Price to Sales (P/S)
since 2005
Calculation
Valero Energy Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2024 | 0.32 | = | 139.78 | ÷ | 435.41 | 435.41 | = | 144,766 | ÷ | 332,481,908 | |
| Feb 23, 2023 | 0.28 | = | 132.43 | ÷ | 475.23 | 475.23 | = | 176,383 | ÷ | 371,150,836 | |
| Feb 22, 2022 | 0.31 | = | 85.84 | ÷ | 278.47 | 278.47 | = | 113,977 | ÷ | 409,303,630 | |
| Feb 23, 2021 | 0.48 | = | 75.81 | ÷ | 158.88 | 158.88 | = | 64,912 | ÷ | 408,562,891 | |
| Feb 26, 2020 | 0.27 | = | 71.72 | ÷ | 264.63 | 264.63 | = | 108,324 | ÷ | 409,337,126 | |
| Feb 28, 2019 | 0.29 | = | 81.56 | ÷ | 280.24 | 280.24 | = | 117,033 | ÷ | 417,614,487 | |
| Feb 28, 2018 | 0.42 | = | 90.42 | ÷ | 216.96 | 216.96 | = | 93,980 | ÷ | 433,176,258 | |
| Feb 23, 2017 | 0.40 | = | 67.03 | ÷ | 167.74 | 167.74 | = | 75,659 | ÷ | 451,049,519 | |
| Feb 25, 2016 | 0.33 | = | 60.69 | ÷ | 186.66 | 186.66 | = | 87,804 | ÷ | 470,392,665 | |
| Feb 26, 2015 | 0.24 | = | 61.97 | ÷ | 254.12 | 254.12 | = | 130,844 | ÷ | 514,888,348 | |
| Feb 27, 2014 | 0.19 | = | 48.51 | ÷ | 259.29 | 259.29 | = | 138,074 | ÷ | 532,510,263 | |
| Feb 28, 2013 | 0.18 | = | 45.59 | ÷ | 251.84 | 251.84 | = | 139,250 | ÷ | 552,933,285 | |
| Feb 24, 2012 | 0.11 | = | 24.39 | ÷ | 226.98 | 226.98 | = | 125,987 | ÷ | 555,069,442 | |
| Feb 25, 2011 | 0.20 | = | 28.56 | ÷ | 144.53 | 144.53 | = | 82,233 | ÷ | 568,971,156 | |
| Feb 26, 2010 | 0.15 | = | 17.52 | ÷ | 120.65 | 120.65 | = | 68,144 | ÷ | 564,808,668 | |
| Feb 27, 2009 | 0.08 | = | 19.38 | ÷ | 230.70 | 230.70 | = | 119,114 | ÷ | 516,308,274 | |
| Feb 29, 2008 | 0.32 | = | 57.77 | ÷ | 178.30 | 178.30 | = | 95,327 | ÷ | 534,652,367 | |
| Feb 26, 2007 | 0.39 | = | 59.00 | ÷ | 152.01 | 152.01 | = | 91,833 | ÷ | 604,114,047 | |
| Mar 1, 2006 | 0.42 | = | 54.95 | ÷ | 132.13 | 132.13 | = | 82,162 | ÷ | 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 analysis of the price-to-sales (P/S) ratio from 2006 to 2024 reveals a history of significant volatility and cyclicality. The ratio demonstrates a pattern of sharp contractions followed by prolonged recovery phases, reflecting the interplay between market valuation of equity and the underlying revenue generation per share.
- Historical Lows and Market Contractions
- A critical trough occurred in February 2009, where the P/S ratio plummeted to 0.08. This decline was driven by a severe contraction in share price to $19.38, occurring despite a simultaneous increase in sales per share to $230.70. This divergence indicates a period of extreme market pessimism or external economic distress that decoupled share valuation from revenue performance.
- Recovery and Expansion Phase (2010–2018)
- Following the 2009 low, a consistent upward trend in the P/S ratio was observed, rising from 0.15 in 2010 to a peak of 0.42 in 2018. This recovery was characterized by a steady increase in share price, which rose from $17.52 to $90.42 over this interval, signaling an improvement in investor confidence and a higher valuation multiple assigned to each dollar of revenue.
- Recent Volatility and Stabilization (2019–2024)
- The period between 2019 and 2024 was marked by higher instability. A notable peak in the P/S ratio occurred in 2021 at 0.48, despite sales per share being significantly lower ($158.88) than in previous years. Conversely, by 2023 and 2024, the ratio stabilized between 0.28 and 0.32. During this final phase, sales per share reached historic highs—peaking at $475.23 in 2023—while the P/S ratio remained compressed, suggesting that the market valuation did not scale proportionally with the massive increase in revenue per share.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Comparison to Competitors
Valero Energy Corp., P/S, long-term trends, comparison to competitors
| Valero Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 22, 2024 | 0.32 | 1.46 | 2.33 | 1.24 |
| Feb 23, 2023 | 0.28 | 1.31 | 1.68 | 1.12 |
| Feb 22, 2022 | 0.31 | 1.69 | 2.58 | 1.17 |
| Feb 23, 2021 | 0.48 | 2.09 | 3.52 | 1.34 |
| Feb 26, 2020 | 0.27 | 1.46 | 1.94 | 0.88 |
| Feb 28, 2019 | 0.29 | 1.43 | 2.16 | 1.20 |
| Feb 28, 2018 | 0.42 | 1.56 | 2.21 | 1.35 |
| Feb 23, 2017 | 0.40 | 1.91 | 2.51 | 1.54 |
| Feb 25, 2016 | 0.33 | 1.24 | 1.38 | 1.30 |
| Feb 26, 2015 | 0.24 | 1.02 | 1.57 | 0.95 |
| Feb 27, 2014 | 0.19 | 0.98 | 1.50 | 0.98 |
| Feb 28, 2013 | 0.18 | 0.98 | 1.23 | 0.89 |
| Feb 24, 2012 | 0.11 | 0.88 | 0.39 | 0.88 |
| Feb 25, 2011 | 0.20 | 1.03 | 0.59 | 1.14 |
| Feb 26, 2010 | 0.15 | 0.87 | 0.48 | 1.02 |
| Feb 27, 2009 | 0.08 | 0.48 | 0.24 | 0.73 |
| Feb 29, 2008 | 0.32 | 0.86 | 0.67 | 1.23 |
| Feb 26, 2007 | 0.39 | 0.72 | 0.60 | 1.12 |
| Mar 1, 2006 | 0.42 | 0.66 | 0.48 | 1.01 |
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/S, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Valero Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 22, 2024 | 0.32 | 1.41 |
| Feb 23, 2023 | 0.28 | 1.24 |
| Feb 22, 2022 | 0.31 | 1.48 |
| Feb 23, 2021 | 0.48 | 1.72 |
| Feb 26, 2020 | 0.27 | 1.15 |
| Feb 28, 2019 | 0.29 | 1.35 |
| Feb 28, 2018 | 0.42 | 1.48 |
| Feb 23, 2017 | 0.40 | 1.72 |
| Feb 25, 2016 | 0.33 | 1.29 |
| Feb 26, 2015 | 0.24 | 1.02 |
| Feb 27, 2014 | 0.19 | 1.02 |
| Feb 28, 2013 | 0.18 | 0.94 |
| Feb 24, 2012 | 0.11 | 0.75 |
| Feb 25, 2011 | 0.20 | 0.98 |
| Feb 26, 2010 | 0.15 | 0.85 |
| Feb 27, 2009 | 0.08 | 0.54 |
| Feb 29, 2008 | 0.32 | 1.00 |
| Feb 26, 2007 | 0.39 | 0.88 |
| Mar 1, 2006 | 0.42 | 0.79 |
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/S, long-term trends, comparison to industry (energy)
| Valero Energy Corp. | Energy | |
|---|---|---|
| Feb 22, 2024 | 0.32 | 1.46 |
| Feb 23, 2023 | 0.28 | 1.31 |
| Feb 22, 2022 | 0.31 | 1.52 |
| Feb 23, 2021 | 0.48 | 1.69 |
| Feb 26, 2020 | 0.27 | 1.18 |
| Feb 28, 2019 | 0.29 | 1.38 |
| Feb 28, 2018 | 0.42 | 1.63 |
| Feb 23, 2017 | 0.40 | 1.90 |
| Feb 25, 2016 | 0.33 | 1.37 |
| Feb 26, 2015 | 0.24 | 1.10 |
| Feb 27, 2014 | 0.19 | 1.11 |
| Feb 28, 2013 | 0.18 | 1.02 |
| Feb 24, 2012 | 0.11 | 0.83 |
| Feb 25, 2011 | 0.20 | 1.10 |
| Feb 26, 2010 | 0.15 | 0.93 |
| Feb 27, 2009 | 0.08 | 0.57 |
| Feb 29, 2008 | 0.32 | 1.09 |
| Feb 26, 2007 | 0.39 | 0.96 |
| Mar 1, 2006 | 0.42 | 0.86 |
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).