Valaris Ltd VAL
Valaris Limited is a global offshore contract drilling company. Unless the context requires otherwise, the terms "Valaris," "Company," "we," "us" and "our" refer to Valaris Limited together with all its subsidiaries and predecessors.
We are a leading provider of offshore contract drilling services to the international oil and gas industry with operations in almost every major offshore market across six continents. Our fleet of offshore drilling rigs is among the largest in the world and includes one of the highest specification ultra-deepwater fleets, as well as a leading premium jackup fleet. As of February 20, 2026, we own 46 rigs, including 13 drillships, two semisubmersible rigs, 31 jackup rigs and a 50% equity interest in ARO, our 50/50 unconsolidated joint venture with Saudi Aramco, which owns an additional nine rigs.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.9M | $9.6M | $1.78B | $1.60B | — | $1.43B | $2.05B | $1.71B | $1.84B | $2.78B |
| Cost of revenue | $1.63B | $1.76B | $1.54B | $1.38B | — | — | $1.81B | $1.32B | $1.19B | — |
| Gross profit | -$1.62B | -$1.75B | $240.6M | $219.3M | — | — | $247.2M | $386.0M | $653.5M | — |
| SG&A | $97.1M | $116.3M | $99.3M | $80.9M | — | $214.6M | $188.9M | $102.7M | $157.8M | $100.8M |
| Total operating expenses | $1.90B | $2.00B | $1.74B | $1.59B | — | $1.47B | $1.81B | $1.32B | $1.19B | $1.85B |
| Operating income | $477.0M | $352.3M | $53.5M | $37.2M | — | -$4.33B | -$669.8M | -$235.9M | -$132.0M | $929.3M |
| Interest expense | — | — | — | — | — | $290.6M | $428.3M | $282.7M | $224.2M | $228.8M |
| Pre-tax income | $552.3M | $370.2M | $84.2M | $224.9M | — | -$5.12B | -$63.8M | -$538.9M | -$196.0M | $997.5M |
| Income tax | $426.8M | $400.0K | $782.6M | $43.1M | — | $259.4M | $128.4M | $89.6M | $109.2M | $108.5M |
| Net income | $979.1M | $866.8M | $181.8M | -$4.49B | $369.8M | -$4.86B | -$198.0M | -$639.7M | -$303.7M | $890.2M |
| EPS, basic | 13.92 | 5.18 | 11.68 | 2.35 | — | -24.42 | — | — | — | — |
| EPS, diluted | 13.86 | 5.12 | 11.51 | 2.33 | — | -24.42 | -1.14 | -5.90 | -3.66 | 3.13 |
| Shares, diluted (wtd. avg.) | $70.9M | $72.9M | $75.2M | $75.6M | $199.6M | $198.9M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $599.4M | $368.2M | $635.7M | $748.5M | $644.6M | $607.6M | $97.2M | $275.1M | $445.4M | $1.16B |
| Short-term investments | — | — | — | — | — | — | $0 | $329.0M | $440.0M | $1.44B |
| Receivables | $474.8M | $571.2M | $459.3M | $449.1M | $444.2M | $425.9M | $520.7M | $344.7M | $345.4M | $361.0M |
| Inventory | — | — | — | — | $0 | $279.4M | $340.1M | $268.1M | $278.8M | $225.2M |
| Total current assets | $1.23B | $1.08B | $1.27B | $1.35B | $1.21B | $1.21B | $1.06B | $1.31B | $1.61B | $3.28B |
| Property, plant and equipment | $2.09B | $1.93B | $1.63B | $977.2M | $890.9M | $909.1M | $15.10B | $12.62B | $12.87B | $10.92B |
| Other intangibles | — | — | — | — | — | $2.4M | $11.9M | $2.5M | $15.7M | $300.0K |
| Total assets | $5.30B | $4.42B | $4.32B | $2.86B | $2.60B | $2.60B | $16.93B | $14.02B | $14.63B | $14.37B |
| Accounts payable | $348.2M | $328.5M | $400.1M | $256.5M | $225.8M | $174.1M | $288.2M | $210.5M | $432.6M | $145.9M |
| Short-term debt | — | — | — | — | $0 | $0 | $124.8M | $0 | $0 | $331.9M |
| Total current liabilities | $691.6M | $679.5M | $744.3M | $504.4M | $422.0M | $390.6M | $830.7M | $528.5M | $758.5M | $854.4M |
| Long-term debt | $1.09B | $1.08B | $1.08B | $542.4M | $545.3M | $544.8M | $5.92B | $5.01B | $4.75B | $4.94B |
| Total liabilities | $2.13B | $2.18B | $2.33B | $1.56B | — | — | — | — | — | — |
| Retained earnings | $2.38B | $1.40B | $1.03B | $160.1M | -$16.4M | $0 | $671.7M | $874.2M | $1.53B | $1.86B |
| Total equity | $3.17B | $2.24B | $1.99B | $1.29B | $1.07B | $1.10B | $9.31B | $8.09B | $8.73B | $8.25B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $546.2M | $355.4M | $267.5M | $127.0M | — | -$251.7M | -$276.9M | -$55.7M | $259.4M | $1.08B |
| Depreciation and amortisation | $146.3M | $122.1M | $101.1M | $91.2M | — | $540.8M | $609.7M | $478.9M | — | — |
| Stock-based compensation | $25.2M | $27.7M | $27.3M | $17.4M | — | $21.4M | $37.3M | $29.9M | $34.2M | $39.6M |
| Capital expenditure | $343.5M | $455.1M | $696.1M | $207.0M | — | $93.8M | $227.0M | $426.7M | $536.7M | $322.2M |
| Investing cash flow | -$205.6M | -$452.3M | -$665.8M | -$16.7M | — | -$42.0M | $1.05B | -$304.7M | -$403.0M | -$575.0M |
| Financing cash flow | -$103.6M | -$158.3M | $285.5M | -$6.4M | — | $522.2M | -$952.3M | $188.2M | -$570.5M | $529.0M |
| Dividends paid | — | — | — | — | — | $0 | $4.5M | $17.9M | $13.8M | $11.6M |
| Buybacks | $100.0M | $126.4M | $198.6M | $0 | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000314808-26-000085.
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