Detailed financial statements for Valvoline Inc. (VVV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Valvoline Inc. is a prominent provider, involved in the manufacturing, distribution, and commercialization of a comprehensive range of engine and vehicle care products and related services. Its operations are structured into two distinct divisions: Retail Services and Global Products. Valvoline's extensive product portfolio encompasses various types of lubricants designed for passenger vehicles, light-duty trucks, and heavy-duty machinery.
Analysis Summary
Valvoline Inc. reported revenue of $1.71B in the most recent fiscal year, growing at a 5-year CAGR of 18.7%. Net income reached $210.7M, with a -7.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 38.5%, operating margin 22.8%, net margin 12.3%. Free cash flow grew at -32.8% CAGR over 5 years.
At the current price of $30.34, VVV trades at a P/E of 21.76 and an ROE of 62.25%. Market capitalisation stands at $3.9B.
Balance sheet quality for VVV: current ratio of 0.7, net debt of $1.62B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $38.0M represents 18% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.93B | $2.08B | $2.29B | $2.39B | $727.0M | $1.04B | $1.24B | $1.44B | $1.62B | $1.71B |
| Cost of Revenue | $1.17B | $1.31B | $1.48B | $1.58B | $426.0M | $604.9M | $759.7M | $899.0M | $1.00B | $1.05B |
| Gross Profit | $761.0M | $778.0M | $806.0M | $810.0M | $301.0M | $432.3M | $476.4M | $544.5M | $618.8M | $658.5M |
| Research & Development | $13.0M | $13.0M | $14.0M | $13.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $270.0M | $375.0M | $430.0M | $449.0M | $122.3M | $95.7M | $251.6M | $236.9M | $316.8M | $349.9M |
| Operating Expenses | $342.0M | $375.0M | $430.0M | $449.0M | $140.8M | $192.2M | $256.1M | $297.3M | $251.6M | $268.6M |
| Operating Income | $431.0M | $532.0M | $395.0M | $398.0M | $160.2M | $240.1M | $220.3M | $247.2M | $367.2M | $389.9M |
| EBITDA | $457.0M | $562.0M | $449.0M | $382.0M | $256.3M | $430.4M | $284.8M | $368.8M | $367.2M | $510.7M |
| Interest Expense | $9.0M | $42.0M | $63.0M | $73.0M | $74.0M | $108.3M | $69.3M | $38.3M | $71.9M | $74.0M |
| Pre-tax Income | $421.0M | $490.0M | $332.0M | $265.0M | $123.0M | $260.0M | $144.1M | $236.5M | $283.6M | $292.3M |
| Income Tax | $148.0M | $186.0M | $166.0M | $57.0M | $53.4M | $59.9M | $34.7M | $37.1M | $69.1M | $77.5M |
| Net Income | $273.0M | $304.0M | $166.0M | $208.0M | $316.6M | $420.3M | $424.3M | $1.42B | $211.5M | $210.7M |
| EPS | $1.60 | $1.49 | $0.84 | $1.10 | $1.70 | $2.30 | $2.37 | $8.79 | $1.63 | $1.65 |
| EPS (Diluted) | $1.60 | $1.49 | $0.84 | $1.10 | $1.69 | $2.29 | $2.35 | $8.73 | $1.61 | $1.64 |
| Shares Outstanding (Diluted) | $170.0M | $204.0M | $197.0M | $189.0M | $187.5M | $183.5M | $180.4M | $162.6M | $131.0M | $128.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $453.8M | $461.8M | $503.8M | $544.6M |
| Gross Profit | $177.5M | $172.5M | $187.0M | $214.9M |
| Operating Income | $84.5M | $65.7M | $88.3M | $112.2M |
| EBITDA | $117.1M | $53.0M | $114.0M | $248.1M |
| Net Income | $25.0M | -$32.8M | $44.8M | $64.5M |
| EPS | $0.20 | $-0.26 | $0.29 | $0.51 |
| EPS (Diluted) | $0.20 | $-0.26 | $0.29 | $0.51 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $172.0M | $201.0M | $96.0M | $159.0M | $760.0M | $122.6M | $23.4M | $409.1M | $68.3M | $51.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $347.5M | 0 | 0 |
| Receivables | $363.0M | $385.0M | $409.0M | $401.0M | $433.0M | $65.3M | $66.1M | $81.3M | $86.4M | $89.6M |
| Inventory | $139.0M | $175.0M | $176.0M | $194.0M | $199.0M | $27.4M | $29.4M | $33.3M | $39.7M | $42.6M |
| Total Current Assets | $730.0M | $790.0M | $725.0M | $797.0M | $1.44B | $1.04B | $1.62B | $936.7M | $255.4M | $243.7M |
| Property, Plant & Equipment | $324.0M | $391.0M | $420.0M | $498.0M | $874.0M | $785.9M | $916.7M | $1.08B | $1.26B | $1.47B |
| Goodwill | $264.0M | $330.0M | $381.0M | $430.0M | $445.0M | $512.8M | $548.2M | $578.0M | $615.3M | $658.0M |
| Intangible Assets | $3.0M | $5.0M | $67.0M | $74.0M | $84.0M | $129.5M | $114.9M | $102.6M | $90.3M | $82.5M |
| Total Assets | $1.82B | $1.92B | $1.85B | $2.06B | $3.05B | $3.19B | $3.42B | $2.89B | $2.44B | $2.67B |
| Accounts Payable | $177.0M | $192.0M | $178.0M | $171.0M | $189.0M | $38.6M | $45.0M | $118.7M | $117.4M | $118.9M |
| Short-term Debt | $19.0M | $90.0M | $30.0M | $15.0M | $36.0M | $48.3M | $199.9M | $65.3M | $68.4M | $72.6M |
| Total Current Liabilities | $400.0M | $478.0M | $411.0M | $423.0M | $444.0M | $568.7M | $919.4M | $362.3M | $353.9M | $347.4M |
| Long-term Debt | $724.0M | $1.03B | $1.29B | $1.33B | $1.96B | $1.64B | $1.53B | $1.56B | $1.07B | $1.05B |
| Total Liabilities | $2.15B | $2.03B | $2.21B | $2.32B | $3.13B | $3.06B | $3.11B | $2.69B | $2.25B | $2.33B |
| Retained Earnings | 0 | -$167.0M | -$399.0M | -$284.0M | -$110.0M | $90.0M | $282.0M | $140.7M | $123.2M | $273.6M |
| Total Equity | -$330.0M | -$117.0M | -$358.0M | -$258.0M | -$76.0M | $134.5M | $306.6M | $203.2M | $185.6M | $338.5M |
| Total Debt | $749.0M | $1.18B | $1.37B | $1.40B | $2.30B | $2.07B | $2.14B | $2.07B | $1.63B | $1.67B |
| Net Debt | $577.0M | $981.0M | $1.27B | $1.24B | $1.54B | $1.95B | $2.12B | $1.32B | $1.56B | $1.62B |
| Working Capital | $330.0M | $312.0M | $314.0M | $374.0M | $994.0M | $468.4M | $701.7M | $574.4M | -$98.5M | -$103.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $51.6M | $69.9M | $84.7M | $84.2M |
| Total Assets | $2.67B | $3.40B | $3.42B | $3.48B |
| Total Liabilities | $2.33B | $3.09B | $3.07B | $3.06B |
| Total Equity | $338.5M | $307.6M | $353.1M | $416.7M |
| Total Debt | $1.67B | $2.42B | $2.03B | $1.98B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $273.0M | $304.0M | $166.0M | $208.0M | $69.6M | $200.1M | $109.4M | $199.4M | $214.5M | $210.7M |
| Depreciation & Amortization | $38.0M | $42.0M | $54.0M | $61.0M | $40.6M | $62.1M | $71.4M | $88.8M | $105.9M | $119.4M |
| Stock-based Compensation | 0 | $9.0M | $12.0M | $9.0M | $12.1M | $13.7M | $14.4M | $12.2M | $12.0M | $10.5M |
| Change in Working Capital | $22.0M | -$121.0M | -$79.0M | -$30.0M | -$60.4M | -$116.1M | -$126.9M | $48.7M | -$33.8M | -$35.0M |
| Operating Cash Flow | $311.0M | -$130.0M | $320.0M | $325.0M | $371.7M | $403.9M | $284.2M | -$40.8M | $265.1M | $297.2M |
| Capital Expenditure | -$66.0M | -$68.0M | -$93.0M | -$108.0M | -$94.0M | -$103.1M | -$132.0M | -$180.5M | -$224.4M | -$259.2M |
| Acquisitions | -$83.0M | -$68.0M | -$125.0M | -$78.0M | -$40.1M | -$281.7M | -$50.7M | -$36.3M | $18.8M | -$65.0M |
| Stock Repurchased | 0 | -$50.0M | -$325.0M | 0 | -$59.8M | -$126.9M | -$142.6M | -$1.52B | -$226.8M | -$76.8M |
| Dividends Paid | 0 | -$40.0M | -$58.0M | -$80.0M | -$84.3M | -$90.9M | -$89.2M | -$21.8M | 0 | 0 |
| Free Cash Flow | $245.0M | -$198.0M | $227.0M | $217.0M | $277.7M | $300.8M | $152.2M | -$221.3M | $40.7M | $38.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $121.9M | $64.8M | $95.4M | $124.4M |
| Capital Expenditure | -$98.9M | -$57.4M | -$57.8M | -$57.1M |
| Free Cash Flow | $23.0M | $7.4M | $37.6M | $67.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $2.4M | 0 | $6.9M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.0% | +9.6% | +4.6% | -69.6% | +42.7% | +19.2% | +16.8% | +12.2% | +5.6% | |
| Net Income Growth (YoY) | +11.4% | -45.4% | +25.3% | +52.2% | +32.8% | +1.0% | +234.6% | -85.1% | -0.4% | |
| EPS Growth (YoY) | -6.9% | -43.6% | +31.0% | +54.5% | +35.3% | +3.0% | +270.9% | -81.5% | +1.2% | |
| Shares Change (YoY) | +20.0% | -3.4% | -4.1% | -0.8% | -2.1% | -1.7% | -9.9% | -19.4% | -1.8% | |
| FCF Growth (YoY) | -180.8% | +214.6% | -4.4% | +28.0% | +8.3% | -49.4% | -245.4% | +118.4% | -6.6% | |
| Gross Margin | 39.5% | 37.3% | 35.3% | 33.9% | 41.4% | 41.7% | 38.5% | 37.7% | 38.2% | 38.5% |
| Operating Margin | 22.3% | 25.5% | 17.3% | 16.7% | 22.0% | 23.1% | 17.8% | 17.1% | 22.7% | 22.8% |
| EBITDA Margin | 23.7% | 27.0% | 19.6% | 16.0% | 35.3% | 41.5% | 23.0% | 25.5% | 22.7% | 29.9% |
| Net Margin | 14.2% | 14.6% | 7.3% | 8.7% | 43.5% | 40.5% | 34.3% | 98.4% | 13.1% | 12.3% |
| FCF Margin | 12.7% | -9.5% | 9.9% | 9.1% | 38.2% | 29.0% | 12.3% | -15.3% | 2.5% | 2.2% |
| Effective Tax Rate | 35.2% | 38.0% | 50.0% | 21.5% | 43.4% | 23.0% | 24.1% | 15.7% | 24.4% | 26.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.44 | $-0.97 | $1.15 | $1.15 | $1.48 | $1.64 | $0.84 | $-1.36 | $0.31 | $0.30 |
| Dividends Per Share | $0.00 | $0.20 | $0.29 | $0.42 | $0.45 | $0.50 | $0.49 | $0.13 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $170.0M | $204.0M | $197.0M | $189.0M | $187.0M | $182.5M | $179.1M | $161.6M | $130.1M | $127.9M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 62.25% |
| Return on Invested Capital | 11.96% |
| Return on Assets | 7.89% |
| Gross Margin | 38.50% |
| Operating Margin | 22.80% |
| Net Margin | 12.32% |
Financial Health
| Debt / Equity | 4.93 |
| Current Ratio | 0.70 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.40 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.68 | 15.74 | 24.76 | 20.03 | 11.20 | 13.56 | 10.69 | 3.67 | 25.67 | 21.76 |
| P/B | -12.10 | -40.89 | -11.45 | -16.14 | -46.85 | 42.31 | 14.80 | 25.64 | 29.34 | 13.57 |
| P/S | 2.07 | 2.30 | 1.79 | 1.74 | 4.90 | 5.49 | 3.67 | 3.61 | 3.36 | 2.69 |
| Gross Margin | 39.5% | 37.3% | 35.3% | 33.9% | 41.4% | 41.7% | 38.5% | 37.7% | 38.2% | 38.5% |
| Operating Margin | 22.3% | 25.5% | 17.3% | 16.7% | 22.0% | 23.1% | 17.8% | 17.1% | 22.7% | 22.8% |
| Net Margin | 14.2% | 14.6% | 7.3% | 8.7% | 43.5% | 40.5% | 34.3% | 98.4% | 13.1% | 12.3% |
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Explore sector: Consumer Cyclical · Auto - Dealerships
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