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Ray DalioReduced
Bridgewater Associates · Q2 2026
$39.5M
2.63M shares · 0.2% of portfolio
Vale S.A.
Vale S.A. (VALE) is listed on NYSE and classified in Other Industrial Metals & Mining, part of the Basic Materials sector. It is headquartered in Rio De Janeiro, Brazil and has 65,805 employees. The company is worth $51.92B and trades at 25.4x its earnings of the last twelve months; the median for its sector is 19.1x. Revenue was $48.75B in fiscal 2012, down 21.8% from the year before. Net income was $5.51B. The share price is 32.0% below its 52-week high of $17.94. It pays a dividend yielding 6.89%. 7 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Two Sigma (Two Sigma Investments), at $197.36M. In that quarter, 4 of them opened or added to the position and 3 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▲ +5.6% over 5Y.
today you would have $1,554.14▲ +55.4%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 6 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|
| Year-end price | $20.96 | $21.45 | $34.57 | $29.03 | $12.11 | $32.67 | |
| P/E | 7.7x | — | 4.9x | 10.5x | 28.3x | 0.0x | — |
| P/S | 2.8x | — | 1.8x | 3.8x | 6.3x | 0.0x | — |
| P/B | 2.0x | — | 1.4x | 2.6x |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 0.0% a year plus a 6.9% dividend yield. Growth capped at 25%.
Median P/E of 19.1 among peers in the sector.
Median P/E of 7.7 across this company’s own years on record.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Companies of similar size in Basic Materials, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| WPMWheaton Precious Metals Corp. | $123.53 | 27.4x | 5.8x | 0.63% | 23.55% | $56.1B |
| CRHCRH Public Ltd Co | $86.43 | 15.2x | 2.4x | 1.80% | 15.81% | $57.5B |
| NUENucor Corp | $258.06 | 20.6x | 2.6x | 0.87% | 14.55% | $58.55B |
| MTArcelorMittal | $60.18 |
| 2.7x |
| 0.0x |
| — |
| EPS | — | $4.42 | $3.29 | $1.03 | $2,611.14 | — |
| Dividend yield | 3.15% | 5.62% | 8.05% | 1.65% | 1.65% | 4.64% | 1.04% |
| Payout | 28.21% | — | 39.08% | 17.35% | 46.77% | 0.02% | — |
| Profit margin | 35.02% | 11.30% | 36.71% | 35.80% | 22.34% | 34.32% | 35.71% |
| ROE | 27.25% | 7.42% | 29.45% | 25.06% | 9.39% | 31.06% | 33.35% |
Median of the years shown; P/E years above 200x are left out.
Dividend growing 6.0% a year against a 7.5% required return, from the stock’s beta.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
5 methods answered, across 2 families.
Room for errors in the reported numbers.
+328.7% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| 26.7x |
| 1.7x |
| 1.00% |
| 3.28% |
| $45.25B |
| FNVFRANCO NEVADA Corp | $231.94 | 30.3x | 5.4x | 0.76% | 19.91% | $44.74B |
| AUAngloGold Ashanti PLC | $85.19 | 11.4x | 4.9x | 5.31% | 44.73% | $43.09B |