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Oil & gas refining & marketing · Energy · Fiscal year ends Sep 30
Valvoline reported revenue of $1.7B in the fiscal year ended Sep 2025, up 5.6% from the year before. Operating income was $390M, an operating margin of 22.8%, and net income was $211M. Operating cash flow of $297M less capital expenditure of $259M left free cash flow of $38M. Net debt was $1B.
Ranks among the 10 oil & gas refining & marketing companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 1,037 | 1,236 | 1,444 | 1,619 | 1,710 |
| Cost of revenue | 605 | 760 | 899 | 1,000 | 1,052 |
| Gross profit | 432 | 476 | 545 | 619 | 659 |
| Research & development | 15.0 | – | – | – | – |
| Selling, general & admin | 224 | 245 | 265 | 305 | 350 |
| Operating income | 240 | 220 | 247 | 367 | 390 |
| Interest expense | 108 | 69.3 | 38.3 | 71.9 | 74.0 |
| Pre-tax income | 260 | 144 | 237 | 284 | 292 |
| Income tax | 59.9 | 34.7 | 37.1 | 69.1 | 77.5 |
| Net income | 420 | 424 | 1,420 | 212 | 211 |
| Diluted EPS | 2.29 | 2.35 | 8.73 | 1.61 | 1.64 |
| Diluted shares | 184 | 180 | 163 | 131 | 129 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 123 | 23.4 | 409 | 68.3 | 51.6 |
| Receivables | 65.3 | 66.1 | 81.3 | 86.4 | 89.6 |
| Inventory | 27.4 | 29.4 | 33.3 | 39.7 | 42.6 |
| Current assets | 1,037 | 1,621 | 937 | 255 | 244 |
| Net PP&E | 817 | 669 | 818 | 959 | 1,135 |
| Goodwill | 513 | 548 | 578 | 615 | 658 |
| Total assets | 3,191 | 3,417 | 2,890 | 2,439 | 2,670 |
| Payables | 38.6 | 45.0 | 119 | 117 | 119 |
| Current liabilities | 569 | 919 | 362 | 354 | 347 |
| Short-term debt | 15.0 | 163 | 23.8 | 23.8 | 23.8 |
| Long-term debt | 1,640 | 1,525 | 1,562 | 1,070 | 1,050 |
| Total liabilities | 3,057 | 3,110 | 2,687 | 2,253 | 2,332 |
| Shareholders' equity | 135 | 307 | 203 | 186 | 339 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 404 | 284 | −40.8 | 265 | 297 |
| Capital expenditure | 103 | 132 | 181 | 224 | 259 |
| Free cash flow | 301 | 152 | −221 | 40.7 | 38.0 |
| Depreciation & amortisation | 46.8 | 54.7 | 72.0 | 89.2 | 105 |
| Stock-based compensation | 13.7 | 14.4 | 12.2 | 12.0 | 10.5 |
| Acquisitions | 282 | 50.7 | 36.3 | 52.7 | 65.0 |
| Share buybacks | 127 | 143 | 1,525 | 227 | 76.8 |
| Dividends paid | 90.9 | 89.2 | 21.8 | 0.0 | 0.0 |
| Dividend per share | 0.50 | 0.50 | 0.13 | – | – |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 19.2% | 16.8% | 12.2% | 5.6% |
| Operating income growth (YoY) | – | −8.2% | 12.2% | 48.5% | 6.2% |
| EPS growth (YoY) | – | 2.6% | 271.5% | −81.6% | 1.9% |
| Gross margin | 41.7% | 38.5% | 37.7% | 38.2% | 38.5% |
| Operating margin | 23.1% | 17.8% | 17.1% | 22.7% | 22.8% |
| Net margin | 40.5% | 34.3% | 98.4% | 13.1% | 12.3% |
| Return on equityBlank when equity is negative | 312.5% | 138.4% | 698.7% | 114.0% | 62.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.2% | 8.8% | 9.8% | 17.6% | 16.8% |
| Free cash flow margin | 29.0% | 12.3% | −15.3% | 2.5% | 2.2% |
| Cash conversion (CFO ÷ net income) | 0.96x | 0.67x | −0.03x | 1.25x | 1.41x |
| Receivable days | 23 | 20 | 21 | 19 | 19 |
| Inventory days | 17 | 14 | 14 | 14 | 15 |
| Payable days | 23 | 22 | 48 | 43 | 41 |
| Interest cover | 2.22x | 3.18x | 6.45x | 5.11x | 5.27x |
| Debt ÷ equity | 12.3x | 5.50x | 7.81x | 5.89x | 3.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,532 | 1,664 | 1,177 | 1,026 | 1,022 |
| Current ratio | 1.82x | 1.76x | 2.59x | 0.72x | 0.70x |
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.