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Screener / SEC EDGAR /CIK 0000314808 /10-K filed Feb 20, 2026, compared with Feb 20, 2025 /Numbers from the XBRL of the 10-Ks
Energy peers:
VALHCCKNTKCRKARLPVVV
NYSE Energy · Drilling Oil & Gas Wells

Valaris Ltd VAL

VAL quote by TradingView

Valaris Limited is a global offshore contract drilling company. 10-K, Item 1

Headquarters
Hamilton
Next results
around Feb 18, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2024

Revenue of $2.4B through the costs to a net profit of $373.4M · income statement of the 10-K

15% operating margin
Revenue to Gross profit: $601.7MRevenue to Cost of revenue: $1.8BGross profit to Operating profit: $352.3MGross profit to Operating expenses: $249.4MOperating profit to Net profit: $351.9MOther income to Net profit: $21.5M Revenue: $2.4B REVENUE $2.4B +32% Y/Y Gross profit: $601.7M · 25% margin GROSS PROFIT $601.7M 25% margin Cost of revenue: $1.8B · 75% of revenue COST OF REVENUE $1.8B 75% of revenue Operating profit: $352.3M · 15% margin OPERATING PROFIT $352.3M 15% margin · +559% Y/Y Other income: $21.5M · 1% of revenue OTHER INCOME $21.5M 1% of revenue Operating expenses: $249.4M · 11% of revenue OPERATING EXPENSES $249.4M 11% of revenue Net profit: $373.4M · 16% margin NET PROFIT $373.4M 16% margin · −57% Y/Y
Gross profit $601.7M 25% margin
Operating profit $352.3M 15% margin · +559% Y/Y
Net profit $373.4M 16% margin · −57% Y/Y
The full income statement, year by year

VAL among Energy peers

Six ratios from the latest 10-K. Each corner is the share of 57 peers the company is above, not a score.

Compare
Revenue growth: 0.3%, above 39% of 57 peers (their median 7.4%) REVENUE GROWTH 0.3% · above 39% Operating margin: 9.0%, above 15% of 46 peers (their median 22.7%) OPERATING MARGIN 9.0% · above 15% Net margin: 37.3%, above 95% of 57 peers (their median 13.4%) NET MARGIN 37.3% · above 95% FCF margin: -9.7%, above 6% of 35 peers (their median 11.2%) FCF MARGIN -9.7% · above 6% Return on capital: 19.4%, above 94% of 34 peers (their median 8.2%) RETURN ON CAPITAL 19.4% · above 94%
VAL Peer median Below the median

What changed

23 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 20, 2026 against Feb 20, 2025.

Risk factors
23 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Cash from operations lower than net income
Cash from operations $546.2M vs net income $982.8M (FY ending Dec 31, 2025)
10-K · XBRL
Accounting checks
9 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
5 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

10 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 9 checks found nothing to note

  • Cash from operations lower than net income
    Cash from operations $546.2M vs net income $982.8M (FY ending Dec 31, 2025)
  • Receivables -16.9% ($571.2M to $474.8M) vs revenue +0.3% ($2.4B to $2.4B), -17.1 pts apart
8 more checks with nothing to note
  • Same auditor in both 10-Ks: KPMG LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Income tax positions pertaining to certain tax transactions
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

23 paragraphs in Risk Factors that were not in the 10-K filed Feb 20, 2025. Quoted as filed.

All 23 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    Our pending Business Combination may be delayed or not occur at all for a variety of reasons, some of which are outside of the parties’ control, and if these conditions are not satisfied, the Business Combination Agreement may be terminated and the Business Combination may not be completed. On February 9, 2026, Valaris and Transocean…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    We expect to agree to extend the maturity of the Notes Receivable from ARO to facilitate its capital allocation priorities, in particular its newbuild jackup rig program. Notwithstanding any extension of the maturity, in the event that ARO does not repay the Notes Receivable from ARO when they become due, we would require the prior…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 20, 2025 10-K, ITEM 1A
    In connection with the retirements of VALARIS DPS-3, VALARIS DPS-5 and VALARIS DPS-6 (three semisubmersible rigs within the Floaters segment) and VALARIS 102 and VALARIS 145 (two rigs within the Jackups segment), and the classification of VALARIS DPS-1 (a semisubmersible rig within the Floaters segment) as held for sale during 2025, we…

New risk paragraphs, against peers

Latest 10-K of each, Energy companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$1.6B$1.8B$2.4B$2.4B
Net income$176.5M$865.4M$373.4M$982.8M
Operating cash flow$127.0M$267.5M$355.4M$546.2M
Free cash flow−$80.0M−$428.6M−$99.7M$202.7M

Revenue, FY2015 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$2.4B ▲ 0.3% in FY2025

FY2015FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

5 filings in the last 30 days · SEC EDGAR

All filings

About the company

Valaris Ltd, Hamilton · from the 10-K filed Feb 20, 2026

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.

Headquarters
Hamilton
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 2, 2026

Email alerts

Sources

The 10-K filed Feb 20, 2026 (open at SEC), compared with the 10-K filed Feb 20, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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