Stock Analysis on Net
Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

$22.49

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

Common-Size Balance Sheet: Assets

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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
Receivables after allowance for credit losses
Income taxes receivable
Other receivables
Receivables, net
Inventories
Prepaid expenses and other
Current assets
Property, plant, and equipment, net
Deferred turnaround and catalyst costs, net
Operating lease ROU assets, net
Investments in nonconsolidated joint ventures
Purchased compliance credits
Goodwill
Intangible assets, net
Income taxes receivable
Other
Deferred charges and other assets, net
Noncurrent assets
Total assets

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).

Cash and Cash Equivalents
There is a clear upward trend in cash and cash equivalents as a percentage of total assets, increasing steadily from 4.8% in 2019 to 8.6% in 2023. This suggests an increasing liquidity position over the analyzed period.
Receivables, Net
The net receivables percentage exhibits significant fluctuation, starting at 16.69% in 2019, dropping sharply to 11.8% in 2020, then rising sharply again through 2021 to 2023, peaking at 19.86% in 2023. This increase after 2020 indicates expanded credit sales or slower collections in recent years.
Income Taxes Receivable
Income taxes receivable show variability, increasing from 0.16% in 2019 to 1.98% in 2020, then decreasing noticeably in 2021, followed by moderate increases through 2023. This volatility may reflect timing differences or varying tax payments/receivables management.
Other Receivables
Other receivables decline from 1.57% in 2019 to 0.54% in 2020 but trend upwards afterward, reaching 1.71% by 2023. This rebound could be tied to changes in other operational activities or receivable classifications.
Inventories
Inventory levels as a proportion of total assets decreased from 13.02% in 2019 to 10.82% in 2021, then increased again to 12.03% in 2023, showing some volatility but generally stable levels towards the end of the period.
Prepaid Expenses and Other
Prepaid expenses and other current assets demonstrate a steady incremental growth from 0.71% in 2019 to 1.09% in 2023, indicating a gradual accumulation of such assets.
Current Assets Overall
Current assets as a percentage of total assets declined from 35.22% in 2019 to 30.6% in 2020, then increased consistently each year to 41.58% in 2023. This trend reflects a shift towards a higher proportion of more liquid or short-term assets over time.
Property, Plant, and Equipment, Net
There is a marked decline in the net carrying amount of property, plant, and equipment as a percentage of total assets, from 54.33% in 2019 to 47.91% in 2023. This steady decrease suggests possible asset disposals, depreciation outpacing additions, or shifts in asset structure.
Deferred Turnaround and Catalyst Costs, Net
This item remains relatively stable with small fluctuations around 3.2%-3.78% of total assets, indicating consistent capitalization and amortization of these costs.
Operating Lease Right-of-Use Assets, Net
There is a gradual decline in operating lease ROU assets from 2.47% in 2019 to 1.8% in 2023, likely reflecting lease terminations or changes in leasing strategy.
Investments in Nonconsolidated Joint Ventures
This asset line shows a decreasing trend from 1.75% in 2019 to 1.13% in 2023, implying divestitures or reduced investments in joint ventures.
Purchased Compliance Credits
Starting to appear in 2021 at 0.38% rising to 0.97% in 2023, this new asset classification grows steadily, suggesting increased investments or acquisitions in environmental compliance credits.
Goodwill and Intangible Assets, Net
Both intangible assets and goodwill as a percentage of total assets decrease modestly over the period. Goodwill falls from 0.48% to 0.41% and intangible assets from 0.53% to 0.29%, indicating potential amortization, impairments, or lack of new acquisitions generating goodwill.
Income Taxes Receivable (Noncurrent)
Noncurrent income taxes receivable show a decline from 0.97% in 2019 to 0.09% in 2023, implying less deferred tax assets or improved tax settlement positions.
Other and Deferred Charges and Other Assets, Net
The 'Other' category shows gradual growth from 0.95% in 2019 to 2.04% in 2023. Deferred charges and other assets decreased slightly from 10.45% in 2019 to 9.63% in 2022 but then increased to 10.51% in 2023, indicating some variability in these asset components.
Noncurrent Assets Overall
Noncurrent assets as a percentage of total assets decrease from 64.78% in 2019 to 58.42% in 2023, reflecting the decline in property, plant, and equipment and joint venture investments. This shift suggests an increasing focus on current or more liquid assets.