Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Common-Size Income Statement
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Valero Energy Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio demonstrates significant volatility over the observed periods. Initially, it stood at a high 62.84 in March 2020, followed by a substantial decline to 21.41 in June 2020. After a period of missing data, the P/E ratio appears to have stabilized somewhat in the range of 37.78 to 18.57 during 2021 and early 2022. From mid-2022 onwards, there is a clear descending trend reaching a low near 3.03 in June 2023, indicating an improvement in earnings relative to price or a market reassessment of growth expectations. However, towards the end of the observation horizon, the ratio begins to rise again, closing at 11.04 in September 2024, suggesting either a softening in earnings or increased investor optimism.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio shows erratic spikes early on, notably an extreme value of 944.75 and another of 487.32 in 2020 and 2021, likely reflecting anomalies or one-time impacts on operating profits. Excluding these outliers, the trend indicates a sharp decrease from an initial 21.6 in March 2020 to a relatively stable range around 2.26 to 3.92 between early 2022 and late 2023, signaling improving operating earnings relative to stock price. After this period, the ratio starts to rise again to 8.22 by September 2024, potentially due to operating profit declines or market valuation adjustments.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio remains relatively stable with moderate fluctuations. Starting at 0.25 in March 2020, it oscillates mostly between 0.24 and 0.48 throughout the periods. A slight downward trend is noticeable after a peak of 0.48 in late 2020 and early 2021, dropping to near 0.24 in March 2023. Subsequent periods exhibit a mild increase reaching up to 0.39 by mid-2024 before receding to 0.3 by September 2024. This suggests relatively steady sales valuation with minor market perception shifts.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio indicates an increasing valuation trend through 2020 into 2022, rising from 1.43 in March 2020 to a peak above 2.5 in early 2022. After this peak, the ratio declines steadily to approximately 1.61 by September 2024, reflecting a reduction in the market’s valuation premium over book value. This gradual retracement suggests either improvements in book value outpacing price gains or a normalization of investor expectations about asset valuation.
Price to Earnings (P/E)
Valero Energy Corp., historical P/E calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) attributable to Valero Energy Corporation stockholders (in millions) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
EPS
= (Net income (loss) attributable to Valero Energy Corporation stockholdersQ3 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ2 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ1 2024
+ Net income (loss) attributable to Valero Energy Corporation stockholdersQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited significant volatility over the observed period. Initially, it declined from $66.28 in March 2020 to a low of $36.19 in September 2020, reflecting a sharp contraction. Subsequently, a recovery phase brought the price up to $85.84 by December 2021. From early 2022 through the end of 2023, the share price generally trended upward, peaking at $139.78 in December 2023. The first two quarters of 2024 saw notable increases, reaching $167.13 in March 2024; however, the price declined thereafter, closing at $128.73 in September 2024.
- Earnings Per Share (EPS) Analysis
- The EPS figures showed a pronounced fluctuation correlated with macroeconomic and possibly company-specific factors. The early quarters of 2020 started with positive EPS followed by negative earnings for much of 2020, including a significant loss of -3.48 in December 2020. This negative trend continued into mid-2021 before turning positive again in late 2021. From March 2022 onward, EPS grew substantially, reaching its peak at 37.87 in March 2023, then experiencing a gradual decline to 11.66 by September 2024. This pattern suggests recovery and growth phases followed by a tapering profit margin in the latest quarters.
- Price-to-Earnings (P/E) Ratio Insights
- The P/E ratio was marked by substantial variability and intermittent data gaps. Early 2020 registered a very high ratio of 62.84, which decreased to 21.41 by June 2020, reflecting share price contraction relative to earnings or volatile earnings. From late 2021 through 2023, the P/E ratios were comparatively low, fluctuating between approximately 3.03 and 5.26, indicating strong earnings relative to stock price during that period. In 2024, the P/E ratio increased again to intermediate levels in the range of 7.79 to 11.04, suggesting a moderation in earnings growth or valuation adjustments.
- Overall Observations
- The data reveals a recovery phase from mid-2020 losses, with both share prices and earnings showing strong growth through 2022 and early 2023. The subsequent decline in EPS alongside fluctuating share prices and rising P/E ratios in 2024 may indicate challenges in sustaining prior profit levels or increased market valuation uncertainty. The inverse movements between P/E ratios and EPS in some periods highlight changing investor sentiment and adjustments in market expectations relative to earnings performance.
Price to Operating Profit (P/OP)
Valero Energy Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Operating profit per share
= (Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024
+ Operating income (loss)Q1 2024
+ Operating income (loss)Q4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals notable fluctuations and trends across multiple quarters. The share price exhibits a general upward trajectory from early 2020 to mid-2024, despite some volatility. Starting at $66.28 in the first quarter of 2020, the price dropped to a low of $36.19 in the third quarter of 2020, then recovered consistently, reaching a peak of $167.13 in the first quarter of 2024 before declining to $128.73 by the third quarter of 2024.
Operating profit per share demonstrates considerable variability over the observed timeframe. Initially, it was $3.07 in the first quarter of 2020, peaking at $5.23 in the subsequent quarter, but experienced a pronounced decline to a negative value of -$3.86 by the end of 2020. The profit then fluctuated around near zero values through mid-2021 before embarking on a strong upward trend, culminating at $50.76 in the first quarter of 2023. This high was followed by a gradual decrease to $15.67 in the third quarter of 2024.
The price-to-operating-profit (P/OP) ratio began at 21.6 in the first quarter of 2020, reflecting a moderate valuation relative to earnings. This ratio dropped to 10.75 in the second quarter, spiked dramatically during quarters with low or negative operating profit, leading to extremely high or undefined values such as 944.75 and 487.32, indicating potential distortions due to low earnings. From the first quarter of 2022 onwards, the P/OP ratio stabilized and maintained values between approximately 2.26 and 8.22, suggesting a more normalized valuation range as operating profits improved and became more consistent.
Overall, the company experienced a recovery phase starting mid-2020, marked by increasing share price and operating profitability. The early volatility in earnings and share price, including the negative profits in late 2020, gave way to sustained profitability and significant growth in both share price and earnings through 2023. However, the recent decline in both share price and operating profit in mid to late 2024 indicates emerging pressures or market corrections. The normalized P/OP ratio during this period reflects a more mature valuation environment compared to the erratic earlier quarters.
- Share Price Trend
- Initial decline in 2020 followed by a strong recovery and peak in early 2024, with subsequent moderate decline.
- Operating Profit per Share
- Volatile with negative values in late 2020, strong growth through 2022 and early 2023, followed by gradual decline in 2024.
- Price-to-Operating-Profit Ratio
- Highly erratic during periods of negative/low operating profit in 2020-2021, stabilizing to moderate levels from 2022 onward.
- Overall Interpretation
- A transition from financial instability to strong profitability and share price appreciation is evident, with some recent signs of softness in operating performance and valuation.
Price to Sales (P/S)
Valero Energy Corp., historical P/S calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues, includes excise taxes on sales by certain of foreign operations (in millions) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Sales per share
= (Revenues, includes excise taxes on sales by certain of foreign operationsQ3 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ2 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ1 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data of the company over multiple quarters reveals distinct patterns in share price, sales per share, and the price-to-sales (P/S) ratio.
- Share Price
-
The share price experienced considerable fluctuations throughout the periods. Initially, there was a notable decline from $66.28 at the end of Q1 2020 to a low of $36.19 by Q3 2020, followed by a sharp increase to $85.84 by the end of Q4 2021. Subsequently, the share price generally trended upward, peaking at $167.13 in Q1 2024 before declining again to $128.73 by Q3 2024. This pattern reflects a volatile market perception of the company’s value, with significant recovery and growth after mid-2020 lows, and some recent correction in 2024.
- Sales Per Share
-
Sales per share demonstrated an overall upward trajectory from $260.4 in Q1 2020 to a peak of $482.08 in Q1 2023. This was followed by a slight decline and stabilization around the mid-400s through the subsequent quarters, dropping marginally to $424.97 by Q3 2024. The data suggests consistent growth in sales revenue relative to shares outstanding up to early 2023, with a modest contraction thereafter, potentially indicating a leveling off or minor slowdown in sales performance towards the latter periods.
- Price-to-Sales (P/S) Ratio
-
The P/S ratio started at a low point of 0.19 at Q3 2020, corresponding with the nadir in share price, and increased to 0.48 by Q1 2021. Post this peak, the ratio declined steadily to around 0.24 by Q1 2023, reflecting a period where sales per share growth outpaced share price increases. From Q1 2023 forward, the P/S ratio rose again, reaching 0.39 by Q1 2024, before retreating slightly to 0.30 by Q3 2024. These fluctuations illustrate shifts in market valuation relative to sales, with the ratio generally indicating the share price is less than one-half of the sales value per share, a sign of potential undervaluation or market caution despite improving sales figures.
In summary, the company’s share price showed significant volatility but a strong rebound and growth into early 2024, followed by a recent decline. Sales per share improved substantially over the analysis period, signaling robust operational performance, though with some evidence of a recent plateau. The P/S ratio movements confirm varying investor sentiment and valuation adjustments, where share prices sometimes lagged or exceeded sales performance trends. Collectively, these trends suggest a recovering and growing sales base amidst fluctuating market valuations and investor confidence.
Price to Book Value (P/BV)
Valero Energy Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total Valero Energy Corporation stockholders’ equity (in millions) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
BVPS = Total Valero Energy Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price experienced notable volatility over the reported periods. It started at $66.28 and declined sharply to a low of $36.19 by September 2020, reflecting significant market or operational challenges during early phases. Subsequently, the price recovered steadily, peaking at $139.78 in December 2023. After this peak, there was a moderate decline to $128.73 by September 2024. Overall, the trend denotes a strong recovery and growth following the initial downturn.
- Book Value per Share (BVPS) Trends
- Book value per share showed consistent growth throughout the timeframe. Beginning at $46.22, BVPS experienced minor fluctuations in the early periods but maintained an upward trajectory, reaching $79.77 by September 2024. This steady increase indicates an improving equity base and overall strengthening of the company's net asset value per share over time.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio reflected both market valuation dynamics and changes in book value. Initially, it was around 1.43 in March 2020 but dropped to a low of 0.77 by September 2020, corresponding with the trough in share price. Following this, the ratio rose significantly, reaching highs above 2.5 in March 2022, indicating elevated market valuation relative to book value. More recently, the P/BV ratio has exhibited some fluctuations, ranging from about 1.6 to 2.1, suggesting a moderation in market valuation while still maintaining a premium over book value.
- Overall Insights
- The financial data shows a period of initial decline in market value during 2020, with a subsequent recovery and robust growth in share price through 2023. Concurrently, book value per share exhibited steady improvement, indicating strengthening fundamentals. The P/BV ratio movements highlight shifts in investor sentiment and valuation, with periods of both discount and premium relative to book value. The recent stabilization of the P/BV ratio below peak levels may reflect market caution or recalibration of growth expectations.