At a glance
Valvoline Inc is worth $4.05B, about 19 times its fiscal 2025 earnings. Revenue grew 5.6% to $1.71B in fiscal 2025, with 12.3% kept as profit; over 5 years it has grown 18.7% a year. It pays no dividend; it spent $2.10B buying back its shares over FY2021–FY2025. The stock returned −5.8% over the past year with dividends reinvested and −0.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 59.0% in the 2020 crash (S&P 500: 33.7%) and 32.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 5 months after the lows.
The business in plain English
Valvoline runs quick oil-change shops across the US and Canada under the Valvoline Instant Oil Change (VIOC) and Great Canadian Oil Change names. Drivers stay in their cars while certified technicians change the oil in about 15 minutes and run a free 18-point check. Stores also replace batteries, bulbs and wipers, rotate tires and handle other maintenance that carmakers recommend. Customers range from everyday drivers to commercial fleets.
The company runs some stores itself. Franchisees run the rest; they are independent businesses that use the Valvoline name and pay fees. The network had 2,180 stores as of September 30, 2025, after adding 718 net new stores over five years. Valvoline also supports more than 240 independent shops through its Express Care program. Fiscal 2025 was the 19th straight year of same-store sales growth, which means higher sales at stores open at least a year.
In the fiscal year ended September 30, 2025, revenue was $1.71 billion, and 22.8% of it was left as operating profit. Oil changes and related fees made up 72.9% of revenue, other services 21.5%, and franchise fees and other income 5.5%. Valvoline no longer makes motor oil. It sold that business to Aramco in March 2023 and buys nearly all its stores' oil from it under a long-term supply deal.
Price history
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VVV -5.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Oil changes and related fees | $1.25B | 72.9% |
| Non-oil changes and related fees | $368.4M | 21.5% |
| Franchise fees and other | $94.6M | 5.5% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $544.6M, up 24.1% from a year earlier, and net income was $64.5M (+14.2%).
- For fiscal 2025, revenue was $1.71B (+5.6% year over year; +18.7% a year from FY2020 to FY2025) with a 12.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +18.7% good |
|---|---|
| Operating margin | 22.8% good |
| Free cash flow margin | 2.2% watch |
| Return on equity (FY2025) | 62.2% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 7.9% watch |
| Net cash (cash minus debt) | $-1.52B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $727.0M | $316.6M | $277.7M |
| FY2021 | $1.04B | $420.3M | $300.8M |
| FY2022 | $1.24B | $424.3M | $152.2M |
| FY2023 | $1.44B | $1.42B | $-221.3M |
| FY2024 | $1.62B | $211.5M | $40.7M |
| FY2025 | $1.71B | $210.7M | $38.0M |
Valuation snapshot
| Market value | $4.05B |
|---|---|
| P/E ratio | 19.4 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Valvoline’s market value went from $5.08B at the end of 2017 to $4.05B on Oct 28, 2026, down 20%; since the end of 2025 it is up 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.05B | +9.7% |
| 2025 | $3.70B | -20.4% |
| 2024 | $4.64B | -5.4% |
| 2023 | $4.91B | -13.9% |
| 2022 | $5.70B | -15.1% |
| 2021 | $6.71B | +56.6% |
| 2020 | $4.29B | +6.3% |
| 2019 | $4.03B | +10.8% |
| 2018 | $3.64B | -28.3% |
| 2017 | $5.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VVV price data to Oct 28, 2026 | +9.3% | -5.8% | +2.0% | -0.9% | +5.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.3% |
| 2025 | -19.7% |
| 2024 | -3.7% |
| 2023 | +15.1% |
| 2022 | -11.0% |
| 2021 | +63.9% |
| 2020 | +10.5% |
| 2019 | +13.1% |
| 2018 | -21.4% |
| 2017 | +17.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.5% over that stretch · deepest drop along the way 59%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.8% over that stretch · deepest drop along the way 32.1%, back to its old high 4.7 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 4 open-market purchases ($501K) and 2 sales ($239K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 14, 2026 | J Kevin Willis Chief Financial Officer | buy | $318K |
| Aug 21, 2026 | Julie Marie O'Daniel Chief Legal Officer | sell | $125K |
| Jun 25, 2026 | Jonathan L. Caldwell Chief People Officer | sell (plan) | $114K |
| May 14, 2026 | Richard Joseph Freeland Director | buy | $100K |
| Aug 12, 2026 | Jordan M. Denny Chief Accounting Officer | buy | $50K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| Boston Partners | 5.17% | Jun 30, 2026 |
| Wasatch Advisors LP | 4.8% | Jun 30, 2026 |
ETFs with the most weight in VVV
| SMCO Hilton Small-MidCap Opportunity ETF | 1.4% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 0.98% |
| WCEO Hypatia Women CEO ETF | 0.6% |
| JHSC John Hancock Multifactor Small Cap ETF | 0.34% |
| JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF | 0.33% |
| IJK iShares S&P Mid-Cap 400 Growth ETF | 0.33% |
| MDYG SPDR S&P 400 Mid Cap Growth ETF | 0.32% |
| IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.32% |
What could go wrong
- Relies on one company for its oil. Valvoline buys nearly all its motor oil from Valvoline Global Operations, the business it sold to Aramco, under a long-term supply deal. A disruption at that supplier could hurt store operations and profits.
- Narrow focus on oil changes. Oil changes made up 72.9% of revenue in fiscal 2025, and all its stores are in the US and Canada. That narrow focus means a lasting drop in oil-change demand could hit Valvoline hard.
- Electric cars and longer service intervals. Electric vehicles need no oil changes, and carmakers may recommend longer gaps between services. Fewer miles driven, or drivers putting off maintenance during a recession, would also mean fewer store visits.
- A heavy debt load. As of June 30, 2026, Valvoline had about $1.6 billion of debt against $84.2 million of cash. Interest costs and repayment needs could limit spending on stores and leave less room in a downturn.
- Growth plans depend on franchisees and deals. Valvoline has set aggressive store growth goals using franchisees, acquisitions and new builds. Franchisees are independent businesses whose struggles can reduce Valvoline's income. Acquisitions could bring operating problems or dilute shareholders.
- Tough competition from rival chains. Valvoline competes with Jiffy Lube, Take 5 Oil Change, Grease Monkey, car dealerships and local repair shops. Some rivals are larger, and their price cuts could force Valvoline to cut prices, squeezing margins.
Recent events
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Executive or board change
For income and retirement investors
Valvoline paid no dividend in fiscal 2024 or 2025, and its yield was 0% as of October 28, 2026, so it has no record of dividend increases. It paid $0.50 a share in fiscal 2021 and 2022, then $0.125 in fiscal 2023 before stopping. To get cash from the stock, an income investor would have to sell shares. The company returns cash through buybacks instead: $2.1 billion over fiscal 2021–2025, including $1.52 billion in fiscal 2023, the year it sold its motor oil business. The number of shares fell 29.1% between November 2021 and July 2026. Buybacks slowed to $76.8 million in fiscal 2025, when free cash flow (cash left after capital spending) was $38.0 million.
In the 2020 COVID crash the shares fell about 59%. They got back to their earlier high about 7.6 months after the low. In the 2022 bear market they fell about 32% and recovered about 4.7 months after the low. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Valvoline make money?
Mostly from quick oil changes. In the fiscal year ended September 30, 2025, oil changes and related fees brought in 72.9% of Valvoline's $1.71 billion revenue. Other services added 21.5%. These include battery, bulb and wiper replacements and tire rotations. Franchise fees and other income made up 5.5%. As of September 30, 2025, Valvoline and its franchisees ran 2,180 stores in the US and Canada.
Does Valvoline pay a dividend?
No. Valvoline paid no dividend in fiscal 2024 or 2025, and its dividend yield was 0% as of October 28, 2026. It paid $0.50 a share in each of fiscal 2021 and 2022 and $0.125 in fiscal 2023 before stopping. The company has returned cash through share buybacks instead, spending $2.1 billion over fiscal 2021–2025. The number of shares fell 29.1% between November 2021 and July 2026.
Does Valvoline still make motor oil?
No. Valvoline sold its motor oil business, called Global Products, to Aramco Overseas Company B.V. on March 1, 2023. That business now operates as Valvoline Global Operations (VGO) and owns the Valvoline brand for products worldwide. Valvoline Inc. kept the oil-change stores and the brand for retail services in most countries. It buys nearly all the oil its stores use from VGO under a long-term supply agreement.
How much debt does Valvoline have?
About $1.6 billion. As of June 30, 2026, Valvoline had total debt of about $1.6 billion, compared with $84.2 million in cash and investments and $416.7 million of shareholders' equity. Its annual report lists this substantial debt as a risk to the business. Filings dated June 30 and August 24, 2026 each reported a major agreement and a new debt or financial obligation.
How has Valvoline stock performed?
Valvoline's shares rose over ten years but lost ground over one and five years. As of October 28, 2026, the share price was down 5.8% over one year and down 5% in total over five years. Over ten years it was up 72%, or about 5.6% a year. It fell 19.7% in calendar 2025 and was up 9.3% in 2026 through October 28. These figures are price changes only. Its deepest drop from a peak over three years was 44.1%.