Valero Energy (VLO) Financials

$128.80 -0.36 (-0.28%)

Closing price 05/30/2025 03:59 PM Eastern

Extended Trading

$128.49 -0.31 (-0.24%)

As of 05/30/2025 07:25 PM Eastern

Annual Income Statements for Valero Energy

This table shows Valero Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	2,770	8,835	11,528	930	-1,421	2,422	3,122	4,065	2,289	3,990
Consolidated Net Income / (Loss)	3,006	9,149	11,879	1,288	-1,107	2,784	3,353	4,156	2,417	4,101
Net Income / (Loss) Continuing Operations	3,006	9,149	11,879	1,288	-1,107	2,784	3,353	4,156	2,417	4,101
Total Pre-Tax Income	3,698	11,768	15,307	1,543	-2,010	3,486	4,232	3,207	3,182	5,971
Total Operating Income	3,755	11,858	15,690	2,130	-1,579	3,836	4,572	3,563	3,534	6,358
Total Gross Profit	4,805	12,932	16,796	3,129	-740	4,778	5,594	4,505	4,347	7,115
Total Revenue	129,881	144,766	176,383	113,977	64,912	108,324	117,033	93,980	75,659	87,804
Operating Revenue	129,881	144,766	176,383	113,977	64,912	108,324	117,033	93,980	75,659	87,804
Total Cost of Revenue	125,076	131,834	159,587	110,848	65,652	103,546	111,439	89,475	71,312	80,689
Operating Cost of Revenue	125,076	131,834	159,587	110,848	65,652	103,546	111,439	89,475	71,312	80,689
Total Operating Expenses	1,050	1,074	1,106	999	839	942	1,022	942	813	757
Selling, General & Admin Expense	1,005	1,031	1,000	952	791	889	970	890	709	710
Depreciation Expense	45	43	45	47	48	53	52	52	48	47
Impairment Charge	0.00	0.00	61	0.00	0.00	-	-	-	56	0.00
Total Other Income / (Expense), net	-57	-90	-383	-587	-431	-350	-340	-356	-352	-387
Interest Expense	556	592	562	603	563	454	470	468	446	433
Other Income / (Expense), net	499	502	179	16	132	104	130	112	94	46
Income Tax Expense	692	2,619	3,428	255	-903	702	879	-949	765	1,870
Net Income / (Loss) Attributable to Noncontrolling Interest	236	314	351	358	314	362	231	91	128	111
Basic Earnings per Share	$8.58	$24.93	$29.05	$2.27	($3.50)	$5.84	$7.30	$9.17	$4.94	$8.00
Weighted Average Basic Shares Outstanding	322M	353M	395M	407M	407M	413M	426M	442M	461M	497M
Diluted Earnings per Share	$8.58	$24.92	$29.04	$2.27	($3.50)	$5.84	$7.29	$9.16	$4.94	$7.99
Weighted Average Diluted Shares Outstanding	322M	353M	396M	407M	407M	414M	428M	444M	464M	500M
Weighted Average Basic & Diluted Shares Outstanding	314.98M	332.48M	371.15M	409.30M	408.56M	409.34M	427.70M	443.30M	463.40M	498.80M
Cash Dividends to Common per Share	$4.28	$4.08	$3.92	$3.92	$3.92	$3.60	$3.20	$2.80	$2.40	$1.70

This table shows Valero Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-595	281	364	880	1,245	1,202	2,622	1,944	3,067	3,113	2,817
Consolidated Net Income / (Loss)	-652	357	393	926	1,330	1,218	2,663	2,122	3,146	3,232	2,912
Net Income / (Loss) Continuing Operations	-652	357	393	926	1,330	1,218	2,663	2,122	3,146	3,232	2,912
Total Pre-Tax Income	-917	323	489	1,203	1,683	1,549	3,476	2,717	4,026	4,250	3,728
Total Operating Income	-900	348	507	1,221	1,679	1,553	3,503	2,759	4,043	4,295	3,792
Total Gross Profit	507	629	754	1,439	1,983	1,874	3,770	2,981	4,307	4,675	4,023
Total Revenue	30,258	30,756	32,876	34,490	31,759	35,414	38,404	34,509	36,439	41,746	44,454
Operating Revenue	30,258	30,756	32,876	34,490	31,759	35,414	38,404	34,509	36,439	41,746	44,454
Total Cost of Revenue	29,751	30,127	32,122	33,051	29,776	33,540	34,634	31,528	32,132	37,071	40,431
Operating Cost of Revenue	29,751	30,127	32,122	33,051	29,776	33,540	34,634	31,528	32,132	37,071	40,431
Total Operating Expenses	1,407	281	247	218	304	321	267	222	264	380	231
Selling, General & Admin Expense	265	270	237	206	292	310	256	211	254	308	220
Depreciation Expense	11	11	10	12	12	11	11	11	10	11	11
Impairment Charge	1,131	-	-	-	-	-	-	-	-	-	-
Total Other Income / (Expense), net	-17	-25	-18	-18	4.00	-4.00	-27	-42	-17	-45	-64
Interest Expense	137	135	141	140	140	149	149	148	146	137	138
Other Income / (Expense), net	120	110	123	122	144	145	122	106	129	92	74
Income Tax Expense	-265	-34	96	277	353	331	813	595	880	1,018	816
Net Income / (Loss) Attributable to Noncontrolling Interest	-57	76	29	46	85	16	41	178	79	119	95
Basic Earnings per Share	($1.90)	$0.98	$1.14	$2.71	$3.75	$3.73	$7.49	$5.41	$8.30	$8.06	$7.20
Weighted Average Basic Shares Outstanding	314M	322M	318M	324M	331M	353M	349M	358M	369M	395M	390M
Diluted Earnings per Share	($1.90)	$0.98	$1.14	$2.71	$3.75	$3.74	$7.49	$5.40	$8.29	$8.07	$7.19
Weighted Average Diluted Shares Outstanding	314M	322M	318M	324M	331M	353M	349M	358M	369M	396M	390M
Weighted Average Basic & Diluted Shares Outstanding	313.21M	314.98M	316.59M	320.38M	327.00M	332.48M	340.45M	353.13M	361.52M	371.15M	385.52M
Cash Dividends to Common per Share	$1.13	$1.07	$1.07	$1.07	$1.07	$1.02	$1.02	$1.02	$1.02	$0.98	$0.98

This table details how cash moves in and out of Valero Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-595	562	740	809	730	-399	-2,868	1,034	702	425
Net Cash From Operating Activities	6,683	9,229	12,574	5,859	948	5,531	4,371	5,482	4,820	5,611
Net Cash From Continuing Operating Activities	6,683	9,229	12,574	5,859	948	5,531	4,371	5,482	4,820	5,611
Net Income / (Loss) Continuing Operations	3,006	9,149	11,879	1,288	-1,107	2,784	3,353	4,156	2,417	4,101
Consolidated Net Income / (Loss)	3,006	9,149	11,879	1,288	-1,107	2,784	3,353	4,156	2,417	4,101
Depreciation Expense	2,774	2,701	2,473	2,405	2,351	2,255	2,069	1,986	1,894	1,842
Non-Cash Adjustments To Reconcile Net Income	0.00	-11	47	131	-19	22	0.00	-	-691	790
Changes in Operating Assets and Liabilities, net	903	-2,610	-1,825	2,035	-277	470	-1,051	-660	1,200	-1,122
Net Cash From Investing Activities	-1,981	-1,865	-2,805	-2,159	-2,425	-3,001	-3,928	-2,382	-2,006	-2,487
Net Cash From Continuing Investing Activities	-1,981	-1,865	-2,805	-2,159	-2,425	-3,001	-3,928	-2,382	-2,006	-2,487
Purchase of Property, Plant & Equipment	-2,057	-1,916	-2,737	-2,458	-2,436	-2,774	-3,075	-1,902	-1,996	-2,291
Acquisitions	0.00	0.00	-1.00	-9.00	-54	-	-861	-478	0.00	0.00
Purchase of Investments	-29	-276	-100	0.00	-	-164	-	-	-4.00	-141
Sale of Property, Plant & Equipment	0.00	0.00	32	270	-	-	-	-	-	-
Sale and/or Maturity of Investments	81	314	5.00	0.00	-	-	-	-	-	-
Other Investing Activities, net	24	13	-4.00	38	65	-63	8.00	-2.00	-6.00	-55
Net Cash From Financing Activities	-5,049	-6,941	-8,849	-2,846	2,077	-2,997	-3,168	-2,272	-2,012	-2,545
Net Cash From Continuing Financing Activities	-5,000	-6,941	-8,849	-2,846	2,077	-2,997	-3,168	-2,272	-2,012	-2,545
Repayment of Debt	-7,786	-2,684	-6,035	-3,232	-529	-1,839	-1,374	-21	-1,653	-488
Repurchase of Common Equity	-2,875	-5,136	-4,577	-27	-156	-777	-1,708	-1,372	-1,336	-2,838
Payment of Dividends	-1,566	-1,616	-1,655	-1,604	-1,808	-2,512	-1,485	-1,309	-1,176	-893
Issuance of Debt	7,137	2,420	3,153	1,828	4,570	2,131	1,367	400	2,153	1,446
Issuance of Common Equity	90	75	265	189	0.00	0.00	32	30	0.00	228
Effect of Exchange Rate Changes	-248	139	-180	-45	130	68	-143	206	-100	-154

This table details how cash moves in and out of Valero Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-22	-525	-60	497	-507	-407	756	-446	659	893	-1,423
Net Cash From Operating Activities	952	1,070	1,295	2,472	1,846	1,239	3,308	1,512	3,170	4,096	2,045
Net Cash From Continuing Operating Activities	952	1,070	1,295	2,472	1,846	1,239	3,308	1,512	3,170	4,096	2,045
Net Income / (Loss) Continuing Operations	-652	357	393	926	1,330	1,218	2,663	2,122	3,146	3,232	2,912
Consolidated Net Income / (Loss)	-652	357	393	926	1,330	1,218	2,663	2,122	3,146	3,232	2,912
Depreciation Expense	691	698	685	696	695	690	682	669	660	633	632
Non-Cash Adjustments To Reconcile Net Income	1,131	-	-	-	0.00	-	-	-	-11	23	-26
Changes in Operating Assets and Liabilities, net	-218	15	217	850	-179	-669	-37	-1,279	-625	208	-1,473
Net Cash From Investing Activities	-635	-544	-408	-392	-637	-483	-304	-529	-549	-735	-610
Net Cash From Continuing Investing Activities	-635	-544	-408	-392	-637	-483	-304	-529	-549	-735	-610
Purchase of Property, Plant & Equipment	-659	-547	-429	-420	-661	-540	-394	-458	-524	-640	-602
Acquisitions	-1.00	-	-	-	-	-	-	-	-	-	-
Purchase of Investments	-5.00	-12	-3.00	-3.00	-11	-39	117	-254	-100	-100	-
Sale and/or Maturity of Investments	9.00	2.00	11	35	33	94	-31	180	71	5.00	-
Other Investing Activities, net	21	13	13	-4.00	2.00	2.00	4.00	3.00	4.00	-	-8.00
Net Cash From Financing Activities	-382	-784	-1,074	-1,547	-1,644	-1,296	-2,125	-1,522	-1,998	-2,580	-2,627
Net Cash From Continuing Financing Activities	-382	-735	-1,074	-1,547	-1,644	-1,296	-2,125	-1,522	-1,998	-2,580	-2,627
Repayment of Debt	-2,122	-1,732	-2,411	-1,918	-1,725	-78	-447	-1,002	-1,157	-978	-2,026
Repurchase of Common Equity	-274	-259	-560	-1,033	-1,023	-956	-1,787	-942	-1,451	-1,808	-877
Payment of Dividends	-485	-408	-453	-349	-356	-346	-423	-468	-379	-376	-476
Issuance of Debt	2,499	1,664	2,350	1,753	1,370	84	532	890	914	557	752
Issuance of Common Equity	0.00	-	-	-	90	-	-	-	75	25	-
Effect of Exchange Rate Changes	43	-267	127	-36	-72	133	-123	93	36	112	-231

This table presents Valero Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	60,143	63,056	60,982	57,888	51,774	53,864	50,155	50,158	46,173	44,227
Total Current Assets	23,737	26,221	24,133	21,165	15,844	18,969	17,675	19,312	16,800	14,898
Cash & Equivalents	4,657	5,424	4,862	4,122	3,313	2,583	2,982	5,850	4,816	4,114
Accounts Receivable	10,708	12,525	11,919	10,378	6,109	8,988	7,345	6,922	5,901	4,464
Inventories, net	7,761	7,583	6,752	6,265	6,038	7,013	6,532	6,384	5,709	5,898
Prepaid Expenses	611	689	600	400	384	385	816	156	374	204
Plant, Property, & Equipment, net	29,314	30,209	30,978	30,847	30,389	29,264	28,848	27,480	26,472	26,703
Plant, Property & Equipment, gross	52,368	51,668	50,576	49,072	46,967	44,294	42,473	40,010	37,733	36,907
Accumulated Depreciation	23,054	21,459	19,598	18,225	16,578	15,030	13,625	12,530	11,261	10,204
Total Noncurrent Assets	7,092	6,626	5,871	5,876	5,541	5,631	3,632	3,366	2,901	2,626
Other Noncurrent Operating Assets	7,092	6,626	5,871	5,876	5,541	5,631	3,632	3,366	2,901	2,626
Total Liabilities & Shareholders' Equity	60,143	63,056	60,982	57,888	51,774	53,864	50,155	50,158	46,173	44,227
Total Liabilities	32,622	34,532	35,514	38,071	32,132	31,328	27,424	27,258	25,319	22,873
Total Current Liabilities	15,495	16,802	17,461	16,851	9,283	13,160	10,724	11,071	8,328	6,994
Short-Term Debt	743	1,406	1,109	1,264	723	494	238	122	115	127
Accounts Payable	12,092	12,567	12,728	12,495	6,082	10,205	8,594	8,348	6,357	4,907
Accrued Expenses	1,130	1,240	1,215	1,253	994	949	630	712	694	554
Current Deferred & Payable Income Tax Liabilities	170	137	841	378	112	208	49	568	78	337
Other Taxes Payable	1,360	1,452	1,568	1,461	1,372	1,304	1,213	1,321	1,084	1,069
Total Noncurrent Liabilities	17,127	17,730	18,053	21,220	22,849	18,168	16,700	16,187	16,991	15,879
Long-Term Debt	9,720	10,118	10,526	12,606	13,954	9,178	8,871	8,750	7,886	7,208
Noncurrent Deferred & Payable Income Tax Liabilities	5,267	5,349	5,217	5,210	5,275	5,103	4,962	4,708	7,361	7,060
Other Noncurrent Operating Liabilities	2,140	2,263	2,310	3,404	3,620	3,887	2,867	2,729	1,744	1,611
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	27,521	28,524	25,468	19,817	19,642	22,536	22,731	22,900	20,854	21,354
Total Preferred & Common Equity	24,512	26,346	23,561	18,430	18,801	21,803	21,667	21,991	20,024	20,527
Total Common Equity	24,512	26,346	23,561	18,430	18,801	21,803	21,667	21,991	20,024	20,527
Common Stock	6,946	6,908	6,870	6,834	6,821	6,828	7,055	7,046	7,095	7,071
Retained Earnings	47,016	45,630	38,247	28,281	28,953	31,974	31,044	29,200	26,366	25,188
Treasury Stock	-28,178	-25,322	-20,197	-15,677	-15,719	-15,648	-14,925	-13,315	-12,027	-10,799
Accumulated Other Comprehensive Income / (Loss)	-1,272	-870	-1,359	-1,008	-1,254	-1,351	-1,507	-940	-1,410	-933
Noncontrolling Interest	3,009	2,178	1,907	1,387	841	733	1,064	909	830	827

This table presents Valero Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	59,177	60,143	60,382	63,615	62,574	63,056	63,175	60,667	60,177	60,982	59,329
Total Current Assets	23,590	23,737	23,976	27,115	25,674	26,221	26,577	23,695	23,335	24,133	22,696
Cash & Equivalents	4,634	4,657	5,184	5,246	4,917	5,424	5,831	5,075	5,521	4,862	3,969
Accounts Receivable	11,238	10,708	11,073	13,145	12,150	12,525	12,566	10,888	9,688	11,919	11,581
Inventories, net	7,119	7,761	7,048	8,028	7,912	7,583	7,513	6,961	7,455	6,752	6,628
Prepaid Expenses	599	611	671	696	695	689	667	771	671	600	518
Plant, Property, & Equipment, net	28,549	29,314	29,681	29,769	30,072	30,209	30,253	30,570	30,780	30,978	30,508
Plant, Property & Equipment, gross	49,293	52,368	52,424	52,074	51,943	51,668	51,208	51,125	50,828	50,576	49,638
Accumulated Depreciation	20,744	23,054	22,743	22,305	21,871	21,459	20,955	20,555	20,048	19,598	19,130
Total Noncurrent Assets	7,038	7,092	6,725	6,731	6,828	6,626	6,345	6,402	6,062	5,871	6,125
Other Noncurrent Operating Assets	7,038	7,092	6,725	6,731	6,828	6,626	6,345	6,402	6,062	5,871	6,125
Total Liabilities & Shareholders' Equity	59,177	60,143	60,382	63,615	62,574	63,056	63,175	60,667	60,177	60,982	59,329
Total Liabilities	32,862	32,622	32,382	35,365	33,750	34,532	35,118	32,673	33,110	35,514	35,614
Total Current Liabilities	15,143	15,495	15,298	18,318	16,149	16,802	17,592	14,948	15,365	17,461	17,237
Short-Term Debt	542	743	1,016	995	853	1,406	1,334	1,193	1,258	1,109	1,006
Accounts Payable	11,982	12,092	11,516	14,565	12,458	12,567	13,342	10,825	10,498	12,728	13,003
Accrued Expenses	1,153	1,130	1,190	1,065	1,097	1,240	1,219	1,117	1,168	1,215	1,265
Current Deferred & Payable Income Tax Liabilities	167	170	176	203	388	137	278	322	867	841	652
Other Taxes Payable	1,299	1,360	1,400	1,490	1,353	1,452	1,419	1,491	1,574	1,568	1,311
Total Noncurrent Liabilities	17,719	17,127	17,084	17,047	17,601	17,730	17,526	17,725	17,745	18,053	18,377
Long-Term Debt	10,312	9,720	9,790	9,746	10,044	10,118	10,107	10,130	10,173	10,526	10,570
Noncurrent Deferred & Payable Income Tax Liabilities	4,951	5,267	5,263	5,224	5,260	5,349	5,231	5,382	5,280	5,217	4,938
Other Noncurrent Operating Liabilities	2,456	2,140	2,031	2,077	2,297	2,263	2,188	2,213	2,292	2,310	2,869
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	26,315	27,521	28,000	28,250	28,824	28,524	28,057	27,994	27,067	25,468	23,715
Total Preferred & Common Equity	23,490	24,512	25,253	25,443	26,057	26,346	25,975	25,851	24,977	23,561	21,912
Total Common Equity	23,490	24,512	25,253	25,443	26,057	26,346	25,975	25,851	24,977	23,561	21,912
Common Stock	6,951	6,946	6,947	6,936	6,923	6,908	6,907	6,896	6,884	6,870	6,865
Retained Earnings	46,065	47,016	47,074	47,052	46,519	45,630	44,774	42,512	40,935	38,247	35,510
Treasury Stock	-28,417	-28,178	-27,938	-27,373	-26,330	-25,322	-24,381	-22,586	-21,637	-20,197	-18,466
Accumulated Other Comprehensive Income / (Loss)	-1,109	-1,272	-830	-1,172	-1,055	-870	-1,325	-971	-1,205	-1,359	-1,997
Noncontrolling Interest	2,825	3,009	2,747	2,807	2,767	2,178	2,082	2,143	2,090	1,907	1,803

This table displays calculated financial ratios and metrics derived from Valero Energy's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.28%	-17.93%	54.75%	75.59%	-40.08%	-7.44%	24.53%	24.22%	-13.83%	-32.89%
EBITDA Growth	-53.34%	-17.89%	303.03%	403.43%	-85.41%	-8.51%	19.61%	2.52%	-33.03%	7.95%
EBIT Growth	-65.58%	-22.11%	639.47%	248.31%	-136.73%	-16.21%	27.95%	1.30%	-43.35%	7.65%
NOPAT Growth	-66.89%	-24.29%	584.83%	260.86%	-136.08%	-15.43%	-21.55%	72.01%	-38.53%	8.82%
Net Income Growth	-67.14%	-22.98%	822.28%	216.35%	-139.76%	-16.97%	-19.32%	71.95%	-41.06%	10.51%
EPS Growth	-65.57%	-14.19%	1,179.30%	164.86%	-159.93%	-19.89%	-20.41%	85.43%	-38.17%	16.64%
Operating Cash Flow Growth	-27.59%	-26.60%	114.61%	518.04%	-82.86%	26.54%	-20.27%	13.73%	-14.10%	32.30%
Free Cash Flow Firm Growth	-36.38%	-28.04%	195.13%	229.47%	-208.26%	234.58%	-74.90%	-15.09%	-13.73%	63.01%
Invested Capital Growth	-3.75%	7.39%	9.05%	-4.65%	4.66%	2.66%	11.33%	7.83%	-2.18%	2.65%
Revenue Q/Q Growth	-3.46%	-4.19%	3.43%	20.38%	-14.80%	-0.78%	2.04%	6.43%	2.62%	-9.37%
EBITDA Q/Q Growth	-14.92%	-14.88%	19.48%	71.48%	-71.01%	8.29%	8.02%	4.81%	-0.75%	-11.57%
EBIT Q/Q Growth	-22.57%	-17.87%	22.89%	694.81%	-287.19%	12.38%	10.90%	6.92%	-0.44%	-15.20%
NOPAT Q/Q Growth	-21.64%	-18.16%	18.52%	3,748.47%	-180.47%	11.38%	-29.87%	91.28%	-0.26%	-15.87%
Net Income Q/Q Growth	-22.27%	-18.04%	21.75%	1,083.21%	-308.08%	12.44%	-29.13%	91.34%	0.88%	-16.75%
EPS Q/Q Growth	-24.34%	-14.80%	23.84%	306.36%	-5,733.33%	5.80%	-29.90%	96.99%	3.35%	-16.16%
Operating Cash Flow Q/Q Growth	-2.47%	-23.64%	15.02%	67.35%	-62.97%	0.55%	0.41%	13.73%	11.86%	-8.33%
Free Cash Flow Firm Q/Q Growth	10.38%	-23.36%	14.80%	69.05%	-216.57%	3.79%	-43.42%	35.77%	28.48%	-16.99%
Invested Capital Q/Q Growth	-0.88%	2.84%	2.93%	0.82%	-0.56%	2.07%	1.31%	5.66%	-0.39%	2.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	3.70%	8.93%	9.52%	2.75%	-1.14%	4.41%	4.78%	4.79%	5.75%	8.10%
EBITDA Margin	5.41%	10.40%	10.40%	3.99%	1.39%	5.72%	5.79%	6.02%	7.30%	9.39%
Operating Margin	2.89%	8.19%	8.90%	1.87%	-2.43%	3.54%	3.91%	3.79%	4.67%	7.24%
EBIT Margin	3.28%	8.54%	9.00%	1.88%	-2.23%	3.64%	4.02%	3.91%	4.80%	7.29%
Profit (Net Income) Margin	2.31%	6.32%	6.73%	1.13%	-1.71%	2.57%	2.87%	4.42%	3.19%	4.67%
Tax Burden Percent	81.29%	77.74%	77.61%	83.47%	55.07%	79.86%	79.23%	129.59%	75.96%	68.68%
Interest Burden Percent	86.93%	95.21%	96.46%	71.90%	138.91%	88.48%	90.00%	87.27%	87.71%	93.24%
Effective Tax Rate	18.71%	22.26%	22.40%	16.53%	0.00%	20.14%	20.77%	-29.59%	24.04%	31.32%
Return on Invested Capital (ROIC)	8.98%	27.57%	39.40%	5.87%	-3.65%	10.48%	13.23%	18.48%	11.04%	18.00%
ROIC Less NNEP Spread (ROIC-NNEP)	8.21%	26.49%	35.80%	1.23%	-3.66%	6.25%	7.34%	3.62%	2.70%	9.02%
Return on Net Nonoperating Assets (RNNOA)	1.74%	6.32%	13.06%	0.66%	-1.60%	1.82%	1.47%	0.51%	0.41%	1.25%
Return on Equity (ROE)	10.73%	33.89%	52.46%	6.53%	-5.25%	12.30%	14.70%	19.00%	11.45%	19.25%
Cash Return on Invested Capital (CROIC)	12.80%	20.45%	30.74%	10.63%	-8.20%	7.85%	2.51%	10.95%	13.25%	15.39%
Operating Return on Assets (OROA)	6.91%	19.93%	26.70%	3.91%	-2.74%	7.58%	9.37%	7.63%	8.03%	14.27%
Return on Assets (ROA)	4.88%	14.75%	19.99%	2.35%	-2.10%	5.35%	6.69%	8.63%	5.35%	9.14%
Return on Common Equity (ROCE)	9.73%	31.33%	48.65%	6.16%	-5.05%	11.81%	14.06%	18.24%	11.00%	18.62%
Return on Equity Simple (ROE_SIMPLE)	12.26%	34.73%	50.42%	6.99%	-5.89%	12.77%	15.48%	18.90%	12.07%	19.98%
Net Operating Profit after Tax (NOPAT)	3,052	9,219	12,176	1,778	-1,105	3,064	3,622	4,617	2,684	4,367
NOPAT Margin	2.35%	6.37%	6.90%	1.56%	-1.70%	2.83%	3.10%	4.91%	3.55%	4.97%
Net Nonoperating Expense Percent (NNEP)	0.78%	1.09%	3.60%	4.64%	0.02%	4.23%	5.89%	14.87%	8.35%	8.98%
Return On Investment Capital (ROIC_SIMPLE)	8.04%	23.02%	32.82%	5.28%	-3.22%	9.51%	11.38%	14.53%	9.30%	15.22%
Cost of Revenue to Revenue	96.30%	91.07%	90.48%	97.25%	101.14%	95.59%	95.22%	95.21%	94.25%	91.90%
SG&A Expenses to Revenue	0.77%	0.71%	0.57%	0.84%	1.22%	0.82%	0.83%	0.95%	0.94%	0.81%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.81%	0.74%	0.63%	0.88%	1.29%	0.87%	0.87%	1.00%	1.07%	0.86%
Earnings before Interest and Taxes (EBIT)	4,254	12,360	15,869	2,146	-1,447	3,940	4,702	3,675	3,628	6,404
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	7,028	15,061	18,342	4,551	904	6,195	6,771	5,661	5,522	8,246
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.57	1.62	1.94	1.50	1.05	1.41	1.13	1.36	1.10	1.14
Price to Tangible Book Value (P/TBV)	1.57	1.62	1.94	1.50	1.05	1.41	1.13	1.36	1.10	1.14
Price to Revenue (P/Rev)	0.30	0.29	0.26	0.24	0.30	0.28	0.21	0.32	0.29	0.27
Price to Earnings (P/E)	13.90	4.83	3.96	29.74	0.00	12.72	7.83	7.36	9.65	5.85
Dividend Yield	3.52%	3.26%	3.31%	5.79%	8.13%	4.80%	5.56%	4.10%	4.92%	3.51%
Earnings Yield	7.20%	20.71%	25.26%	3.36%	0.00%	7.86%	12.78%	13.60%	10.36%	17.09%
Enterprise Value to Invested Capital (EV/IC)	1.42	1.47	1.68	1.31	1.03	1.30	1.10	1.31	1.09	1.11
Enterprise Value to Revenue (EV/Rev)	0.36	0.35	0.31	0.34	0.49	0.36	0.27	0.36	0.35	0.31
Enterprise Value to EBITDA (EV/EBITDA)	6.73	3.38	2.96	8.52	35.26	6.23	4.67	5.98	4.73	3.32
Enterprise Value to EBIT (EV/EBIT)	11.12	4.12	3.42	18.08	0.00	9.80	6.73	9.21	7.20	4.28
Enterprise Value to NOPAT (EV/NOPAT)	15.50	5.53	4.46	21.82	0.00	12.61	8.73	7.33	9.73	6.27
Enterprise Value to Operating Cash Flow (EV/OCF)	7.08	5.52	4.32	6.62	33.62	6.98	7.23	6.17	5.42	4.88
Enterprise Value to Free Cash Flow (EV/FCFF)	10.88	7.45	5.72	12.05	0.00	16.82	46.07	12.37	8.11	7.34
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.40	0.46	0.70	0.75	0.43	0.40	0.39	0.38	0.34
Long-Term Debt to Equity	0.35	0.35	0.41	0.64	0.71	0.41	0.39	0.38	0.38	0.34
Financial Leverage	0.21	0.24	0.36	0.54	0.44	0.29	0.20	0.14	0.15	0.14
Leverage Ratio	2.20	2.30	2.62	2.78	2.50	2.30	2.20	2.20	2.14	2.11
Compound Leverage Factor	1.91	2.19	2.53	2.00	3.48	2.03	1.98	1.92	1.88	1.97
Debt to Total Capital	27.55%	28.78%	31.36%	41.17%	42.77%	30.03%	28.61%	27.92%	27.73%	25.57%
Short-Term Debt to Total Capital	1.96%	3.51%	2.99%	3.75%	2.11%	1.53%	0.75%	0.38%	0.40%	0.44%
Long-Term Debt to Total Capital	25.59%	25.26%	28.37%	37.42%	40.66%	28.50%	27.86%	27.54%	27.33%	25.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.92%	5.44%	5.14%	4.12%	2.45%	2.28%	3.34%	2.86%	2.88%	2.88%
Common Equity to Total Capital	64.53%	65.79%	63.50%	54.71%	54.78%	67.69%	68.05%	69.22%	69.40%	71.55%
Debt to EBITDA	1.49	0.77	0.63	3.05	16.24	1.56	1.35	1.57	1.45	0.89
Net Debt to EBITDA	0.83	0.41	0.37	2.14	12.57	1.14	0.90	0.53	0.58	0.39
Long-Term Debt to EBITDA	1.38	0.67	0.57	2.77	15.44	1.48	1.31	1.55	1.43	0.87
Debt to NOPAT	3.43	1.25	0.96	7.80	-13.28	3.16	2.51	1.92	2.98	1.68
Net Debt to NOPAT	1.90	0.66	0.56	5.48	-10.28	2.31	1.69	0.65	1.19	0.74
Long-Term Debt to NOPAT	3.18	1.10	0.86	7.09	-12.62	3.00	2.45	1.90	2.94	1.65
Altman Z-Score	4.36	4.88	5.53	3.30	2.46	3.80	4.21	3.79	3.44	4.09
Noncontrolling Interest Sharing Ratio	9.26%	7.57%	7.27%	5.65%	3.73%	3.97%	4.32%	3.97%	3.93%	3.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.53	1.56	1.38	1.26	1.71	1.44	1.65	1.74	2.02	2.13
Quick Ratio	0.99	1.07	0.96	0.86	1.02	0.88	0.96	1.15	1.29	1.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,349	6,836	9,500	3,219	-2,486	2,297	686	2,734	3,220	3,733
Operating Cash Flow to CapEx	324.89%	481.68%	464.84%	267.78%	38.92%	199.39%	142.15%	288.22%	241.48%	244.91%
Free Cash Flow to Firm to Interest Expense	7.82	11.55	16.90	5.34	-4.42	5.06	1.46	5.84	7.22	8.62
Operating Cash Flow to Interest Expense	12.02	15.59	22.37	9.72	1.68	12.18	9.30	11.71	10.81	12.96
Operating Cash Flow Less CapEx to Interest Expense	8.32	12.35	17.56	6.09	-2.64	6.07	2.76	7.65	6.33	7.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.11	2.33	2.97	2.08	1.23	2.08	2.33	1.95	1.67	1.96
Accounts Receivable Turnover	11.18	11.84	15.82	13.83	8.60	13.26	16.41	14.66	14.60	16.98
Inventory Turnover	16.30	18.39	24.52	18.02	10.06	15.29	17.26	14.80	12.29	12.89
Fixed Asset Turnover	4.36	4.73	5.71	3.72	2.18	3.73	4.16	3.48	2.85	3.29
Accounts Payable Turnover	10.14	10.42	12.65	11.93	8.06	11.02	13.16	12.17	12.66	13.83
Days Sales Outstanding (DSO)	32.65	30.82	23.07	26.40	42.45	27.52	22.25	24.90	25.00	21.50
Days Inventory Outstanding (DIO)	22.39	19.84	14.89	20.26	36.28	23.87	21.15	24.67	29.70	28.32
Days Payable Outstanding (DPO)	35.98	35.02	28.84	30.59	45.27	33.13	27.75	29.99	28.83	26.39
Cash Conversion Cycle (CCC)	19.05	15.64	9.11	16.07	33.45	18.26	15.65	19.57	25.88	23.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	33,327	34,624	32,241	29,565	31,006	29,625	28,858	25,922	24,039	24,575
Invested Capital Turnover	3.82	4.33	5.71	3.76	2.14	3.70	4.27	3.76	3.11	3.62
Increase / (Decrease) in Invested Capital	-1,297	2,383	2,676	-1,441	1,381	767	2,936	1,883	-536	634
Enterprise Value (EV)	47,311	50,938	54,312	38,794	31,876	38,624	31,623	33,830	26,110	27,396
Market Capitalization	38,496	42,660	45,632	27,659	19,671	30,802	24,432	29,899	22,095	23,348
Book Value per Share	$77.43	$77.39	$61.11	$45.08	$46.10	$53.09	$51.06	$50.26	$44.24	$42.63
Tangible Book Value per Share	$77.43	$77.39	$61.11	$45.08	$46.10	$53.09	$51.06	$50.26	$44.24	$42.63
Total Capital	37,984	40,048	37,103	33,687	34,319	32,208	31,840	31,772	28,855	28,689
Total Debt	10,463	11,524	11,635	13,870	14,677	9,672	9,109	8,872	8,001	7,335
Total Long-Term Debt	9,720	10,118	10,526	12,606	13,954	9,178	8,871	8,750	7,886	7,208
Net Debt	5,806	6,100	6,773	9,748	11,364	7,089	6,127	3,022	3,185	3,221
Capital Expenditures (CapEx)	2,057	1,916	2,705	2,188	2,436	2,774	3,075	1,902	1,996	2,291
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,328	5,401	2,919	1,456	3,971	3,720	4,207	2,513	3,771	3,917
Debt-free Net Working Capital (DFNWC)	8,985	10,825	7,781	5,578	7,284	6,303	7,189	8,363	8,587	8,031
Net Working Capital (NWC)	8,242	9,419	6,672	4,314	6,561	5,809	6,951	8,241	8,472	7,904
Net Nonoperating Expense (NNE)	46	70	297	490	1.70	280	269	461	267	266
Net Nonoperating Obligations (NNO)	5,806	6,100	6,773	9,748	11,364	7,089	6,127	3,022	3,185	3,221
Total Depreciation and Amortization (D&A)	2,774	2,701	2,473	2,405	2,351	2,255	2,069	1,986	1,894	1,842
Debt-free, Cash-free Net Working Capital to Revenue	3.33%	3.73%	1.65%	1.28%	6.12%	3.43%	3.59%	2.67%	4.98%	4.46%
Debt-free Net Working Capital to Revenue	6.92%	7.48%	4.41%	4.89%	11.22%	5.82%	6.14%	8.90%	11.35%	9.15%
Net Working Capital to Revenue	6.35%	6.51%	3.78%	3.79%	10.11%	5.36%	5.94%	8.77%	11.20%	9.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$8.58	$24.93	$29.05	$2.27	($3.50)	$5.84	$7.30	$9.17	$4.94	$8.00
Adjusted Weighted Average Basic Shares Outstanding	322M	353M	395M	407M	407M	413M	426M	442M	461M	497M
Adjusted Diluted Earnings per Share	$8.58	$24.92	$29.04	$2.27	($3.50)	$5.84	$7.29	$9.16	$4.94	$7.99
Adjusted Weighted Average Diluted Shares Outstanding	322M	353M	396M	407M	407M	414M	428M	444M	464M	500M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	314.98M	332.48M	371.15M	409.30M	408.56M	409.34M	417.61M	433.18M	451.05M	470.39M
Normalized Net Operating Profit after Tax (NOPAT)	3,052	9,219	12,224	1,778	-1,105	3,064	3,622	2,494	2,727	4,367
Normalized NOPAT Margin	2.35%	6.37%	6.93%	1.56%	-1.70%	2.83%	3.10%	2.65%	3.60%	4.97%
Pre Tax Income Margin	2.85%	8.13%	8.68%	1.35%	-3.10%	3.22%	3.62%	3.41%	4.21%	6.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.65	20.88	28.24	3.56	-2.57	8.68	10.00	7.85	8.13	14.79
NOPAT to Interest Expense	5.49	15.57	21.67	2.95	-1.96	6.75	7.71	9.87	6.02	10.09
EBIT Less CapEx to Interest Expense	3.95	17.64	23.42	-0.07	-6.90	2.57	3.46	3.79	3.66	9.50
NOPAT Less CapEx to Interest Expense	1.79	12.34	16.85	-0.68	-6.29	0.64	1.16	5.80	1.54	4.79
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	52.10%	17.66%	13.93%	124.53%	-163.32%	90.23%	44.29%	31.50%	48.66%	21.78%
Augmented Payout Ratio	147.74%	73.80%	52.46%	126.63%	-177.42%	118.14%	95.23%	64.51%	103.93%	90.98%

This table displays calculated financial ratios and metrics derived from Valero Energy's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.73%	-13.15%	-14.39%	-0.06%	-12.84%	-15.17%	-13.61%	-33.18%	-5.46%	16.27%	50.59%
EBITDA Growth	-103.53%	-51.59%	-69.47%	-42.30%	-47.89%	-52.43%	-4.25%	-48.44%	145.28%	147.41%	229.28%
EBIT Growth	-142.79%	-73.03%	-82.62%	-53.12%	-56.30%	-61.29%	-6.23%	-54.17%	205.87%	206.57%	433.24%
NOPAT Growth	-147.48%	-68.50%	-84.82%	-56.38%	-58.00%	-62.61%	-9.40%	-55.60%	187.76%	136.10%	382.10%
Net Income Growth	-149.02%	-70.69%	-85.24%	-56.36%	-57.72%	-62.31%	-8.55%	-55.50%	225.34%	191.17%	473.23%
EPS Growth	-150.67%	-73.80%	-84.78%	-49.81%	-54.76%	-53.66%	4.17%	-53.33%	275.11%	225.40%	536.28%
Operating Cash Flow Growth	-48.43%	-13.64%	-60.85%	63.49%	-41.77%	-69.75%	61.76%	-74.13%	439.12%	66.91%	41.13%
Free Cash Flow Firm Growth	427.69%	244.74%	33.60%	176.99%	-144.85%	-296.85%	-64.87%	-141.99%	-14.33%	-79.10%	-61.01%
Invested Capital Growth	-6.52%	-3.75%	-0.13%	-1.45%	5.54%	7.39%	7.49%	13.31%	6.61%	9.05%	6.81%
Revenue Q/Q Growth	-1.62%	-6.45%	-4.68%	8.60%	-10.32%	-7.79%	11.29%	-5.30%	-12.71%	-6.09%	-13.92%
EBITDA Q/Q Growth	-107.70%	-12.09%	-35.51%	-19.02%	5.44%	-44.56%	21.87%	-26.86%	-3.75%	11.61%	-34.37%
EBIT Q/Q Growth	-270.31%	-27.30%	-53.09%	-26.33%	7.36%	-53.16%	26.53%	-31.33%	-4.90%	13.48%	-38.16%
NOPAT Q/Q Growth	-263.79%	-5.60%	-56.65%	-29.17%	8.66%	-54.50%	24.54%	-31.79%	-3.27%	10.27%	-38.97%
Net Income Q/Q Growth	-282.63%	-9.16%	-57.56%	-30.38%	9.20%	-54.26%	25.49%	-32.55%	-2.66%	10.99%	-38.93%
EPS Q/Q Growth	-293.88%	-14.04%	-57.93%	-27.73%	0.27%	-50.07%	38.70%	-34.86%	2.73%	12.24%	-37.86%
Operating Cash Flow Q/Q Growth	-11.03%	-17.37%	-47.61%	33.91%	48.99%	-62.55%	118.78%	-52.30%	-22.61%	100.29%	-65.01%
Free Cash Flow Firm Q/Q Growth	-2.54%	271.66%	-68.51%	387.28%	56.95%	-443.05%	118.15%	-267.33%	88.96%	-38.77%	-78.31%
Invested Capital Q/Q Growth	-2.38%	-0.88%	-0.36%	-3.04%	0.52%	2.84%	-1.68%	3.84%	2.28%	2.93%	3.64%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	1.68%	2.05%	2.29%	4.17%	6.24%	5.29%	9.82%	8.64%	11.82%	11.20%	9.05%
EBITDA Margin	-0.29%	3.76%	4.00%	5.91%	7.93%	6.74%	11.22%	10.24%	13.26%	12.03%	10.12%
Operating Margin	-2.97%	1.13%	1.54%	3.54%	5.29%	4.39%	9.12%	8.00%	11.10%	10.29%	8.53%
EBIT Margin	-2.58%	1.49%	1.92%	3.89%	5.74%	4.79%	9.44%	8.30%	11.45%	10.51%	8.70%
Profit (Net Income) Margin	-2.15%	1.16%	1.20%	2.68%	4.19%	3.44%	6.93%	6.15%	8.63%	7.74%	6.55%
Tax Burden Percent	71.10%	110.53%	80.37%	76.97%	79.03%	78.63%	76.61%	78.10%	78.14%	76.05%	78.11%
Interest Burden Percent	117.56%	70.52%	77.62%	89.58%	92.32%	91.23%	95.89%	94.83%	96.50%	96.88%	96.43%
Effective Tax Rate	0.00%	-10.53%	19.63%	23.03%	20.97%	21.37%	23.39%	21.90%	21.86%	23.95%	21.89%
Return on Invested Capital (ROIC)	-7.94%	4.78%	4.96%	11.23%	17.27%	14.93%	32.49%	30.44%	47.29%	44.66%	37.47%
ROIC Less NNEP Spread (ROIC-NNEP)	-8.30%	4.32%	4.70%	10.99%	17.32%	14.88%	32.18%	29.97%	47.12%	44.24%	36.93%
Return on Net Nonoperating Assets (RNNOA)	-1.84%	0.92%	0.94%	2.30%	3.69%	3.55%	8.22%	8.11%	16.31%	16.14%	16.01%
Return on Equity (ROE)	-9.78%	5.70%	5.90%	13.52%	20.95%	18.48%	40.71%	38.56%	63.60%	60.80%	53.49%
Cash Return on Invested Capital (CROIC)	10.00%	12.80%	11.71%	19.62%	16.40%	20.45%	27.45%	23.34%	38.17%	30.74%	27.29%
Operating Return on Assets (OROA)	-5.44%	3.14%	4.17%	8.78%	13.10%	11.19%	23.28%	20.87%	33.10%	31.19%	26.02%
Return on Assets (ROA)	-4.54%	2.45%	2.60%	6.05%	9.56%	8.03%	17.11%	15.46%	24.96%	22.98%	19.60%
Return on Common Equity (ROCE)	-8.78%	5.17%	5.39%	12.33%	19.13%	17.08%	37.65%	35.59%	58.67%	56.38%	49.80%
Return on Equity Simple (ROE_SIMPLE)	4.36%	0.00%	15.31%	24.12%	28.14%	0.00%	42.98%	44.15%	56.28%	0.00%	44.53%
Net Operating Profit after Tax (NOPAT)	-630	385	407	940	1,327	1,221	2,684	2,155	3,159	3,266	2,962
NOPAT Margin	-2.08%	1.25%	1.24%	2.73%	4.18%	3.45%	6.99%	6.24%	8.67%	7.82%	6.66%
Net Nonoperating Expense Percent (NNEP)	0.36%	0.46%	0.26%	0.24%	-0.05%	0.05%	0.31%	0.48%	0.16%	0.41%	0.55%
Return On Investment Capital (ROIC_SIMPLE)	-1.70%	1.01%	1.05%	2.41%	3.34%	3.05%	6.79%	5.48%	8.21%	8.80%	8.39%
Cost of Revenue to Revenue	98.32%	97.95%	97.71%	95.83%	93.76%	94.71%	90.18%	91.36%	88.18%	88.80%	90.95%
SG&A Expenses to Revenue	0.88%	0.88%	0.72%	0.60%	0.92%	0.88%	0.67%	0.61%	0.70%	0.74%	0.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.65%	0.91%	0.75%	0.63%	0.96%	0.91%	0.70%	0.64%	0.72%	0.91%	0.52%
Earnings before Interest and Taxes (EBIT)	-780	458	630	1,343	1,823	1,698	3,625	2,865	4,172	4,387	3,866
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-89	1,156	1,315	2,039	2,518	2,388	4,307	3,534	4,832	5,020	4,498
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.77	1.57	1.69	1.97	2.17	1.62	1.84	1.56	1.95	1.94	1.78
Price to Tangible Book Value (P/TBV)	1.77	1.57	1.69	1.97	2.17	1.62	1.84	1.56	1.95	1.94	1.78
Price to Revenue (P/Rev)	0.32	0.30	0.32	0.36	0.40	0.29	0.32	0.26	0.28	0.26	0.23
Price to Earnings (P/E)	44.73	13.90	11.54	8.43	8.05	4.83	4.45	3.68	3.56	3.96	4.14
Dividend Yield	3.29%	3.52%	3.18%	2.73%	3.11%	3.26%	2.98%	3.60%	3.02%	3.31%	3.96%
Earnings Yield	2.24%	7.20%	8.67%	11.87%	12.43%	20.71%	22.46%	27.20%	28.11%	25.26%	24.16%
Enterprise Value to Invested Capital (EV/IC)	1.56	1.42	1.52	1.73	1.87	1.47	1.65	1.42	1.72	1.68	1.55
Enterprise Value to Revenue (EV/Rev)	0.39	0.36	0.38	0.42	0.47	0.35	0.37	0.31	0.33	0.31	0.28
Enterprise Value to EBITDA (EV/EBITDA)	11.46	6.73	6.17	5.19	5.11	3.38	3.14	2.72	2.67	2.96	3.15
Enterprise Value to EBIT (EV/EBIT)	30.67	11.12	9.27	6.88	6.51	4.12	3.69	3.18	3.04	3.42	3.75
Enterprise Value to NOPAT (EV/NOPAT)	46.18	15.50	13.08	9.47	8.82	5.53	4.93	4.21	3.98	4.46	4.71
Enterprise Value to Operating Cash Flow (EV/OCF)	8.75	7.08	7.44	6.59	8.25	5.52	4.60	4.49	3.74	4.32	4.43
Enterprise Value to Free Cash Flow (EV/FCFF)	15.05	10.88	12.93	8.76	11.72	7.45	6.23	6.46	4.65	5.72	5.85
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.38	0.39	0.38	0.38	0.40	0.41	0.40	0.42	0.46	0.49
Long-Term Debt to Equity	0.39	0.35	0.35	0.35	0.35	0.35	0.36	0.36	0.38	0.41	0.45
Financial Leverage	0.22	0.21	0.20	0.21	0.21	0.24	0.26	0.27	0.35	0.36	0.43
Leverage Ratio	2.21	2.20	2.20	2.21	2.20	2.30	2.37	2.46	2.54	2.62	2.70
Compound Leverage Factor	2.60	1.55	1.71	1.98	2.03	2.10	2.27	2.34	2.45	2.54	2.60
Debt to Total Capital	29.20%	27.55%	27.85%	27.55%	27.43%	28.78%	28.97%	28.80%	29.69%	31.36%	32.80%
Short-Term Debt to Total Capital	1.46%	1.96%	2.62%	2.55%	2.15%	3.51%	3.38%	3.03%	3.27%	2.99%	2.85%
Long-Term Debt to Total Capital	27.74%	25.59%	25.23%	25.00%	25.29%	25.26%	25.59%	25.76%	26.42%	28.37%	29.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.60%	7.92%	7.08%	7.20%	6.97%	5.44%	5.27%	5.45%	5.43%	5.14%	5.11%
Common Equity to Total Capital	63.20%	64.53%	65.08%	65.25%	65.60%	65.79%	65.76%	65.75%	64.88%	63.50%	62.09%
Debt to EBITDA	2.46	1.49	1.31	0.95	0.85	0.77	0.65	0.63	0.54	0.63	0.75
Net Debt to EBITDA	1.41	0.83	0.68	0.49	0.47	0.41	0.32	0.35	0.28	0.37	0.50
Long-Term Debt to EBITDA	2.33	1.38	1.19	0.87	0.79	0.67	0.57	0.57	0.48	0.57	0.69
Debt to NOPAT	9.90	3.43	2.77	1.74	1.48	1.25	1.02	0.98	0.80	0.96	1.13
Net Debt to NOPAT	5.67	1.90	1.44	0.89	0.81	0.66	0.50	0.54	0.42	0.56	0.74
Long-Term Debt to NOPAT	9.40	3.18	2.51	1.58	1.36	1.10	0.90	0.88	0.71	0.86	1.03
Altman Z-Score	4.15	4.15	4.32	4.32	4.56	4.32	4.56	4.64	5.12	4.91	4.70
Noncontrolling Interest Sharing Ratio	10.14%	9.26%	8.61%	8.80%	8.69%	7.57%	7.50%	7.70%	7.75%	7.27%	6.89%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.56	1.53	1.57	1.48	1.59	1.56	1.51	1.59	1.52	1.38	1.32
Quick Ratio	1.05	0.99	1.06	1.00	1.06	1.07	1.05	1.07	0.99	0.96	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,639	1,682	452	1,437	-500	-1,162	339	-1,866	1,115	590	964
Operating Cash Flow to CapEx	144.46%	195.61%	301.86%	588.57%	279.27%	229.44%	839.59%	330.13%	604.96%	640.00%	339.70%
Free Cash Flow to Firm to Interest Expense	11.96	12.46	3.21	10.26	-3.57	-7.80	2.27	-12.61	7.64	4.31	6.99
Operating Cash Flow to Interest Expense	6.95	7.93	9.18	17.66	13.19	8.32	22.20	10.22	21.71	29.90	14.82
Operating Cash Flow Less CapEx to Interest Expense	2.14	3.87	6.14	14.66	8.46	4.69	19.56	7.12	18.12	25.23	10.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.11	2.11	2.18	2.25	2.28	2.33	2.47	2.51	2.89	2.97	2.99
Accounts Receivable Turnover	10.98	11.18	11.38	11.66	12.83	11.84	12.51	12.41	15.31	15.82	16.88
Inventory Turnover	16.64	16.30	17.65	17.48	16.85	18.39	19.15	20.01	21.16	24.52	24.35
Fixed Asset Turnover	4.38	4.36	4.49	4.64	4.60	4.73	4.97	5.13	5.65	5.71	5.60
Accounts Payable Turnover	10.23	10.14	10.34	10.32	11.28	10.42	10.28	10.28	12.03	12.65	13.72
Days Sales Outstanding (DSO)	33.25	32.65	32.07	31.31	28.45	30.82	29.17	29.41	23.84	23.07	21.63
Days Inventory Outstanding (DIO)	21.94	22.39	20.68	20.88	21.66	19.84	19.07	18.24	17.25	14.89	14.99
Days Payable Outstanding (DPO)	35.67	35.98	35.31	35.37	32.36	35.02	35.52	35.51	30.34	28.84	26.61
Cash Conversion Cycle (CCC)	19.52	19.05	17.44	16.82	17.75	15.64	12.71	12.14	10.75	9.11	10.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	32,535	33,327	33,622	33,745	34,804	34,624	33,667	34,242	32,977	32,241	31,322
Invested Capital Turnover	3.81	3.82	4.00	4.12	4.13	4.33	4.65	4.88	5.45	5.71	5.62
Increase / (Decrease) in Invested Capital	-2,269	-1,297	-45	-497	1,827	2,383	2,345	4,021	2,044	2,676	1,998
Enterprise Value (EV)	50,644	47,311	50,956	58,430	65,185	50,938	55,538	48,614	56,696	54,312	48,413
Market Capitalization	41,599	38,496	42,587	50,128	56,438	42,660	47,846	40,223	48,696	45,632	39,003
Book Value per Share	$74.58	$77.43	$78.82	$77.81	$78.72	$77.39	$73.56	$71.51	$67.30	$61.11	$55.62
Tangible Book Value per Share	$74.58	$77.43	$78.82	$77.81	$78.72	$77.39	$73.56	$71.51	$67.30	$61.11	$55.62
Total Capital	37,169	37,984	38,806	38,991	39,721	40,048	39,498	39,317	38,498	37,103	35,291
Total Debt	10,854	10,463	10,806	10,741	10,897	11,524	11,441	11,323	11,431	11,635	11,576
Total Long-Term Debt	10,312	9,720	9,790	9,746	10,044	10,118	10,107	10,130	10,173	10,526	10,570
Net Debt	6,220	5,806	5,622	5,495	5,980	6,100	5,610	6,248	5,910	6,773	7,607
Capital Expenditures (CapEx)	659	547	429	420	661	540	394	458	524	640	602
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,355	4,328	4,510	4,546	5,461	5,401	4,488	4,865	3,707	2,919	2,496
Debt-free Net Working Capital (DFNWC)	8,989	8,985	9,694	9,792	10,378	10,825	10,319	9,940	9,228	7,781	6,465
Net Working Capital (NWC)	8,447	8,242	8,678	8,797	9,525	9,419	8,985	8,747	7,970	6,672	5,459
Net Nonoperating Expense (NNE)	22	28	14	14	-3.16	3.15	21	33	13	34	50
Net Nonoperating Obligations (NNO)	6,220	5,806	5,622	5,495	5,980	6,100	5,610	6,248	5,910	6,773	7,607
Total Depreciation and Amortization (D&A)	691	698	685	696	695	690	682	669	660	633	632
Debt-free, Cash-free Net Working Capital to Revenue	3.39%	3.33%	3.35%	3.25%	3.90%	3.73%	2.97%	3.10%	2.13%	1.65%	1.46%
Debt-free Net Working Capital to Revenue	7.00%	6.92%	7.21%	6.99%	7.41%	7.48%	6.83%	6.33%	5.29%	4.41%	3.79%
Net Working Capital to Revenue	6.58%	6.35%	6.45%	6.28%	6.80%	6.51%	5.95%	5.57%	4.57%	3.78%	3.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.90)	$0.98	$1.14	$2.71	$3.75	$3.73	$7.49	$5.41	$8.30	$8.06	$7.20
Adjusted Weighted Average Basic Shares Outstanding	314M	322M	318M	324M	331M	353M	349M	358M	369M	395M	390M
Adjusted Diluted Earnings per Share	($1.90)	$0.98	$1.14	$2.71	$3.75	$3.74	$7.49	$5.40	$8.29	$8.07	$7.19
Adjusted Weighted Average Diluted Shares Outstanding	314M	322M	318M	324M	331M	353M	349M	358M	369M	396M	390M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	313.21M	314.98M	316.59M	320.38M	327.00M	332.48M	340.45M	353.13M	361.52M	371.15M	385.52M
Normalized Net Operating Profit after Tax (NOPAT)	162	244	407	940	1,327	1,221	2,684	2,155	3,159	3,266	2,962
Normalized NOPAT Margin	0.53%	0.79%	1.24%	2.73%	4.18%	3.45%	6.99%	6.24%	8.67%	7.82%	6.66%
Pre Tax Income Margin	-3.03%	1.05%	1.49%	3.49%	5.30%	4.37%	9.05%	7.87%	11.05%	10.18%	8.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.69	3.39	4.47	9.59	13.02	11.40	24.33	19.36	28.58	32.02	28.01
NOPAT to Interest Expense	-4.60	2.85	2.89	6.71	9.48	8.20	18.01	14.56	21.64	23.84	21.46
EBIT Less CapEx to Interest Expense	-10.50	-0.66	1.43	6.59	8.30	7.77	21.68	16.26	24.99	27.35	23.65
NOPAT Less CapEx to Interest Expense	-9.41	-1.20	-0.15	3.71	4.76	4.57	15.37	11.46	18.05	19.17	17.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	165.53%	52.10%	38.89%	24.02%	21.72%	17.66%	14.75%	14.89%	11.62%	13.93%	17.22%
Augmented Payout Ratio	373.14%	147.74%	131.26%	102.22%	85.93%	73.80%	68.39%	59.38%	53.47%	52.46%	45.72%

Frequently Asked Questions About Valero Energy's Financials

When does Valero Energy's financial year end?

According to the most recent income statement we have on file, Valero Energy's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Valero Energy's net income changed over the last 9 years?

Valero Energy's net income appears to be on an upward trend, with a most recent value of $3.01 billion in 2024, falling from $4.10 billion in 2015. The previous period was $9.15 billion in 2023. Find out what analysts predict for Valero Energy in the coming months.

What is Valero Energy's operating income?

Valero Energy's total operating income in 2024 was $3.76 billion, based on the following breakdown:

Total Gross Profit: $4.81 billion
Total Operating Expenses: $1.05 billion

How has Valero Energy revenue changed over the last 9 years?

Over the last 9 years, Valero Energy's total revenue changed from $87.80 billion in 2015 to $129.88 billion in 2024, a change of 47.9%.

How much debt does Valero Energy have?

Valero Energy's total liabilities were at $32.62 billion at the end of 2024, a 5.5% decrease from 2023, and a 42.6% increase since 2015.

How much cash does Valero Energy have?

In the past 9 years, Valero Energy's cash and equivalents has ranged from $2.58 billion in 2019 to $5.85 billion in 2017, and is currently $4.66 billion as of their latest financial filing in 2024.

How has Valero Energy's book value per share changed over the last 9 years?

Over the last 9 years, Valero Energy's book value per share changed from 42.63 in 2015 to 77.43 in 2024, a change of 81.6%.

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This page (NYSE:VLO) was last updated on 5/31/2025 by MarketBeat.com Staff

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Valero Energy (VLO) Financials

Frequently Asked Questions About Valero Energy's Financials

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