olivLaw · European equity research
Vallourec VK.PA
France · Euronext Paris · ISIN FR0013506730 · Vertical: Listed companies from France
Vallourec is a global maker of premium seamless tubes, mainly for the oil and gas industry and increasingly for new energies such as geothermal, carbon capture and hydrogen. In 2024 the company completed the refinancing of its balance sheet, reached a net cash position and came under the reference control of ArcelorMittal, which changes its financial and strategic profile. The net cash position of 21 million euros marks its exit from the safeguard plan.
At the close of 06 Nov 2026, Vallourec (VK.PA) stock was 18.91 EUR (+0.53% on the day), with market capitalisation 4.3 bn EUR, P/E 10.0 on diluted EPS of 1.90 EUR over the last 12 months, beta 0.46, 52-week range 15.33–27.34 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 53.6
- neutral
- Bollinger (20, 2)
- 17.95 – 19.33
- in the upper half of the band · %B 0.70 · band width 7.4%
- SMA 50 / 200
- 18.62 / 20.61
- mixed trend
- MACD (12, 26, 9)
- 0.07 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.5% | −0.2% | +5.7 pp | — |
| 3 months | +2.0% | −5.4% | +7.4 pp | — |
| 6 months | −19.9% | +4.4% | −24.3 pp | — |
| Year to date | +20.5% | +6.5% | +14.1 pp | — |
| 1 year | +14.1% | +10.0% | +4.2 pp | −7.4% |
| 3 years | +53.1% | +48.6% | +4.5 pp | −18.0% |
| 5 years | +170.3% | +41.4% | +128.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 6.7, median 7.7, max 8.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 4.9 bn | 5.1 bn | 4.0 bn |
| Revenue YoY | unavailable | +4.7% | −21.1% |
| Net income | -366.4 m | 495.9 m | 452.1 m |
| Net income YoY | unavailable | unavailable | −8.8% |
| Diluted EPS | -1.60 | 2.10 | 1.90 |
| Diluted EPS YoY | unavailable | unavailable | −9.5% |
| net % | -7.5% | 9.7% | 11.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.1 bn EUR
- Financial debt
- 962.1 m EUR
- Net debt
- -141.2 m EUR
- Equity
- 2.6 bn EUR
- Total assets
- 5.5 bn EUR
- Debt / equity
- 0.37x
- Current ratio
- unavailable
- ROE
- 18.7%
- ROA
- 8.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.9 bn | 5.1 bn | 4.0 bn | esef· 15 Apr 2025verified |
| Operating income | -121.7 m | 858.9 m | 626.4 m | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 227.1 m | 203.4 m | 227.0 m | esef· 15 Apr 2025verified |
| EBITDA | 105.4 m ≈ | 1.1 bn ≈ | 853.4 m ≈ | esef· 15 Apr 2025derived |
| Pre-tax income | -233.2 m | 792.8 m | 615.5 m | esef· 15 Apr 2025verified |
| Income tax | 112.9 m | 269.0 m | 143.0 m | esef· 15 Apr 2025verified |
| Net income | -366.4 m | 495.9 m | 452.1 m | esef· 15 Apr 2025verified |
| Diluted EPS | -1.60 | 2.10 | 1.90 | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 551.6 m | 899.9 m | 1.1 bn | esef· 15 Apr 2025verified |
| Receivables | 824.5 m | 756.1 m | 670.8 m | esef· 15 Apr 2025verified |
| Inventories | 1.3 bn | 1.2 bn | 1.2 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 1.8 bn | 2.0 bn | — | esef· 18 Mar 2024verified |
| Goodwill | 39.6 m | 39.8 m | 33.7 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 36.8 m | 42.0 m | 33.1 m | esef· 15 Apr 2025verified |
| Total assets | 5.4 bn | 5.7 bn | 5.5 bn | esef· 15 Apr 2025verified |
| Accounts payable | 786.9 m | 762.5 m | 795.0 m | esef· 15 Apr 2025verified |
| Long-term debt | 1.4 bn | 1.3 bn | 962.1 m | esef· 15 Apr 2025verified |
| Equity | 1.7 bn | 2.2 bn | 2.6 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 229.0 m | 225.4 m | 226.0 m | esef· 15 Apr 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 4.3 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 21.35 – 55.63 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA23.34 – 41.14 (Mid 29.34)4 companies used · median multiple 7.6x · quartiles 6.0x – 10.7xABEO.PA, AI.PA, ANTIN.PA, ATE.PA
- Peers: P/E21.35 – 55.63 (Mid 31.47)20 companies used · median multiple 16.6x · quartiles 11.2x – 29.3x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 18.7% | 76 (vs peers) | 22% |
| Net margin · Quality | 11.2% | 92 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.2x | 43 (vs peers) | 22% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 10.0x | 78 (vs peers) | 22% |
| EV/EBITDA · Valuation | 4.8x | 80 (vs peers) | 22% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial43/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation79/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VALLOUREC (VK.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 4.0 bn EUR in 2024; YoY growth -21.1%; net margin 11.2%; ROE 19.4%; net debt/EBITDA -0.2x.
The estimated value range is 22.35–48.38 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 30.41 EUR, the price of 18.91 EUR leaves a potential of 60.8% (value / price − 1) and a margin of safety of 37.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 18.7%
- Net margin: 11.2%
- P/E (TTM): 10.0x
- EV/EBITDA: 4.8x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, Current ratio, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 108.2 bn | 32.8 | 12.9% | 12.2% | −2.0% | +25% / +31% |
| AC.PAAccor | 13.9 bn | 31.1 | 9.6% | 8.0% | +0.6% | +7% / +57% |
| ADP.PAAeroports De Paris | 11.6 bn | 33.9 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.0 bn | 113.0 | 0.9% | 0.7% | −5.0% | +10% / −38% |
| ALO.PAAlstom | 5.7 bn | 17.9 | 3.1% | 1.7% | +3.7% | −52% / −6% |
| AF.PAAir France - Klm | 4.6 bn | 14.5 | — | 1.0% | +4.8% | +28% / +16% |
| VK.PAVallourec | 4.3 bn | 10.0 | 19.4% | 11.2% | −21.1% | +20% / +40% |
| ATE.PAAlten | 3.0 bn | 28.7 | 4.8% | 2.6% | −1.1% | +30% / −30% |
| BB.PASociete Bic | 2.7 bn | 31.0 | 5.0% | 4.1% | −4.8% | +31% / +4% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 12.6 | 21.9% | 36.6% | −8.1% | −26% / −37% |
| 74SW.PA74software | 799.8 m | 21.0 | 8.9% | 8.5% | +44.8% | −12% / +42% |
| AUB.PAAubay | 629.9 m | 16.8 | 13.6% | 6.3% | +11.3% | −3% / +37% |
| ASY.PAAssystem | 503.5 m | 69.4 | 2.5% | 1.1% | +7.4% | −19% / −19% |
| ATO.PAAtos Se | 472.0 m | — | -23,400.0% | -17.5% | −16.5% | −46% / −94% |
| ARAMI.PAAramis Group | 291.4 m | 14.7 | 10.0% | 0.8% | +6.3% | −34% / −18% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 184.6 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ATEME.PAAteme | 153.5 m | 161.3 | 2.8% | 1.0% | +2.2% | +94% / +89% |
| ALCIS.PACatering International & Services | 144.6 m | 28.3 | 9.3% | 1.9% | +5.8% | +39% / +106% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALCGM.PACegedim | 142.4 m | — | -2.6% | -1.2% | +10.9% | −27% / −50% |
| ALBON.PACompagnie Lebon | 110.8 m | 16.3 | 4.2% | 8.8% | −17.9% | +5% / +8% |
| ALHYF.PALhyfe | 74.4 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 62.9 m | 11.7 | 5.1% | 1.5% | +7.4% | −31% / −26% |
| ABEO.PAAbeo | 59.3 m | 7.1 | 6.9% | 3.0% | +12.6% | −15% / −55% |
1- and 3-year price returns: for VK.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.64 Total return -44% · Per year -44% | 18.91 Total return 0% · Per year 0% | 28.61 Total return 51% · Per year 51% |
| 3 years | 8.45 Total return -55% · Per year -24% | 17.07 Total return -10% · Per year -3% | 28.61 Total return 51% · Per year 15% |
| 5 years | 6.71 Total return -65% · Per year -19% | 15.40 Total return -19% · Per year -4% | 28.61 Total return 51% · Per year 9% |
- Exit P/E± 4.27
- Net margin± 2.99
- Annual revenue growth± 2.70
- Annual dilution± 0.25
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Vallourec is a global maker of premium seamless tubes, mainly for the oil and gas industry and increasingly for new energies such as geothermal, carbon capture and hydrogen. In 2024 the company completed the refinancing of its balance sheet, reached a net cash position and came under the reference control of ArcelorMittal, which changes its financial and strategic profile. The net cash position of 21 million euros 1 marks its exit from the safeguard plan.
SWOT
Strengths
- Leading position in premium seamless tubes, with VAM technology validated in demanding markets and an integrated value chain in Brazil 1.
- Balance sheet strengthened by refinancing, with a net cash position and extended maturities, giving more flexibility 1.
- R&D centres in France, Brazil and the United States that support innovation in new energies 1.
Weaknesses
- High dependence on the Oil & Gas segment, exposed to volatility in oil industry demand and prices 1.
- Mining and charcoal activities bring operational and environmental risks, including past suspensions of the mine 1.
- Still significant long-term financial debt, although maturities have been extended 1.
Opportunities
- Rising demand for geothermal, carbon capture and hydrogen storage could open new long-term contracts 1.
- The target of bringing new energies to a significant share of RBE by 2030 could diversify revenues 1.
- The Pau Branco iron ore mine, with extensions under way, could improve profitability and reserve life 1.
Threats
- Investors and banks limiting exposure to oil could make financing more expensive or harder to obtain 1.
- Regional competition and counterfeiting of products under the Vallourec brand could erode market share and reputation 1.
- Changes in tax and anti-corruption rules could raise costs or lead to penalties if not managed well 1.
Risks
- Dependence on the oil industryhigh
Activities focus on upstream needs of the oil and gas industry, and a decline in investment in that sector could reduce demand 1.
- Access to financingmedium
Pressure from investors and banks limiting oil exposure could raise financing costs or limit planned investments 1.
- Tax risksmedium
Tax interpretations and legislative changes across several jurisdictions could lead to adjustments, interest and penalties 1.
- Intellectual property and counterfeitingmedium
Counterfeit products under the Vallourec brand and possible loss of technology could affect customers, revenues and image 1.
- Compliance and corruptionlow
Breaches of anti-corruption or fair competition laws could lead to significant criminal, civil and administrative sanctions 1.
Investment thesis
What would need to be true (bull case)
- The refinancing and net cash position could allow a first dividend in ten years, if the financial policy holds 1.
- ArcelorMittal's reference shareholding could bring industrial synergies and long-term strategic support 1.
- If geothermal and hydrogen projects develop, specialised tubes could become an important growth source 1.
What would break the thesis
- If Oil & Gas demand declines, revenues and margins could come under pressure, especially in the traditional segment 1.
- Debt remains significant, and refinancing costs could rise if markets become more restrictive 1.
- The target of a significant share of RBE from new energies by 2030 could be hard to reach if projects are delayed 1.
What to watch
- Progress of the Phase 2 extension of the Pau Branco mine and receipt of permits2025
- First commercialisation of the Delphy hydrogen storage solution2025
- First dividend in ten years announced by the company2025
- Development of the New Energies contribution to RBE against the 2030 targetnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Vallourec designs and manufactures premium seamless tubes and connections for the Oil & Gas, Industry, Renewable and energy transition and Raw materials markets. The group runs a global network of steel shops, tube mills and heat treatment and threading units, supported by R&D centres in France, Brazil and the United States 1. Beyond tubular products, it offers connected services for the extraction and operation of oil and gas fields 1.
In Brazil the company has an integrated value chain, from the Pau Branco iron ore mine and eucalyptus plantations for charcoal to blast furnace and tubes, which reduces its local carbon footprint 1. In the United States the Youngstown steel shop uses recycled scrap, while in Europe the activity focuses on Oil & Gas with facilities in France and the United Kingdom 1.
In December 2024 Vallourec sold most of its Düsseldorf-Rath site to CTP for 155 million euros, after closing the plant in 2023 under the New Vallourec plan 1. The plan reduced the industrial footprint and moved production closer to customers through three strategic hubs 1.
Segments
Oil & Gas
This is the main segment, with tubes, connections and services for exploration and production of oil and gas fields, including the most complex ones 1. Customers include national and international energy companies, for which the company supplies OCTG and line pipe solutions 1.
New Energies
Vallourec offers tubes for geothermal, carbon capture and storage, hydrogen and direct lithium extraction. The company targets this segment to represent 10 to 15 percent of group RBE by 2030 1. The Delphy hydrogen storage solution was inaugurated in 2023, with a first commercialisation targeted for 2025 1.
Industry and Raw materials
The Industry segment covers light and strong tubes for mechanics, automotive and construction, with a focus on Brazil and Europe 1. The Raw materials activity includes the Pau Branco iron ore mine, whose expected sold output is about 6 million tonnes per year, part of it feeding the Jeceaba blast furnace 1.
Market context
Vallourec operates in the global premium seamless tube market, with customers in the energy sector, geothermal developers, green hydrogen developers and carbon capture specialists 1. The main competitors in Brazil across all industrial sectors are Tenaris, GOLIN, Meincol and Tuper 1.
The group states that, due to pressure from institutional investors limiting exposure to the oil industry, financing could become more expensive or harder to obtain in the future 1. The new energies market is still developing, and demand depends on the pace of energy transition projects 1.
Trends
- Growth of new energiestailwind
Geothermal, carbon capture and hydrogen create new demand for tubes resistant to corrosion and extreme temperatures, which could widen the company's addressable market 1.
- Refinancing and cost of capitaltailwind
The April 2024 refinancing extended debt maturities and reduced financial costs, which could strengthen financial flexibility over several years 1.
- Access to financing under ESG pressureheadwind
Investors and banks reducing exposure to the oil sector could raise the cost of financing or limit funds available for investment 1.
- Raw material and demand risksmixed
Raw material prices and volatility in Oil & Gas demand influence margins, and market changes could affect results 1.
Competitive position
In Oil & Gas, Vallourec competes with global premium tube producers, and in Brazil the main rivals are Tenaris, GOLIN, Meincol and Tuper across all industrial sectors 1. Differentiation rests on VAM connection technology and tests validated in real conditions 1.
In new energies, competition centres on product reliability in corrosive environments and at high temperatures, where the company supports its advantage with its own testing protocols 1. Protection of intellectual property remains important, as counterfeit products can affect reputation 1.
- TenarisTS
Main competitor cited by Vallourec in Brazil across all industrial sectors, with tubes and services for energy.
- GOLIN
Local competitor named in Brazil for services and tubes in the oil sector.
- Meincol
Local competitor named in Brazil, active in several industrial sectors.
- Tuper
Local competitor named in Brazil, across all sectors where Vallourec is present.
News & filings
In the press
- Vallourec Pipes Up With Another Brazilian WinYahoo Finance — News · 16 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Vallourec · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.