Valaris Ltd
VAL, VAL-WT · Drilling Oil & Gas Wells · 69.3M shares · -28%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $171M (gross $199M, SBC $27M)
Reference price $48.84 · est. market cap ~$3.4B — last insider sale, 2025-09-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Offshore driller posting strong cyclical returns and a clean balance sheet, but with sharply declining revenue and inflated headline margins.
Strengths
- Top-decile reported returns (ROA 18.5%, ROE 31%) with positive FCF (8.6% margin) and low leverage (0.34x D/E)
- Strong liquidity (current ratio 1.77) and an all-tangible equity base
Risks
- Net margin (41%) and net-income growth are inflated by tax/ARO items; true ROIC is only ~8.9% and operating margin ~20%
- Revenue fell 13% (9th pct) amid contract terminations; deeply cyclical, capital-intensive end market
Notable findings
- Strong balance sheetStrong balance sheet — $599M cash & investments
- Buying back stockNet buyback — share count -28%/yr over 3y
- Revenue declineRevenue -13.4% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
31.2%
Operating margin
20.1%
Net margin
41.5%
Return on equity
31.0%
Return on assets
18.5%
ROIC
8.9%
Revenue growth (QoQ)
-13.4%
Net-income growth
163.2%
Debt / equity
0.3×
Current ratio
1.8×
Free cash flow
$203M
Tangible book value
$3.2B
Cash & investments
$599M
Stock comp / revenue
1.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-10 | Goldschmid Joseph | Grant | 2.2K | — |
| 2026-06-10 | LEYKUM ELIZABETH | Option exercise | 7.0K | — |
| 2026-06-10 | LEYKUM ELIZABETH | Disposition | 2.8K | $88.98 |
| 2026-06-10 | Hughes Catherine | Grant | 2.5K | — |
| 2026-06-10 | Hughes Catherine | Tax withheld | 397 | $88.98 |
| 2026-06-10 | Johansen Kristian | Option exercise | 4.9K | — |
| 2026-06-10 | Johansen Kristian | Disposition | 1.9K | $88.98 |
| 2026-06-10 | Johansen Kristian | Grant | 2.0K | — |
| 2026-04-07 | Vukadin Davor | Grant | 221 | — |
| 2026-04-07 | Vukadin Davor | Tax withheld | 30 | $99.70 |
| 2026-04-07 | Lyne Matthew | Grant | 379 | — |
| 2026-04-07 | Lyne Matthew | Tax withheld | 60 | $99.70 |
| 2026-04-07 | Luca Gilles | Grant | 379 | — |
| 2026-04-07 | Luca Gilles | Tax withheld | 50 | $99.70 |
| 2026-04-07 | Weber Christopher T | Grant | 379 | — |
| 2026-04-07 | Weber Christopher T | Tax withheld | 50 | $99.70 |
| 2026-04-07 | Dibowitz Anton | Grant | 1.1K | — |
| 2026-04-07 | Dibowitz Anton | Tax withheld | 141 | $99.70 |
| 2026-04-01 | Barron Melissa | Tax withheld | 20 | $96.38 |
| 2026-03-05 | Dibowitz Anton | Tax withheld | 2.3K | $90.59 |
| 2026-03-05 | Lyne Matthew | Tax withheld | 991 | $90.59 |
| 2026-03-05 | Vukadin Davor | Tax withheld | 479 | $90.59 |
| 2026-03-05 | Weber Christopher T | Tax withheld | 830 | $90.59 |
| 2026-03-05 | Luca Gilles | Tax withheld | 830 | $90.59 |
| 2026-03-03 | Dibowitz Anton | Tax withheld | 3.4K | $90.63 |
| 2026-03-03 | Weber Christopher T | Tax withheld | 1.2K | $90.63 |
| 2026-03-03 | Vukadin Davor | Tax withheld | 690 | $90.63 |
| 2026-03-03 | Luca Gilles | Tax withheld | 1.2K | $90.63 |
| 2026-03-03 | Lyne Matthew | Tax withheld | 1.4K | $90.63 |
| 2026-03-02 | Dibowitz Anton | Grant | 14K | — |
| 2026-03-02 | Luca Gilles | Grant | 5.0K | — |
| 2026-03-02 | Lyne Matthew | Grant | 5.0K | — |
| 2026-03-02 | Vukadin Davor | Grant | 3.3K | — |
| 2026-03-02 | Weber Christopher T | Grant | 5.0K | — |
| 2025-12-31 | Lyne Matthew | Tax withheld | 1.2K | $50.40 |
| 2025-12-31 | Weber Christopher T | Tax withheld | 1.0K | $50.40 |
| 2025-12-31 | Dibowitz Anton | Tax withheld | 2.7K | $50.40 |
| 2025-12-31 | Vukadin Davor | Tax withheld | 546 | $50.40 |
| 2025-12-31 | Luca Gilles | Tax withheld | 1.0K | $50.40 |
| 2025-10-01 | Barron Melissa | Tax withheld | 203 | $51.22 |
| 2025-09-03 | Luca Gilles | Sell | 35K | $48.84 |
| 2025-07-03 | Barron Melissa | Tax withheld | 253 | $45.44 |
| 2025-07-01 | Barron Melissa | Tax withheld | 260 | $43.90 |
| 2025-07-01 | Barron Melissa | Grant | 4.3K | — |
| 2025-06-13 | Goldschmid Joseph | Grant | 5.4K | — |
| 2025-06-13 | Hughes Catherine | Grant | 6.1K | — |
| 2025-06-12 | LEYKUM ELIZABETH | Disposition | 1.5K | $45.60 |
| 2025-06-12 | LEYKUM ELIZABETH | Option exercise | 3.9K | — |
| 2025-06-12 | Hughes Catherine | Tax withheld | 198 | $45.60 |
| 2025-06-12 | Johansen Kristian | Option exercise | 2.5K | — |
| 2025-06-12 | Johansen Kristian | Disposition | 986 | $45.60 |
| 2025-04-01 | Barron Melissa | Tax withheld | 16 | $40.64 |
| 2025-03-05 | Dibowitz Anton | Tax withheld | 2.3K | $33.98 |
| 2025-03-05 | Luca Gilles | Tax withheld | 811 | $33.98 |
| 2025-03-05 | Weber Christopher T | Tax withheld | 811 | $33.98 |
| 2025-03-05 | Vukadin Davor | Tax withheld | 472 | $33.98 |
| 2025-03-05 | Lyne Matthew | Tax withheld | 991 | $33.98 |
| 2025-03-05 | Dibowitz Anton | Buy | 7.5K | $33.91 |
| 2025-03-03 | Vukadin Davor | Grant | 5.4K | — |
| 2025-03-03 | Weber Christopher T | Grant | 9.2K | — |
| 2025-03-03 | Lyne Matthew | Grant | 9.2K | — |
| 2025-03-03 | Luca Gilles | Grant | 9.2K | — |
| 2025-03-03 | Dibowitz Anton | Grant | 26K | — |
| 2024-12-31 | Dibowitz Anton | Tax withheld | 1.4K | $44.24 |
| 2024-12-31 | Luca Gilles | Tax withheld | 508 | $44.24 |
| 2024-12-31 | Lyne Matthew | Tax withheld | 621 | $44.24 |
| 2024-12-31 | Vukadin Davor | Tax withheld | 280 | $44.24 |
| 2024-12-31 | Weber Christopher T | Tax withheld | 520 | $44.24 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
- ARO
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-10 | 0000314808-26-000107 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0000314808-26-000103 ↗ |
| 8-K | 2026-05-05 | 2026-05-04 | 0001140361-26-018999 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0000314808-26-000098 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0000314808-26-000097 ↗ |
| 10-K | 2026-02-20 | 2025-12-31 | 0000314808-26-000029 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0000314808-26-000025 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0000314808-26-000018 ↗ |
| 8-K | 2026-02-10 | 2026-02-09 | 0001140361-26-004511 ↗ |
| 8-K | 2026-02-09 | 2026-02-09 | 0001140361-26-004310 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0000314808-25-000149 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0000314808-25-000144 ↗ |