Current Ratio
since 2005
Calculation
Valero Energy Corp., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1.56 | = | 26,221) | ÷ | 16,802) |
| Dec 31, 2022 | 1.38 | = | 24,133) | ÷ | 17,461) |
| Dec 31, 2021 | 1.26 | = | 21,165) | ÷ | 16,851) |
| Dec 31, 2020 | 1.71 | = | 15,844) | ÷ | 9,283) |
| Dec 31, 2019 | 1.44 | = | 18,969) | ÷ | 13,160) |
| Dec 31, 2018 | 1.65 | = | 17,675) | ÷ | 10,724) |
| Dec 31, 2017 | 1.74 | = | 19,312) | ÷ | 11,071) |
| Dec 31, 2016 | 2.02 | = | 16,800) | ÷ | 8,328) |
| Dec 31, 2015 | 2.03 | = | 14,972) | ÷ | 7,360) |
| Dec 31, 2014 | 1.66 | = | 16,614) | ÷ | 9,980) |
| Dec 31, 2013 | 1.47 | = | 19,277) | ÷ | 13,123) |
| Dec 31, 2012 | 1.38 | = | 16,460) | ÷ | 11,929) |
| Dec 31, 2011 | 1.26 | = | 15,972) | ÷ | 12,708) |
| Dec 31, 2010 | 1.54 | = | 13,518) | ÷ | 8,784) |
| Dec 31, 2009 | 1.40 | = | 10,923) | ÷ | 7,798) |
| Dec 31, 2008 | 1.52 | = | 9,450) | ÷ | 6,209) |
| Dec 31, 2007 | 1.24 | = | 14,792) | ÷ | 11,914) |
| Dec 31, 2006 | 1.22 | = | 10,760) | ÷ | 8,822) |
| Dec 31, 2005 | 1.13 | = | 8,276) | ÷ | 7,305) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The analysis of short-term liquidity from 2005 to 2023 reveals a consistently positive current ratio, with the value remaining above 1.0 throughout the entire period. This indicates a sustained ability to cover short-term obligations with current assets, though the margin of safety has fluctuated significantly over the two decades.
- Liquidity Expansion Phase (2005–2015)
- A general upward trend in the current ratio is observed during this period, rising from 1.13 in 2005 to a peak of 2.03 in 2015. This growth was driven by a substantial increase in current assets, which grew from 8,276 million US$ to 14,972 million US$. The peak in 2015 was specifically characterized by a convergence of increasing assets and a significant reduction in current liabilities to 7,360 million US$, the lowest level recorded since 2008.
- Period of Volatility and Correction (2016–2021)
- Following the 2015 peak, the current ratio entered a period of instability. A gradual decline was observed between 2016 and 2019, with the ratio falling from 2.02 to 1.44. While a temporary recovery to 1.71 occurred in 2020, the ratio dropped sharply to 1.26 in 2021. This decline coincided with a sharp increase in current liabilities, which spiked to 16,851 million US$, offsetting the growth in current assets.
- Recent Liquidity Recovery (2022–2023)
- The final two years of the analyzed period show a trend toward strengthened liquidity. The current ratio improved from 1.26 in 2021 to 1.56 by December 31, 2023. This improvement is primarily attributed to a significant expansion of current assets, which reached a period high of 26,221 million US$, while current liabilities remained relatively flat, stabilizing around 16,800 million US$.
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Comparison to Competitors
Valero Energy Corp., current ratio, long-term trends, comparison to competitors
| Valero Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2023 | 1.56 | 1.27 | 1.43 | 1.48 |
| Dec 31, 2022 | 1.38 | 1.47 | 1.46 | 1.41 |
| Dec 31, 2021 | 1.26 | 1.26 | 1.34 | 1.04 |
| Dec 31, 2020 | 1.71 | 1.18 | 2.25 | 0.80 |
| Dec 31, 2019 | 1.44 | 1.07 | 2.40 | 0.78 |
| Dec 31, 2018 | 1.65 | 1.25 | 1.79 | 0.84 |
| Dec 31, 2017 | 1.74 | 1.03 | 1.76 | 0.82 |
| Dec 31, 2016 | 2.02 | 0.93 | 1.25 | 0.87 |
| Dec 31, 2015 | 2.03 | 1.34 | 0.95 | 0.79 |
| Dec 31, 2014 | 1.66 | 1.32 | 1.31 | 0.82 |
| Dec 31, 2013 | 1.47 | 1.52 | 1.26 | 0.83 |
| Dec 31, 2012 | 1.38 | 1.63 | 1.38 | 1.01 |
| Dec 31, 2011 | 1.26 | 1.58 | 1.08 | 0.94 |
| Dec 31, 2010 | 1.54 | 1.68 | 1.26 | 0.94 |
| Dec 31, 2009 | 1.40 | 1.42 | 0.89 | 1.06 |
| Dec 31, 2008 | 1.52 | 1.14 | 0.96 | 1.47 |
| Dec 31, 2007 | 1.24 | 1.17 | 0.92 | 1.47 |
| Dec 31, 2006 | 1.22 | 1.28 | 0.95 | 1.55 |
| Dec 31, 2005 | 1.13 | 1.37 | 0.92 | 1.58 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Valero Energy Corp., current ratio, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Valero Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2023 | 1.56 | 1.41 |
| Dec 31, 2022 | 1.38 | 1.44 |
| Dec 31, 2021 | 1.26 | 1.14 |
| Dec 31, 2020 | 1.71 | 0.99 |
| Dec 31, 2019 | 1.44 | 0.98 |
| Dec 31, 2018 | 1.65 | 1.04 |
| Dec 31, 2017 | 1.74 | 0.97 |
| Dec 31, 2016 | 2.02 | 0.92 |
| Dec 31, 2015 | 2.03 | 0.97 |
| Dec 31, 2014 | 1.66 | 1.02 |
| Dec 31, 2013 | 1.47 | 1.07 |
| Dec 31, 2012 | 1.38 | 1.25 |
| Dec 31, 2011 | 1.26 | 1.12 |
| Dec 31, 2010 | 1.54 | 1.20 |
| Dec 31, 2009 | 1.40 | 1.11 |
| Dec 31, 2008 | 1.52 | 1.26 |
| Dec 31, 2007 | 1.24 | 1.26 |
| Dec 31, 2006 | 1.22 | 1.32 |
| Dec 31, 2005 | 1.13 | 1.37 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Valero Energy Corp., current ratio, long-term trends, comparison to industry (energy)
| Valero Energy Corp. | Energy | |
|---|---|---|
| Dec 31, 2023 | 1.56 | 1.40 |
| Dec 31, 2022 | 1.38 | 1.42 |
| Dec 31, 2021 | 1.26 | 1.15 |
| Dec 31, 2020 | 1.71 | 1.02 |
| Dec 31, 2019 | 1.44 | 1.00 |
| Dec 31, 2018 | 1.65 | 1.06 |
| Dec 31, 2017 | 1.74 | 1.00 |
| Dec 31, 2016 | 2.02 | 1.02 |
| Dec 31, 2015 | 2.03 | 1.09 |
| Dec 31, 2014 | 1.66 | 1.10 |
| Dec 31, 2013 | 1.47 | 1.16 |
| Dec 31, 2012 | 1.38 | 1.31 |
| Dec 31, 2011 | 1.26 | 1.18 |
| Dec 31, 2010 | 1.54 | 1.24 |
| Dec 31, 2009 | 1.40 | 1.17 |
| Dec 31, 2008 | 1.52 | 1.28 |
| Dec 31, 2007 | 1.24 | 1.27 |
| Dec 31, 2006 | 1.22 | 1.33 |
| Dec 31, 2005 | 1.13 | 1.38 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).