Common-Size Income Statement
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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
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Valero Energy Corp., common-size consolidated income statement
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).
- Revenues
- The revenues remained constant at 100% across all periods, serving as a baseline for other financial metrics expressed as percentages of revenues.
- Cost of Materials and Other
- This cost consistently represented the majority of revenues, ranging from approximately -89.06% in 2019 to a slight decrease to -85.02% in 2023, indicating a gradual reduction in the relative cost of materials over the five-year period.
- Lower of Cost or Market (LCM) Inventory Valuation Adjustment
- The adjustment was negligible and only recorded once in 2020 at 0.03%, suggesting minimal impact on overall cost structure during the period.
- Operating Expenses Excluding Depreciation and Amortization
- These expenses fluctuated somewhat, peaking at -6.83% in 2020, followed by a decline to -3.62% in 2022, and a slight increase to -4.21% in 2023, showing some volatility but a general tendency towards lower relative operating expenses post-2020.
- Depreciation and Amortization Expense
- Depreciation and amortization as a percentage of revenues decreased from -2.03% in 2019 to -1.38% in 2022, before a modest rise to -1.84% in 2023, indicating fluctuating but generally reduced non-cash expenses relative to revenues over the period.
- Cost of Sales
- Total cost of sales showed a downward trend after peaking at -101.14% in 2020, decreasing to -91.07% by 2023, reflecting improved cost management and higher gross margins in the latter years.
- Gross Profit (Loss)
- Gross profit margin turned negative in 2020 at -1.14%, then steadily improved to 9.52% in 2022 and slightly declined to 8.93% in 2023, illustrating recovery and strengthening profitability after the 2020 downturn.
- Asset Impairment Loss
- A minor impairment loss of -0.03% appeared only in 2022, indicating an isolated event with limited overall effect.
- Other Operating Expenses
- These expenses remained minimal and stable throughout the period, fluctuating between -0.02% and -0.08%, and demonstrating effective control of miscellaneous costs.
- General and Administrative Expenses Excluding Depreciation and Amortization
- These expenses decreased generally over the period from -0.8% in 2019 to a low of -0.53% in 2022, then slightly increased to -0.69% in 2023, reflecting modest improvements in administrative cost efficiency.
- Depreciation and Amortization within General and Administrative Expenses
- This specific subset of expenses was consistently low and stable, around -0.03% to -0.07%, showing limited impact on the overall expense structure.
- Operating Income (Loss)
- Operating income followed a pattern similar to gross profit, with a loss of -2.43% in 2020 transitioning to strong positive margins of 8.9% in 2022 and 8.19% in 2023, indicating effective operational recovery and profitability post-2020.
- Other Income, Net
- Other income fluctuated at low levels, rising notably to 0.35% in 2023, suggesting occasional non-operating income contributions which increased toward the end of the period.
- Interest and Debt Expense, Net of Capitalized Interest
- Interest and debt expenses declined from -0.87% in 2020 to -0.32% in 2022 before slightly increasing again, reflecting variable financing costs with an overall improvement in interest burden after 2020.
- Income Before Income Tax Expense (Benefit)
- The income before tax moved from a negative position of -3.1% in 2020 to positive territory, reaching 8.68% in 2022 and 8.13% in 2023, demonstrating significant recovery in profitability before tax considerations.
- Income Tax Expense (Benefit)
- Income tax showed variability including a benefit of 1.39% in 2020, likely correlated with losses, but reverted to typical tax expenses around -1.8% to -1.94% in subsequent years, aligning with recovery of profitability.
- Net Income (Loss)
- Net income mirrored overall profitability trends, with a loss of -1.71% in 2020 improving to gains of 6.73% in 2022 and 6.32% in 2023, reflecting restored and sustained earnings capacity post-pandemic conditions.
- Net Income Attributable to Noncontrolling Interests
- Losses attributable to noncontrolling interests decreased steadily over the period, from -0.48% in 2020 to approximately -0.22% in 2023, indicating diminishing negative impact from minority interests.
- Net Income Attributable to Valero Energy Corporation Stockholders
- Net income specific to stockholders closely followed overall net income trends, shifting from a negative -2.19% in 2020 to robust positive figures of 6.54% and 6.1% in 2022 and 2023 respectively, signifying enhanced value for shareholders in recent years.