Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Valero Energy Corp., historical price multiples (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 7.79 5.26 3.97 4.05 3.03 4.26 5.18 6.10 18.57 37.78 21.41 62.84 12.12
Price to operating profit (P/OP) 5.76 3.92 2.92 2.98 2.26 3.13 3.76 4.36 11.28 16.50 487.32 944.75 23.43 10.75 21.60 7.65
Price to sales (P/S) 0.39 0.32 0.28 0.28 0.24 0.28 0.29 0.28 0.36 0.31 0.34 0.34 0.48 0.48 0.19 0.26 0.25 0.27
Price to book value (P/BV) 2.10 1.76 1.64 1.71 1.66 2.09 2.23 2.06 2.51 1.91 1.84 1.57 1.70 1.65 0.77 1.16 1.43 1.35 1.97 1.49 1.65

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Valero Energy Corp. P/E ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Valero Energy Corp. P/OP ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Valero Energy Corp. P/S ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Valero Energy Corp. P/BV ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Price to Earnings (P/E)

Valero Energy Corp., historical P/E calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 326,996,383 332,481,908 340,452,942 353,132,880 361,516,949 371,150,836 385,523,278 393,970,342 408,096,416 409,303,630 408,835,615 408,823,430 408,760,165 408,562,891 407,789,217 407,757,274 407,698,594 409,337,126 410,652,732 414,403,440 417,241,451
Selected Financial Data (US$)
Net income (loss) attributable to Valero Energy Corporation stockholders (in millions) 1,245 1,202 2,622 1,944 3,067 3,113 2,817 4,693 905 1,009 463 162 (704) (359) (464) 1,253 (1,851) 1,060 609 612 141
Earnings per share (EPS)2 21.45 26.57 31.56 30.98 37.87 31.06 24.44 17.95 6.22 2.27 -1.07 -3.34 -0.67 -3.48 0.00 2.63 1.05 5.92 0.00 0.00 0.00
Share price1, 3 167.13 139.78 125.36 125.47 114.64 132.43 126.74 109.51 115.53 85.84 78.67 67.64 73.96 75.81 36.19 56.23 66.28 71.72 101.40 76.84 84.36
Valuation Ratio
P/E ratio4 7.79 5.26 3.97 4.05 3.03 4.26 5.18 6.10 18.57 37.78 21.41 62.84 12.12
Benchmarks
P/E Ratio, Competitors5
Chevron Corp. 13.42 11.03 9.88 8.27 8.71 10.25 10.19 16.06 16.81 22.09 54.58 43.40 70.06
ConocoPhillips 11.92 12.94 10.65 7.44 7.07 9.23 7.19 10.35 14.66 20.66 40.48 3,758.13 17.58 12.13 8.77
Exxon Mobil Corp. 11.49 11.00 8.76 7.58 8.47 8.70 9.74 14.98 14.11 42.32 25.86 16.34 15.64
Marathon Petroleum Corp. 6.24 4.97 4.23 3.03 3.85 4.67 5.70 4.63 4.32 4.30 4.53 11.68
Occidental Petroleum Corp. 13.36 11.85 9.28 5.97 4.24 5.61 5.94 8.51 23.89

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
EPS = (Net income (loss) attributable to Valero Energy Corporation stockholdersQ1 2024 + Net income (loss) attributable to Valero Energy Corporation stockholdersQ4 2023 + Net income (loss) attributable to Valero Energy Corporation stockholdersQ3 2023 + Net income (loss) attributable to Valero Energy Corporation stockholdersQ2 2023) ÷ No. shares of common stock outstanding
= (1,245,000,000 + 1,202,000,000 + 2,622,000,000 + 1,944,000,000) ÷ 326,996,383 = 21.45

3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= 167.13 ÷ 21.45 = 7.79

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Valero Energy Corp. P/E ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Price to Operating Profit (P/OP)

Valero Energy Corp., historical P/OP calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 326,996,383 332,481,908 340,452,942 353,132,880 361,516,949 371,150,836 385,523,278 393,970,342 408,096,416 409,303,630 408,835,615 408,823,430 408,760,165 408,562,891 407,789,217 407,757,274 407,698,594 409,337,126 410,652,732 414,403,440 417,241,451
Selected Financial Data (US$)
Operating income (loss) (in millions) 1,679 1,553 3,503 2,759 4,043 4,295 3,792 6,219 1,384 1,594 693 509 (666) (470) (621) 1,789 (2,277) 1,739 881 908 308
Operating profit per share2 29.03 35.67 42.88 42.16 50.76 42.27 33.69 25.10 10.24 5.20 0.16 -3.05 0.08 -3.86 1.54 5.23 3.07 9.37 0.00 0.00 0.00
Share price1, 3 167.13 139.78 125.36 125.47 114.64 132.43 126.74 109.51 115.53 85.84 78.67 67.64 73.96 75.81 36.19 56.23 66.28 71.72 101.40 76.84 84.36
Valuation Ratio
P/OP ratio4 5.76 3.92 2.92 2.98 2.26 3.13 3.76 4.36 11.28 16.50 487.32 944.75 23.43 10.75 21.60 7.65
Benchmarks
P/OP Ratio, Competitors5
Chevron Corp. 9.48 7.68 6.97 5.81 6.12 7.34 7.23 11.13 11.40 14.10 26.00 24.46 30.35
ConocoPhillips 7.61 8.04 6.49 4.60 4.57 5.96 4.72 6.75 8.66 11.68 17.96 71.79 6,288.41 10.11 7.27 6.04
Exxon Mobil Corp. 7.62 7.06 6.00 5.28 5.88 6.28 6.76 10.28 9.86 22.63 16.35 10.60 10.14
Marathon Petroleum Corp. 4.16 3.41 2.87 2.08 2.60 3.02 3.55 8.64 9.79 13.66 67.39 310.45 5.52
Occidental Petroleum Corp. 7.37 6.93 5.80 4.11 3.78 4.91 5.18 7.42 7.96 33.61 45.37

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
Operating profit per share = (Operating income (loss)Q1 2024 + Operating income (loss)Q4 2023 + Operating income (loss)Q3 2023 + Operating income (loss)Q2 2023) ÷ No. shares of common stock outstanding
= (1,679,000,000 + 1,553,000,000 + 3,503,000,000 + 2,759,000,000) ÷ 326,996,383 = 29.03

3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 167.13 ÷ 29.03 = 5.76

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Valero Energy Corp. P/OP ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Price to Sales (P/S)

Valero Energy Corp., historical P/S calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 326,996,383 332,481,908 340,452,942 353,132,880 361,516,949 371,150,836 385,523,278 393,970,342 408,096,416 409,303,630 408,835,615 408,823,430 408,760,165 408,562,891 407,789,217 407,757,274 407,698,594 409,337,126 410,652,732 414,403,440 417,241,451
Selected Financial Data (US$)
Revenues, includes excise taxes on sales by certain of foreign operations (in millions) 31,759 35,414 38,404 34,509 36,439 41,746 44,454 51,641 38,542 35,903 29,520 27,748 20,806 16,604 15,809 10,397 22,102 27,879 27,249 28,933 24,263
Sales per share2 428.40 435.41 443.81 445.01 482.08 475.23 442.36 394.97 322.75 278.47 231.58 198.05 155.63 158.88 186.83 214.90 260.40 264.63 0.00 0.00 0.00
Share price1, 3 167.13 139.78 125.36 125.47 114.64 132.43 126.74 109.51 115.53 85.84 78.67 67.64 73.96 75.81 36.19 56.23 66.28 71.72 101.40 76.84 84.36
Valuation Ratio
P/S ratio4 0.39 0.32 0.28 0.28 0.24 0.28 0.29 0.28 0.36 0.31 0.34 0.34 0.48 0.48 0.19 0.26 0.25 0.27
Benchmarks
P/S Ratio, Competitors5
Chevron Corp. 1.46 1.39 1.39 1.27 1.31 1.54 1.44 1.86 1.69 1.63 1.69 2.19 2.09 1.29 1.42 1.24 1.46
ConocoPhillips 2.33 2.42 2.06 1.56 1.68 2.22 1.75 2.47 2.58 2.67 2.56 3.35 3.52 1.50 1.66 1.48 1.94
Exxon Mobil Corp. 1.24 1.21 1.17 1.13 1.12 1.17 1.08 1.26 1.17 1.12 1.12 1.43 1.34 0.72 0.87 0.75 0.88
Marathon Petroleum Corp. 0.41 0.38 0.34 0.28 0.32 0.32 0.29 0.37 0.35 0.39 0.40 0.55 0.51 0.25 0.26 0.17 0.25
Occidental Petroleum Corp. 1.78 1.81 1.72 1.48 1.45 1.87 1.80 1.92 1.40 1.42 1.26 1.51 1.39 0.57 0.71 0.52 1.44

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
Sales per share = (Revenues, includes excise taxes on sales by certain of foreign operationsQ1 2024 + Revenues, includes excise taxes on sales by certain of foreign operationsQ4 2023 + Revenues, includes excise taxes on sales by certain of foreign operationsQ3 2023 + Revenues, includes excise taxes on sales by certain of foreign operationsQ2 2023) ÷ No. shares of common stock outstanding
= (31,759,000,000 + 35,414,000,000 + 38,404,000,000 + 34,509,000,000) ÷ 326,996,383 = 428.40

3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 167.13 ÷ 428.40 = 0.39

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Valero Energy Corp. P/S ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.

Price to Book Value (P/BV)

Valero Energy Corp., historical P/BV calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 326,996,383 332,481,908 340,452,942 353,132,880 361,516,949 371,150,836 385,523,278 393,970,342 408,096,416 409,303,630 408,835,615 408,823,430 408,760,165 408,562,891 407,789,217 407,757,274 407,698,594 409,337,126 410,652,732 414,403,440 417,241,451
Selected Financial Data (US$)
Total Valero Energy Corporation stockholders’ equity (in millions) 26,057 26,346 25,975 25,851 24,977 23,561 21,912 20,969 18,821 18,430 17,476 17,651 17,801 18,801 19,223 19,847 18,842 21,803 21,107 21,345 21,309
Book value per share (BVPS)2 79.69 79.24 76.30 73.20 69.09 63.48 56.84 53.22 46.12 45.03 42.75 43.18 43.55 46.02 47.14 48.67 46.22 53.26 51.40 51.51 51.07
Share price1, 3 167.13 139.78 125.36 125.47 114.64 132.43 126.74 109.51 115.53 85.84 78.67 67.64 73.96 75.81 36.19 56.23 66.28 71.72 101.40 76.84 84.36
Valuation Ratio
P/BV ratio4 2.10 1.76 1.64 1.71 1.66 2.09 2.23 2.06 2.51 1.91 1.84 1.57 1.70 1.65 0.77 1.16 1.43 1.35 1.97 1.49 1.65
Benchmarks
P/BV Ratio, Competitors5
Chevron Corp. 1.78 1.70 1.88 1.86 1.94 2.21 1.93 2.25 1.89 1.61 1.47 1.59 1.50 1.02 1.21 1.17 1.42 1.48 1.45 1.43
ConocoPhillips 2.65 3.03 2.90 2.47 2.75 3.40 2.28 2.70 2.61 2.19 1.69 1.74 2.22 1.02 1.28 1.40 1.80 1.72 1.98 2.11
Exxon Mobil Corp. 2.02 2.10 2.14 2.24 2.29 2.43 2.14 2.28 1.93 1.69 1.52 1.64 1.53 0.79 1.03 1.02 1.17 1.59 1.56 1.71
Marathon Petroleum Corp. 2.48 2.22 2.10 1.85 2.02 2.12 1.77 2.09 1.61 1.41 1.20 1.80 1.60 0.92 1.06 0.83 0.91 1.31 0.98 1.03
Occidental Petroleum Corp. 1.67 1.81 1.87 1.78 1.76 2.37 2.18 2.24 1.79 1.67 1.35 1.36 1.33 0.57 0.66 0.39 0.86 1.10 1.80 2.07

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2024 Calculation
BVPS = Total Valero Energy Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= 26,057,000,000 ÷ 326,996,383 = 79.69

3 Closing price as at the filing date of Valero Energy Corp. Quarterly or Annual Report.

4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 167.13 ÷ 79.69 = 2.10

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Valero Energy Corp. P/BV ratio increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.