Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

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Enterprise Value to FCFF (EV/FCFF)

Microsoft Excel

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Free Cash Flow to The Firm (FCFF)

Valero Energy Corp., FCFF calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to Valero Energy Corporation stockholders
Net income attributable to noncontrolling interests
Net noncash charges
Changes in current assets and current liabilities
Net cash provided by operating activities
Interest paid in excess of amount capitalized, including interest on finance leases, net of tax1
Capitalized interest, net of tax2
Capital expenditures, excluding variable interest entities (VIEs)
Capital expenditures of VIEs
Changes in lease balances resulting from new and modified finance leases
Free cash flow to the firm (FCFF)

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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Valero Energy Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Valero Energy Corp. FCFF increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Interest Paid, Net of Tax

Valero Energy Corp., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR1
Interest Paid, Net of Tax
Interest paid in excess of amount capitalized, including interest on finance leases, before tax
Less: Interest paid in excess of amount capitalized, including interest on finance leases, tax2
Interest paid in excess of amount capitalized, including interest on finance leases, net of tax
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax
Less: Capitalized interest, tax3
Capitalized interest, net of tax

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 See details »

2 2023 Calculation
Interest paid in excess of amount capitalized, including interest on finance leases, tax = Interest paid in excess of amount capitalized, including interest on finance leases × EITR
= × =

3 2023 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= × =


Enterprise Value to FCFF Ratio, Current

Valero Energy Corp., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Valuation Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors1
Chevron Corp.
ConocoPhillips
Exxon Mobil Corp.
Marathon Petroleum Corp.
Occidental Petroleum Corp.
EV/FCFF, Sector
Oil, Gas & Consumable Fuels
EV/FCFF, Industry
Energy

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Valero Energy Corp., historical EV/FCFF 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)
Enterprise value (EV)1
Free cash flow to the firm (FCFF)2
Valuation Ratio
EV/FCFF3
Benchmarks
EV/FCFF, Competitors4
Chevron Corp.
ConocoPhillips
Exxon Mobil Corp.
Marathon Petroleum Corp.
Occidental Petroleum Corp.
EV/FCFF, Sector
Oil, Gas & Consumable Fuels
EV/FCFF, Industry
Energy

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 See details »

2 See details »

3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Valero Energy Corp. EV/FCFF ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.