Valaris Limited
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Range $75 – $75
Price Chart
About the company
Valaris Limited, together with its subsidiaries, provides offshore contract drilling services in Brazil, the United Kingdom, Gulf of America, Australia, Angola, and internationally. It operates through four segments: Floaters, Jackups, ARO, and Other. The company owns an offshore drilling rig fleet, which includes drillships, dynamically positioned semisubmersible rigs, a moored semisubmersible rig, and jackup rigs.
- CEO
- Anton Dibowitz
- IPO
- 2021
- Employees
- 3,800
- HQ
- Hamilton, HA, BM
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $6.12B
- P/E
- 6.56
- Fwd P/E
- 30.44
- PEG
- 0.03
- P/S
- 2.86
- P/B
- 1.90
- EV/EBITDA
- 11.13
- Div Yield
- 0.00%
- Gross Margin
- 40.82%
- Op Margin
- 12.05%
- Net Margin
- 43.95%
- ROE
- 31.33%
- ROIC
- 5.48%
Latest fiscal year · YoY change
- Revenue
- $2.37B+0.3%
- Gross Profit
- $593.00M-1.4%
- Op Income
- $495.90M
- Net Income
- $982.80M+163.2%
- EPS
- $13.92+168.7%
- OCF Growth
- +53.7%
- FCF Growth
- +303.3%
- 52W High
- $114.12
- 52W Low
- $44.48
- 50D MA
- $79.72
- 200D MA
- $77.92
- Beta
- 0.93
- RSI (14)
- 66
- Avg Volume
- 990.22K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Valaris delivered a stronger-than-guided third quarter, boosted backlog, and said all near-term drillship availability is now covered into next year.· October 31, 2025
- Q3 revenue was $596 million and adjusted EBITDA was $163 million, both stronger than the company’s EBITDA guidance range of $120 million to $140 million.
- Adjusted free cash flow was $237 million, helped by $198 million of cash from operations and just over $100 million of net proceeds from the VALARIS 247 sale.
- Valaris repurchased $75 million of stock in the quarter and ended with $676 million of cash and cash equivalents.
- The company added nearly $200 million of contract backlog since Q2, with year-to-date fleetwide backlog additions above $2.2 billion and total backlog at $4.5 billion.
- Management said all 4 drillships with near-term availability are now contracted for work beginning next year, and it remains constructive on deepwater demand and jack-up utilization.
Third-quarter revenue was $596 million versus $615 million in the prior quarter. Adjusted EBITDA was $163 million versus $201 million in Q2, with the year-over-year comparison not stated on the call. Fleet-wide revenue efficiency was 95%. Adjusted free cash flow was $237 million, supported by $198 million of operating cash flow and just over $100 million of net proceeds from the sale of VALARIS 247. Shares repurchased totaled $75 million at an average price of $49 per share, and cash and cash equivalents ended at $676 million. For Q4, Valaris guided to revenue of $495 million to $515 million, contract drilling expense of $390 million to $405 million, G&A of about $27 million, adjusted EBITDA of $70 million to $90 million, and CapEx of $145 million to $165 million. The midpoint of Q4 guidance implies full-year adjusted EBITDA of about $625 million, roughly $40 million above the midpoint of prior guidance, and full-year CapEx of about $390 million, roughly in line with prior guidance. Management also reiterated expected customer upfront payments of about $70 million this year for certain contract-specific upgrades.
Anton Dibowitz emphasized operational execution, commercial discipline, and fleet management as the company’s core priorities. He highlighted that all 4 near-term available drillships are now contracted for work beginning next year, described offshore drilling demand as developing as expected, and pointed to a robust pipeline of deepwater opportunities, especially for 2026 and 2027. His tone was constructive and confident, but he acknowledged near-term commodity price uncertainty and a white-space period before utilization improves.
Chris Weber walked through a quarter where revenue and EBITDA were down sequentially because of fewer floater operating days, the sale of VALARIS 247, and the absence of a prior-quarter arbitration benefit. He noted Q3 CapEx of $70 million came in below guidance because some spending shifted into Q4, while Q3 free cash flow was $237 million and cash ended at $676 million. For Q4, he guided to lower revenue due to idle or transitioning rigs, EBITDA of $70 million to $90 million, and CapEx stepping up to $145 million to $165 million; he also said the full-year EBITDA midpoint has improved to about $625 million.
Analysts focused on capital return, asking whether Valaris might use its roughly $660 million to $676 million cash balance to accelerate buybacks. Management said repurchases will be opportunistic rather than linear and reiterated a minimum cash level of around $200 million. Questions also probed day rates, exploration demand, Brazil cost discussions, and Saudi jack-up demand; management said high-spec drillship day rates appear to have troughed in the high-$300s to low-/mid-$400s, exploration interest is rising, Petrobras talks are early and constructive, and Saudi rig reactivations further support a tight jack-up market.
The positive case from this call is that Valaris is converting its commercial pipeline into backlog and contracting visibility, with all 4 near-term drillships now booked and total backlog at $4.5 billion. Management also sounded confident that deepwater and jack-up markets remain healthy enough to support higher utilization into late 2026 and beyond, while the balance sheet and cash generation still allow share repurchases.
The main risks are near-term white space and lower Q4 activity, with several rigs idle or transitioning and fourth-quarter revenue and EBITDA expected to decline sharply from Q3. Management also flagged ongoing commodity-price uncertainty, a period of weaker utilization before recovery, and possible pressure on day rates as tenders clear through the market. Cash returns may be uneven because buybacks are being paced opportunistically and cash is being kept above a stated roughly $200 million minimum.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 82.1%
- Shares Outstanding
- 69.25M
- Float Shares
- 56.86M
of shares held by institutions
385 13F filers
Buy/sell ratio 1.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for VAL, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 8.21M | ▼ 10.81K |
| Vanguard Group Inc | 5.82M | ▼ 239.87K |
| Oak Hill Advisors LP | 3.91M | ▼ 886.20K |
| Dimensional Fund Advisors LP | 3.40M | ▲ 53.91K |
| Vanguard Capital Management LLC | 2.60M | ▲ 8.07K |
| State Street Corp | 2.52M | ▲ 24.12K |
| Exor Capital Llp | 2.41M | ▼ 1.30M |
| Morgan Stanley | 2.26M | ▲ 183.51K |
| Geode Capital Management, LLC | 2.06M | ▲ 427.90K |
| Goldman Sachs Group Inc | 1.90M | ▲ 120.64K |
| American Century Companies Inc | 1.61M | ▼ 69.44K |
| Hbk Investments L P | 1.58M | ▲ 1.58M |
Held by 322 ETFs
Biggest fund positions in VAL by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jul 3, 26 | Barron Melissa | other | 260 |
| Jul 1, 26 | Barron Melissa | other | 8,673 |
| Jul 1, 26 | Barron Melissa | other | 735 |
| Jun 10, 26 | Hughes Catherine | other | 2,493 |
| Jun 10, 26 | Hughes Catherine | other | 397 |
| Jun 10, 26 | LEYKUM ELIZABETH | other | 6,978 |
| Jun 10, 26 | LEYKUM ELIZABETH | sell | 2,792 |
| Jun 10, 26 | LEYKUM ELIZABETH | other | 2,849 |
| Jun 10, 26 | LEYKUM ELIZABETH | other | 6,978 |
| Jun 10, 26 | Johansen Kristian | other | 1,984 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our VAL coverage
Recent articles, reports, and earnings notes.
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