Valaris (VAL) FY2023 results: revenue $1.8 billion, up 11.3% on the year
Valaris Ltd. (VAL) reported revenue of $1.8 billion for fiscal 2023, the year ended 31 December 2023, up 11.3% on the year before. Net income was $865 million, up 390.3%, and diluted earnings per share $11.51. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$1.8 billion
+11.3% on the year
FY2016FY2023
Operating margin
3.0%
2.3% a year earlier
FY2016FY2023
Net income
$865 million
+390.3% on the year
FY2016FY2023
Diluted EPS
$11.51
+394.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
268
127
-66.0
+110.6%
Capital expenditure
696
207
58.9
+236.3%
Free cash flow
-429
-80.0
-125
Free cash flow margin
-24.0%
-5.0%
-10.1%
Cash from investing
-666
-16.7
-3.7
Cash from financing
286
-6.4
389
Depreciation
101
91.2
226
+10.9%
Share-based compensation
27.3
17.4
9.1
+56.9%
Buybacks
199
0.0
0.0
Dividends paid
n/a
n/a
0.0
Diluted shares, weighted
75m
76m
200m
-0.5%
Shares outstanding at period end
72m
75m
n/a
-3.7%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
1,988
1,290
1,075
+54.1%
Non-controlling interest
9.4
8.0
2.7
+17.5%
Debt
1,079
542
545
+99.0%
Operating lease liabilities
48.9
13.8
12.5
+254.3%
Other liabilities
1,197
1,006
968
+19.0%
Total liabilities and equity
4,322
2,860
2,603
+51.1%
Fixed assets
1,634
977
891
+67.2%
Investments
n/a
n/a
0.0
Cash and equivalents
620
724
609
-14.3%
Receivables
459
449
444
+2.3%
Inventory
n/a
n/a
0.0
Other assets
1,609
710
659
+126.6%
Total assets
4,322
2,860
2,603
+51.1%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.