Valaris (VAL) FY2020 results: revenue $1.4 billion, down 30.5% on the year
Valaris Ltd. (VAL) reported revenue of $1.4 billion for fiscal 2020, the year ended 31 December 2020, down 30.5% on the year before. Net income was -$4.9 billion, and diluted earnings per share $-24.42. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2021.
Revenue
$1.4 billion
-30.5% on the year
FY2016FY2020
Operating margin
-303.7%
-32.6% a year earlier
FY2016FY2020
Net income
-$4.9 billion
FY2016FY2020
Diluted EPS
-$24.42
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,427
2,053
1,705
-30.5%
Cost of revenue
n/a
1,806
1,319
Gross profit
n/a
247
386
Gross margin
n/a
12.0%
22.6%
Operating income
-4,334
-670
-236
Operating margin
-303.7%
-32.6%
-13.8%
Interest expense
291
428
283
-32.2%
Pre-tax income
-5,117
-63.8
-539
Income tax
-259
128
89.6
Net income
-4,856
-198
-640
Net margin
-340.2%
-9.6%
-37.5%
Diluted EPS
-$24.42
-$1.14
-$5.88
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-252
-277
-55.7
Capital expenditure
93.8
227
427
-58.7%
Free cash flow
-346
-504
-482
Free cash flow margin
-24.2%
-24.5%
-28.3%
Cash from investing
-42.0
1,052
-305
Cash from financing
522
-952
188
Depreciation
541
610
479
-11.3%
Share-based compensation
21.4
37.3
29.9
-42.6%
Dividends paid
0.0
4.5
17.9
Dividend per share
n/a
$0.04
$0.64
Diluted shares, weighted
199m
n/a
n/a
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
4,375
9,311
8,091
-53.0%
Non-controlling interest
-4.3
-1.3
-2.6
Debt
0.0
6,048
5,010
Operating lease liabilities
21.6
51.8
0.0
-58.3%
Other liabilities
8,481
1,522
924
+457.4%
Total liabilities and equity
12,873
16,931
14,024
-24.0%
Fixed assets
10,960
15,097
12,616
-27.4%
Intangible assets
2.4
11.9
0.0
-79.8%
Investments
n/a
0.0
329
Cash and equivalents
326
97.2
275
+235.2%
Receivables
449
521
232
-13.7%
Inventory
279
340
268
-17.8%
Other assets
856
864
304
-1.0%
Total assets
12,873
16,931
14,024
-24.0%
10-K for the year ended 31 December 2020, filed 2 March 2021: the filing.