AbstractFujita and Li have given a characterisation of K-stability of a Fano variety in terms of quantities associated to valuations, which has been essential to all recent progress in the area. We introduce a notion of valuative stability for arbitrary polarised varieties, and show that it is equivalent to K-stability with respect to test configurations with integral central fibre. The numerical invariant governing valuative stability is modelled on Fujita’s $$\beta $$
β
-invariant, but includes a term involving the derivative of the volume. We give several examples of valuatively stable and unstable varieties, including the toric case. We also discuss the role that the $$\delta $$
δ
-invariant plays in the study of valuative stability and K-stability of polarised varieties.