Valaris VAL

NYSE · Drilling Oil & Gas Wells · $6.6B

$82.77−8.02%Nov 4 close · Databento

Every report since 2023 →

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VAL Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 4, 2026CLOSE $82.771D −8.02%3M +5.06%SMA20 $91.22SMA50 $86.69RSI(14) 40.3

82.77

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 40.3

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$6.6B

EV / True FCF39.7x

Revenue$2.4B +0.3%

True FCF (ex-SBC)$177.5M +303.3%

Rule of 408.9%

ROIC23.2%

True FCF Yield2.7%

EPS, diluted$13.86 +170.7%

Modern Valuation (EOD)

Market Cap$6.6B

Enterprise Value$7.0B

EV / True FCF39.68

EV / FCF34.75

EV / Gross Profit—

EV / EBIT14.77

EV / Sales2.97

P / E (GAAP)6.72

P / FCF32.44

P / Oper. CF12.04

P / Book2.07

Owner & Cash Yields

True FCF Yield2.7%

FCF Yield3.1%

Owner Earn. Yield11.5%

Earnings Yield14.9%

Shareholder Yield+1.1%

Buyback Yield1.5%

Dividend Yield48326.69%

Dividend / sh$40000.00

Payout Ratio0%

FCF / sh$2.92

EPS (diluted)$13.86

Compounder & Returns

Rule of 408.9%

ROIC23.2%

Cash ROIC (CROIC)5.6%

GP / Assets—

ROE30.9%

ROA18.5%

Gross Margin—

Oper. Margin20.1%

Net Margin41.3%

FCF Margin8.6%

True FCF Margin7.5%

Quality & Dilution

Cash Conversion21%

Accrual Ratio+8.2%

SBC % of FCF12.4%

SBC % of Rev1.1%

Reinvest. Rate63%

Sales Growth Y/Y+0.3%

Sales 3Y CAGR+13.9%

EPS Growth Y/Y+170.7%

FCF Growth Y/Y+303.3%

FCF 3Y CAGR—

Share Change Y/Y−2.7%

Balance Sheet & Scale

Revenue (FY)$2.4B

Gross Profit (FY)—

Oper. Income (FY)$477.0M

GAAP Net Income$979.1M

True FCF (ex-SBC)$177.5M

Cash & Equiv$617.5M

Total Debt$1.1B

Net Cash (Debt)$-468.5M

Net Cash % MCap−7.1%

Debt / FCF (yrs)5.4y

Current Ratio1.7769.44M sh

Price & Technicals (EOD)

Perf Week−18.56%

Perf Month+0.94%

Perf Quarter+7.20%

Perf Half Y−10.81%

Perf YTD−5.70%

SMA 20 Dist−9.26%$91.22

SMA 50 Dist−4.52%$86.69

SMA 100 Dist−0.43%$83.13

Window High−27.02%$113.42

Window Low+14.23%$72.46

RSI (14) · Vol40.365%v

Income Distribution & Cash Flow ConversionHow every dollar of VAL revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$1.6B ($68.8 / $100)

Operating Expenses$262.3M ($11.1 / $100)

Tax & Non-Operating$0 ($0.0 / $100)

Net Profit Kept$979.1M ($20.1 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$979.1M (41.3% margin)

Operating Cash Flow (OCF)$546.2M(23.1% of rev)

Less: Capital Expenditures−$343.5M(14.5% of rev)

Standard Free Cash Flow (FCF)$202.7M(8.6% margin)

Less: Stock-Based Comp (SBC)−$25.2M(12.4% of FCF)

True FCF (Owner Cash ex-SBC)$177.5M(7.5% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2020	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$1.4B	$1.6B	$1.8B	$2.4B	$2.4B	+0.3%	+13.5%
Cost of Revenue (COGS)	—	$1.4B	$1.5B	$1.8B	$1.6B	−7.5%	+5.6%
Total Operating Expenses	$1.5B	$1.4B	—	—	—	—	−5.9%
Operating Income (EBIT)	$-4.3B	$37.2M	$53.5M	$352.3M	$477.0M	+35.4%	—
Interest Expense	$290.6M	—	—	—	$290.6M	—	+0.0%
Income Tax Expense	$-259.4M	$43.1M	$-782.6M	$400,000	$-426.8M	−106800.0%	—
GAAP Net Income	$-4.9B	$-4.5B	$181.8M	$866.8M	$979.1M	+13.0%	—
Diluted EPS	$-24.42	$2.33	$11.51	$5.12	$13.86	+170.7%	—
Diluted Shares	198.9M	75.6M	75.2M	72.9M	70.9M	−2.7%	−22.7%
Balance Sheet
Cash & Equivalents	$325.8M	$748.5M	$635.7M	$380.5M	$617.5M	+62.3%	+17.3%
Inventory	$279.4M	$0	$0	$0	$0	—	—
Total Current Assets	$1.2B	$1.3B	$1.3B	$1.1B	$1.2B	+13.6%	+1.1%
Total Assets	$12.9B	$2.9B	$4.3B	$4.4B	$5.3B	+20.0%	−19.9%
Total Current Liabilities	$426.8M	$504.4M	$744.3M	$679.5M	$691.6M	+1.8%	+12.8%
Total Debt (Short + Long Term)	$0	$542.4M	$1.1B	$1.1B	$1.1B	+0.3%	—
Total Liabilities	$2.2B	$1.6B	$2.3B	$2.2B	$2.1B	−1.9%	−0.9%
Stockholders' Equity	$4.4B	$1.3B	$2.0B	$2.2B	$3.2B	+41.3%	−7.7%
Net Cash / (Net Debt)	$325.8M	$206.1M	$-443.6M	$-702.2M	$-468.5M	+33.3%	—
Invested Capital	$4.0B	$1.1B	$2.4B	$2.9B	$3.6B	+23.5%	−2.6%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-251.7M	$127.0M	$267.5M	$355.4M	$546.2M	+53.7%	—
Depreciation & Amortization (D&A)	$540.8M	$91.2M	$101.1M	$122.1M	$146.3M	+19.8%	−27.9%
Stock-Based Compensation (SBC)	$21.4M	$17.4M	$27.3M	$27.7M	$25.2M	−9.0%	+4.2%
Capital Expenditures (CapEx)	$93.8M	$207.0M	$696.1M	$455.1M	$343.5M	−24.5%	+38.3%
Free Cash Flow (FCF)	$-345.5M	$-80.0M	$-428.6M	$-99.7M	$202.7M	+303.3%	—
True FCF (ex-SBC Owner Cash)	$-366.9M	$-97.4M	$-455.9M	$-127.4M	$177.5M	+239.3%	—
Share Repurchases (Buybacks)	—	$0	$198.6M	$126.4M	$100.0M	−20.9%	—
Dividends Paid	$0	—	—	—	$0	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what VAL did at the next close after each story

No Wire story has named VAL yet.

What happened · big days

25 big days in a year, and what we hold on each

A big day is a close more than 5.19% from the one before, three times VAL’s median day (1.73%). On 19 of the 25, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±5.19%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayVALWhat we hold that dayGroup (median of 4) · each

1 Dec 3, 2025+6.17%
Before our storiesgroup +5.1%, moved with VAL
1Dec 3, 2025+6.17%
Before our stories
+5.1% moved with VALNE +8.1 · PTEN +5.5 · HP +4.7 · RIG +3.3
2 Dec 12, 2025−6.83%
Before our storiesgroup −4.1%, moved with VAL
2Dec 12, 2025−6.83%
Before our stories
−4.1% moved with VALNE −5.1 · HP −4.7 · RIG −3.5 · PTEN −2.2
3 Dec 16, 2025−7.18%
Before our storiesgroup −5.7%, moved with VAL
3Dec 16, 2025−7.18%
Before our stories
−5.7% moved with VALRIG −5.9 · NE −5.8 · HP −5.5 · PTEN −5.3
4 Jan 26, 2026+6.65%
Before our storiesgroup +1.2%, did not move with it
4Jan 26, 2026+6.65%
Before our stories
+1.2% did not move with itNE +4.4 · RIG +1.7 · PTEN +0.7 · HP +0.5
5 Feb 4, 2026+5.83%
Before our storiesgroup +3.9%, moved with VAL
5Feb 4, 2026+5.83%
Before our stories
+3.9% moved with VALRIG +7.2 · NE +5.3 · HP +2.6 · PTEN +1.8
6 Feb 5, 2026−6.28%
Before our storiesgroup −4.5%, moved with VAL
6Feb 5, 2026−6.28%
Before our stories
−4.5% moved with VALRIG −7.5 · HP −5.2 · NE −3.8 · PTEN +2.8
7 Feb 6, 2026+7.22%
Before our storiesgroup +6.0%, moved with VAL
7Feb 6, 2026+7.22%
Before our stories
+6.0% moved with VALRIG +9.1 · PTEN +6.0 · NE +5.9 · HP +4.2
8 Feb 9, 2026+34.31%
Before our storiesgroup +3.2%, did not move with it
8Feb 9, 2026+34.31%
Before our stories
+3.2% did not move with itNE +6.8 · RIG +5.9 · PTEN +0.5 · HP −0.7
9 Feb 11, 2026+10.79%
Before our storiesgroup +4.4%, did not move with it
9Feb 11, 2026+10.79%
Before our stories
+4.4% did not move with itRIG +10.3 · NE +5.1 · PTEN +3.6 · HP +0.3
10 Feb 13, 2026+7.95%
Before our storiesgroup +4.3%, moved with VAL
10Feb 13, 2026+7.95%
Before our stories
+4.3% moved with VALRIG +8.5 · NE +7.6 · HP +1.0 · PTEN −0.5
11 Feb 17, 2026−7.29%
Before our storiesgroup −3.7%, moved with VAL
11Feb 17, 2026−7.29%
Before our stories
−3.7% moved with VALRIG −6.1 · NE −5.1 · PTEN −2.2 · HP +0.3
12 Mar 17, 2026+6.27%
Before our storiesgroup +4.4%, moved with VAL
12Mar 17, 2026+6.27%
Before our stories
+4.4% moved with VALRIG +6.1 · PTEN +5.7 · NE +3.1 · HP +2.8
13 Apr 14, 2026−7.13%
Before our storiesgroup −5.5%, moved with VAL
13Apr 14, 2026−7.13%
Before our stories
−5.5% moved with VALRIG −7.1 · PTEN −6.4 · HP −4.6 · NE −3.7
14 Apr 17, 2026−6.33%
Before our storiesgroup −5.1%, moved with VAL
14Apr 17, 2026−6.33%
Before our stories
−5.1% moved with VALPTEN −9.5 · RIG −6.5 · HP −3.7 · NE −3.6
15 Apr 27, 2026+6.76%
Before our storiesgroup +3.9%, moved with VAL
15Apr 27, 2026+6.76%
Before our stories
+3.9% moved with VALNE +8.2 · RIG +6.7 · PTEN +1.1 · HP +0.8
16 May 5, 2026−9.47%
Resultsgroup −0.5%, did not move with it
16May 5, 2026−9.47%
ResultsFirst close after the May 4 results filing
−0.5% did not move with itRIG −9.2 · NE −1.9 · PTEN +1.0 · HP +2.2
17 May 18, 2026+7.58%
Before our storiesgroup +4.3%, moved with VAL
17May 18, 2026+7.58%
Before our stories
+4.3% moved with VALRIG +7.7 · HP +5.1 · PTEN +3.5 · NE +2.8
18 May 21, 2026−7.40%
Before our storiesgroup −3.1%, did not move with it
18May 21, 2026−7.40%
Before our stories
−3.1% did not move with itRIG −7.1 · HP −3.1 · NE −3.0 · PTEN −0.6
19 Jun 18, 2026−5.41%
Nothing on VALgroup −2.8%, moved with VAL
19Jun 18, 2026−5.41%
Nothing on VALNo VAL story, brief or results filing in our record that day
−2.8% moved with VALRIG −4.8 · NE −3.1 · PTEN −2.5 · HP −2.3
20 Aug 10, 2026+8.59%
Nothing on VALgroup +10.1%, moved with VAL
20Aug 10, 2026+8.59%
Nothing on VALNo VAL story, brief or results filing in our record that day
+10.1% moved with VALHP +12.9 · PTEN +11.3 · RIG +8.8 · NE +6.8
21 Sep 15, 2026+8.56%
Nothing on VALgroup +4.2%, did not move with it
21Sep 15, 2026+8.56%
Nothing on VALNo VAL story, brief or results filing in our record that day
+4.2% did not move with itRIG +9.0 · NE +6.1 · PTEN +2.3 · HP +1.9
22 Sep 16, 2026−6.47%
Nothing on VALgroup −5.0%, moved with VAL
22Sep 16, 2026−6.47%
Nothing on VALNo VAL story, brief or results filing in our record that day
−5.0% moved with VALRIG −6.7 · PTEN −5.3 · NE −4.8 · HP −4.1
23 Oct 5, 2026+6.51%
Nothing on VALgroup +4.3%, moved with VAL
23Oct 5, 2026+6.51%
Nothing on VALNo VAL story, brief or results filing in our record that day
+4.3% moved with VALRIG +6.6 · NE +4.5 · HP +4.1 · PTEN +3.0
24 Oct 23, 2026+5.58%
Nothing on VALgroup +5.5%, moved with VAL
24Oct 23, 2026+5.58%
Nothing on VALNo VAL story, brief or results filing in our record that day
+5.5% moved with VALNE +8.5 · PTEN +5.6 · RIG +5.4 · HP +4.9
25 Nov 2, 2026−10.08%
Nothing on VALgroup −9.9%, moved with VAL
25Nov 2, 2026−10.08%
Nothing on VALNo VAL story, brief or results filing in our record that day
−9.9% moved with VALPTEN −11.4 · RIG −10.2 · HP −9.7 · NE −7.2

A story on the same day is not a cause, and a group move is not proof either. Group: the median of NE, RIG, PTEN and HP that day, the largest companies in VAL’s SEC industry; “moved with VAL” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). VAL reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Oct 29, 2025

day 1+2.20%day 6−4.22%

Reported Feb 19, 2026

day 1+3.52%day 6+3.63%

Reported May 4, 2026

day 1−9.47%day 6−5.19%

Reported Aug 5, 2026

day 1+0.31%day 6+10.60%

Next report: expected early-to-mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Nov 2 report: −4.96%. Four reports is a small sample.

Every report since 2023 →

Each line is VAL’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

VAL against four same-industry peers, a year at 100

VAL is up 65.4% in a year. Patterson Uti Energy is up 93.3%. Of these four, Noble (+50.4%), Transocean (+48.2%) and Helmerich & Payne (+44.6%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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VAL +65.4%. Patterson Uti Energy +93.3%, Noble +50.4%, Transocean +48.2%, Helmerich & Payne +44.6%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in VAL’s SEC industry (Drilling Oil & Gas Wells) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

NE	Noble	$7.3B	−6.69%
RIG	Transocean	$7.0B	−7.63%
PTEN	Patterson Uti Energy	$4.5B	−9.36%
HP	Helmerich & Payne	$3.9B	−4.67%
SDRL	SEADRILL	$3.0B	−6.48%
NBR	Nabors Industries	$1.4B	−6.43%
BORR	Borr Drilling	$1.1B	−3.76%
HPK	HighPeak Energy	$1.1B	−12.34%