16%	-13.83%	-32.62%	-303.71%	2.32%	3.00%	14.91%	20.14%
EBIT Margin	-52.59%	-31.13%	43.67%	0.13%	-15.87%	16.38%	-339.55%	12.77%	2.90%	15.61%	24.50%
Profit (Net Income) Margin	-85.19%	-39.03%	32.31%	-16.51%	-37.33%	-9.36%	-340.36%	11.34%	48.58%	15.65%	41.33%
Tax Burden Percent	152.56%	107.80%	89.93%	155.20%	118.13%	301.25%	94.93%	80.84%	1,029.45%	99.89%	177.28%
Interest Burden Percent	106.18%	116.32%	82.27%	-8,166.67%	199.08%	-18.97%	105.59%	109.87%	162.86%	100.35%	95.17%
Effective Tax Rate	0.00%	0.00%	10.88%	0.00%	0.00%	0.00%	0.00%	19.16%	-929.45%	0.11%	-77.28%
Return on Invested Capital (ROIC)	-11.18%	-7.31%	7.53%	-0.79%	-1.32%	-3.39%	-31.86%	3.07%	33.41%	13.67%	26.53%
ROIC Less NNEP Spread (ROIC-NNEP)	-59.98%	-23.10%	9.43%	-7.27%	-12.72%	2.02%	-99.85%	-44.77%	31,637.64%	17.61%	54.35%
Return on Net Nonoperating Assets (RNNOA)	-25.82%	-14.21%	4.62%	-2.80%	-6.25%	1.18%	-39.15%	10.94%	19.20%	3.77%	9.63%
Return on Equity (ROE)	-36.99%	-21.52%	12.15%	-3.58%	-7.57%	-2.21%	-71.02%	14.01%	52.61%	17.44%	36.16%
Cash Return on Invested Capital (CROIC)	19.61%	6.44%	8.95%	-14.97%	-0.52%	-22.48%	85.96%	0.00%	-47.60%	-6.41%	5.05%
Operating Return on Assets (OROA)	-13.52%	-8.53%	8.67%	0.02%	-1.89%	2.17%	-32.52%	7.49%	1.44%	8.44%	11.93%
Return on Assets (ROA)	-21.90%	-10.70%	6.41%	-2.10%	-4.44%	-1.24%	-32.60%	6.66%	24.14%	8.46%	20.14%
Return on Common Equity (ROCE)	-36.88%	-21.43%	12.09%	-3.57%	-7.57%	-2.21%	-71.05%	13.94%	52.34%	17.38%	36.10%
Return on Equity Simple (ROE_SIMPLE)	-47.33%	-24.35%	10.87%	-3.48%	-7.87%	-2.06%	-111.04%	14.09%	43.61%	16.52%	0.00%
Net Operating Profit after Tax (NOPAT)	-1,681	-870	828	-92	-165	-469	-3,034	30	551	352	846
NOPAT Margin	-36.82%	-21.42%	29.83%	-5.01%	-9.68%	-22.84%	-212.59%	1.88%	30.87%	14.90%	35.69%
Net Nonoperating Expense Percent (NNEP)	48.80%	15.78%	-1.90%	6.48%	11.40%	-5.41%	67.98%	47.83%	-31,604.23%	-3.94%	-27.82%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.63%	17.90%	10.58%	19.86%
Cost of Revenue to Revenue	45.50%	46.01%	46.86%	64.54%	77.37%	0.00%	0.00%	86.32%	86.52%	74.53%	68.79%
SG&A Expenses to Revenue	2.89%	2.91%	3.63%	8.56%	6.02%	9.20%	15.04%	5.05%	5.57%	4.92%	4.10%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	107.10%	84.59%	19.67%	42.62%	36.47%	132.62%	403.71%	11.36%	10.49%	10.56%	11.07%
Earnings before Interest and Taxes (EBIT)	-2,400	-1,265	1,213	2.40	-271	336	-4,846	205	52	369	580
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1,870	-857	1,518	386	161	961	-4,262	296	153	491	727
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.94	2.51	1.41	1.11
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.94	2.51	1.41	1.11
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.17	2.80	1.33	1.48
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	28.80	5.78	8.43	3.57
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.47%	17.31%	11.87%	28.03%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.87	2.30	1.32	1.10
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.98	2.99	1.58	1.64
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.14	34.86	7.62	5.33
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	23.32	103.04	10.14	6.68
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	158.77	9.67	10.63	4.58
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	37.59	19.91	10.53	7.09
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	24.07
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.90	0.64	0.54	0.62	0.65	0.00	0.42	0.54	0.48	0.34
Long-Term Debt to Equity	0.72	0.90	0.60	0.54	0.62	0.64	0.00	0.42	0.54	0.48	0.34
Financial Leverage	0.43	0.62	0.49	0.38	0.49	0.59	0.39	-0.24	0.00	0.21	0.18
Leverage Ratio	1.69	2.01	1.89	1.71	1.70	1.78	2.18	2.30	2.18	2.06	1.80
Compound Leverage Factor	1.79	2.34	1.56	-139.44	3.39	-0.34	2.30	2.53	3.55	2.07	1.71
Debt to Total Capital	41.86%	47.38%	38.99%	35.24%	38.25%	39.38%	0.00%	29.47%	35.08%	32.54%	25.51%
Short-Term Debt to Total Capital	0.25%	0.00%	2.45%	0.00%	0.00%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	41.61%	47.38%	36.53%	35.24%	38.25%	38.57%	0.00%	29.47%	35.08%	32.54%	25.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.06%	0.03%	0.03%	-0.02%	-0.02%	-0.01%	-0.10%	0.43%	0.31%	0.17%	0.05%
Common Equity to Total Capital	57.91%	52.39%	60.75%	64.77%	61.77%	60.63%	100.10%	70.09%	64.61%	67.28%	74.44%
Debt to EBITDA	-3.17	-6.85	3.47	12.32	31.16	6.30	0.00	1.83	7.06	2.21	1.49
Net Debt to EBITDA	-2.41	-5.33	1.76	10.02	27.40	6.06	0.00	-1.07	2.09	1.20	0.50
Long-Term Debt to EBITDA	-3.15	-6.85	3.26	12.32	31.16	6.17	0.00	1.83	7.06	2.21	1.49
Debt to NOPAT	-3.52	-6.74	6.37	-51.41	-30.34	-12.90	0.00	18.04	1.96	3.08	1.28
Net Debt to NOPAT	-2.68	-5.25	3.23	-41.83	-26.68	-12.42	0.00	-10.55	0.58	1.67	0.43
Long-Term Debt to NOPAT	-3.50	-6.74	5.97	-51.41	-30.34	-12.63	0.00	18.04	1.96	3.08	1.28
Altman Z-Score	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.18	2.22	2.23	2.54
Noncontrolling Interest Sharing Ratio	0.30%	0.41%	0.43%	0.20%	-0.03%	-0.02%	-0.04%	0.48%	0.53%	0.36%	0.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.62	2.95	3.84	2.13	2.48	1.28	2.75	2.67	1.71	1.59	1.77
Quick Ratio	2.09	2.43	3.47	1.62	1.80	0.74	1.82	2.33	1.45	1.38	1.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,948	766	986	-1,761	-65	-3,106	8,186	0.00	-785	-165	161
Operating Cash Flow to CapEx	147.26%	104.94%	344.88%	48.59%	-13.40%	-132.30%	-599.29%	223.99%	40.18%	78.58%	265.66%
Free Cash Flow to Firm to Interest Expense	18.26	3.54	4.31	-7.85	-0.23	-7.25	28.17	0.00	-11.39	-1.95	1.63
Operating Cash Flow to Interest Expense	12.75	7.85	4.71	1.16	-0.20	-0.65	-0.87	2.80	3.88	4.19	5.53
Operating Cash Flow Less CapEx to Interest Expense	4.09	0.37	3.34	-1.22	-1.67	-1.14	-1.01	1.55	-5.78	-1.14	3.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.27	0.20	0.13	0.12	0.13	0.10	0.59	0.50	0.54	0.49
Accounts Receivable Turnover	5.25	5.55	5.89	5.22	4.94	4.75	2.94	3.59	3.93	4.59	4.53
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.34	0.34	0.25	0.15	0.13	0.15	0.11	1.72	1.37	1.32	1.18
Accounts Payable Turnover	5.82	6.25	7.02	4.11	4.10	0.00	0.00	5.74	4.70	4.83	4.82
Days Sales Outstanding (DSO)	69.53	65.81	61.99	69.95	73.85	76.92	124.02	101.73	92.92	79.60	80.58
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	62.77	58.35	51.97	88.76	88.95	0.00	0.00	63.63	77.63	75.51	75.78
Cash Conversion Cycle (CCC)	6.76	7.46	10.01	-18.81	-15.10	76.92	124.02	38.10	15.29	4.09	4.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,721	11,085	10,927	12,595	12,495	15,132	3,912	981	2,316	2,833	3,530
Invested Capital Turnover	0.30	0.34	0.25	0.16	0.14	0.15	0.15	1.63	1.08	0.92	0.74
Increase / (Decrease) in Invested Capital	-4,629	-1,637	-157	1,668	-100	2,637	-11,220	0.00	1,336	517	685
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4,774	5,327	3,741	3,874
Market Capitalization	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5,084	4,998	3,146	3,507
Book Value per Share	$34.96	$27.55	$27.12	$20.03	$18.51	$47.05	$21.93	$17.16	$27.27	$31.48	$45.56
Tangible Book Value per Share	$33.79	$27.55	$27.12	$20.03	$18.51	$47.05	$21.93	$17.16	$27.27	$31.48	$45.56
Total Capital	14,143	12,386	13,530	13,481	13,099	15,358	4,370	1,840	3,076	3,327	4,258
Total Debt	5,920	5,869	5,275	4,751	5,010	6,048	0.00	542	1,079	1,083	1,086
Total Long-Term Debt	5,886	5,869	4,943	4,751	5,010	5,924	0.00	542	1,079	1,083	1,086
Net Debt	4,498	4,567	2,672	3,865	4,406	5,822	-458	-317	319	589	365
Capital Expenditures (CapEx)	1,398	1,618	312	534	416	209	42	57	666	452	206
Debt-free, Cash-free Net Working Capital (DFCFNWC)	402	208	155	-32	177	261	409	93	-108	19	-66
Debt-free Net Working Capital (DFNWC)	1,824	1,510	2,757	854	781	359	746	842	528	399	534
Net Working Capital (NWC)	1,789	1,510	2,425	854	781	234	746	842	528	399	534
Net Nonoperating Expense (NNE)	2,208	715	-69	212	471	-277	1,823	-152	-316	-18	-133
Net Nonoperating Obligations (NNO)	4,498	4,567	2,672	3,865	4,406	5,822	-458	-317	319	589	358
Total Depreciation and Amortization (D&A)	530	408	306	383	432	624	584	91	101	122	146
Debt-free, Cash-free Net Working Capital to Revenue	8.80%	5.13%	5.56%	-1.73%	10.38%	12.73%	28.65%	5.82%	-6.04%	0.79%	-2.77%
Debt-free Net Working Capital to Revenue	39.95%	37.15%	99.29%	46.31%	45.81%	17.46%	52.28%	52.53%	29.59%	16.90%	22.53%
Net Working Capital to Revenue	39.19%	37.15%	87.34%	46.31%	45.81%	11.38%	52.28%	52.53%	29.59%	16.90%	22.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($16.88)	($6.88)	$3.13	($0.91)	($1.47)	($1.14)	($24.42)	$2.35	$11.68	$5.18	$13.92
Adjusted Weighted Average Basic Shares Outstanding	231.60M	232.20M	302.95M	436.01M	437.07M	197.28M	399.23M	75.10M	74.10M	72.10M	70.60M
Adjusted Diluted Earnings per Share	($16.88)	($6.88)	$3.13	($0.91)	($1.47)	($1.14)	($24.42)	$2.33	$11.51	$5.12	$13.86
Adjusted Weighted Average Diluted Shares Outstanding	231.60M	232.20M	302.95M	436.01M	437.07M	197.28M	399.23M	75.60M	75.20M	72.90M	70.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$3.13	($0.91)	($1.47)	($1.14)	($24.42)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	234.17M	235.27M	279.10M	332.50M	434.10M	173.40M	198.90M	75.18M	72.41M	71.03M	69.23M
Normalized Net Operating Profit after Tax (NOPAT)	1,272	1,052	828	36	-137	-396	-482	58	37	352	353
Normalized NOPAT Margin	27.88%	25.89%	29.83%	1.93%	-8.03%	-19.29%	-33.76%	3.62%	2.10%	14.90%	14.90%
Pre Tax Income Margin	-55.84%	-36.21%	35.93%	-10.63%	-31.60%	-3.11%	-358.53%	14.03%	4.72%	15.67%	23.31%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-14.87	-5.85	5.30	0.01	-0.96	0.79	-16.68	4.52	0.75	4.35	5.87
NOPAT to Interest Expense	-10.41	-4.02	3.62	-0.41	-0.58	-1.09	-10.44	0.66	7.99	4.15	8.56
EBIT Less CapEx to Interest Expense	-23.53	-13.33	3.93	-2.37	-2.43	0.30	-16.82	3.27	-8.91	-0.98	3.79
NOPAT Less CapEx to Interest Expense	-19.07	-11.50	2.25	-2.79	-2.05	-1.58	-10.59	-0.59	-1.67	-1.18	6.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-18.08%	-8.90%	1.29%	-4.54%	-2.81%	-2.34%	-0.15%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-18.08%	-8.90%	1.29%	-4.54%	-2.81%	-2.34%	-0.15%	0.00%	22.91%	34.18%	10.21%

This table displays calculated financial ratios and metrics derived from Valaris' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	69,230,926.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	69,230,926.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.24
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.09%	11.58%	22.06%	46.94%	41.31%	20.79%	18.23%	0.84%	-7.37%	-8.04%	-25.02%
EBITDA Growth	-53.70%	1.01%	91.05%	929.71%	167.39%	170.65%	218.74%	34.34%	106.22%	-49.08%	-69.39%
EBIT Growth	-72.78%	-8.64%	285.71%	1,150.47%	349.27%	294.21%	367.81%	38.26%	136.92%	-67.13%	-89.22%
NOPAT Growth	-80.52%	2,551.02%	-1.09%	2,061.68%	571.93%	-84.82%	-286.72%	-5.39%	65.38%	517.01%	4.72%
Net Income Growth	-78.12%	2,563.99%	-47.53%	652.38%	270.00%	-84.24%	-253.73%	-24.27%	197.77%	448.85%	54.08%
EPS Growth	-82.65%	2,826.32%	-42.62%	620.51%	417.65%	-83.27%	-251.43%	-20.69%	201.14%	444.62%	54.72%
Operating Cash Flow Growth	-44.15%	-37.49%	-82.66%	139.52%	300.41%	28.85%	492.78%	943.48%	2.64%	-42.05%	-51.89%
Free Cash Flow Firm Growth	33.84%	0.00%	-3,185.07%	-5,761.04%	-1,812.84%	22.85%	81.55%	104.71%	105.40%	122.60%	-202.97%
Invested Capital Growth	8.91%	136.18%	164.26%	165.46%	145.09%	22.32%	9.85%	2.01%	1.12%	24.06%	29.95%
Revenue Q/Q Growth	9.61%	6.31%	8.52%	16.21%	5.41%	-9.13%	6.21%	-0.89%	-3.17%	-9.79%	-13.40%
EBITDA Q/Q Growth	235.51%	30.24%	2.65%	129.56%	-12.88%	31.83%	20.89%	-3.24%	33.73%	-67.45%	-27.32%
EBIT Q/Q Growth	291.59%	60.00%	7.01%	220.23%	-18.06%	40.39%	26.99%	-5.36%	40.41%	-80.52%	-58.35%
NOPAT Q/Q Growth	247.01%	8,032.34%	-97.65%	598.69%	-49.65%	83.70%	-128.89%	454.05%	-11.98%	585.33%	-104.46%
Net Income Q/Q Growth	162.27%	4,773.53%	-96.92%	491.37%	-58.29%	107.63%	-130.02%	391.33%	64.01%	282.70%	-102.51%
EPS Q/Q Growth	143.59%	6,441.18%	-96.85%	480.00%	-56.65%	111.36%	-128.49%	403.77%	64.60%	282.26%	-102.37%
Operating Cash Flow Q/Q Growth	265.64%	100.62%	-72.80%	-56.27%	1,578.26%	-35.44%	25.12%	-23.03%	65.08%	-63.55%	3.88%
Free Cash Flow Firm Q/Q Growth	-200.46%	-531.29%	-199.54%	-3.16%	1.94%	74.54%	28.38%	126.32%	12.47%	9.97%	-1,030.84%
Invested Capital Q/Q Growth	7.48%	109.42%	6.83%	10.39%	-0.77%	4.52%	-4.05%	2.51%	-1.63%	28.79%	0.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.11%	16.91%	15.28%	28.09%	28.14%	28.94%	33.14%	35.68%	31.91%	23.07%	19.77%
EBITDA Margin	10.17%	12.46%	11.79%	23.29%	19.25%	27.93%	31.79%	31.03%	42.86%	15.46%	12.98%
Operating Margin	3.65%	7.92%	5.58%	17.85%	14.76%	20.40%	23.04%	26.67%	21.91%	7.33%	4.30%
EBIT Margin	4.50%	6.78%	6.69%	18.42%	14.32%	22.13%	26.45%	25.26%	36.63%	7.91%	3.80%
Profit (Net Income) Margin	3.74%	171.25%	4.86%	24.72%	9.78%	22.35%	-6.32%	18.56%	31.44%	133.38%	-3.87%
Tax Burden Percent	61.37%	2,163.19%	66.41%	124.83%	72.13%	105.49%	-25.41%	78.38%	86.75%	1,969.23%	-173.08%
Interest Burden Percent	135.12%	116.77%	109.40%	107.47%	94.68%	95.75%	93.97%	93.76%	98.95%	85.65%	58.76%
Effective Tax Rate	38.63%	-2,063.19%	33.59%	-24.83%	27.87%	-5.49%	125.41%	21.62%	13.25%	-1,869.23%	273.08%
Return on Invested Capital (ROIC)	3.66%	185.35%	4.08%	24.58%	12.62%	19.75%	-5.54%	18.67%	16.84%	107.29%	-5.27%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.90%	185.35%	46.34%	34.25%	10.36%	20.81%	-6.15%	15.78%	33.73%	94.98%	-1.48%
Return on Net Nonoperating Assets (RNNOA)	0.11%	0.11%	0.39%	3.05%	1.54%	4.46%	-1.38%	3.48%	6.47%	16.83%	-0.24%
Return on Equity (ROE)	3.77%	185.46%	4.48%	27.62%	14.15%	24.20%	-6.92%	22.15%	23.31%	124.12%	-5.51%
Cash Return on Invested Capital (CROIC)	0.00%	-47.60%	-54.01%	-43.95%	-30.75%	-6.41%	1.88%	7.94%	11.43%	5.05%	1.69%
Operating Return on Assets (OROA)	2.48%	3.37%	3.44%	10.18%	8.29%	11.96%	14.88%	13.95%	19.73%	3.85%	1.73%
Return on Assets (ROA)	2.05%	85.08%	2.50%	13.66%	5.66%	12.08%	-3.55%	10.25%	16.93%	64.99%	-1.76%
Return on Common Equity (ROCE)	3.73%	184.48%	4.45%	27.44%	14.05%	24.11%	-6.90%	22.08%	23.25%	123.94%	-5.51%
Return on Equity Simple (ROE_SIMPLE)	5.86%	0.00%	41.75%	46.94%	50.48%	0.00%	13.82%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	10	829	19	136	68	126	-36	129	113	776	-35
NOPAT Margin	2.24%	171.25%	3.71%	22.28%	10.64%	21.52%	-5.85%	20.91%	19.01%	144.38%	-7.44%
Net Nonoperating Expense Percent (NNEP)	4.56%	0.00%	-42.26%	-9.67%	2.25%	-1.07%	0.60%	2.89%	-16.89%	12.31%	-3.79%
Return On Investment Capital (ROIC_SIMPLE)	-	26.93%	-	-	-	3.78%	-1.10%	3.76%	3.20%	18.22%	-0.81%
Cost of Revenue to Revenue	85.89%	83.09%	84.72%	71.91%	71.86%	71.06%	66.86%	64.32%	68.09%	76.93%	80.23%
SG&A Expenses to Revenue	5.32%	5.02%	5.05%	5.33%	4.76%	4.57%	3.93%	3.06%	4.52%	5.02%	5.44%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.46%	8.99%	9.70%	10.24%	13.39%	8.54%	10.10%	9.01%	10.01%	15.74%	15.47%
Earnings before Interest and Taxes (EBIT)	21	33	35	112	92	129	164	155	218	43	18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	46	60	62	142	124	163	197	191	255	83	60
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.69	2.51	2.71	2.48	1.92	1.41	1.26	1.28	1.42	1.11	2.15
Price to Tangible Book Value (P/TBV)	4.69	2.51	2.71	2.48	1.92	1.41	1.26	1.28	1.42	1.11	2.15
Price to Revenue (P/Rev)	3.20	2.80	2.92	2.60	1.79	1.33	1.13	1.21	1.44	1.48	3.07
Price to Earnings (P/E)	93.39	5.78	6.50	5.27	3.77	8.43	9.00	10.86	8.70	3.57	6.76
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.07%	17.31%	15.39%	18.97%	26.50%	11.87%	11.12%	9.21%	11.49%	28.03%	14.80%
Enterprise Value to Invested Capital (EV/IC)	4.95	2.30	2.40	2.18	1.72	1.32	1.22	1.24	1.37	1.10	2.03
Enterprise Value to Revenue (EV/Rev)	3.15	2.99	3.16	2.87	2.06	1.58	1.35	1.40	1.56	1.64	3.24
Enterprise Value to EBITDA (EV/EBITDA)	35.94	34.86	32.58	19.15	11.99	7.62	5.28	5.11	4.67	5.33	12.16
Enterprise Value to EBIT (EV/EBIT)	99.81	103.04	76.44	29.63	17.08	10.14	6.64	6.38	5.65	6.68	16.52
Enterprise Value to NOPAT (EV/NOPAT)	121.51	9.67	9.63	6.79	4.57	10.63	11.31	12.60	11.01	4.58	8.27
Enterprise Value to Operating Cash Flow (EV/OCF)	16.80	19.91	41.80	32.56	14.20	10.53	6.82	5.81	6.29	7.09	15.40
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	67.93	15.75	12.08	24.07	135.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.90	0.54	0.53	0.49	0.51	0.48	0.49	0.46	0.44	0.34	0.34
Long-Term Debt to Equity	0.90	0.54	0.53	0.49	0.51	0.48	0.49	0.46	0.44	0.34	0.34
Financial Leverage	-0.12	0.00	0.01	0.09	0.15	0.21	0.22	0.22	0.19	0.18	0.16
Leverage Ratio	2.61	2.18	2.16	2.17	2.35	2.06	2.06	1.97	1.96	1.80	1.81
Compound Leverage Factor	3.52	2.55	2.36	2.34	2.23	1.97	1.94	1.85	1.94	1.54	1.07
Debt to Total Capital	47.35%	35.08%	34.73%	33.07%	33.75%	32.54%	32.88%	31.73%	30.69%	25.51%	25.58%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	47.35%	35.08%	34.73%	33.07%	33.75%	32.54%	32.88%	31.73%	30.69%	25.51%	25.58%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.71%	0.31%	0.30%	0.32%	0.28%	0.17%	0.14%	0.11%	0.08%	0.05%	0.01%
Common Equity to Total Capital	51.94%	64.61%	64.97%	66.60%	65.98%	67.28%	66.98%	68.17%	69.23%	74.44%	74.41%
Debt to EBITDA	7.09	7.06	5.92	3.48	2.79	2.21	1.73	1.61	1.35	1.49	1.84
Net Debt to EBITDA	-0.62	2.09	2.44	1.75	1.51	1.20	0.82	0.67	0.36	0.50	0.64
Long-Term Debt to EBITDA	7.09	7.06	5.92	3.48	2.79	2.21	1.73	1.61	1.35	1.49	1.84
Debt to NOPAT	23.98	1.96	1.75	1.23	1.06	3.08	3.70	3.96	3.17	1.28	1.25
Net Debt to NOPAT	-2.09	0.58	0.72	0.62	0.58	1.67	1.76	1.65	0.85	0.43	0.44
Long-Term Debt to NOPAT	23.98	1.96	1.75	1.23	1.06	3.08	3.70	3.96	3.17	1.28	1.25
Altman Z-Score	2.40	2.21	2.33	2.53	2.22	2.05	2.01	2.09	2.29	2.21	2.99
Noncontrolling Interest Sharing Ratio	0.95%	0.53%	0.57%	0.65%	0.75%	0.36%	0.33%	0.31%	0.26%	0.15%	0.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.39	1.71	1.57	1.73	1.61	1.59	1.67	1.81	1.87	1.77	1.55
Quick Ratio	2.12	1.45	1.32	1.46	1.35	1.38	1.44	1.56	1.64	1.55	1.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-80	-507	-1,519	-1,567	-1,536	-391	-280	74	83	91	-849
Operating Cash Flow to CapEx	45.56%	20.89%	17.38%	10.44%	235.65%	111.55%	189.20%	209.06%	0.00%	68.96%	78.37%
Free Cash Flow to Firm to Interest Expense	-4.14	-23.36	-85.80	-69.32	-68.58	-17.70	-11.53	2.97	3.33	3.68	-34.93
Operating Cash Flow to Interest Expense	2.48	4.46	1.49	0.51	8.62	5.64	6.42	4.84	7.96	2.91	3.09
Operating Cash Flow Less CapEx to Interest Expense	-2.97	-16.88	-7.06	-4.37	4.96	0.58	3.02	2.52	9.52	-1.31	-0.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.50	0.51	0.55	0.58	0.54	0.56	0.55	0.54	0.49	0.45
Accounts Receivable Turnover	3.37	3.93	4.16	3.75	4.32	4.59	4.60	4.15	4.52	4.53	4.40
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.64	1.37	1.37	1.44	1.51	1.32	1.33	1.29	1.25	1.18	1.07
Accounts Payable Turnover	4.72	4.70	4.49	4.71	5.14	4.83	4.79	4.97	5.17	4.82	4.36
Days Sales Outstanding (DSO)	108.18	92.92	87.83	97.24	84.57	79.60	79.33	87.86	80.79	80.58	82.90
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	77.27	77.63	81.36	77.42	71.02	75.51	76.27	73.44	70.56	75.78	83.64
Cash Conversion Cycle (CCC)	30.91	15.29	6.46	19.82	13.55	4.09	3.06	14.42	10.23	4.80	-0.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,106	2,316	2,475	2,732	2,711	2,833	2,718	2,787	2,741	3,530	3,532
Invested Capital Turnover	1.63	1.08	1.10	1.10	1.19	0.92	0.95	0.89	0.89	0.74	0.71
Increase / (Decrease) in Invested Capital	91	1,336	1,538	1,703	1,605	517	244	55	30	685	814
Enterprise Value (EV)	5,470	5,327	5,940	5,949	4,652	3,741	3,307	3,450	3,766	3,874	7,168
Market Capitalization	5,548	4,998	5,486	5,395	4,056	3,146	2,789	2,993	3,473	3,507	6,787
Book Value per Share	$16.00	$27.27	$27.91	$30.06	$29.07	$31.48	$31.07	$32.78	$34.37	$45.56	$45.66
Tangible Book Value per Share	$16.00	$27.27	$27.91	$30.06	$29.07	$31.48	$31.07	$32.78	$34.37	$45.56	$45.66
Total Capital	2,279	3,076	3,110	3,268	3,206	3,327	3,295	3,418	3,536	4,258	4,249
Total Debt	1,079	1,079	1,080	1,081	1,082	1,083	1,084	1,084	1,085	1,086	1,087
Total Long-Term Debt	1,079	1,079	1,080	1,081	1,082	1,083	1,084	1,084	1,085	1,086	1,087
Net Debt	-94	319	444	544	587	589	514	453	290	365	380
Capital Expenditures (CapEx)	106	463	151	110	82	112	82	57	-39	105	96
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-52	-108	-72	107	27	19	9.50	33	-50	-66	-151
Debt-free Net Working Capital (DFNWC)	1,005	528	437	517	419	399	463	549	626	534	427
Net Working Capital (NWC)	1,005	528	437	517	419	399	463	549	626	534	427
Net Nonoperating Expense (NNE)	-6.81	0.00	-6.04	-15	5.55	-4.85	2.87	14	-74	59	-17
Net Nonoperating Obligations (NNO)	-94	319	444	544	587	589	507	453	290	358	371
Total Depreciation and Amortization (D&A)	26	28	27	30	32	34	33	36	37	41	43
Debt-free, Cash-free Net Working Capital to Revenue	-2.99%	-6.04%	-3.84%	5.14%	1.19%	0.79%	0.39%	1.32%	-2.07%	-2.77%	-6.83%
Debt-free Net Working Capital to Revenue	57.98%	29.59%	23.25%	24.93%	18.53%	16.90%	18.84%	22.27%	25.89%	22.53%	19.30%
Net Working Capital to Revenue	57.98%	29.59%	23.25%	24.93%	18.53%	16.90%	18.84%	22.27%	25.89%	22.53%	19.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.18	$11.27	$0.35	$2.07	$0.89	$1.87	($0.53)	$1.62	$2.66	$10.17	($0.24)
Adjusted Weighted Average Basic Shares Outstanding	73.70M	74.10M	72.40M	72.40M	72.40M	72.10M	71M	71.10M	70.70M	70.60M	69.20M
Adjusted Diluted Earnings per Share	$0.17	$11.12	$0.35	$2.03	$0.88	$1.86	($0.53)	$1.61	$2.65	$10.13	($0.24)
Adjusted Weighted Average Diluted Shares Outstanding	74.80M	75.20M	73.60M	73.70M	73.20M	72.90M	71M	71.30M	71M	70.90M	69.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.90M	72.41M	72.41M	72.75M	71.12M	71.03M	71.07M	71.21M	69.58M	69.23M	69.25M
Normalized Net Operating Profit after Tax (NOPAT)	10	27	19	76	68	83	106	129	113	41	24
Normalized NOPAT Margin	2.24%	5.54%	3.71%	12.49%	10.64%	14.28%	17.01%	20.91%	19.01%	7.67%	5.05%
Pre Tax Income Margin	6.09%	7.92%	7.31%	19.80%	13.56%	21.18%	24.86%	23.68%	36.24%	6.77%	2.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.06	1.51	1.98	4.97	4.11	5.85	6.76	6.27	8.76	1.71	0.73
NOPAT to Interest Expense	0.53	38.18	1.10	6.02	3.06	5.69	-1.50	5.19	4.55	31.29	-1.42
EBIT Less CapEx to Interest Expense	-4.40	-19.82	-6.57	0.10	0.46	0.80	3.37	3.95	10.33	-2.51	-3.21
NOPAT Less CapEx to Interest Expense	-4.93	16.84	-7.45	1.14	-0.60	0.64	-4.89	2.87	6.11	27.06	-5.36
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	212.39%	22.91%	0.00%	13.27%	14.29%	34.18%	0.00%	0.00%	25.45%	10.21%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are the top takeaways from Valaris (NYSE: VAL) based on the quarterly financials provided for the last several years. The bullets highlight the most material points for investors, with positive items shown first, then neutral items, and finally negative items.

Extreme one-time profitability in Q4 2025: Net income attributable to common shareholders surged to $717.5 million with a diluted earnings per share of $10.13, driven by a tax-related benefit that boosted reported profits.
Stable topline in 2025 across quarters: Revenue remained in the mid-$500s to high-$600s million range, with examples like Q4 2025 operating revenue of $537.4M and Q3 2025 revenue of $595.7M, indicating continued demand in a cyclical market.
Positive operating cash flow across most 2025 quarters: Net cash from continuing operating activities was solid (e.g., Q3 2025: $198.1M; Q2 2025: $120.0M; Q4 2025: $72.2M), pointing to ongoing cash generation from core operations.
Capital returns and disciplined capital allocation: Valaris repurchased $25 million of common equity in Q4 2025, signaling a willingness to deploy capital for shareholder value and potential per-share accretion.
Balanced balance sheet suggesting moderate leverage: Long‑term debt around $1.08B and total liabilities near $2.18B, with total equity in the low-to-mid $2s billions, implying a stable but cyclical capital structure.
Ongoing capex pattern driven by asset renewal: Quarterly purchases of property, plant & equipment run in the $60–$106M range (e.g., Q4 2025 PPE outflow of $106.3M), typical for offshore drilling fleets investing in capacity and efficiency.
Notable one-time tax benefit in Q4 2025: Income tax line shows a large negative tax expense (-$680.4M) in Q4 2025, indicating a tax benefit that elevated net income but not reflective of ongoing cash taxes.
Near-term profitability volatility in early 2025: Q1 2025 saw a net loss to common shareholders (-$39.2M) and a negative earnings-per-share print, suggesting a softer start to the year before the later 2025 improvement.
Margin compression in Q4 2025 vs earlier 2025 quarters: Gross margin fell to about 23% in Q4 2025 (124.0M gross profit on 537.4M revenue) after stronger margins earlier in the year, signaling pressure in the quarter.
Earnings volatility due to impairment and non-operating items: Impairment charges and other non-operating items appeared in several quarters (e.g., $19.5M impairment in Q4 2025), contributing to earnings variability and headwinds for recurring profitability.

05/17/26 06:42 AM ETAI Generated. May Contain Errors.

Valaris Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Valaris' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Valaris' net income appears to be on a downward trend, with a most recent value of $979.10 million in 2025, falling from -$3.89 billion in 2014. The previous period was $369.80 million in 2024. Find out what analysts predict for Valaris in the coming months.

Valaris' total operating income in 2025 was $477 million, based on the following breakdown:

Total Gross Profit: $739.30 million
Total Operating Expenses: $262.30 million

Over the last 10 years, Valaris' total revenue changed from $4.56 billion in 2014 to $2.37 billion in 2025, a change of -48.1%.

Valaris' total liabilities were at $2.13 billion at the end of 2025, a 1.9% decrease from 2024, and a 69.9% decrease since 2015.

In the past 10 years, Valaris' cash and equivalents has ranged from $97.20 million in 2019 to $1.16 billion in 2016, and is currently $599.40 million as of their latest financial filing in 2025.

Over the last 10 years, Valaris' book value per share changed from 34.96 in 2014 to 45.56 in 2025, a change of 30.3%.

Related Companies

Financial statements for NYSE:VAL last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Valaris (VAL) Financials

Financials Breakdown Chart

Key Financial Trends

Valaris Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Valaris (VAL) Financials

Annual Income Statements for Valaris

Quarterly Income Statements for Valaris

Annual Cash Flow Statements for Valaris

Quarterly Cash Flow Statements for Valaris

Annual Balance Sheets for Valaris

Quarterly Balance Sheets for Valaris

Annual Metrics And Ratios for Valaris

Quarterly Metrics And Ratios for Valaris

Financials Breakdown Chart

Key Financial Trends

Valaris Financials - Frequently Asked Questions

When does Valaris' financial year end?

How has Valaris' net income changed over the last 10 years?

What is Valaris' operating income?

How has Valaris' revenue changed over the last 10 years?

How much debt does Valaris have?

How much cash does Valaris have?

How has Valaris' book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools