Valero Energy (VLO) Financials

$135.16 +1.98 (+1.49%)

Closing price 03:59 PM Eastern

Extended Trading

$136.00 +0.84 (+0.62%)

As of 07:44 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	3,990	2,289	4,065	3,122	2,422	-1,421	930	11,528	8,835	2,770
Consolidated Net Income / (Loss)	4,101	2,417	4,156	3,353	2,784	-1,107	1,288	11,879	9,149	3,006
Net Income / (Loss) Continuing Operations	4,101	2,417	4,156	3,353	2,784	-1,107	1,288	11,879	9,149	3,006
Total Pre-Tax Income	5,971	3,182	3,207	4,232	3,486	-2,010	1,543	15,307	11,768	3,698
Total Operating Income	6,358	3,534	3,563	4,572	3,836	-1,579	2,130	15,690	11,858	3,755
Total Gross Profit	7,115	4,347	4,505	5,594	4,778	-740	3,129	16,796	12,932	4,805
Total Revenue	87,804	75,659	93,980	117,033	108,324	64,912	113,977	176,383	144,766	129,881
Operating Revenue	87,804	75,659	93,980	117,033	108,324	64,912	113,977	176,383	144,766	129,881
Total Cost of Revenue	80,689	71,312	89,475	111,439	103,546	65,652	110,848	159,587	131,834	125,076
Operating Cost of Revenue	80,689	71,312	89,475	111,439	103,546	65,652	110,848	159,587	131,834	125,076
Total Operating Expenses	757	813	942	1,022	942	839	999	1,106	1,074	1,050
Selling, General & Admin Expense	710	709	890	970	889	791	952	1,000	1,031	1,005
Depreciation Expense	47	48	52	52	53	48	47	45	43	45
Impairment Charge	0.00	56	-	-	-	0.00	0.00	61	0.00	0.00
Total Other Income / (Expense), net	-387	-352	-356	-340	-350	-431	-587	-383	-90	-57
Interest Expense	433	446	468	470	454	563	603	562	592	556
Other Income / (Expense), net	46	94	112	130	104	132	16	179	502	499
Income Tax Expense	1,870	765	-949	879	702	-903	255	3,428	2,619	692
Net Income / (Loss) Attributable to Noncontrolling Interest	111	128	91	231	362	314	358	351	314	236
Basic Earnings per Share	$8.00	$4.94	$9.17	$7.30	$5.84	($3.50)	$2.27	$29.05	$24.93	$8.58
Weighted Average Basic Shares Outstanding	497M	461M	442M	426M	413M	407M	407M	395M	353M	322M
Diluted Earnings per Share	$7.99	$4.94	$9.16	$7.29	$5.84	($3.50)	$2.27	$29.04	$24.92	$8.58
Weighted Average Diluted Shares Outstanding	500M	464M	444M	428M	414M	407M	407M	396M	353M	322M
Weighted Average Basic & Diluted Shares Outstanding	498.80M	463.40M	443.30M	427.70M	409.34M	408.56M	409.30M	371.15M	332.48M	314.98M
Cash Dividends to Common per Share	$1.70	$2.40	$2.80	$3.20	$3.60	$3.92	$3.92	$3.92	$4.08	$4.28

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

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

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

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

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

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

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

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

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

Key Financial Trends

Valero Energy (NYSE: VLO) has experienced a notable shift in its financial performance in the recent quarters compared to the prior year. Below is an analysis based on the income statements, balance sheets, and cash flow statements from Q1 2022 through Q1 2025.

Despite a challenging Q1 2025, Valero maintained substantial gross revenues, with operating revenue at approximately $30.3 billion, which is a large scale consistent with prior years (Q1 2022: $36.4B; Q1 2023: $36.4B).
Cash and equivalents remain strong, holding steady at around $4.6 billion in Q1 2025, close to recent quarters, indicating preserved liquidity.
The company continues to invest significantly in property, plant, and equipment with capex (purchase of PP&E) around $659 million in Q1 2025, supporting long-term operational capabilities.
Operating cash flow remains positive even in Q1 2025 with $952 million, supporting ongoing business operations and investments.
Total common equity remains robust at $23.5 billion as of Q1 2025, reflecting a solid equity base despite recent losses.

Revenue levels have shown some volatility but mostly range around $30 billion per quarter in recent periods, down from highs above $40 billion in 2022 quarters, which may reflect market conditions and pricing fluctuations.
Valero’s total assets and liabilities have remained fairly stable over the years, indicating consistent scale and capital structure management.
The company continues to pay dividends at a steady rate around $1.13 per share in Q1 2025 (up from $0.98 in 2022-2023), reflecting commitment to shareholder returns despite profitability challenges.

Valero reported a net loss of $652 million in Q1 2025, in sharp contrast to profits exceeding $1 billion in Q1 of prior years (Q1 2023 net income: $3.15 billion; Q1 2024 net income: $1.33 billion).
Impairment charges of over $1.13 billion in Q1 2025 significantly impacted profitability, marking a major non-cash expense not present in earlier periods.
Total operating income turned negative to -$900 million in Q1 2025 from positive operating income consistently above $300 million to over $4 billion in 2022 and early 2023 quarters.
Although interest expense has remained steady at around $137 million in Q1 2025, the issuance and repayment of debt reveal significant financing activity, including net repayment of about $382 million cash in Q1 2025, which could signify balancing financial obligations during earnings pressure.
Net cash from financing activities has been negative in recent quarters, indicating ongoing debt repayments, equity repurchases, and dividend payments that may strain cash resources amid losses.

Summary: Valero Energy, a large-scale energy company, showed strong revenue and liquidity over the past four years. However, Q1 2025 marked a turning point with a substantial net loss driven largely by significant impairment charges and negative operating income. While the company maintains a solid balance sheet and continues investment in its assets, the recent earnings downturn and cash outflows for debt and equity activities may pose near-term challenges. Investors should watch upcoming quarters to see if these are temporary setbacks or signs of a longer downturn in operational performance.

08/04/25 08:47 PMAI Generated. May Contain Errors.

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. Check out Valero Energy's forecast to explore projected trends and price targets.

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's 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 8/4/2025 by MarketBeat.com Staff

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Valero Energy (VLO) Financials

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Valero Energy (VLO) Financials

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