Stock Analysis on Net
Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

This company has been moved to the archive! The financial data has not been updated since October 30, 2024.

Enterprise Value (EV) 

Microsoft Excel

Current Enterprise Value (EV)

Valero Energy Corp., current enterprise value calculation

Microsoft Excel
Current share price (P) $128.73
No. shares of common stock outstanding 316,585,228
US$ in millions
Common equity (market value)1 40,754
Add: Noncontrolling interests (per books) 2,178
Total equity 42,932
Add: Current portion of debt and finance lease obligations (per books) 1,406
Add: Debt and finance lease obligations, less current portion (per books) 10,118
Total equity and debt 54,456
Less: Cash and cash equivalents 5,424
Enterprise value (EV) 49,032

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

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 128.73 × 316,585,228

Historical Enterprise Value (EV)

Valero Energy Corp., EV calculation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Share price1, 2 $139.78 $132.43 $85.84 $75.81 $71.72
No. shares of common stock outstanding1 332,481,908 371,150,836 409,303,630 408,562,891 409,337,126
US$ in millions
Common equity (market value)3 46,474 49,152 35,135 30,973 29,358
Add: Noncontrolling interests (book value) 2,178 1,907 1,387 841 733
Total equity 48,652 51,059 36,522 31,814 30,091
Add: Current portion of debt and finance lease obligations (book value) 1,406 1,109 1,264 723 494
Add: Debt and finance lease obligations, less current portion (book value) 10,118 10,526 12,606 13,954 9,178
Total equity and debt 60,176 62,694 50,392 46,491 39,763
Less: Cash and cash equivalents 5,424 4,862 4,122 3,313 2,583
Enterprise value (EV) 54,752 57,832 46,270 43,178 37,180

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 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Valero Energy Corp. Annual Report.

3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 139.78 × 332,481,908

Common Equity (Market Value)
Common equity demonstrated a general upward trajectory from 2019 to 2022, rising from $29,358 million to $49,152 million, which represents a notable increase over the period. However, in 2023, there was a slight decline to $46,474 million, indicating a minor contraction after years of growth.
Total Equity
Total equity followed a similar pattern to common equity, increasing steadily from $30,091 million in 2019 to $51,059 million in 2022. This growth indicates strengthening shareholder value and capital base over the four-year period. In 2023, total equity decreased slightly to $48,652 million, mirroring the decline in common equity.
Total Equity and Debt
The combined total of equity and debt showed consistent growth from $39,763 million in 2019 to $62,694 million in 2022, pointing to an overall increase in company financing and leverage. However, in 2023, this figure declined to $60,176 million, suggesting a modest reduction in total capital employed.
Enterprise Value (EV)
Enterprise value increased steadily from $37,180 million in 2019 to $57,832 million in 2022, reflecting positive market valuation trends and potentially increased operational scale or profitability. Similar to the patterns observed in equity and capital structure, EV then fell to $54,752 million in 2023, indicating a slight decrease in market valuation or adjusted capital structure.
Overall Trends and Insights
Between 2019 and 2022, the company showed continuous growth in market valuation, equity base, and total capitalization, signaling expansion and enhanced financial strength. The declines observed in 2023 across common equity, total equity, total equity and debt, and enterprise value suggest a shift in market conditions or internal factors leading to a modest contraction after a period of growth. The close correlation between equity values and enterprise value indicates consistency in market perception and underlying fundamentals over the examined period.