Stock Analysis on Net
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: Liabilities and Stockholders’ Equity

Valero Energy Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Current portion of debt and finance lease obligations 2.23 1.82 2.18 1.40 0.92
Accounts payable 19.93 20.87 21.58 11.75 18.95
Current operating lease liabilities 0.57 0.51 0.54 0.55 0.61
Defined benefit plan liabilities 0.09 0.06 0.07 0.09 0.07
Environmental liabilities 0.04 0.03 0.06 0.11 0.05
Wage and other employee-related liabilities 0.62 0.64 0.60 0.41 0.54
Accrued interest expense 0.13 0.11 0.15 0.19 0.15
Contract liabilities from contracts with customers 0.06 0.21 0.13 0.11 0.10
Blending program obligations 0.13 0.31 0.46 0.31 0.06
Other accrued liabilities 0.32 0.12 0.14 0.16 0.17
Accrued expenses 1.97% 1.99% 2.16% 1.92% 1.76%
Taxes other than income taxes payable 2.30 2.57 2.52 2.65 2.42
Income taxes payable 0.22 1.38 0.65 0.22 0.39
Current liabilities 26.65% 28.63% 29.11% 17.93% 24.43%
Debt and finance lease obligations, less current portion 16.05 17.26 21.78 26.95 17.04
Deferred income tax liabilities 8.48 8.55 9.00 10.19 9.47
Noncurrent operating lease liabilities 1.19 1.27 1.62 1.71 1.78
Liability for unrecognized tax benefits 0.38 0.39 1.49 1.66 1.77
Defined benefit plan liabilities 0.75 0.73 1.04 1.70 1.55
Repatriation tax liability 0.26 0.49 0.63 0.82 0.94
Environmental liabilities 0.47 0.49 0.46 0.53 0.59
Wage and other employee-related liabilities 0.14 0.14 0.23 0.24 0.22
Other accrued liabilities 0.39 0.27 0.40 0.35 0.36
Other long-term liabilities 3.59% 3.79% 5.88% 6.99% 7.22%
Long-term liabilities 28.12% 29.60% 36.66% 44.13% 33.73%
Total liabilities 54.76% 58.24% 65.77% 62.06% 58.16%
Common stock, $0.01 par value 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 10.94 11.25 11.79 13.16 12.66
Treasury stock, at cost -40.16 -33.12 -27.08 -30.36 -29.05
Retained earnings 72.36 62.72 48.85 55.92 59.36
Accumulated other comprehensive loss -1.38 -2.23 -1.74 -2.42 -2.51
Total Valero Energy Corporation stockholders’ equity 41.78% 38.64% 31.84% 36.31% 40.48%
Noncontrolling interests 3.45 3.13 2.40 1.62 1.36
Total equity 45.24% 41.76% 34.23% 37.94% 41.84%
Total liabilities and equity 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).

The overall capital structure reflects a significant shift toward equity financing and a reduction in total leverage over the five-year period. Total liabilities peaked in 2021 at 65.77% of total liabilities and equity before declining to 54.76% by the end of 2023. Conversely, total equity decreased from 41.84% in 2019 to a low of 34.23% in 2021, followed by a steady recovery to 45.24% in 2023.

Debt and Long-Term Obligations
Long-term liabilities experienced a notable peak in 2020 at 44.13%, driven primarily by noncurrent debt and finance lease obligations, which reached 26.95% that year. A consistent downward trend followed, with noncurrent debt falling to 16.05% by 2023 and total long-term liabilities decreasing to 28.12%. This indicates a concerted effort to reduce long-term borrowing relative to the total balance sheet size.
Current Liability Dynamics
Current liabilities exhibited volatility, fluctuating between 17.93% in 2020 and 29.11% in 2021. Accounts payable served as the primary driver of this variance, peaking at 21.58% in 2021. By 2023, current liabilities stabilized at 26.65%, with accounts payable remaining a substantial component at 19.93%.
Equity Composition and Shareholder Returns
The equity structure is characterized by aggressive share repurchases and strong earnings retention. Treasury stock increased significantly as a negative percentage of total liabilities and equity, moving from -29.05% in 2019 to -40.16% in 2023. This is offset by a substantial increase in retained earnings, which rose from 59.36% in 2019 to 72.36% in 2023, suggesting strong internal capital generation.
Other Liability Trends
Deferred income tax liabilities remained relatively stable, hovering between 8.48% and 10.19% across the period. Other obligations, such as environmental liabilities and defined benefit plan liabilities, remained marginal and stable, collectively representing a small fraction of the total capital structure.

The transition from 2021 to 2023 marks a clear deleveraging phase. The simultaneous increase in retained earnings and the decrease in long-term debt suggests an improved solvency profile and a reduced reliance on external debt to fund operations and growth.

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