Stock Analysis on Net
Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Valero Energy Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 2.30 2.89 1.97 1.25 2.01
Adjusted 2.15 2.62 1.81 1.22 1.92
Liquidity Ratio
Current Ratio
Reported 1.56 1.38 1.26 1.71 1.44
Adjusted 1.82 1.74 1.57 1.85 1.63
Solvency Ratios
Debt to Equity
Reported 0.44 0.49 0.75 0.78 0.44
Adjusted 0.33 0.34 0.50 0.60 0.36
Debt to Capital
Reported 0.30 0.33 0.43 0.44 0.31
Adjusted 0.25 0.26 0.33 0.38 0.27
Financial Leverage
Reported 2.39 2.59 3.14 2.75 2.47
Adjusted 1.76 1.82 2.09 2.02 1.87
Profitability Ratios
Net Profit Margin
Reported 6.10% 6.54% 0.82% -2.19% 2.24%
Adjusted 5.48% 7.19% 4.64% -3.14% 3.85%
Return on Equity (ROE)
Reported 33.53% 48.93% 5.05% -7.56% 11.11%
Adjusted 20.71% 34.24% 17.49% -7.76% 13.83%
Return on Assets (ROA)
Reported 14.01% 18.90% 1.61% -2.74% 4.50%
Adjusted 11.75% 18.83% 8.38% -3.83% 7.40%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Valero Energy Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Valero Energy Corp. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Valero Energy Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Valero Energy Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Valero Energy Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Valero Energy Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Valero Energy Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Valero Energy Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Valero Energy Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenues, includes excise taxes on sales by certain of foreign operations 144,766 176,383 113,977 64,912 108,324
Total assets 63,056 60,982 57,888 51,774 53,864
Activity Ratio
Total asset turnover1 2.30 2.89 1.97 1.25 2.01
Adjusted
Selected Financial Data (US$ in millions)
Revenues, includes excise taxes on sales by certain of foreign operations 144,766 176,383 113,977 64,912 108,324
Adjusted total assets2 67,484 67,312 63,116 53,121 56,400
Activity Ratio
Adjusted total asset turnover3 2.15 2.62 1.81 1.22 1.92

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).

1 2023 Calculation
Total asset turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Total assets
= 144,766 ÷ 63,056 = 2.30

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Adjusted total assets
= 144,766 ÷ 67,484 = 2.15

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Valero Energy Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 26,221 24,133 21,165 15,844 18,969
Current liabilities 16,802 17,461 16,851 9,283 13,160
Liquidity Ratio
Current ratio1 1.56 1.38 1.26 1.71 1.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 30,649 30,463 26,393 17,191 21,505
Current liabilities 16,802 17,461 16,851 9,283 13,160
Liquidity Ratio
Adjusted current ratio3 1.82 1.74 1.57 1.85 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).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 26,221 ÷ 16,802 = 1.56

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 30,649 ÷ 16,802 = 1.82

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Valero Energy Corp. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 11,524 11,635 13,870 14,677 9,672
Total Valero Energy Corporation stockholders’ equity 26,346 23,561 18,430 18,801 21,803
Solvency Ratio
Debt to equity1 0.44 0.49 0.75 0.78 0.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 12,637 12,722 15,125 15,847 10,962
Adjusted total equity3 38,301 37,015 30,255 26,264 30,175
Solvency Ratio
Adjusted debt to equity4 0.33 0.34 0.50 0.60 0.36

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).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Valero Energy Corporation stockholders’ equity
= 11,524 ÷ 26,346 = 0.44

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 12,637 ÷ 38,301 = 0.33

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Valero Energy Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 11,524 11,635 13,870 14,677 9,672
Total capital 37,870 35,196 32,300 33,478 31,475
Solvency Ratio
Debt to capital1 0.30 0.33 0.43 0.44 0.31
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 12,637 12,722 15,125 15,847 10,962
Adjusted total capital3 50,938 49,737 45,380 42,111 41,137
Solvency Ratio
Adjusted debt to capital4 0.25 0.26 0.33 0.38 0.27

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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 11,524 ÷ 37,870 = 0.30

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 12,637 ÷ 50,938 = 0.25

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Valero Energy Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 63,056 60,982 57,888 51,774 53,864
Total Valero Energy Corporation stockholders’ equity 26,346 23,561 18,430 18,801 21,803
Solvency Ratio
Financial leverage1 2.39 2.59 3.14 2.75 2.47
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 67,484 67,312 63,116 53,121 56,400
Adjusted total equity3 38,301 37,015 30,255 26,264 30,175
Solvency Ratio
Adjusted financial leverage4 1.76 1.82 2.09 2.02 1.87

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).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Valero Energy Corporation stockholders’ equity
= 63,056 ÷ 26,346 = 2.39

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 67,484 ÷ 38,301 = 1.76

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Valero Energy Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Valero Energy Corporation stockholders 8,835 11,528 930 (1,421) 2,422
Revenues, includes excise taxes on sales by certain of foreign operations 144,766 176,383 113,977 64,912 108,324
Profitability Ratio
Net profit margin1 6.10% 6.54% 0.82% -2.19% 2.24%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 7,931 12,674 5,291 (2,037) 4,174
Revenues, includes excise taxes on sales by certain of foreign operations 144,766 176,383 113,977 64,912 108,324
Profitability Ratio
Adjusted net profit margin3 5.48% 7.19% 4.64% -3.14% 3.85%

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).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to Valero Energy Corporation stockholders ÷ Revenues, includes excise taxes on sales by certain of foreign operations
= 100 × 8,835 ÷ 144,766 = 6.10%

2 Adjusted net income (loss). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenues, includes excise taxes on sales by certain of foreign operations
= 100 × 7,931 ÷ 144,766 = 5.48%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Valero Energy Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Valero Energy Corporation stockholders 8,835 11,528 930 (1,421) 2,422
Total Valero Energy Corporation stockholders’ equity 26,346 23,561 18,430 18,801 21,803
Profitability Ratio
ROE1 33.53% 48.93% 5.05% -7.56% 11.11%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 7,931 12,674 5,291 (2,037) 4,174
Adjusted total equity3 38,301 37,015 30,255 26,264 30,175
Profitability Ratio
Adjusted ROE4 20.71% 34.24% 17.49% -7.76% 13.83%

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).

1 2023 Calculation
ROE = 100 × Net income (loss) attributable to Valero Energy Corporation stockholders ÷ Total Valero Energy Corporation stockholders’ equity
= 100 × 8,835 ÷ 26,346 = 33.53%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 7,931 ÷ 38,301 = 20.71%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Valero Energy Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Valero Energy Corporation stockholders 8,835 11,528 930 (1,421) 2,422
Total assets 63,056 60,982 57,888 51,774 53,864
Profitability Ratio
ROA1 14.01% 18.90% 1.61% -2.74% 4.50%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 7,931 12,674 5,291 (2,037) 4,174
Adjusted total assets3 67,484 67,312 63,116 53,121 56,400
Profitability Ratio
Adjusted ROA4 11.75% 18.83% 8.38% -3.83% 7.40%

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).

1 2023 Calculation
ROA = 100 × Net income (loss) attributable to Valero Energy Corporation stockholders ÷ Total assets
= 100 × 8,835 ÷ 63,056 = 14.01%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 7,931 ÷ 67,484 = 11.75%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Valero Energy Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.