Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

Analysis of Profitability Ratios

Microsoft Excel

Profitability Ratios (Summary)

Valero Energy Corp., profitability ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Return on Sales
Gross profit margin 8.93% 9.52% 2.75% -1.14% 4.41%
Operating profit margin 8.19% 8.90% 1.87% -2.43% 3.54%
Net profit margin 6.10% 6.54% 0.82% -2.19% 2.24%
Return on Investment
Return on equity (ROE) 33.53% 48.93% 5.05% -7.56% 11.11%
Return on assets (ROA) 14.01% 18.90% 1.61% -2.74% 4.50%

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).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Valero Energy Corp. gross profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Valero Energy Corp. operating profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Valero Energy Corp. net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Valero Energy Corp. ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
ROA A profitability ratio calculated as net income divided by total assets. Valero Energy Corp. ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Gross Profit Margin

Valero Energy Corp., gross profit margin 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)
Gross profit (loss) 12,932 16,796 3,129 (740) 4,778
Revenues, includes excise taxes on sales by certain of foreign operations 144,766 176,383 113,977 64,912 108,324
Profitability Ratio
Gross profit margin1 8.93% 9.52% 2.75% -1.14% 4.41%
Benchmarks
Gross Profit Margin, Competitors2
Marathon Petroleum Corp. 13.35% 14.53% 8.31% 5.80% 11.06%

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
Gross profit margin = 100 × Gross profit (loss) ÷ Revenues, includes excise taxes on sales by certain of foreign operations
= 100 × 12,932 ÷ 144,766 = 8.93%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. Valero Energy Corp. gross profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Operating Profit Margin

Valero Energy Corp., operating profit margin 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)
Operating income (loss) 11,858 15,690 2,130 (1,579) 3,836
Revenues, includes excise taxes on sales by certain of foreign operations 144,766 176,383 113,977 64,912 108,324
Profitability Ratio
Operating profit margin1 8.19% 8.90% 1.87% -2.43% 3.54%
Benchmarks
Operating Profit Margin, Competitors2
Chevron Corp. 15.37% 21.42% 14.81% -6.22% 4.83%
ConocoPhillips 30.57% 36.80% 29.84% -12.74% 32.04%
Exxon Mobil Corp. 16.24% 19.82% 11.91% -14.85% 8.66%
Marathon Petroleum Corp. 9.78% 12.10% 3.58% -17.55% 4.50%
Occidental Petroleum Corp. 24.21% 38.32% 17.59% -79.89% 3.17%
Pioneer Natural Resources Co. 33.71% 42.04% 18.56% 2.69% 16.09%
Operating Profit Margin, Sector
Oil, Gas & Consumable Fuels 15.24% 19.49% 11.11% -13.88% 7.38%
Operating Profit Margin, Industry
Energy 15.28% 19.38% 11.14% -15.51% 5.64%

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
Operating profit margin = 100 × Operating income (loss) ÷ Revenues, includes excise taxes on sales by certain of foreign operations
= 100 × 11,858 ÷ 144,766 = 8.19%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. Valero Energy Corp. operating profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Net Profit Margin

Valero Energy Corp., net profit margin 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)
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%
Benchmarks
Net Profit Margin, Competitors2
Chevron Corp. 10.85% 15.05% 10.04% -5.87% 2.09%
ConocoPhillips 19.52% 23.80% 17.63% -14.38% 22.07%
Exxon Mobil Corp. 10.76% 13.98% 8.33% -12.57% 5.61%
Marathon Petroleum Corp. 6.52% 8.18% 8.12% -14.08% 2.13%
Occidental Petroleum Corp. 16.62% 36.32% 8.95% -83.28% -3.27%
Pioneer Natural Resources Co. 25.26% 32.17% 11.85% -2.85% 7.82%
Net Profit Margin, Sector
Oil, Gas & Consumable Fuels 10.39% 13.93% 8.18% -12.62% 4.29%
Net Profit Margin, Industry
Energy 10.47% 13.89% 8.18% -14.21% 2.69%

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 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. Valero Energy Corp. net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Return on Equity (ROE)

Valero Energy Corp., ROE 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)
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%
Benchmarks
ROE, Competitors2
Chevron Corp. 13.28% 22.27% 11.24% -4.21% 2.03%
ConocoPhillips 22.23% 38.91% 17.79% -9.05% 20.55%
Exxon Mobil Corp. 17.58% 28.58% 13.67% -14.28% 7.48%
Marathon Petroleum Corp. 39.67% 52.38% 37.16% -44.26% 7.83%
Occidental Petroleum Corp. 15.52% 44.22% 11.42% -79.85% -1.95%
Pioneer Natural Resources Co. 21.12% 34.80% 9.27% -1.73% 6.24%
ROE, Sector
Oil, Gas & Consumable Fuels 18.57% 31.03% 14.03% -14.61% 6.26%
ROE, Industry
Energy 18.66% 30.64% 13.98% -16.79% 3.92%

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
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 Click competitor name to see calculations.

Profitability ratio Description The company
ROE A profitability ratio calculated as net income divided by shareholders’ equity. Valero Energy Corp. ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Return on Assets (ROA)

Valero Energy Corp., ROA 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)
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%
Benchmarks
ROA, Competitors2
Chevron Corp. 8.17% 13.76% 6.52% -2.31% 1.23%
ConocoPhillips 11.42% 19.91% 8.91% -4.31% 10.20%
Exxon Mobil Corp. 9.57% 15.10% 6.80% -6.74% 3.95%
Marathon Petroleum Corp. 11.26% 16.15% 11.41% -11.54% 2.68%
Occidental Petroleum Corp. 6.35% 18.32% 3.09% -18.52% -0.61%
Pioneer Natural Resources Co. 13.37% 21.95% 5.75% -1.04% 3.96%
ROA, Sector
Oil, Gas & Consumable Fuels 9.71% 16.03% 6.69% -6.54% 3.11%
ROA, Industry
Energy 9.66% 15.69% 6.60% -7.38% 1.93%

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 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. Valero Energy Corp. ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.