Return on Assets (ROA)
since 2005
Calculation
Valero Energy Corp., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income (loss) attributable to Valero Energy Corporation stockholders1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 14.01% | = | 100 | × | 8,835) | ÷ | 63,056) |
| Dec 31, 2022 | 18.90% | = | 100 | × | 11,528) | ÷ | 60,982) |
| Dec 31, 2021 | 1.61% | = | 100 | × | 930) | ÷ | 57,888) |
| Dec 31, 2020 | -2.74% | = | 100 | × | (1,421) | ÷ | 51,774) |
| Dec 31, 2019 | 4.50% | = | 100 | × | 2,422) | ÷ | 53,864) |
| Dec 31, 2018 | 6.22% | = | 100 | × | 3,122) | ÷ | 50,155) |
| Dec 31, 2017 | 8.10% | = | 100 | × | 4,065) | ÷ | 50,158) |
| Dec 31, 2016 | 4.96% | = | 100 | × | 2,289) | ÷ | 46,173) |
| Dec 31, 2015 | 9.00% | = | 100 | × | 3,990) | ÷ | 44,343) |
| Dec 31, 2014 | 7.97% | = | 100 | × | 3,630) | ÷ | 45,550) |
| Dec 31, 2013 | 5.76% | = | 100 | × | 2,720) | ÷ | 47,260) |
| Dec 31, 2012 | 4.68% | = | 100 | × | 2,083) | ÷ | 44,477) |
| Dec 31, 2011 | 4.89% | = | 100 | × | 2,090) | ÷ | 42,783) |
| Dec 31, 2010 | 0.86% | = | 100 | × | 324) | ÷ | 37,621) |
| Dec 31, 2009 | -5.56% | = | 100 | × | (1,982) | ÷ | 35,629) |
| Dec 31, 2008 | -3.29% | = | 100 | × | (1,131) | ÷ | 34,417) |
| Dec 31, 2007 | 12.25% | = | 100 | × | 5,234) | ÷ | 42,722) |
| Dec 31, 2006 | 14.47% | = | 100 | × | 5,463) | ÷ | 37,753) |
| Dec 31, 2005 | 10.97% | = | 100 | × | 3,590) | ÷ | 32,728) |
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$ in millions
The Return on Assets (ROA) for Valero Energy Corp. from 2005 to 2023 exhibits significant volatility, reflecting the cyclical nature of the refining industry and the impact of global macroeconomic shocks. While total assets demonstrated a consistent long-term upward trend, increasing from $32.7 billion in 2005 to $63.1 billion by 2023, net income fluctuated drastically, leading to wide swings in asset efficiency.
- Cyclical Profitability and Market Shocks
- ROA experienced three distinct periods of negative returns. The first occurred between 2008 and 2009, with ROA dropping to -3.29% and -5.56%, respectively. A similar contraction occurred in 2020, where ROA fell to -2.74% following a period of relative stability. These troughs correspond with significant disruptions in global energy markets and economic downturns.
- Recovery and Mid-Term Stability
- Following the 2009 low, ROA entered a recovery phase, remaining positive from 2010 through 2019. During this interval, the ratio fluctuated between 0.86% and 9.00%, with a notable peak in 2015. This period suggests a baseline operational efficiency that was periodically interrupted by market shifts, but generally maintained positive returns.
- Recent High-Performance Peak
- The most significant expansion in ROA occurred in 2022, reaching a period high of 18.90%. This surge was driven by a substantial increase in net income, which reached $11.5 billion, the highest in the analyzed timeframe. Although the ROA moderated to 14.01% in 2023, it remains well above the historical average observed between 2010 and 2021.
- Asset Growth and Utilization Efficiency
- Total assets nearly doubled over the observed period, growing from $32.7 billion in 2005 to $63.1 billion in 2023. The capacity to generate a higher ROA in 2022 and 2023 despite this significantly larger asset base indicates a substantial increase in asset utilization efficiency and profitability margins in recent years compared to the 2010-2020 decade.
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Comparison to Competitors
Valero Energy Corp., ROA, long-term trends, comparison to competitors
| Valero Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2023 | 14.01% | 8.17% | 11.42% | 9.57% |
| Dec 31, 2022 | 18.90% | 13.76% | 19.91% | 15.10% |
| Dec 31, 2021 | 1.61% | 6.52% | 8.91% | 6.80% |
| Dec 31, 2020 | -2.74% | -2.31% | -4.31% | -6.74% |
| Dec 31, 2019 | 4.50% | 1.23% | 10.20% | 3.95% |
| Dec 31, 2018 | 6.22% | 5.84% | 8.94% | 6.02% |
| Dec 31, 2017 | 8.10% | 3.62% | -1.17% | 5.65% |
| Dec 31, 2016 | 4.96% | -0.19% | -4.03% | 2.37% |
| Dec 31, 2015 | 9.00% | 1.72% | -4.54% | 4.80% |
| Dec 31, 2014 | 7.97% | 7.23% | 5.89% | 9.30% |
| Dec 31, 2013 | 5.76% | 8.44% | 7.76% | 9.39% |
| Dec 31, 2012 | 4.68% | 11.24% | 7.19% | 13.45% |
| Dec 31, 2011 | 4.89% | 12.84% | 8.12% | 12.40% |
| Dec 31, 2010 | 0.86% | 10.30% | 7.27% | 10.07% |
| Dec 31, 2009 | -5.56% | 6.37% | 3.18% | 8.26% |
| Dec 31, 2008 | -3.29% | 14.85% | -11.90% | 19.83% |
| Dec 31, 2007 | 12.25% | 12.56% | 6.69% | 16.78% |
| Dec 31, 2006 | 14.47% | 12.92% | 9.44% | 18.04% |
| Dec 31, 2005 | 10.97% | 11.20% | 12.64% | 17.34% |
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., ROA, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Valero Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2023 | 14.01% | 9.31% |
| Dec 31, 2022 | 18.90% | 15.25% |
| Dec 31, 2021 | 1.61% | 6.99% |
| Dec 31, 2020 | -2.74% | -4.83% |
| Dec 31, 2019 | 4.50% | 3.65% |
| Dec 31, 2018 | 6.22% | 6.26% |
| Dec 31, 2017 | 8.10% | 4.15% |
| Dec 31, 2016 | 4.96% | 0.55% |
| Dec 31, 2015 | 9.00% | 2.33% |
| Dec 31, 2014 | 7.97% | 8.01% |
| Dec 31, 2013 | 5.76% | 8.79% |
| Dec 31, 2012 | 4.68% | 11.62% |
| Dec 31, 2011 | 4.89% | 11.59% |
| Dec 31, 2010 | 0.86% | 9.45% |
| Dec 31, 2009 | -5.56% | 6.29% |
| Dec 31, 2008 | -3.29% | 9.80% |
| Dec 31, 2007 | 12.25% | 12.52% |
| Dec 31, 2006 | 14.47% | 13.98% |
| Dec 31, 2005 | 10.97% | 14.45% |
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., ROA, long-term trends, comparison to industry (energy)
| Valero Energy Corp. | Energy | |
|---|---|---|
| Dec 31, 2023 | 14.01% | 9.28% |
| Dec 31, 2022 | 18.90% | 14.84% |
| Dec 31, 2021 | 1.61% | 6.84% |
| Dec 31, 2020 | -2.74% | -6.08% |
| Dec 31, 2019 | 4.50% | 1.97% |
| Dec 31, 2018 | 6.22% | 5.95% |
| Dec 31, 2017 | 8.10% | 3.55% |
| Dec 31, 2016 | 4.96% | 0.27% |
| Dec 31, 2015 | 9.00% | 2.39% |
| Dec 31, 2014 | 7.97% | 8.02% |
| Dec 31, 2013 | 5.76% | 8.90% |
| Dec 31, 2012 | 4.68% | 11.40% |
| Dec 31, 2011 | 4.89% | 11.40% |
| Dec 31, 2010 | 0.86% | 9.36% |
| Dec 31, 2009 | -5.56% | 6.46% |
| Dec 31, 2008 | -3.29% | 10.21% |
| Dec 31, 2007 | 12.25% | 12.80% |
| Dec 31, 2006 | 14.47% | 14.07% |
| Dec 31, 2005 | 10.97% | 14.36% |
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).