Price to Book Value (P/BV)
since 2005
Calculation
Valero Energy Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Valero Energy Corporation stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2024 | 1.76 | = | 139.78 | ÷ | 79.24 | 79.24 | = | 26,346 | ÷ | 332,481,908 | |
| Feb 23, 2023 | 2.09 | = | 132.43 | ÷ | 63.48 | 63.48 | = | 23,561 | ÷ | 371,150,836 | |
| Feb 22, 2022 | 1.91 | = | 85.84 | ÷ | 45.03 | 45.03 | = | 18,430 | ÷ | 409,303,630 | |
| Feb 23, 2021 | 1.65 | = | 75.81 | ÷ | 46.02 | 46.02 | = | 18,801 | ÷ | 408,562,891 | |
| Feb 26, 2020 | 1.35 | = | 71.72 | ÷ | 53.26 | 53.26 | = | 21,803 | ÷ | 409,337,126 | |
| Feb 28, 2019 | 1.57 | = | 81.56 | ÷ | 51.88 | 51.88 | = | 21,667 | ÷ | 417,614,487 | |
| Feb 28, 2018 | 1.78 | = | 90.42 | ÷ | 50.77 | 50.77 | = | 21,991 | ÷ | 433,176,258 | |
| Feb 23, 2017 | 1.51 | = | 67.03 | ÷ | 44.39 | 44.39 | = | 20,024 | ÷ | 451,049,519 | |
| Feb 25, 2016 | 1.39 | = | 60.69 | ÷ | 43.64 | 43.64 | = | 20,527 | ÷ | 470,392,665 | |
| Feb 26, 2015 | 1.54 | = | 61.97 | ÷ | 40.16 | 40.16 | = | 20,677 | ÷ | 514,888,348 | |
| Feb 27, 2014 | 1.33 | = | 48.51 | ÷ | 36.54 | 36.54 | = | 19,460 | ÷ | 532,510,263 | |
| Feb 28, 2013 | 1.40 | = | 45.59 | ÷ | 32.61 | 32.61 | = | 18,032 | ÷ | 552,933,285 | |
| Feb 24, 2012 | 0.82 | = | 24.39 | ÷ | 29.59 | 29.59 | = | 16,423 | ÷ | 555,069,442 | |
| Feb 25, 2011 | 1.08 | = | 28.56 | ÷ | 26.41 | 26.41 | = | 15,025 | ÷ | 568,971,156 | |
| Feb 26, 2010 | 0.67 | = | 17.52 | ÷ | 26.07 | 26.07 | = | 14,725 | ÷ | 564,808,668 | |
| Feb 27, 2009 | 0.64 | = | 19.38 | ÷ | 30.25 | 30.25 | = | 15,620 | ÷ | 516,308,274 | |
| Feb 29, 2008 | 1.67 | = | 57.77 | ÷ | 34.62 | 34.62 | = | 18,507 | ÷ | 534,652,367 | |
| Feb 26, 2007 | 1.92 | = | 59.00 | ÷ | 30.80 | 30.80 | = | 18,605 | ÷ | 604,114,047 | |
| Mar 1, 2006 | 2.27 | = | 54.95 | ÷ | 24.20 | 24.20 | = | 15,050 | ÷ | 621,838,191 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Valero Energy Corp. Annual Report.
The valuation of the equity relative to its book value has undergone three distinct phases between 2006 and 2024, characterized by an initial sharp contraction, a period of recovery, and a subsequent long-term expansion.
- Early Valuation Contraction (2006–2012)
- A significant decline in the Price to Book Value (P/BV) ratio occurred between 2006 and 2009, falling from 2.27 to a period low of 0.64. During this window, the share price experienced a steep decrease from 54.95 to 19.38, while the book value per share remained relatively resilient. The ratio remained below 1.0 for several years, including 2010 (0.67) and 2012 (0.82), indicating a period where the market valued the company below its accounting net asset value.
- Recovery and Stabilization (2013–2017)
- Beginning in 2013, the P/BV ratio returned to a consistent range above 1.0, fluctuating between 1.33 and 1.54. This phase was marked by a synchronized increase in both the share price and the book value per share. The growth in book value per share, rising from 32.61 in 2013 to 44.39 in 2016, provided a stable foundation that supported a returning market premium.
- Expansion and Peak Valuation (2018–2024)
- The most recent period shows a general upward trajectory in valuation multiples, peaking at 2.09 in 2023. This rise was largely driven by a substantial acceleration in the share price, which climbed from 90.42 in 2018 to a peak of 139.78 in 2024. While the P/BV ratio moderated slightly to 1.76 by February 2024, the long-term trend reflects a significant increase in the premium attributed to the assets. This is further evidenced by the book value per share reaching its historical maximum of 79.24 in 2024.
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Comparison to Competitors
Valero Energy Corp., P/BV, long-term trends, comparison to competitors
| Valero Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 22, 2024 | 1.76 | 1.78 | 2.65 | 2.02 |
| Feb 23, 2023 | 2.09 | 1.94 | 2.75 | 2.29 |
| Feb 22, 2022 | 1.91 | 1.89 | 2.61 | 1.93 |
| Feb 23, 2021 | 1.65 | 1.50 | 2.22 | 1.53 |
| Feb 26, 2020 | 1.35 | 1.42 | 1.80 | 1.17 |
| Feb 28, 2019 | 1.57 | 1.47 | 2.47 | 1.75 |
| Feb 28, 2018 | 1.78 | 1.42 | 2.10 | 1.71 |
| Feb 23, 2017 | 1.51 | 1.44 | 1.70 | 2.01 |
| Feb 25, 2016 | 1.39 | 1.05 | 1.02 | 1.98 |
| Feb 26, 2015 | 1.54 | 1.32 | 1.59 | 2.16 |
| Feb 27, 2014 | 1.33 | 1.44 | 1.57 | 2.38 |
| Feb 28, 2013 | 1.40 | 1.65 | 1.49 | 2.42 |
| Feb 24, 2012 | 0.82 | 1.76 | 1.45 | 2.67 |
| Feb 25, 2011 | 1.08 | 1.95 | 1.64 | 2.88 |
| Feb 26, 2010 | 0.67 | 1.58 | 1.15 | 2.78 |
| Feb 27, 2009 | 0.64 | 1.46 | 1.03 | 2.97 |
| Feb 29, 2008 | 1.67 | 2.40 | 1.41 | 3.93 |
| Feb 26, 2007 | 1.92 | 2.14 | 1.33 | 3.58 |
| Mar 1, 2006 | 2.27 | 2.03 | 1.62 | 3.26 |
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., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Valero Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 22, 2024 | 1.76 | 2.00 |
| Feb 23, 2023 | 2.09 | 2.21 |
| Feb 22, 2022 | 1.91 | 2.00 |
| Feb 23, 2021 | 1.65 | 1.58 |
| Feb 26, 2020 | 1.35 | 1.33 |
| Feb 28, 2019 | 1.57 | 1.70 |
| Feb 28, 2018 | 1.78 | 1.62 |
| Feb 23, 2017 | 1.51 | 1.74 |
| Feb 25, 2016 | 1.39 | 1.49 |
| Feb 26, 2015 | 1.54 | 1.74 |
| Feb 27, 2014 | 1.33 | 1.89 |
| Feb 28, 2013 | 1.40 | 1.99 |
| Feb 24, 2012 | 0.82 | 2.11 |
| Feb 25, 2011 | 1.08 | 2.31 |
| Feb 26, 2010 | 0.67 | 1.98 |
| Feb 27, 2009 | 0.64 | 2.04 |
| Feb 29, 2008 | 1.67 | 2.74 |
| Feb 26, 2007 | 1.92 | 2.51 |
| Mar 1, 2006 | 2.27 | 2.54 |
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., P/BV, long-term trends, comparison to industry (energy)
| Valero Energy Corp. | Energy | |
|---|---|---|
| Feb 22, 2024 | 1.76 | 2.08 |
| Feb 23, 2023 | 2.09 | 2.30 |
| Feb 22, 2022 | 1.91 | 2.07 |
| Feb 23, 2021 | 1.65 | 1.61 |
| Feb 26, 2020 | 1.35 | 1.38 |
| Feb 28, 2019 | 1.57 | 1.69 |
| Feb 28, 2018 | 1.78 | 1.74 |
| Feb 23, 2017 | 1.51 | 1.86 |
| Feb 25, 2016 | 1.39 | 1.56 |
| Feb 26, 2015 | 1.54 | 1.83 |
| Feb 27, 2014 | 1.33 | 1.99 |
| Feb 28, 2013 | 1.40 | 2.08 |
| Feb 24, 2012 | 0.82 | 2.21 |
| Feb 25, 2011 | 1.08 | 2.45 |
| Feb 26, 2010 | 0.67 | 2.10 |
| Feb 27, 2009 | 0.64 | 2.10 |
| Feb 29, 2008 | 1.67 | 2.94 |
| Feb 26, 2007 | 1.92 | 2.69 |
| Mar 1, 2006 | 2.27 | 2.76 |
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).