Valencia peanut acreage has dramatically increased in 2005. Fourteen Valencia peanut genotypes were tested across Eastern New Mexico and Western Texas at five locations during May- Oct, 2004 and 2005.  Each entry was sown in 9 m2 plot with three replications adopting randomized block design.  Observations were recorded on five randomly chosen plants for eleven characters namely dry matter production per plant (DMP), harvest index (HI), Plant height (HT), number of pods per plant (NPOD), pod weight per plant (WPOD), kernel weight per plant (WKER), hundred kernel weight (HUN), shelling percent (SHEL), per cent of one seeded pods/plant (1PER), per cent of two seeded pods/plant (2PER) and per cent of 3 and more seeded pods/plant (3PER). The data were subjected to stability analysis following AMMI model suggested by Gauch et al. (1988). Analysis of variance for AMMI model suggested that all characters recorded significant variances due to genotypes, environments against error variances. The variances due to Genotype X environment recorded significance against error variances for all characters except for shelling per cent in 2004. The variances due to PCA1 accounted ranging from 2.6 to 26.4 with significance while the variances due to the residual accounted ranging from 0.7 to 1.8. in 2004. The combined two years data will be presented in detail.