Price to Operating Profit (P/OP)
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Calculation
Valero Energy Corp., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 29, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2006 | = | ÷ | = | ÷ |
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 analysis of the financial data reveals several key trends and insights regarding valuation and profitability metrics over the reported periods.
- Share Price
- The share price experienced significant volatility between 2006 and 2024. It started at $54.95 in 2006, declined sharply during the financial crisis period, reaching a low of $17.52 by 2010. Subsequently, there was a recovery trend with notable growth, peaking at $139.78 in 2024. This indicates a long-term positive trajectory in market valuation, notwithstanding some mid-term fluctuations.
- Operating Profit per Share (OPPS)
- Operating profit per share showed considerable fluctuation over the years. It was relatively strong at $8.78 in 2006 and peaked at $13.26 in 2007 before falling drastically to $1.09 in 2009 and even recording a negative value (-$0.10) in 2010. Thereafter, there was a phase of recovery and stabilization with values mostly oscillating between $3.30 and $13.52 until 2019. Notably, a significant drop to negative $3.86 was recorded in 2021, followed by a remarkable surge to $42.27 in 2023 and a slight decrease to $35.67 in 2024. This pattern reflects sensitivity to external economic factors and operational challenges, but also demonstrates resilience and capacity for strong earnings growth in recent years.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio exhibited wide variation, reflecting changes in market valuation relative to profitability. The ratio was relatively moderate at 6.26 in 2006 and decreased to a low of 3.68 in 2012, suggesting undervaluation or improved earnings relative to price. During the 2008-2009 crisis, the ratio spiked sharply to 17.77, indicating a market price that was high relative to operating profit per share, likely due to suppressed earnings. The ratio experienced fluctuations in subsequent years, with missing data points in some periods. Notably, in 2023 and 2024, the ratio was relatively low at 3.13 and 3.92 respectively, signaling an attractive price in relation to operating profitability during these years.
Overall, the data reveals a company that faced significant operational and market challenges during the global financial crisis and other periods but demonstrated strong recovery and growth in recent years. The share price and operating profit per share trends suggest an improvement in underlying financial performance, and the relatively low P/OP ratio in the most recent years may point to favorable valuation conditions.