Stock Analysis on Net
Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

This company has been moved to the archive! The financial data has not been updated since October 30, 2024.

Total Asset Turnover
since 2005

Microsoft Excel

Calculation

Valero Energy Corp., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Revenues1 ÷ Total assets1
Dec 31, 2023 2.30 = 144,766 ÷ 63,056
Dec 31, 2022 2.89 = 176,383 ÷ 60,982
Dec 31, 2021 1.97 = 113,977 ÷ 57,888
Dec 31, 2020 1.25 = 64,912 ÷ 51,774
Dec 31, 2019 2.01 = 108,324 ÷ 53,864
Dec 31, 2018 2.33 = 117,033 ÷ 50,155
Dec 31, 2017 1.87 = 93,980 ÷ 50,158
Dec 31, 2016 1.64 = 75,659 ÷ 46,173
Dec 31, 2015 1.98 = 87,804 ÷ 44,343
Dec 31, 2014 2.87 = 130,844 ÷ 45,550
Dec 31, 2013 2.92 = 138,074 ÷ 47,260
Dec 31, 2012 3.13 = 139,250 ÷ 44,477
Dec 31, 2011 2.94 = 125,987 ÷ 42,783
Dec 31, 2010 2.19 = 82,233 ÷ 37,621
Dec 31, 2009 1.91 = 68,144 ÷ 35,629
Dec 31, 2008 3.46 = 119,114 ÷ 34,417
Dec 31, 2007 2.23 = 95,327 ÷ 42,722
Dec 31, 2006 2.43 = 91,833 ÷ 37,753
Dec 31, 2005 2.51 = 82,162 ÷ 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 total asset turnover ratio exhibits significant volatility over the analyzed 19-year period, reflecting the impact of fluctuating revenues against a generally expanding asset base. While the ratio has oscillated between a peak of 3.46 and a minimum of 1.25, the overarching pattern suggests a strong correlation between top-line revenue swings and the efficiency of asset utilization.

Revenue-Driven Volatility
Peaks in asset turnover are closely aligned with surges in revenue. The highest efficiency was recorded in 2008 at 3.46, coinciding with a significant revenue increase to US$ 119,114 million. A similar pattern occurred in 2022, where revenue reached its period high of US$ 176,383 million, driving the turnover ratio up to 2.89.
Asset Base Expansion
Total assets grew steadily from US$ 32,728 million in 2005 to US$ 63,056 million in 2023. This long-term increase in the asset base indicates that maintaining or increasing turnover ratios requires proportionally larger revenue growth. The consistent rise in assets suggests a strategic commitment to capacity expansion and infrastructure investment over nearly two decades.
Cyclical Downturns
Significant contractions in asset turnover are observable during periods of revenue decline. The ratio dropped to 1.91 in 2009 and reached its lowest point of 1.25 in 2020. Because these declines occurred while total assets remained relatively stable or grew, the data highlights that asset efficiency is highly sensitive to external market conditions and demand shocks rather than changes in the asset structure.
Recent Recovery and Stabilization
Following the 2020 trough, the turnover ratio showed a rapid recovery, climbing to 2.89 in 2022 before moderating to 2.30 in 2023. This recent movement suggests a return to historical mean efficiency levels, although the ratio remains lower than the peaks observed during the 2008 and 2012-2014 periods.

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Comparison to Competitors

Valero Energy Corp., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
Valero Energy Corp. Chevron Corp. ConocoPhillips Exxon Mobil Corp.
Dec 31, 2023 2.30 0.75 0.59 0.89
Dec 31, 2022 2.89 0.91 0.84 1.08
Dec 31, 2021 1.97 0.65 0.51 0.82
Dec 31, 2020 1.25 0.39 0.30 0.54
Dec 31, 2019 2.01 0.59 0.46 0.70
Dec 31, 2018 2.33 0.63 0.52 0.81
Dec 31, 2017 1.87 0.53 0.40 0.68
Dec 31, 2016 1.64 0.42 0.26 0.66
Dec 31, 2015 1.98 0.49 0.30 0.77
Dec 31, 2014 2.87 0.75 0.45 1.13
Dec 31, 2013 2.92 0.87 0.46 1.21
Dec 31, 2012 3.13 0.99 0.49 1.36
Dec 31, 2011 2.94 1.17 1.60 1.41
Dec 31, 2010 2.19 1.07 1.21 1.22
Dec 31, 2009 1.91 1.02 0.98 1.29
Dec 31, 2008 3.46 1.64 1.69 2.02
Dec 31, 2007 2.23 1.44 1.05 1.61
Dec 31, 2006 2.43 1.54 1.11 1.67
Dec 31, 2005 2.51 1.54 1.68 1.72

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., total asset turnover, long-term trends, comparison to sector (oil, gas & consumable fuels)

Microsoft Excel
Valero Energy Corp. Oil, Gas & Consumable Fuels
Dec 31, 2023 2.30 0.80
Dec 31, 2022 2.89 0.99
Dec 31, 2021 1.97 0.71
Dec 31, 2020 1.25 0.46
Dec 31, 2019 2.01 0.64
Dec 31, 2018 2.33 0.71
Dec 31, 2017 1.87 0.59
Dec 31, 2016 1.64 0.52
Dec 31, 2015 1.98 0.60
Dec 31, 2014 2.87 0.88
Dec 31, 2013 2.92 0.97
Dec 31, 2012 3.13 1.08
Dec 31, 2011 2.94 1.38
Dec 31, 2010 2.19 1.18
Dec 31, 2009 1.91 1.12
Dec 31, 2008 3.46 1.81
Dec 31, 2007 2.23 1.39
Dec 31, 2006 2.43 1.46
Dec 31, 2005 2.51 1.66

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., total asset turnover, long-term trends, comparison to industry (energy)

Microsoft Excel
Valero Energy Corp. Energy
Dec 31, 2023 2.30 0.79
Dec 31, 2022 2.89 0.97
Dec 31, 2021 1.97 0.71
Dec 31, 2020 1.25 0.47
Dec 31, 2019 2.01 0.63
Dec 31, 2018 2.33 0.69
Dec 31, 2017 1.87 0.58
Dec 31, 2016 1.64 0.50
Dec 31, 2015 1.98 0.59
Dec 31, 2014 2.87 0.87
Dec 31, 2013 2.92 0.94
Dec 31, 2012 3.13 1.05
Dec 31, 2011 2.94 1.33
Dec 31, 2010 2.19 1.13
Dec 31, 2009 1.91 1.10
Dec 31, 2008 3.46 1.76
Dec 31, 2007 2.23 1.37
Dec 31, 2006 2.43 1.43
Dec 31, 2005 2.51 1.63

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).