Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

Analysis of Long-term (Investment) Activity Ratios 

Microsoft Excel LibreOffice Calc

Long-term Activity Ratios (Summary)

Valero Energy Corp., long-term (investment) activity ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net fixed asset turnover 3.69 2.14 3.70 4.06 3.42
Net fixed asset turnover (including operating lease, right-of-use asset) 3.55 2.05 3.54 4.06 3.42
Total asset turnover 1.97 1.25 2.01 2.33 1.87
Equity turnover 6.18 3.45 4.97 5.40 4.27

Based on: 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).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Valero Energy Corp. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Valero Energy Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Valero Energy Corp. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Valero Energy Corp. equity turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Net Fixed Asset Turnover

Valero Energy Corp., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenues, includes excise taxes on sales by certain of foreign operations 113,977  64,912  108,324  117,033  93,980 
Property, plant, and equipment, net 30,847  30,389  29,264  28,848  27,480 
Long-term Activity Ratio
Net fixed asset turnover1 3.69 2.14 3.70 4.06 3.42
Benchmarks
Net Fixed Asset Turnover, Competitors2
Chevron Corp. 1.06 0.60 0.93 0.94 0.76
ConocoPhillips 0.71 0.47 0.77 0.80 0.64
Devon Energy Corp. 0.80 0.86 0.71 0.77 0.66
Exxon Mobil Corp. 1.28 0.78 1.01 1.13 0.94
Marathon Oil Corp. 0.39 0.20 0.30 0.35 0.25
Occidental Petroleum Corp. 0.43 0.27 0.25 0.57 0.40
Pioneer Natural Resources Co. 0.60 0.44 0.60 0.63 0.39
Net Fixed Asset Turnover, Sector
Oil, Gas & Consumable Fuels 1.13 0.70 0.97 1.12 0.90

Based on: 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).

1 2021 Calculation
Net fixed asset turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Property, plant, and equipment, net
= 113,977 ÷ 30,847 = 3.69

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Valero Energy Corp. net fixed asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Valero Energy Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenues, includes excise taxes on sales by certain of foreign operations 113,977  64,912  108,324  117,033  93,980 
 
Property, plant, and equipment, net 30,847  30,389  29,264  28,848  27,480 
Operating lease ROU assets, net 1,284  1,204  1,329  —  — 
Property, plant, and equipment, net (including operating lease, right-of-use asset) 32,131  31,593  30,593  28,848  27,480 
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 3.55 2.05 3.54 4.06 3.42
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Chevron Corp. 1.03 0.59 0.90 0.94 0.76
ConocoPhillips 0.70 0.46 0.75 0.80 0.64
Devon Energy Corp. 0.80 0.86 0.70 0.77 0.66
Exxon Mobil Corp. 1.24 0.76 0.98 1.13 0.94
Marathon Oil Corp. 0.38 0.20 0.29 0.35 0.25
Occidental Petroleum Corp. 0.43 0.27 0.25 0.57 0.40
Pioneer Natural Resources Co. 0.59 0.43 0.59 0.63 0.39
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Oil, Gas & Consumable Fuels 1.10 0.68 0.94 1.12 0.90

Based on: 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).

1 2021 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Property, plant, and equipment, net (including operating lease, right-of-use asset)
= 113,977 ÷ 32,131 = 3.55

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Valero Energy Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Total Asset Turnover

Valero Energy Corp., total asset turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenues, includes excise taxes on sales by certain of foreign operations 113,977  64,912  108,324  117,033  93,980 
Total assets 57,888  51,774  53,864  50,155  50,158 
Long-term Activity Ratio
Total asset turnover1 1.97 1.25 2.01 2.33 1.87
Benchmarks
Total Asset Turnover, Competitors2
Chevron Corp. 0.65 0.39 0.59 0.63 0.53
ConocoPhillips 0.51 0.30 0.46 0.52 0.40
Devon Energy Corp. 0.58 0.49 0.45 0.55 0.46
Exxon Mobil Corp. 0.82 0.54 0.70 0.81 0.68
Marathon Oil Corp. 0.33 0.17 0.25 0.28 0.20
Occidental Petroleum Corp. 0.35 0.22 0.19 0.41 0.30
Pioneer Natural Resources Co. 0.49 0.37 0.51 0.52 0.31
Total Asset Turnover, Sector
Oil, Gas & Consumable Fuels 0.75 0.48 0.65 0.77 0.63

Based on: 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).

1 2021 Calculation
Total asset turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Total assets
= 113,977 ÷ 57,888 = 1.97

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Valero Energy Corp. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Equity Turnover

Valero Energy Corp., equity turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenues, includes excise taxes on sales by certain of foreign operations 113,977  64,912  108,324  117,033  93,980 
Total Valero Energy Corporation stockholders’ equity 18,430  18,801  21,803  21,667  21,991 
Long-term Activity Ratio
Equity turnover1 6.18 3.45 4.97 5.40 4.27
Benchmarks
Equity Turnover, Competitors2
Chevron Corp. 1.12 0.72 0.97 1.03 0.91
ConocoPhillips 1.01 0.63 0.93 1.14 0.95
Devon Energy Corp. 1.32 1.67 1.07 1.17 1.51
Exxon Mobil Corp. 1.64 1.14 1.33 1.46 1.26
Marathon Oil Corp. 0.52 0.29 0.42 0.49 0.37
Occidental Petroleum Corp. 1.28 0.96 0.60 0.84 0.61
Pioneer Natural Resources Co. 0.78 0.61 0.80 0.77 0.47
Equity Turnover, Sector
Oil, Gas & Consumable Fuels 1.50 1.02 1.26 1.40 1.20

Based on: 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).

1 2021 Calculation
Equity turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Total Valero Energy Corporation stockholders’ equity
= 113,977 ÷ 18,430 = 6.18

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Valero Energy Corp. equity turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.