Vale S.A.

VALE

Industrial Materials · Basic Materials

Price

$14.19

-0.03 (-0.21%)

Market Cap

$60.51B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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)

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.

Winston Score History

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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

+14.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+33.3% YoY

YoY Growth Rate

EPS growth accelerating

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

7.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$11.4B 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 14%. 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

Gross Margin

33.0%

Modest — 33.0% gross margin

Operating Margin

28.8%

Excellent — 28.8% operating margin

ROCE

4.9%

Weak — 4.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6.3%

Slow sales growth (6.3% YoY)

EPS YoY

-51.8%

Earnings shrinking (-51.8% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

333%

Turns 333% of profit into real cash

FCF Margin

8.5%

Modest free cash flow (8.5%)

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

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Stability

Debt / Equity

0.50

Conservative — low debt load (0.50)

Interest Cover

6.87x

Adequate interest coverage (6.9x)

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

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Valuation

P/E Ratio (TTM)

21.5x

Growth-priced — P/E 21.5

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

P/E vs Forward

+13.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.5 → 7.7)

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Dividends

Dividend Yield

7.02%

Healthy income — 7.02% yield

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

Dividend Growth

-16.8%

Dividend cut (-16.8% YoY) — warning sign

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