Valvoline

VVV · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

VVV · Last close · October 26, 2026

$31.94

Valvoline's revenue rose 5.6% to $1.7 billion in fiscal 2025. Its operating margin was 22.8%, up from 22.7% a year earlier. Free cash flow was $38 million, down 6.6%. It paid out $77 million in dividends and buybacks, 202% of free cash flow. The diluted share count fell 1.8%.

VALVOLINE INC. Latest fiscal year ended September 30, 2025 10-K filed November 21, 2025 · 0001674910-25-000135 Updated October 9, 2026

Revenue

$1.7B

5.6%

Operating margin

22.8%

0.1 pts

Net income

$211M

0.4%

Free cash flow

$38M

6.6%

Return on capital

18.9%

1.9 pts

Market cap

$4.1B

Oct 26 close

P/E

39.9x

On $0.80 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Valvoline does

Valvoline runs and franchises quick-service car maintenance centers in the United States and Canada. A visit takes about 15 minutes and customers stay in the car. It covers oil changes, battery, bulb and wiper replacements, tire rotations and other manufacturer-recommended maintenance.

The company and its franchise partners operate about 2,200 service centers under the Valvoline Instant Oil Change and Valvoline Great Canadian Oil Change names. It also supports more than 240 locations through its Express Care platform. Part of its results therefore depends on the financial results of its franchisees.

Valvoline was founded in 1866 and in 1873 became the first trademarked motor oil brand in the U.S. It was part of Ashland from 1950, began running and franchising service centers in the late 1980s, and was spun off as a separate company in 2016. It says it faces significant competition that puts downward pressure on prices and margins.

Its biggest risks, as it describes them

Strong competition that pushes down prices and margins.
Rising and volatile supply costs, and supply chain problems.
Weaker demand from customer spending trends, a weak economy or industry changes.
Dependence on the financial results of its franchisees.
Problems with its new enterprise resource planning (ERP) system, and growth goals it may not meet.

From Valvoline's annual report on Form 10-K, filed November 21, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 0.3% a year and net income fell 2.8% a year, as buybacks cut the share count by 24%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Valvoline yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Valvoline's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Valvoline's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 2.2 times depreciation, which holds its free cash flow down) of $178M, net cash of −$1.3B at September 30, 2025 and 129 million diluted shares, from its filings. The scenarios are fitted to Valvoline: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 11.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Automotive Retail), plus 1 point as a smaller company, worth $4.1B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at September 30, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Valvoline's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 11% discount rate. Base: growth of 11.5% then 7% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 17% then 10% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $31.94
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Valvoline's earnings per share of $0.80 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Valvoline's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: PHINIA, Advance Auto Parts, Sonic Automotive.

Earnings growth in the years ahead (% a year) Starts at Valvoline's revenue growth over the last 3 years, 11.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $31.94
Value at this multiple, against the last close: —
Valvoline's P/E at the last close: 39.9×

Company	Last close	Earnings per share	P/E today
ValvolineVVV	$31.94	$0.80	39.9×
Advance Auto PartsAAP	$46.60	$1.37	34.0×
PHINIAPHIN	$57.16	$3.48	16.4×
Sonic AutomotiveSAH	$61.26	$6.27	9.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	123	23	757	68	52
Debt incl. finance leases	1,842	1,888	1,797	1,314	1,318
Net debt (negative means net cash)	1,719	1,865	1,041	1,246	1,267
Net debt to EBITDA	5.7x	6.4x	3.1x	2.6x	2.5x
Debt to equity	—	6.2x	8.8x	7.1x	3.9x
Interest coverage	2.2x	3.2x	6.5x	5.1x	5.3x
Current ratio	1.8x	1.8x	2.6x	0.7x	0.7x
Quick ratio	1.8x	1.7x	2.5x	0.6x	0.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 5 insiders bought $953,666 of Valvoline shares on the open market, and 2 insiders sold $645,342, $251,964 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 21, 2026	Julie Marie O'DanielChief Legal Officer	Sold	3,700	$33.82	$125,134	Form 4
Aug 12, 2026	Jordan M. DennyChief Accounting Officer	Bought	1,506	$33.20	$49,999	Form 4
Jun 25, 2026	Jonathan L. CaldwellChief People Officer	Sold plan	2,851	$40.00	$114,040	Form 4
May 15, 2026	Jennifer Lynn SlaterDirector	Bought	1,000	$32.53	$32,530	Form 4
May 14, 2026	Willis J KevinChief Financial Officer	Bought	10,000	$31.80	$318,000	Form 4
May 14, 2026	Richard Joseph FreelandDirector	Bought	3,100	$32.37	$100,347	Form 4
Mar 3, 2026	Jonathan L. CaldwellChief People Officer	Sold plan	2,679	$37.54	$100,570	Form 4
Mar 2, 2026	Jonathan L. CaldwellChief People Officer	Sold plan	983	$38.00	$37,354	Form 4
Feb 20, 2026	Julie Marie O'DanielChief Legal Officer	Sold	4,312	$38.55	$166,228	Form 4
Nov 26, 2025	Julie Marie O'DanielChief Legal Officer	Sold	3,200	$31.88	$102,016	Form 4
Nov 24, 2025	Lori Ann FleesPresident & CEO, Director	Bought	4,500	$30.82	$138,690	Form 4
Nov 21, 2025	Willis J KevinChief Financial Officer	Bought	10,000	$31.41	$314,100	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	6 of 9	7 of 9	7 of 9
Accruals ratio	46.3%	−2.0%	−3.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Valvoline side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Valvoline	FY25	5.6%	22.8%	2.2%	18.9%	2.5x	7
PHINIA	FY25	2.4%	7.3%	5.4%	—	1.5x	—	Compare
Camping World	FY25	4.4%	2.8%	—	4.9%	5.0x	—	Compare
Advance Auto Parts	FY25	−5.4%	−0.5%	−3.5%	−1.5%	1.3x	5	Compare
Sonic Automotive	FY25	6.5%	2.4%	2.8%	12.2%	3.7x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,929	2,084	2,285	2,390	727	1,037	1,236	1,444	1,619	1,710
Revenue growth	−1.9%	8.0%	9.6%	4.6%	−69.6%	42.7%	19.2%	16.8%	12.2%	5.6%
Gross profit	748	776	806	810	301	432	476	544	619	658
Research and development	13	13	14	13	13	15	—	—	—	—
Operating income	396	394	395	398	160	240	220	247	367	390
Net income	273	304	166	208	317	420	424	1,420	212	211
Diluted EPS (US$)	1.60	1.49	0.84	1.10	1.69	2.29	2.35	8.73	1.61	1.64
Diluted shares (millions)	170	204	197	189	188	184	180	163	131	129
Cash flow
Cash from operations	311	−130	320	325	372	404	284	−41	265	297
Capital expenditure	66	68	93	108	94	103	132	180	224	259
Free cash flow	245	−198	227	217	278	301	152	−221	41	38
Dividends paid	0	40	58	80	84	91	89	22	0	0
Share buybacks	0	50	325	0	60	127	143	1,525	227	77
Acquisitions	83	68	125	78	40	282	51	36	53	65
Stock-based compensation	0	9	12	9	12	14	14	12	12	10
Balance sheet at fiscal year end
Cash and short-term investments	172	201	96	159	640	123	23	757	68	52
Debt incl. finance leases	743	1,124	1,322	1,342	2,035	1,842	1,888	1,797	1,314	1,318
Total assets	1,825	1,915	1,854	2,064	3,051	3,191	3,417	2,890	2,439	2,670
Total liabilities	2,155	2,032	2,212	2,322	3,127	3,056	3,110	2,687	2,253	2,332
Shareholders' equity	−330	−117	−358	−258	−76	134	307	203	186	338
Margins and ratios
Gross margin	38.8%	37.2%	35.3%	33.9%	41.4%	41.7%	38.5%	37.7%	38.2%	38.5%
Operating margin	20.5%	18.9%	17.3%	16.6%	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%	98.3%	13.1%	12.3%
Free cash flow margin	12.7%	−9.5%	9.9%	9.1%	38.2%	29.0%	12.3%	−15.3%	2.5%	2.2%
Return on capital	—	46.7%	23.6%	34.8%	8.1%	11.7%	8.3%	12.2%	20.8%	18.9%
Return on equity	—	—	—	—	—	—	192.4%	557.0%	108.8%	80.4%
Return on assets	—	16.3%	8.8%	10.6%	12.4%	13.5%	12.8%	45.0%	7.9%	8.2%
Net debt to EBITDA	1.3x	2.1x	2.7x	2.6x	7.3x	5.7x	6.4x	3.1x	2.6x	2.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Valvoline's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Valvoline.