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 share price exhibited significant volatility over the analyzed periods. Beginning at $54.95, the price increased modestly to $59 in the subsequent year, followed by a slight decrease. A notable sharp decline occurred in the fiscal year ending February 2009, when the price dropped to $19.38, continuing downward to $17.52 the next year. From that point forward, a general upward trend is observable, with intermittent fluctuations. The share price progressively increased, reaching $132.43 by February 2023 and $139.78 by February 2024, marking the highest value in the dataset.
The book value per share (BVPS) showed a generally consistent upward trend throughout the period. Starting at $24.20, BVPS rose steadily each year except for brief declines notably around fiscal years 2009, 2021, and 2022. Despite minor downturns, the BVPS climbed to $79.24 by February 2024. This reflects a persistently growing equity base or net asset value per share over the long term.
The price-to-book value (P/BV) ratio reflected changes in market valuation relative to the company's book value per share. Initially high at 2.27 in 2006, it steadily decreased to a low of 0.64 in 2009, aligning with the period of share price decline. This suggests the market undervalued the company relative to its book value during that period. Following 2009, the P/BV ratio generally increased, fluctuating around the 1.3 to 2.0 range, reaching peaks of 2.09 in 2023 before decreasing slightly to 1.76 in 2024. The variation in P/BV indicates shifting market perceptions of growth prospects or risk, with periods of premium valuation compared to book value, especially in recent years.
Overall, the data portrays a company recovering from a significant downturn in 2009, with steadily growing intrinsic equity and a corresponding recovery and growth in market valuation over the subsequent years. The later surge in share price and elevated P/BV ratios reflect heightened investor confidence or improved outlook, while the consistent growth in book value per share underscores strengthening fundamental financial value.
Comparison to Competitors
Valero Energy Corp., P/BV, long-term trends, comparison to competitors
| Valero Energy Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | |
|---|---|---|---|---|---|
| Feb 22, 2024 | 1.76 | 1.78 | 2.65 | 2.02 | 1.67 |
| Feb 23, 2023 | 2.09 | 1.94 | 2.75 | 2.29 | 1.76 |
| Feb 22, 2022 | 1.91 | 1.89 | 2.61 | 1.93 | 1.79 |
| Feb 23, 2021 | 1.65 | 1.50 | 2.22 | 1.53 | 1.33 |
| Feb 26, 2020 | 1.35 | 1.42 | 1.80 | 1.17 | 0.86 |
| Feb 28, 2019 | 1.57 | 1.47 | 2.47 | 1.75 | 2.34 |
| Feb 28, 2018 | 1.78 | 1.42 | 2.10 | 1.71 | 2.54 |
| Feb 23, 2017 | 1.51 | 1.44 | 1.70 | 2.01 | 2.32 |
| Feb 25, 2016 | 1.39 | 1.05 | 1.02 | 1.98 | 2.19 |
| Feb 26, 2015 | 1.54 | 1.32 | 1.59 | 2.16 | 1.76 |
| Feb 27, 2014 | 1.33 | 1.44 | 1.57 | 2.38 | 1.77 |
| Feb 28, 2013 | 1.40 | 1.65 | 1.49 | 2.42 | 1.65 |
| Feb 24, 2012 | 0.82 | 1.76 | 1.45 | 2.67 | 2.26 |
| Feb 25, 2011 | 1.08 | 1.95 | 1.64 | 2.88 | 2.55 |
| Feb 26, 2010 | 0.67 | 1.58 | 1.15 | 2.78 | 2.21 |
| Feb 27, 2009 | 0.64 | 1.46 | 1.03 | 2.97 | 1.50 |
| Feb 29, 2008 | 1.67 | 2.40 | 1.41 | 3.93 | 2.65 |
| Feb 26, 2007 | 1.92 | 2.14 | 1.33 | 3.58 | 2.02 |
| Mar 1, 2006 | 2.27 | 2.03 | 1.62 | 3.26 | 2.48 |
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 | 1.98 |
| Feb 23, 2023 | 2.09 | 2.18 |
| Feb 22, 2022 | 1.91 | 1.99 |
| Feb 23, 2021 | 1.65 | 1.57 |
| Feb 26, 2020 | 1.35 | 1.29 |
| Feb 28, 2019 | 1.57 | 1.73 |
| Feb 28, 2018 | 1.78 | 1.67 |
| Feb 23, 2017 | 1.51 | 1.77 |
| Feb 25, 2016 | 1.39 | 1.53 |
| Feb 26, 2015 | 1.54 | 1.74 |
| Feb 27, 2014 | 1.33 | 1.88 |
| Feb 28, 2013 | 1.40 | 1.96 |
| Feb 24, 2012 | 0.82 | 2.13 |
| Feb 25, 2011 | 1.08 | 2.33 |
| Feb 26, 2010 | 0.67 | 2.00 |
| Feb 27, 2009 | 0.64 | 1.98 |
| Feb 29, 2008 | 1.67 | 2.73 |
| Feb 26, 2007 | 1.92 | 2.48 |
| 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 | 2.05 |
| Feb 23, 2023 | 2.09 | 2.27 |
| Feb 22, 2022 | 1.91 | 2.06 |
| Feb 23, 2021 | 1.65 | 1.60 |
| Feb 26, 2020 | 1.35 | 1.33 |
| Feb 28, 2019 | 1.57 | 1.73 |
| Feb 28, 2018 | 1.78 | 1.78 |
| Feb 23, 2017 | 1.51 | 1.89 |
| Feb 25, 2016 | 1.39 | 1.60 |
| Feb 26, 2015 | 1.54 | 1.82 |
| Feb 27, 2014 | 1.33 | 1.97 |
| Feb 28, 2013 | 1.40 | 2.04 |
| Feb 24, 2012 | 0.82 | 2.21 |
| Feb 25, 2011 | 1.08 | 2.46 |
| Feb 26, 2010 | 0.67 | 2.11 |
| Feb 27, 2009 | 0.64 | 2.04 |
| Feb 29, 2008 | 1.67 | 2.92 |
| Feb 26, 2007 | 1.92 | 2.64 |
| Mar 1, 2006 | 2.27 | 2.74 |
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).