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Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

This company has been moved to the archive! The financial data has not been updated since October 30, 2024.

Common-Size Balance Sheet: Assets

Valero Energy Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 8.60 7.97 7.12 6.40 4.80
Receivables after allowance for credit losses 17.51 17.65 17.22 9.28 14.96
Income taxes receivable 0.65 0.23 0.04 1.98 0.16
Other receivables 1.71 1.67 0.67 0.54 1.57
Receivables, net 19.86% 19.55% 17.93% 11.80% 16.69%
Inventories 12.03 11.07 10.82 11.66 13.02
Prepaid expenses and other 1.09 0.98 0.69 0.74 0.71
Current assets 41.58% 39.57% 36.56% 30.60% 35.22%
Property, plant, and equipment, net 47.91 50.80 53.29 58.70 54.33
Deferred turnaround and catalyst costs, net 3.78 3.51 3.20 3.29 3.30
Operating lease ROU assets, net 1.80 1.83 2.22 2.33 2.47
Investments in nonconsolidated joint ventures 1.13 1.19 1.27 1.88 1.75
Purchased compliance credits 0.97 0.89 0.38 0.00 0.00
Goodwill 0.41 0.43 0.45 0.50 0.48
Intangible assets, net 0.29 0.33 0.38 0.48 0.53
Income taxes receivable 0.09 0.04 1.01 1.14 0.97
Other 2.04 1.42 1.24 1.09 0.95
Deferred charges and other assets, net 10.51% 9.63% 10.15% 10.70% 10.45%
Noncurrent assets 58.42% 60.43% 63.44% 69.40% 64.78%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

An analysis of the common-size balance sheet reveals a strategic shift in asset composition between 2019 and 2023. There is a observable trend toward increased liquidity, characterized by a growing proportion of current assets and a simultaneous decline in the relative weight of long-term fixed assets.

Liquidity and Current Asset Composition
Current assets as a percentage of total assets increased steadily from 35.22% in 2019 to 41.58% in 2023. A primary driver of this growth is the consistent rise in cash and cash equivalents, which expanded from 4.80% to 8.60% over the five-year period. Receivables, net, exhibited significant volatility, decreasing to 11.80% in 2020 before recovering and growing to 19.86% by 2023. Inventories remained relatively stable, fluctuating within a narrow range between 10.82% and 13.02%.
Fixed Asset and Noncurrent Asset Trends
Noncurrent assets experienced a gradual decline, moving from 64.78% of total assets in 2019 to 58.42% in 2023. The most significant contributor to this trend is the reduction in property, plant, and equipment, net, which fell from 54.33% to 47.91%. This suggests a decrease in relative capital intensity or a slower rate of expansion in fixed assets compared to the growth of liquid assets. Operating lease ROU assets also showed a slight downward trend, decreasing from 2.47% to 1.80%.
Other Asset Components and Deferred Costs
Deferred turnaround and catalyst costs, net, remained stable, ending the period at 3.78% compared to 3.30% in 2019. Deferred charges and other assets, net, showed minimal variance, maintaining a presence of approximately 10% of total assets throughout the period. A notable emergence is found in purchased compliance credits, which first appeared as 0.38% of total assets in 2021 and grew to 0.97% by 2023. Intangible assets and goodwill both exhibited slight downward trends, indicating they represent a diminishing fraction of the total asset base.

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