Price to FCFE (P/FCFE)
Paying user area
Try for free
Valero Energy Corp. pages available for free this week:
- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Valero Energy Corp. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Free Cash Flow to Equity (FCFE)
Valero Energy Corp., FCFE calculation
US$ in millions
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).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities exhibited considerable fluctuation over the analyzed periods. There was an initial significant decline from 5,531 million US dollars in 2019 to 948 million US dollars in 2020, indicating a challenging operational environment during that year. However, a strong recovery occurred in 2021 with cash flows rising to 5,859 million US dollars, followed by an even more substantial increase to 12,574 million US dollars in 2022, reflecting enhanced operational efficiency or improved market conditions. In 2023, there was a decrease to 9,229 million US dollars, yet this figure remained high relative to the earlier years, suggesting sustained positive cash generation capacity despite the decline from the previous year.
- Free Cash Flow to Equity (FCFE)
- The FCFE showed a less volatile but generally upward trend over the period. Starting at 3,857 million US dollars in 2019, it slightly decreased to 3,235 million US dollars in 2020 and further to 2,808 million US dollars in 2021, aligning with the contraction observed in operating cash flows during those years. From 2022 onward, FCFE increased sharply to 8,027 million US dollars and slightly improved to 8,051 million US dollars in 2023. This pattern indicates recovery and strengthening in the cash flows available to shareholders after investments and debts, despite some variability in operational cash inflows.
- Overall Financial Trends
- The data suggest a period of initial financial stress in 2020, likely triggered by external or operational challenges. This was followed by robust operational cash flow recovery in the subsequent years, particularly in 2022. The FCFE figures support this positive trend, indicating improved liquidity and capacity to return value to shareholders in recent years. The slight withdrawal in operating cash flow in 2023 did not deter the FCFE, which remained stable, highlighting possible effective capital expenditure and financing strategies maintaining shareholder value.
Price to FCFE Ratio, Current
Valero Energy Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Chevron Corp. | |
| ConocoPhillips | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | |
| P/FCFE, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Valero Energy Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/FCFE, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/FCFE, 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 Data adjusted for splits and stock dividends.
3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Valero Energy Corp. Annual Report.
5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price showed a steady increase from 2019 through 2023. It rose from $71.72 in 2019 to $75.81 in 2020, then to $85.84 in 2021. A significant jump occurred in 2022, pushing the price to $132.43, followed by a moderate increase to $139.78 in 2023. This trend indicates growing investor confidence or improved market conditions for the company over this period.
- FCFE per Share
- Free cash flow to equity (FCFE) per share experienced a decline from 2019 to 2021, decreasing from $9.42 to $6.86. However, in 2022, there was a notable recovery with FCFE per share rising sharply to $21.63 and further increasing to $24.21 in 2023. This suggests an improvement in the company's cash-generating ability available to shareholders in the later years after a period of contraction.
- P/FCFE Ratio
- The price-to-FCFE ratio increased between 2019 and 2021, moving from 7.61 to 12.51, indicating that the share price grew out of proportion relative to the FCFE per share, or that FCFE declined faster than the price increased. From 2022 onwards, the ratio declined significantly to 6.12 and further to 5.77 in 2023, reflecting the combined effect of a rapid increase in FCFE per share and a slower share price appreciation. This downward trend in the ratio may indicate that the stock became more attractively valued relative to its free cash flow generation in recent years.