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Oil & gas drilling · Energy · Fiscal year ends Dec 31
Valaris reported revenue of $12M in the fiscal year ended Dec 2025, up 24.0% from the year before. Operating income was $477M, an operating margin of 4008.4%, and net income was $983M. Operating cash flow of $546M less capital expenditure of $344M left free cash flow of $203M. Net debt was $487M.
Ranks among the 7 oil & gas drilling companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,427 | 9.2 | 8.4 | 9.6 | 11.9 |
| Cost of revenue | – | 1,383 | 1,544 | 1,761 | 1,630 |
| Gross profit | – | −1,374 | −1,535 | −1,751 | −1,618 |
| Operating income | −4,335 | 37.2 | 53.5 | 352 | 477 |
| Interest expense | 291 | – | – | – | – |
| Pre-tax income | −5,117 | 225 | 84.2 | 370 | 552 |
| Income tax | −259 | 43.1 | −783 | 0.4 | −427 |
| Net income | −4,856 | 177 | 865 | 373 | 983 |
| Diluted EPS | −24.42 | 2.33 | 11.51 | 5.12 | 13.86 |
| Diluted shares | 199 | 75.6 | 75.2 | 72.9 | 70.9 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 326 | 724 | 621 | 368 | 599 |
| Receivables | 449 | 449 | 459 | 571 | 475 |
| Inventory | 279 | – | – | – | – |
| Current assets | 1,173 | 1,346 | 1,272 | 1,079 | 1,225 |
| Net PP&E | 10,961 | 977 | 1,634 | 1,933 | 2,089 |
| Total assets | 12,873 | 2,860 | 4,322 | 4,420 | 5,305 |
| Payables | 176 | 257 | 400 | 329 | 348 |
| Deferred revenue | 57.6 | 78.0 | 116 | 87.2 | 87.7 |
| Current liabilities | 427 | 504 | 744 | 680 | 692 |
| Short-term debt | 0.0 | – | – | – | – |
| Long-term debt | 0.0 | 542 | 1,079 | 1,083 | 1,086 |
| Total liabilities | 8,503 | 1,562 | 2,325 | 2,176 | 2,133 |
| Shareholders' equity | 4,375 | 1,290 | 1,988 | 2,239 | 3,170 |
| Backlog (remaining obligations) | 71.9 | 119 | 154 | 159 | 151 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −252 | 127 | 268 | 355 | 546 |
| Capital expenditure | 93.8 | 207 | 696 | 455 | 344 |
| Free cash flow | −346 | −80.0 | −429 | −99.7 | 203 |
| Depreciation & amortisation | 541 | 91.2 | 101 | 122 | 146 |
| Stock-based compensation | 21.4 | 17.4 | 27.3 | 27.7 | 25.2 |
| Share buybacks | – | 0.0 | 199 | 126 | 100 |
| Dividends paid | 0.0 | – | – | – | – |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −99.4% | −8.7% | 14.3% | 24.0% |
| Operating income growth (YoY) | – | – | 43.8% | 558.5% | 35.4% |
| EPS growth (YoY) | – | – | 394.0% | −55.5% | 170.7% |
| Gross margin | – | −14934.8% | −18276.2% | −18242.7% | −13595.0% |
| Operating margin | −303.7% | 404.3% | 636.9% | 3669.8% | 4008.4% |
| Net margin | −340.2% | 1918.5% | 10302.4% | 3889.6% | 8258.8% |
| Return on equityBlank when equity is negative | −111.0% | 13.7% | 43.5% | 16.7% | 31.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −34.8% | 1.6% | 1.5% | 9.4% | 10.3% |
| Free cash flow margin | −24.2% | −869.6% | −5102.4% | −1038.5% | 1703.4% |
| Cash conversion (CFO ÷ net income) | 0.05x | 0.72x | 0.31x | 0.95x | 0.56x |
| Receivable days | 115 | 17818 | 19958 | 21718 | 14563 |
| Payable days | – | 68 | 95 | 68 | 78 |
| Interest cover | −14.9x | – | – | – | – |
| Debt ÷ equity | 0.00x | 0.42x | 0.54x | 0.48x | 0.34x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −326 | −182 | 459 | 715 | 487 |
| Current ratio | 2.75x | 2.67x | 1.71x | 1.59x | 1.77x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.