A spool valve (100) includes a body (102) defining a bore (104) and a positionable spool (106) located within the bore. The spool includes a central body portion (112) having a diameter and a number of sealing lands (118) separated by the central body portion. Each sealing land has a diameter larger than the central body portion diameter. A plurality of flow- shaping rings 8114) are located between first and second sealing lands, and each comprise an intermediate diameter larger than the central body portion diameter and smaller than the sealing land diameter.