• VALE S.A average ebitda margin for 2023 was 39.47%, a 18.1% increase from 2022.
• VALE S.A average ebitda margin for 2022 was 48.19%, a 5.69% decline from 2021.
• VALE S.A average ebitda margin for 2021 was 51.1%, a 89.47% decline from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.