Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

Analysis of Reportable Segments

Microsoft Excel

Segment Profit Margin

Valero Energy Corp., profit margin by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refining 8.43% 9.39% 1.74% -2.21% 3.88%
Renewable Diesel 12.19% 14.07% 30.27% 50.36% 60.15%
Ethanol 9.95% 2.01% 8.46% -2.13% 0.08%

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).

Segment profitability ratio Reportable segment The company
Segment profit margin Refining Refining segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Renewable Diesel Renewable Diesel segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Ethanol Ethanol segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Segment Profit Margin: Refining

Valero Energy Corp.; Refining; segment profit margin calculation

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) 11,511 15,803 1,862 (1,342) 4,022
Revenues 136,488 168,210 106,961 60,848 103,764
Segment Profitability Ratio
Segment profit margin1 8.43% 9.39% 1.74% -2.21% 3.88%

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
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 11,511 ÷ 136,488 = 8.43%

Segment profitability ratio Reportable segment The company
Segment profit margin Refining Refining segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment Profit Margin: Renewable Diesel

Valero Energy Corp.; Renewable Diesel; segment profit margin calculation

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) 852 774 709 638 732
Revenues 6,991 5,501 2,342 1,267 1,217
Segment Profitability Ratio
Segment profit margin1 12.19% 14.07% 30.27% 50.36% 60.15%

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
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 852 ÷ 6,991 = 12.19%

Segment profitability ratio Reportable segment The company
Segment profit margin Renewable Diesel Renewable Diesel segment profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Segment Profit Margin: Ethanol

Valero Energy Corp.; Ethanol; segment profit margin calculation

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) 553 110 473 (69) 3
Revenues 5,559 5,486 5,589 3,243 3,837
Segment Profitability Ratio
Segment profit margin1 9.95% 2.01% 8.46% -2.13% 0.08%

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
Segment profit margin = 100 × Operating income (loss) ÷ Revenues
= 100 × 553 ÷ 5,559 = 9.95%

Segment profitability ratio Reportable segment The company
Segment profit margin Ethanol Ethanol segment profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Segment Return on Assets (Segment ROA)

Valero Energy Corp., ROA by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refining 23.48% 32.59% 3.93% -3.13% 8.55%
Renewable Diesel 14.72% 14.84% 20.63% 38.46% 51.84%
Ethanol 35.70% 7.09% 26.10% -3.99% 0.19%

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).

Segment profitability ratio Reportable segment The company
Segment ROA Refining Refining segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Renewable Diesel Renewable Diesel segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023.
Ethanol Ethanol segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Segment ROA: Refining

Valero Energy Corp.; Refining; segment ROA calculation

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) 11,511 15,803 1,862 (1,342) 4,022
Total assets 49,031 48,484 47,365 42,939 47,067
Segment Profitability Ratio
Segment ROA1 23.48% 32.59% 3.93% -3.13% 8.55%

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
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 11,511 ÷ 49,031 = 23.48%

Segment profitability ratio Reportable segment The company
Segment ROA Refining Refining segment ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Segment ROA: Renewable Diesel

Valero Energy Corp.; Renewable Diesel; segment ROA calculation

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) 852 774 709 638 732
Total assets 5,790 5,217 3,437 1,659 1,412
Segment Profitability Ratio
Segment ROA1 14.72% 14.84% 20.63% 38.46% 51.84%

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
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 852 ÷ 5,790 = 14.72%

Segment profitability ratio Reportable segment The company
Segment ROA Renewable Diesel Renewable Diesel segment ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Segment ROA: Ethanol

Valero Energy Corp.; Ethanol; segment ROA calculation

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) 553 110 473 (69) 3
Total assets 1,549 1,551 1,812 1,728 1,615
Segment Profitability Ratio
Segment ROA1 35.70% 7.09% 26.10% -3.99% 0.19%

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
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 553 ÷ 1,549 = 35.70%

Segment profitability ratio Reportable segment The company
Segment ROA Ethanol Ethanol segment ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Segment Asset Turnover

Valero Energy Corp., asset turnover by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refining 2.78 3.47 2.26 1.42 2.20
Renewable Diesel 1.21 1.05 0.68 0.76 0.86
Ethanol 3.59 3.54 3.08 1.88 2.38

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).

Segment activity ratio Reportable segment The company
Segment asset turnover Refining Refining segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Renewable Diesel Renewable Diesel segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Ethanol Ethanol segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Asset Turnover: Refining

Valero Energy Corp.; Refining; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 136,488 168,210 106,961 60,848 103,764
Total assets 49,031 48,484 47,365 42,939 47,067
Segment Activity Ratio
Segment asset turnover1 2.78 3.47 2.26 1.42 2.20

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
Segment asset turnover = Revenues ÷ Total assets
= 136,488 ÷ 49,031 = 2.78

Segment activity ratio Reportable segment The company
Segment asset turnover Refining Refining segment asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Segment Asset Turnover: Renewable Diesel

Valero Energy Corp.; Renewable Diesel; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 6,991 5,501 2,342 1,267 1,217
Total assets 5,790 5,217 3,437 1,659 1,412
Segment Activity Ratio
Segment asset turnover1 1.21 1.05 0.68 0.76 0.86

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
Segment asset turnover = Revenues ÷ Total assets
= 6,991 ÷ 5,790 = 1.21

Segment activity ratio Reportable segment The company
Segment asset turnover Renewable Diesel Renewable Diesel segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Asset Turnover: Ethanol

Valero Energy Corp.; Ethanol; segment asset turnover calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Revenues 5,559 5,486 5,589 3,243 3,837
Total assets 1,549 1,551 1,812 1,728 1,615
Segment Activity Ratio
Segment asset turnover1 3.59 3.54 3.08 1.88 2.38

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
Segment asset turnover = Revenues ÷ Total assets
= 5,559 ÷ 1,549 = 3.59

Segment activity ratio Reportable segment The company
Segment asset turnover Ethanol Ethanol segment asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation

Valero Energy Corp., capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refining 0.63 0.78 0.63 0.86 1.25
Renewable Diesel 1.27 7.20 18.09 12.45 3.20
Ethanol 0.54 0.37 0.14 0.19 0.52

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).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Refining Refining segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Renewable Diesel Renewable Diesel segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Ethanol Ethanol segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Refining

Valero Energy Corp.; Refining; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Total expenditures for long-lived assets 1,488 1,763 1,374 1,838 2,581
Depreciation and amortization expense 2,351 2,247 2,169 2,138 2,062
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.63 0.78 0.63 0.86 1.25

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
Segment capital expenditures to depreciation = Total expenditures for long-lived assets ÷ Depreciation and amortization expense
= 1,488 ÷ 2,351 = 0.63

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Refining Refining segment capital expenditures to depreciation ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Renewable Diesel

Valero Energy Corp.; Renewable Diesel; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Total expenditures for long-lived assets 294 879 1,049 548 160
Depreciation and amortization expense 231 122 58 44 50
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.27 7.20 18.09 12.45 3.20

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
Segment capital expenditures to depreciation = Total expenditures for long-lived assets ÷ Depreciation and amortization expense
= 294 ÷ 231 = 1.27

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Renewable Diesel Renewable Diesel segment capital expenditures to depreciation ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Segment Capital Expenditures to Depreciation: Ethanol

Valero Energy Corp.; Ethanol; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Total expenditures for long-lived assets 43 22 18 23 47
Depreciation and amortization expense 80 59 131 121 90
Segment Financial Ratio
Segment capital expenditures to depreciation1 0.54 0.37 0.14 0.19 0.52

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
Segment capital expenditures to depreciation = Total expenditures for long-lived assets ÷ Depreciation and amortization expense
= 43 ÷ 80 = 0.54

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Ethanol Ethanol segment capital expenditures to depreciation ratio improved from 2021 to 2022 and from 2022 to 2023.

Revenues

Valero Energy Corp., revenues by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refining 136,488 168,210 106,961 60,848 103,764
Renewable Diesel 6,991 5,501 2,342 1,267 1,217
Ethanol 5,559 5,486 5,589 3,243 3,837
Corporate and eliminations (4,272) (2,814) (915) (446) (494)
Total 144,766 176,383 113,977 64,912 108,324

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).


Depreciation and amortization expense

Valero Energy Corp., depreciation and amortization expense by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refining 2,351 2,247 2,169 2,138 2,062
Renewable Diesel 231 122 58 44 50
Ethanol 80 59 131 121 90
Corporate and eliminations 39 45 47 48 53
Total 2,701 2,473 2,405 2,351 2,255

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).


Operating income (loss)

Valero Energy Corp., operating income (loss) by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refining 11,511 15,803 1,862 (1,342) 4,022
Renewable Diesel 852 774 709 638 732
Ethanol 553 110 473 (69) 3
Corporate and eliminations (1,058) (997) (914) (806) (921)
Total 11,858 15,690 2,130 (1,579) 3,836

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).


Total expenditures for long-lived assets

Valero Energy Corp., total expenditures for long-lived assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refining 1,488 1,763 1,374 1,838 2,581
Renewable Diesel 294 879 1,049 548 160
Ethanol 43 22 18 23 47
Corporate and eliminations 91 73 17 27 58
Total 1,916 2,737 2,458 2,436 2,846

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).


Total assets

Valero Energy Corp., total assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Refining 49,031 48,484 47,365 42,939 47,067
Renewable Diesel 5,790 5,217 3,437 1,659 1,412
Ethanol 1,549 1,551 1,812 1,728 1,615
Corporate and eliminations 6,686 5,730 5,274 5,448 3,770
Total 63,056 60,982 57,888 51,774 53,864

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).