Valero Energy Corp VLO

EnergyOil & GasUnited States of America

Last close 381.46 USD on Nov 2, 2026, +137.9% year to date

Quant rating

Quant rating A Rank 1 of 167 in Energy

Growth C 98 of 167
Valuation A 25 of 167
Quality A 3 of 167
Revisions A 4 of 167
Momentum A 10 of 167

Wall Street consensus Hold (2.67)Average target 410.88 USD +7.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 106.4B
Enterprise value: 110.7B
52-week range: 159.93 – 461.49
3-year range: 104.69 – 461.49
Dividend yield: 1.20%
Beta (5 years): 0.55
Shares outstanding: 279M
Next earnings: Jan 27, 2027

About the company

Valero Energy Corporation, through its subsidiaries, is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products. The Company sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. It operates through three segments, which include Refining, Renewable Diesel, and Ethanol. The Refining segment includes the operations of its petroleum refineries, the associated activities to market its refined petroleum products, and the logistics assets that support its refining operations. The Renewable Diesel segment represents the operations of Diamond Green Diesel (DGD), and the associated activities to market low-carbon fuels, renewable diesel, renewable naphtha, and neat sustainable aviation fuel (SAF). The Ethanol segment includes the operations of its ethanol plants and the associated activities to market its ethanol and co-products.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	122,687	129,881	144,766	176,383	113,977	–
Revenue growth	−5.5%	−10.3%	−17.9%	54.8%	75.6%	13.6%
EPS (basic, normalized)	10.61	8.48	24.90	29.16	2.81	–
EPS growth	25.1%	−65.9%	−14.6%	937.7%	–	–
Gross margin	4.4%	3.7%	8.9%	9.5%	2.7%	5.9%
Net margin	1.9%	2.1%	6.1%	6.5%	0.8%	3.5%
ROE	9.7%	10.9%	35.4%	54.9%	5.0%	23.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	9,840
Current ratio	1.72x
Long-term debt (mil)	10,012
Net debt (mil)	4,271
Total equity (mil)	27,974
Net debt / equity	0.15x
Net debt / EBITDA	0.57x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	122,687	−5.5%	0.9x	7,557	+18.5%	14.6x	10.61	+25.1%	36.0x
2026	162,330	+32.3%	0.7x	25,360	+235.6%	4.4x	58.70	+453.2%	6.5x
2027	145,508	−10.4%	0.8x	20,718	−18.3%	5.3x	51.07	−13.0%	7.5x
2028	117,702	−19.1%	0.9x	13,157	−36.5%	8.4x	28.36	−44.5%	13.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	162,330	+7.5%	+10.4%	+19.8%	58.70	+23.7%	+37.7%	+113.8%
2027	145,508	+11.4%	+18.3%	+15.9%	51.07	+35.8%	+78.0%	+165.9%
2028	117,702	+0.3%	+3.4%	+4.0%	28.36	+35.1%	+39.3%	+64.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	31,759	34,490	32,876	30,756	30,258	29,889	32,168	30,372	32,381	44,476
Sales mean (mil)	33,089	33,672	31,131	30,199	28,676	27,471	29,885	28,042	30,729	39,059
Surprise	−4.0%	+2.4%	+5.6%	+1.8%	+5.5%	+8.8%	+7.6%	+8.3%	+5.4%	+13.9%
EPS reported	3.82	2.71	1.14	0.64	0.89	2.28	3.66	3.82	4.22	12.54
EPS mean	3.24	2.60	0.98	0.07	0.42	1.74	3.05	3.27	3.16	10.12
Surprise	+17.8%	+4.4%	+16.0%	+843.7%	+111.5%	+31.3%	+20.0%	+17.0%	+33.5%	+23.9%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VLO Valero Energy Corp	106.4B	0.57x	1.9%	3.80x	6.5x	7.5x	4.4x	5.3x
XOM Exxonmobil Holdings Corp	732.9B	0.43x	8.9%	2.76x	13.5x	14.2x	7.5x	7.7x
CVX Chevron Corporation	444.4B	0.85x	6.7%	2.37x	12.7x	14.2x	6.5x	7.0x
SHEL Shell plc	299.4B	0.73x	6.7%	1.62x	8.2x	10.1x	4.1x	4.5x
COP ConocoPhillips	176.4B	0.62x	12.8%	2.70x	13.1x	14.1x	5.6x	5.9x
MPC Marathon Petroleum Corporation	120.9B	2.65x	3.0%	6.38x	6.8x	8.1x	5.1x	6.0x
Mean		0.97x	6.7%	3.27x	10.1x	11.3x	5.5x	6.1x
Median		0.67x	6.7%	2.73x	10.5x	12.1x	5.4x	6.0x

Technical analysis

1M−6.1%
3M+21.9%
1Y+129.9%
3Y+221.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Valero Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	122,687	129,881	144,766	176,383	113,977	64,912
Cost of revenue	117,255	125,076	131,834	159,610	110,848	65,671
Gross profit	5,432	4,805	12,932	16,773	3,129	−759
Selling, general & administrative expenses	1,042	961	998	914	865	756
Research & development	–	–	–	–	–	–
Depreciation/amortization	63.0	45.0	43.0	45.0	47.0	48.0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1,131	0	−11.0	251	0	−19.0
Other operating expenses	15.0	44.0	33.0	66.0	87.0	35.0
Operating income	3,181	3,755	11,869	15,497	2,130	−1,579
Net interest income (expense)	−556	−556	−101	−562	−603	−563
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	380	499	0	372	16.0	132
Net income before taxes	3,005	3,698	11,768	15,307	1,543	−2,010
Provision for taxes	759	692	2,619	3,428	255	−903
Minority interest	102	−236	−314	−351	−358	−314
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,348	2,770	8,835	11,528	930	−1,421
Extraordinary items	–	–	–	–	–	–
Net income	2,348	2,770	8,835	11,528	930	−1,421
EBIT, normalized	4,312	3,755	11,858	15,644	2,130	−1,598
EBITDA, normalized	7,470	6,529	14,559	18,117	4,535	753
Basic EPS, normalized	10.61	8.48	24.90	29.16	2.81	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Valero Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,688	4,657	5,424	4,862	4,122	3,313
Receivables	9,877	10,708	12,525	11,919	10,378	6,109
Total inventory	7,591	7,761	7,583	6,752	6,265	6,038
Prepaid expenses	1,054	611	689	600	400	384
Other current assets	0	0	0	0	0	0
Total current assets	23,210	23,737	26,221	24,133	21,165	15,844
Property, plant & equipment	28,689	30,412	31,345	32,092	32,131	31,593
Goodwill	260	260	260	260	260	260
Intangibles	123	151	183	–	218	248
Long-term investments	684	695	713	724	734	972
Note receivable	347	317	56.0	26.0	586	589
Other long-term assets	4,675	4,571	4,278	3,747	2,794	2,268
Total assets	57,988	60,143	63,056	60,982	57,888	51,774
Liabilities
Accounts payable	10,139	12,092	12,567	12,728	12,495	6,082
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,844	2,326	2,612	2,525	2,558	2,310
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	949	743	1,406	1,109	1,264	723
Other current liabilities	177	334	217	1,099	534	168
Total current liabilities	14,109	15,495	16,802	17,461	16,851	9,283
Long-term debt	9,670	9,720	10,118	10,526	12,606	13,954
Minority interest	2,880	3,009	2,178	1,907	1,387	841
Other liabilities	7,604	7,407	7,612	7,527	8,614	8,895
Total liabilities	34,263	35,631	36,710	37,421	39,458	32,973
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	7.0	7.0	7.0	7.0	7.0	7.0
Additional paid-in capital	6,981	6,939	6,901	6,863	6,827	6,814
Retained earnings (accumulated deficit)	47,959	47,016	45,630	38,247	28,281	28,953
Treasury stock	−30,753	−28,178	−25,322	−20,197	−15,677	−15,719
Other equity	−469	−1,272	−870	−1,359	−1,008	−1,254
Total equity	23,725	24,512	26,346	23,561	18,430	18,801
Total liabilities & shareholders' equity	57,988	60,143	63,056	60,982	57,888	51,774

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Valero Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,246	3,006	9,149	11,879	1,288	−1,107
Depreciation, depletion & amortization	3,158	2,774	2,701	2,473	2,405	2,351
Deferred taxes	−197	−87.0	103	50.0	−126	158
Non-cash items	1,131	0	−11.0	47.0	131	−19.0
Changes in working capital	−512	990	−2,713	−1,875	2,161	−435
Cash from operations	5,826	6,683	9,229	12,574	5,859	948
Investing activities
Capital expenditures	−796	−907	−911	−1,681	−1,665	−1,788
Other investing cash flows	−1,049	−1,074	−954	−1,124	−494	−637
Cash from investing	−1,845	−1,981	−1,865	−2,805	−2,159	−2,425
Financing activities
Financing cash flow items	−85.0	−142	−86.0	156	169	−242
Cash dividends paid	−1,405	−1,384	−1,452	−1,562	−1,602	−1,600
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,692	−3,523	−5,403	−7,443	−1,413	3,919
Cash from financing	−4,182	−5,049	−6,941	−8,849	−2,846	2,077
Foreign exchange effects	237	−248	139	−180	−45.0	130
Net change in cash	36.0	−595	562	740	809	730
Free cash flow	5,030	5,776	8,318	10,893	4,194	−840

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.