Vale S.A. (VALE) Balance Sheet
VALE balance sheet, 2025
December 31, 2025 · Brazilian reaisR$86.88B assets = R$52.41B liabilities + R$34.48B equity
Both columns are drawn to the same scale: what VALE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VALE financial health
Descriptive bands, not a rating. Fiscal 2025.
VALE balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | R$99.01B2016 | R$86.88B2025 | −1.4%/yr | |
| Total liabilities | R$57.99B2016 | R$52.41B2025 | −1.1%/yr | |
| Shareholders’ equity | R$41.02B2016 | R$33.63B2025 | −2.2%/yr | |
| Cash & short-term investments | R$4.28B2016 | R$7.60B2025 | +6.6%/yr | |
| Total debt | R$92.49B2016 | R$19.39B2025 | −15.9%/yr | |
| Net cash (debt) | −R$88.21B2016 | −R$11.79B2025 | +R$76.4B | |
| Working capital | R$11.34B2016 | R$2.43B2025 | −R$8.9B | |
| Current ratio | 2.012016 | 1.152025 | −0.86 | |
| Debt / equity | 2.252016 | 0.582025 | −1.68 | |
| Shares outstanding | 5.20B2016 | 4.27B2025 | −2.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VALE assets
VALE liabilities and equity
VALE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VALE balance sheet in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | R$7.60B | R$5.01B | R$3.66B | R$4.80B | R$11.90B | R$14.26B | R$8.18B | R$5.82B | R$6.35B | R$4.28B |
| Cash & equivalents | R$7.40B | R$4.96B | R$3.61B | R$4.74B | R$11.72B | R$13.49B | R$7.35B | R$5.78B | R$4.33B | R$4.26B |
| Short-term investments | R$194.5M | R$53.5M | R$51.5M | R$61.0M | R$184.0M | R$771.0M | R$826.0M | R$32.0M | R$2.02B | R$18.0M |
| Receivables | R$3.82B | R$3.46B | R$5.08B | R$5.59B | R$4.78B | R$5.70B | R$3.40B | R$3.90B | R$3.77B | R$5.36B |
| Inventory | R$5.96B | R$4.61B | R$4.67B | R$4.48B | R$4.38B | R$4.06B | R$4.27B | R$4.44B | R$3.93B | R$3.35B |
| Other current assets | R$991.1M | R$416.3M | R$5.23B | R$656.0M | R$1.29B | R$387.0M | R$1.19B | R$1.14B | R$4.91B | R$9.58B |
| Total current assets | R$18.37B | R$13.50B | R$18.64B | R$15.53B | R$22.36B | R$24.40B | R$17.04B | R$15.29B | R$18.95B | R$22.57B |
| Property, plant & equipment (net) | R$43.80B | R$40.03B | R$48.23B | R$44.94B | R$41.93B | R$41.15B | R$46.58B | R$48.38B | R$66.94B | R$55.42B |
| Goodwill & intangible assets | R$8.99B | R$10.53B | R$11.62B | R$10.24B | R$9.01B | R$9.30B | R$8.50B | R$7.96B | R$8.49B | R$6.87B |
| Long-term investments | R$5.09B | R$4.60B | R$1.92B | R$1.80B | R$1.76B | R$1.78B | R$3.52B | R$4.21B | R$3.57B | R$3.70B |
| Other non-current assets | R$10.63B | R$11.59B | R$13.46B | R$14.39B | R$14.38B | R$15.38B | R$16.07B | R$12.34B | R$1.23B | R$10.46B |
| Total assets | R$86.88B | R$80.25B | R$93.87B | R$86.89B | R$89.44B | R$92.01B | R$91.71B | R$88.19B | R$99.18B | R$99.01B |
| Liabilities | ||||||||||
| Accounts payable | R$5.59B | R$4.23B | R$5.27B | R$4.46B | R$3.48B | R$3.37B | R$4.11B | R$3.51B | R$4.04B | R$3.63B |
| Short-term debt | R$680.9M | R$1.17B | R$1.02B | R$489.0M | R$1.20B | R$1.88B | R$2.42B | R$2.14B | R$1.70B | R$2.33B |
| Deferred revenue | — | R$1.2M | R$591.0M | R$416.0M | R$1.68B | R$853.0M | R$4.26B | R$650.0M | R$4.21B | R$2.87B |
| Total current liabilities | R$15.94B | R$13.11B | R$14.61B | R$13.89B | R$15.20B | R$14.59B | R$13.85B | R$9.11B | R$13.11B | R$11.23B |
| Long-term debt | R$20.61B | R$15.94B | R$14.52B | R$14.95B | R$11.15B | R$17.30B | R$54.04B | R$56.04B | R$68.76B | R$90.15B |
| Lease obligations | R$668.0M | R$713.0M | R$1.45B | R$1.53B | R$1.60B | R$1.67B | R$1.79B | R$0 | R$0 | R$0 |
| Other long-term liabilities | R$15.86B | R$16.59B | R$23.92B | R$20.70B | R$27.79B | R$25.29B | R$0 | R$0 | R$0 | R$0 |
| Total liabilities | R$52.41B | R$45.69B | R$53.04B | R$49.54B | R$54.14B | R$57.19B | R$52.72B | R$43.36B | R$54.41B | R$57.99B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | R$14.11B | R$12.50B | R$15.91B | R$61.61B | R$13.86B | R$61.61B | R$61.61B | R$61.61B | R$61.61B | R$61.61B |
| Retained earnings (deficit) | R$1.10B | R$18.58B | R$13.01B | R$20.47B | R$15.72B | R$4.84B | R$4.60B | −R$16.51B | −R$17.05B | −R$23.09B |
| Treasury stock | — | — | — | — | — | — | −R$6.52B | −R$6.61B | −R$2.75B | −R$2.75B |
| Accumulated other comprehensive income | R$22.04B | R$5.56B | R$14.05B | −R$20.77B | R$10.16B | −R$23.43B | −R$19.09B | −R$14.03B | −R$15.57B | −R$20.24B |
| Minority interest | R$841.0M | R$1.12B | R$1.52B | R$1.49B | — | — | R$0 | R$0 | R$0 | R$0 |
| Total shareholders' equity | R$33.63B | R$33.43B | R$39.31B | R$35.87B | R$34.47B | R$35.74B | R$38.99B | R$44.83B | R$44.77B | R$41.02B |
| Key figures | ||||||||||
| Total debt | R$19.39B | R$17.74B | R$16.80B | R$15.44B | R$17.20B | R$21.49B | R$56.46B | R$58.18B | R$70.46B | R$92.49B |
| Net cash (debt) | −R$11.79B | −R$12.73B | −R$13.14B | −R$10.64B | −R$5.30B | −R$7.23B | −R$48.28B | −R$52.36B | −R$64.11B | −R$88.21B |
| Working capital | R$2.43B | R$391.5M | R$4.03B | R$1.64B | R$7.16B | R$9.81B | R$3.20B | R$6.18B | R$5.84B | R$11.34B |
| Tangible book value | R$24.64B | R$22.91B | R$27.69B | R$25.63B | R$25.46B | R$26.45B | R$30.49B | R$36.87B | R$36.28B | R$34.15B |
| Shares outstanding | 4.27B | 4.27B | 4.37B | 4.64B | 5.01B | 5.13B | 5.13B | 5.20B | 5.20B | 5.20B |
| Current ratio | 1.15 | 1.03 | 1.28 | 1.12 | 1.47 | 1.67 | 1.23 | 1.68 | 1.45 | 2.01 |
| Quick ratio | 0.72 | 0.65 | 0.60 | 0.75 | 1.10 | 1.37 | 0.84 | 1.07 | 0.77 | 0.86 |
| Debt / equity | 0.58 | 0.53 | 0.43 | 0.43 | 0.50 | 0.60 | 1.45 | 1.30 | 1.57 | 2.25 |
| Equity / assets | 38.7% | 41.7% | 41.9% | 41.3% | 38.5% | 38.8% | 42.5% | 50.8% | 45.1% | 41.4% |
| Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | R$4.65B | R$6.54B | R$3.83B | R$4.26B | R$4.03B |
| Cash & equivalents | R$4.60B | R$6.48B | R$3.79B | R$4.21B | R$3.97B |
| Short-term investments | R$53.0M | R$61.0M | R$44.2M | R$51.5M | R$60.0M |
| Receivables | R$3.72B | R$2.99B | R$3.07B | R$5.08B | R$4.71B |
| Inventory | R$4.95B | R$4.79B | R$5.19B | R$4.67B | R$5.11B |
| Other current assets | R$487.1M | R$505.0M | R$5.41B | R$4.63B | R$826.9M |
| Total current assets | R$13.80B | R$14.83B | R$17.49B | R$18.64B | R$14.67B |
| Property, plant & equipment (net) | R$46.09B | R$44.58B | R$47.46B | R$48.23B | R$47.75B |
| Goodwill & intangible assets | R$11.54B | R$10.20B | R$11.25B | R$11.62B | R$10.58B |
| Long-term investments | R$4.15B | R$3.76B | R$1.94B | R$1.92B | R$1.95B |
| Other non-current assets | R$13.30B | R$13.25B | R$13.36B | R$13.46B | R$14.03B |
| Total assets | R$88.89B | R$86.61B | R$91.51B | R$93.87B | R$88.99B |
| Liabilities | |||||
| Accounts payable | R$5.35B | R$4.77B | R$5.55B | R$5.25B | R$5.58B |
| Short-term debt | R$999.0M | R$1.09B | R$1.48B | R$1.02B | R$976.0M |
| Deferred revenue | R$641.0M | R$680.0M | R$745.0M | R$1.74B | R$1.36B |
| Total current liabilities | R$15.17B | R$13.74B | R$15.65B | R$14.61B | R$13.64B |
| Long-term debt | R$14.98B | R$15.31B | R$14.58B | R$14.52B | R$14.18B |
| Lease obligations | R$765.0M | R$1.36B | R$1.43B | R$1.45B | R$1.48B |
| Other long-term liabilities | R$19.02B | R$19.17B | R$22.35B | R$23.92B | R$21.68B |
| Total liabilities | R$49.17B | R$48.23B | R$52.58B | R$53.04B | R$49.50B |
| Shareholders' equity | |||||
| Common stock & paid-in capital | R$61.61B | R$61.61B | R$15.44B | R$15.91B | R$15.38B |
| Retained earnings (deficit) | R$5.25B | R$4.45B | R$10.89B | R$13.01B | R$12.26B |
| Accumulated other comprehensive income | −R$24.66B | −R$25.20B | R$14.88B | R$14.05B | R$13.79B |
| Total shareholders' equity | R$38.30B | R$36.97B | R$37.40B | R$39.31B | R$37.99B |
| Key figures | |||||
| Total debt | R$16.59B | R$17.58B | R$17.30B | R$13.88B | R$16.44B |
| Net cash (debt) | −R$11.94B | −R$11.04B | −R$13.46B | −R$9.62B | −R$12.41B |
| Working capital | −R$1.37B | R$1.09B | R$1.85B | R$4.03B | R$1.03B |
| Tangible book value | R$26.75B | R$26.78B | R$26.15B | R$27.69B | R$27.41B |
| Shares outstanding | 4.27B | 4.28B | 4.28B | 4.32B | 4.32B |
| Current ratio | 0.91 | 1.08 | 1.12 | 1.28 | 1.08 |
| Quick ratio | 0.55 | 0.69 | 0.44 | 0.64 | 0.64 |
| Debt / equity | 0.43 | 0.48 | 0.46 | 0.35 | 0.43 |
| Equity / assets | 43.1% | 42.7% | 40.9% | 41.9% | 42.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported (latest annual report filed March 27, 2026); data from EODHD.
VALE financial position
At the end of fiscal 2025 (December 31, 2025), Vale had total assets of R$86.9 billion (up 8.3% from a year earlier), total liabilities of R$52.4 billion and shareholders' equity of R$33.6 billion. It held R$7.6 billion in cash and short-term investments against R$19.4 billion of debt, net debt of R$11.8 billion. Its current ratio was 1.15.
Related: VALE income statement, VALE cash flow statement, VALE key metrics. See the VALE stock overview for the latest quote and news.
VALE balance sheet FAQ
What are Vale's total assets?
Vale reported total assets of R$86.9 billion at the end of fiscal 2025 (December 31, 2025), compared with R$80.3 billion a year earlier.
How much debt does Vale have?
Vale had R$19.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.58.
How much cash does Vale have?
Vale held R$7.6 billion in cash and short-term investments at the end of fiscal 2025; with R$19.4 billion of debt that is net debt of R$11.8 billion.
What is Vale's book value?
Vale's shareholders' equity (book value) was R$33.6 billion at the end of fiscal 2025.
What is Vale's current ratio?
Vale had current assets of R$18.4 billion and current liabilities of R$15.9 billion, a current ratio of 1.15 (it can cover its short-term obligations).
How much goodwill does Vale have?
Vale carried R$9.0 billion of goodwill and intangible assets, 10.3% of total assets, at the end of fiscal 2025.