Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 4.79 5.69 3.69 2.14 3.70
Net fixed asset turnover (including operating lease, right-of-use asset) 4.62 5.50 3.55 2.05 3.54
Total asset turnover 2.30 2.89 1.97 1.25 2.01
Equity turnover 5.49 7.49 6.18 3.45 4.97

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).

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
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) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Valero Energy Corp. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Valero Energy Corp. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Net Fixed Asset Turnover

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
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
Property, plant, and equipment, net 30,209 30,978 30,847 30,389 29,264
Long-term Activity Ratio
Net fixed asset turnover1 4.79 5.69 3.69 2.14 3.70
Benchmarks
Net Fixed Asset Turnover, Competitors2
Chevron Corp. 1.28 1.64 1.06 0.60 0.93
ConocoPhillips 0.80 1.21 0.71 0.47 0.77
Exxon Mobil Corp. 1.56 1.95 1.28 0.78 1.01
Marathon Petroleum Corp. 4.23 4.98 3.20 1.79 2.72
Occidental Petroleum Corp. 0.48 0.63 0.43 0.27 0.25
Pioneer Natural Resources Co. 0.58 0.78 0.60 0.44 0.60
Net Fixed Asset Turnover, Sector
Oil, Gas & Consumable Fuels 1.56 1.98 1.29 0.78 1.12
Net Fixed Asset Turnover, Industry
Energy 1.60 2.01 1.31 0.82 1.15

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 fixed asset turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Property, plant, and equipment, net
= 144,766 ÷ 30,209 = 4.79

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

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
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
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
 
Property, plant, and equipment, net 30,209 30,978 30,847 30,389 29,264
Operating lease ROU assets, net 1,136 1,114 1,284 1,204 1,329
Property, plant, and equipment, net (including operating lease, right-of-use asset) 31,345 32,092 32,131 31,593 30,593
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 4.62 5.50 3.55 2.05 3.54
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Chevron Corp. 1.24 1.59 1.03 0.59 0.90
ConocoPhillips 0.79 1.20 0.70 0.46 0.75
Exxon Mobil Corp. 1.51 1.89 1.24 0.76 0.98
Marathon Petroleum Corp. 4.08 4.81 3.09 1.72 2.58
Occidental Petroleum Corp. 0.47 0.62 0.43 0.27 0.25
Pioneer Natural Resources Co. 0.58 0.77 0.59 0.43 0.59
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Oil, Gas & Consumable Fuels 1.52 1.93 1.26 0.76 1.09
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Energy 1.55 1.95 1.28 0.79 1.12

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 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)
= 144,766 ÷ 31,345 = 4.62

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) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Total Asset Turnover

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
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
Long-term Activity Ratio
Total asset turnover1 2.30 2.89 1.97 1.25 2.01
Benchmarks
Total Asset Turnover, Competitors2
Chevron Corp. 0.75 0.91 0.65 0.39 0.59
ConocoPhillips 0.59 0.84 0.51 0.30 0.46
Exxon Mobil Corp. 0.89 1.08 0.82 0.54 0.70
Marathon Petroleum Corp. 1.73 1.97 1.41 0.82 1.26
Occidental Petroleum Corp. 0.38 0.50 0.35 0.22 0.19
Pioneer Natural Resources Co. 0.53 0.68 0.49 0.37 0.51
Total Asset Turnover, Sector
Oil, Gas & Consumable Fuels 0.93 1.15 0.82 0.52 0.73
Total Asset Turnover, Industry
Energy 0.92 1.13 0.81 0.52 0.72

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).

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 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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Equity Turnover

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
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 Valero Energy Corporation stockholders’ equity 26,346 23,561 18,430 18,801 21,803
Long-term Activity Ratio
Equity turnover1 5.49 7.49 6.18 3.45 4.97
Benchmarks
Equity Turnover, Competitors2
Chevron Corp. 1.22 1.48 1.12 0.72 0.97
ConocoPhillips 1.14 1.64 1.01 0.63 0.93
Exxon Mobil Corp. 1.63 2.04 1.64 1.14 1.33
Marathon Petroleum Corp. 6.08 6.40 4.58 3.14 3.68
Occidental Petroleum Corp. 0.93 1.22 1.28 0.96 0.60
Pioneer Natural Resources Co. 0.84 1.08 0.78 0.61 0.80
Equity Turnover, Sector
Oil, Gas & Consumable Fuels 1.79 2.23 1.71 1.16 1.46
Equity Turnover, Industry
Energy 1.78 2.21 1.71 1.18 1.46

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
Equity turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Total Valero Energy Corporation stockholders’ equity
= 144,766 ÷ 26,346 = 5.49

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 improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.