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Valero Energy (VLO) USD

At a glance: strengths & risks
✗Revenue declining (-6%)✗Profit falling (-15%)

Sector: Oil refining

Geography: United States

COMM_VLO

Price chart

341.67 USDDay -0.36%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
341.67 USD · -0.36%
Market cap
105.6 bn USD

Growth

Δ revenue y/y
48.8%
Δ EBITDA y/y
227.6%

Multiples

P/E (LTM)
14.6x
3y avg: 13.2x
P/B (FY)
4.4x
P/E (ann.)
7.1x
EV/EBITDA (LTM)
8.2x
3y avg: 6.4x
EV/EBITDA (ann.)
4.6x

Cash return

Dividend yield
1.4%
FCF yield (LTM)
6.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+48.3%
↓ details

Liquidity

Daily turnover (listing)
551.7 mln USD

Shares: yahoo_fundamentals_timeseries/VLO

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK44.5
y/y 48.8%
5.2
y/y 421.2%
0.7
y/y -9.5%
5.9
y/y 227.6%
3.7
y/y 421.0%
5.6-0.264.7
y/y 8.8%
25.0
y/y 3.8%
60.9%3.4Link
2026-03-31Q1 2026 (3M)OK32.4
y/y 7.0%
1.7
y/y —
0.8
y/y 21.6%
2.6
y/y —
1.3
y/y —
1.4-0.462.1
y/y 5.0%
23.9
y/y 1.6%
21.2%5.8Link
2025-12-31Q4 2025 (3M)OK30.4
y/y -1.2%
1.6
y/y 352.6%
0.8
y/y 17.0%
2.4
y/y 128.7%
1.1
y/y 303.6%
2.1-0.458.0
y/y -3.6%
23.7
y/y -3.2%
9.9%7.0Link
2025-09-30Q3 2025 (3M)OK32.2
y/y -2.2%
1.5
y/y 197.6%
0.8
y/y 22.0%
2.3
y/y 96.7%
1.1
y/y 200.8%
1.9-0.458.6
y/y -2.9%
23.8
y/y -5.9%
6.1%5.8Link
2025-06-30Q2 2025 (3M)OK29.9
y/y -13.3%
1.0
y/y -18.3%
0.8
y/y 17.0%
1.8
y/y -5.5%
0.7
y/y -18.9%
0.9-0.459.4
y/y -6.6%
24.1
y/y -5.4%
12.0%6.1Link
2025-03-31Q1 2025 (3M)OK30.3
y/y -4.7%
-0.9
y/y -153.6%
0.7
y/y -0.6%
-0.2
y/y -108.8%
-0.6
y/y -147.8%
1.0-0.759.2
y/y -5.4%
23.5
y/y -9.9%
-9.9%6.2Link
2024-12-31Q4 2024 (3M)OK30.8
y/y -13.2%
0.3
y/y -77.6%
0.7
y/y -73.8%
1.0
y/y -75.2%
0.3
y/y -76.6%
1.1-0.560.1
y/y -4.6%
24.5
y/y -7.0%
11.1%6.9Link
2024-09-30Q3 2024 (3M)OK32.9
y/y -14.4%
0.5
y/y -85.5%
0.7
y/y 6127.3%
1.2
y/y -66.1%
0.4
y/y -86.1%
1.3-0.460.4
y/y -4.4%
25.3
y/y -2.8%
1.9%5.6Link
2024-06-30Q2 2024 (3M)OK34.5
y/y -0.1%
1.2
y/y -55.7%
0.7
y/y 6227.3%
1.9
y/y -30.8%
0.9
y/y -54.7%
2.5-0.463.6
y/y 4.9%
25.4
y/y -1.6%
13.7%5.5Link
2024-03-31Q1 2024 (3M)OK31.8
y/y -12.8%
1.7
y/y -58.5%
0.7
y/y 6850.0%
2.4
y/y -41.4%
1.2
y/y -59.4%
1.8-0.762.6
y/y 4.0%
26.1
y/y 4.3%
19.0%6.0Link
2023-12-31Q4 2023 (3M)OK35.4
y/y —
1.6
y/y —
2.7
y/y —
4.2
y/y —
1.2
y/y —
1.2-0.563.1
y/y —
26.3
y/y —
33.8%7.2Link
2023-09-30Q3 2023 (3M)OK38.4
y/y —
3.5
y/y —
0.0
y/y —
3.5
y/y —
2.6
y/y —
3.3-0.463.2
y/y —
26.0
y/y —
13.5%5.6Link
2023-06-30Q2 2023 (3M)OK34.5
y/y —
2.8
y/y —
0.0
y/y —
2.8
y/y —
1.9
y/y —
1.5-0.560.7
y/y —
25.9
y/y —
30.6%6.2Link
2023-03-31Q1 2023 (3M)OK36.4
y/y —
4.0
y/y —
0.0
y/y —
4.1
y/y —
3.1
y/y —
3.2-0.560.2
y/y —
25.0
y/y —
—5.9Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)927
Long-term debt (incl. LT leases)10 422
− Cash & equivalents7 900
Net debt3 449

Net debt / LTM EBITDA: 0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-10 000010 00020 00030 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

02 0004 0006 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.41x of reported net profit; after capex, 1.67x.
year20212022202320242025
cash flow / profit6.30x1.09x1.04x2.41x2.48x
accruals, % of assets-8.5%-1.7%-0.6%-6.5%-6.0%
Last twelve months (to 2025-Q3): 1.51x of profit came back as operating cash flow.
net debt / EBITDA 1.1x · EBIT covers interest 5.7x · capex 1.3x of depreciation · dividends 25% of free cash flow · share count -6.7% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — US Crack Spread (oil refining)

Current 67spot vs LTM +122%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +48.3% → +0.0 pp 1d

Main driver: US Crack Spread (oil refining) +118% vs LTM; revenue ×2.18 vs costs ×2.12; EBITDA 13 241→19 565; at 7.9× EV/EBITDA → +48%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
US Crack Spread (oil refining) (rev)+100%66.5830.5929.19+118%-5%
US Crack Spread (oil refining) (cost)-95%66.5830.5929.19+118%-5%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue139 397
LTM EBITDA13 241
LTM cash costs (revenue − EBITDA)126 156
2 · Revenue projection
Revenue multiplier — spot×2.176 (+118%)
= Spot revenue303 379
Revenue multiplier — 3y price×0.954 (-5%)
= 3-year-price revenue132 999
3 · Costs projection
Cost multiplier — spot×2.120 (+112%)
= Spot cash costs267 436
Cost multiplier — 3y price×0.958 (-4%)
= 3-year-price cash costs120 904
4 · EBITDA projection (revenue − costs)
= Spot EBITDA29 654
= 3-year-price EBITDA9 477
Conservative EBITDA = min(spot, avg)19 565
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)7.9x
Target EV = EV/EBITDA × conservative EBITDA154 788
Net debt1 227
Target market cap = EV − net debt153 561
Current market cap103 526

Upside = target market cap ÷ current − 1 = +48.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q338 40439 642-3.1%3 5143 738-6.0%
2023 Q435 41424 697+43.4%2 2431 764+27.2%
2024 Q131 75931 665+0.3%2 3742 505-5.2%
2024 Q234 49031 438+9.7%1 9172 242-14.5%
2024 Q332 87628 822+14.1%1 1921 741-31.5%
2024 Q430 75627 579+11.5%1 0461 261-17.0%
2025 Q130 25828 561+5.9%-2091 213-117.2%
2025 Q229 88934 985-14.6%1 8111 176+54.0%
2025 Q332 16835 199-8.6%2 3451 259+86.2%
2025 Q430 37232 019-5.1%2 3921 322+81.0%
2026 Q132 38134 626-6.5%2 5711 939+32.6%
2026 Q244 47651 788-14.1%5 9334 696+26.3%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -6% vs -10% the year before — a +4.7 pp move. 3-year CAGR -11%.
revenue growth by year: 2023 -18% · 2024 -10% · 2025 -6%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 7.9x · 3-year average 12.0x

EV/EBITDA3-year 75th pct

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-311.2 USDEx-dividend: 1.2 USD per sharePaidYahoo Finance (ex-div)
2026-05-211.2 USDEx-dividend: 1.2 USD per sharePaidYahoo Finance (ex-div)
2026-02-051.2 USDEx-dividend: 1.2 USD per sharePaidYahoo Finance (ex-div)
2025-11-201.13 USDEx-dividend: 1.13 USD per sharePaidYahoo Finance (ex-div)
2025-07-311.13 USDEx-dividend: 1.13 USD per sharePaidYahoo Finance (ex-div)
2025-05-201.13 USDEx-dividend: 1.13 USD per sharePaidYahoo Finance (ex-div)
2025-01-301.13 USDEx-dividend: 1.13 USD per sharePaidYahoo Finance (ex-div)
2024-11-201.07 USDEx-dividend: 1.07 USD per sharePaidYahoo Finance (ex-div)
2024-08-011.07 USDEx-dividend: 1.07 USD per sharePaidYahoo Finance (ex-div)
2024-05-301.07 USDEx-dividend: 1.07 USD per sharePaidYahoo Finance (ex-div)
2024-01-311.07 USDEx-dividend: 1.07 USD per sharePaidYahoo Finance (ex-div)
2023-11-161.02 USDEx-dividend: 1.02 USD per sharePaidYahoo Finance (ex-div)
2023-08-021.02 USDEx-dividend: 1.02 USD per sharePaidYahoo Finance (ex-div)
2023-05-221.02 USDEx-dividend: 1.02 USD per sharePaidYahoo Finance (ex-div)
2023-02-131.02 USDEx-dividend: 1.02 USD per sharePaidYahoo Finance (ex-div)
2022-11-160.98 USDEx-dividend: 0.98 USD per sharePaidYahoo Finance (ex-div)
2022-08-030.98 USDEx-dividend: 0.98 USD per sharePaidYahoo Finance (ex-div)
2022-05-110.98 USDEx-dividend: 0.98 USD per sharePaidYahoo Finance (ex-div)
2022-02-020.98 USDEx-dividend: 0.98 USD per sharePaidYahoo Finance (ex-div)
2021-11-170.98 USDEx-dividend: 0.98 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Valero Energy (VLO) — from primary filings.

Valero Energy Corporation refines petroleum into transportation fuels and petrochemical products, and also produces renewable diesel, ethanol, and sustainable aviation fuel.

Frequently asked questions

What is Valero Energy (VLO)'s P/E ratio?
Valero Energy (VLO) trades at a P/E of 14.6x (price to trailing 12-month earnings).
What is Valero Energy (VLO)'s EV/EBITDA?
Valero Energy (VLO) trades at 8.2x EV/EBITDA.
What is Valero Energy (VLO)'s P/B ratio?
Valero Energy (VLO) trades at a P/B of 4.4x.
What is Valero Energy (VLO)'s dividend yield?
Valero Energy (VLO)'s trailing 12-month dividend yield is 1.4%.
What is Valero Energy (VLO)'s return on equity (ROE)?
Valero Energy (VLO)'s ROE is 60.9%.
What is Valero Energy (VLO)'s market capitalization?
Valero Energy (VLO)'s market cap is 105.6 bn USD.

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