Price to Earnings (P/E)
since 2005
Calculation
Valero Energy Corp., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) applicable to common stock1 (in millions) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2024 | 5.26 | = | 139.78 | ÷ | 26.57 | 26.57 | = | 8,835 | ÷ | 332,481,908 | |
| Feb 23, 2023 | 4.26 | = | 132.43 | ÷ | 31.06 | 31.06 | = | 11,528 | ÷ | 371,150,836 | |
| Feb 22, 2022 | 37.78 | = | 85.84 | ÷ | 2.27 | 2.27 | = | 930 | ÷ | 409,303,630 | |
| Feb 23, 2021 | — | = | 75.81 | ÷ | -3.48 | -3.48 | = | -1,421 | ÷ | 408,562,891 | |
| Feb 26, 2020 | 12.12 | = | 71.72 | ÷ | 5.92 | 5.92 | = | 2,422 | ÷ | 409,337,126 | |
| Feb 28, 2019 | 10.91 | = | 81.56 | ÷ | 7.48 | 7.48 | = | 3,122 | ÷ | 417,614,487 | |
| Feb 28, 2018 | 9.64 | = | 90.42 | ÷ | 9.38 | 9.38 | = | 4,065 | ÷ | 433,176,258 | |
| Feb 23, 2017 | 13.21 | = | 67.03 | ÷ | 5.07 | 5.07 | = | 2,289 | ÷ | 451,049,519 | |
| Feb 25, 2016 | 7.15 | = | 60.69 | ÷ | 8.48 | 8.48 | = | 3,990 | ÷ | 470,392,665 | |
| Feb 26, 2015 | 8.79 | = | 61.97 | ÷ | 7.05 | 7.05 | = | 3,630 | ÷ | 514,888,348 | |
| Feb 27, 2014 | 9.50 | = | 48.51 | ÷ | 5.11 | 5.11 | = | 2,720 | ÷ | 532,510,263 | |
| Feb 28, 2013 | 12.10 | = | 45.59 | ÷ | 3.77 | 3.77 | = | 2,083 | ÷ | 552,933,285 | |
| Feb 24, 2012 | 6.48 | = | 24.39 | ÷ | 3.77 | 3.77 | = | 2,090 | ÷ | 555,069,442 | |
| Feb 25, 2011 | 50.15 | = | 28.56 | ÷ | 0.57 | 0.57 | = | 324 | ÷ | 568,971,156 | |
| Feb 26, 2010 | — | = | 17.52 | ÷ | -3.51 | -3.51 | = | -1,982 | ÷ | 564,808,668 | |
| Feb 27, 2009 | — | = | 19.38 | ÷ | -2.19 | -2.19 | = | -1,131 | ÷ | 516,308,274 | |
| Feb 29, 2008 | 5.90 | = | 57.77 | ÷ | 9.79 | 9.79 | = | 5,234 | ÷ | 534,652,367 | |
| Feb 26, 2007 | 6.53 | = | 59.00 | ÷ | 9.04 | 9.04 | = | 5,461 | ÷ | 604,114,047 | |
| Mar 1, 2006 | 9.55 | = | 54.95 | ÷ | 5.75 | 5.75 | = | 3,577 | ÷ | 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 financial data indicates a high degree of volatility in the Price to Earnings (P/E) ratio, which closely tracks the cyclical nature of earnings per share (EPS) and broader market fluctuations. Valuation multiples have fluctuated significantly, with periods of extreme contraction and expansion corresponding to shifts in profitability.
- Earnings Volatility and P/E Applicability
- The P/E ratio was unavailable during the 2009, 2010, and 2021 fiscal periods due to negative earnings per share. These periods of net losses render the P/E ratio mathematically non-applicable, highlighting a susceptibility to cyclical downturns that intermittently erase profitability.
- Valuation Anomalies and Spikes
- Significant spikes in the P/E ratio were observed in 2011 (50.15) and 2022 (37.78). These peaks were not driven by aggressive share price appreciation, but rather by depressed earnings relative to the stock price. Specifically, in 2011, a low EPS of 0.57 combined with a share price of 28.56 created a temporary valuation outlier.
- Long-Term Valuation Trends
- Between 2012 and 2020, the P/E ratio maintained a relatively stable range, generally fluctuating between 6.48 and 13.21. This suggests a consistent market valuation of the company's earnings during a period of moderate growth and recovery.
- Recent Valuation Compression
- A notable trend of valuation compression is evident in 2023 and 2024, with P/E ratios dropping to 4.26 and 5.26, respectively. This compression is the result of a substantial surge in earnings per share, which reached 31.06 in 2023 and 26.57 in 2024, far outpacing the growth in share price. This indicates that while the share price reached historic highs, the underlying profitability expanded at a much more aggressive rate.
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Comparison to Competitors
Valero Energy Corp., P/E, long-term trends, comparison to competitors
| Valero Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 22, 2024 | 5.26 | 13.42 | 11.92 | 11.49 |
| Feb 23, 2023 | 4.26 | 8.71 | 7.07 | 8.01 |
| Feb 22, 2022 | 37.78 | 16.81 | 14.66 | 14.11 |
| Feb 23, 2021 | — | — | — | — |
| Feb 26, 2020 | 12.12 | 70.06 | 8.77 | 15.64 |
| Feb 28, 2019 | 10.91 | 15.30 | 12.60 | 16.15 |
| Feb 28, 2018 | 9.64 | 22.83 | — | 16.28 |
| Feb 23, 2017 | 13.21 | — | — | 42.80 |
| Feb 25, 2016 | 7.15 | 35.02 | — | 20.96 |
| Feb 26, 2015 | 8.79 | 10.61 | 12.03 | 11.56 |
| Feb 27, 2014 | 9.50 | 10.04 | 8.91 | 12.71 |
| Feb 28, 2013 | 12.10 | 8.61 | 8.49 | 8.94 |
| Feb 24, 2012 | 6.48 | 7.96 | 7.60 | 10.03 |
| Feb 25, 2011 | 50.15 | 10.77 | 9.89 | 13.89 |
| Feb 26, 2010 | — | 13.81 | 14.78 | 15.92 |
| Feb 27, 2009 | — | 5.29 | — | 7.42 |
| Feb 29, 2008 | 5.90 | 9.89 | 10.59 | 11.78 |
| Feb 26, 2007 | 6.53 | 8.63 | 7.09 | 10.33 |
| Mar 1, 2006 | 9.55 | 9.04 | 6.31 | 10.03 |
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/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Valero Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 22, 2024 | 5.26 | 12.17 |
| Feb 23, 2023 | 4.26 | 8.08 |
| Feb 22, 2022 | 37.78 | 15.11 |
| Feb 23, 2021 | — | — |
| Feb 26, 2020 | 12.12 | 20.13 |
| Feb 28, 2019 | 10.91 | 15.32 |
| Feb 28, 2018 | 9.64 | 21.22 |
| Feb 23, 2017 | 13.21 | 162.35 |
| Feb 25, 2016 | 7.15 | 33.10 |
| Feb 26, 2015 | 8.79 | 11.30 |
| Feb 27, 2014 | 9.50 | 11.25 |
| Feb 28, 2013 | 12.10 | 8.78 |
| Feb 24, 2012 | 6.48 | 8.96 |
| Feb 25, 2011 | 50.15 | 12.17 |
| Feb 26, 2010 | — | 15.12 |
| Feb 27, 2009 | — | 9.95 |
| Feb 29, 2008 | 5.90 | 11.08 |
| Feb 26, 2007 | 6.53 | 9.23 |
| Mar 1, 2006 | 9.55 | 9.02 |
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/E, long-term trends, comparison to industry (energy)
| Valero Energy Corp. | Energy | |
|---|---|---|
| Feb 22, 2024 | 5.26 | 12.48 |
| Feb 23, 2023 | 4.26 | 8.54 |
| Feb 22, 2022 | 37.78 | 15.67 |
| Feb 23, 2021 | — | — |
| Feb 26, 2020 | 12.12 | 37.93 |
| Feb 28, 2019 | 10.91 | 15.94 |
| Feb 28, 2018 | 9.64 | 26.50 |
| Feb 23, 2017 | 13.21 | 354.83 |
| Feb 25, 2016 | 7.15 | 33.85 |
| Feb 26, 2015 | 8.79 | 11.97 |
| Feb 27, 2014 | 9.50 | 11.81 |
| Feb 28, 2013 | 12.10 | 9.43 |
| Feb 24, 2012 | 6.48 | 9.63 |
| Feb 25, 2011 | 50.15 | 13.24 |
| Feb 26, 2010 | — | 15.83 |
| Feb 27, 2009 | — | 9.90 |
| Feb 29, 2008 | 5.90 | 11.66 |
| Feb 26, 2007 | 6.53 | 9.76 |
| Mar 1, 2006 | 9.55 | 9.78 |
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).