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Valero Energy (VLO) USD

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

At a glance: strengths & risks
✓Revenue growing (+49% y/y, Q2 2026)✓Profit growing (+421% y/y, Q2 2026)✓Margins improving (6%→13%, Q2 2026)✗Pricier than own history (EV/EBITDA 10.5 vs avg 6.4)

Sector: Oil refining

Geography: United States

COMM_VLO

Price chart

436.75 USDDay 0.77%

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
436.75 USD · 0.77%
Market cap
135.0 bn USD

Growth

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

Multiples

P/E (LTM)
18.7x
3y avg: 13.2x
P/B (FY)
5.7x
P/E (ann.)
9.1x
EV/EBITDA (LTM)
10.5x
3y avg: 6.4x
EV/EBITDA (ann.)
5.8x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
6.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+65.9%
↓ details

Liquidity

Daily turnover (listing)
1.1 bln 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%3.4Yahoo Finance
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 00050 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ 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 2026-06-30): 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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

Current 58spot vs LTM +35%

Commodity-player potential

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

Upside: +65.9% ▼ -1.3 pp 1d

Main driver: US Crack Spread (oil refining) +75% vs LTM; revenue ×1.75 vs costs ×1.72; EBITDA 13 241→17 762; at 12.0× EV/EBITDA → +66%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
US Crack Spread (oil refining) (rev)+100%58.4533.3431.97+75%-4%
US Crack Spread (oil refining) (cost)-95%58.4533.3431.97+75%-4%

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×1.753 (+75%)
= Spot revenue244 405
Revenue multiplier — 3y price×0.959 (-4%)
= 3-year-price revenue133 669
3 · Costs projection
Cost multiplier — spot×1.718 (+72%)
= Spot cash costs216 717
Cost multiplier — 3y price×0.963 (-4%)
= 3-year-price cash costs121 480
4 · EBITDA projection (revenue − costs)
= Spot EBITDA24 855
= 3-year-price EBITDA10 669
Conservative EBITDA = min(spot, avg)17 762
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA212 430
Net debt3 449
Target market cap = EV − net debt208 633
Current market cap125 752

Upside = target market cap ÷ current − 1 = +65.9%

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 416+1.1%2 3742 472-4.0%
2024 Q234 49031 341+10.0%1 9172 230-14.0%
2024 Q332 87625 824+27.3%1 1921 388-14.1%
2024 Q430 75623 305+32.0%1 046815+28.4%
2025 Q130 25829 897+1.2%-2091 343-115.6%
2025 Q229 88938 163-21.7%1 8111 427+26.9%
2025 Q332 16838 003-15.4%2 3451 482+58.3%
2025 Q430 37234 757-12.6%2 3921 563+53.0%
2026 Q132 38139 124-17.2%2 5712 384+7.9%
2026 Q244 47658 488-24.0%5 9335 494+8.0%

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 10.2x · 3-year 75th pct 12.0x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Oil refining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Par Pacificglobal4.34.0x4.0x
PBF Energyglobal9.54.2x4.2x
REX American Resourcesglobal1.35.5x5.5x
Delek USglobal4.77.2x7.2x
S-OilKorea12.56.7x7.4x
Sunoco LPglobal10.18.2x8.2x
CrossAmerica Partnersglobal0.88.8x8.8x
CVR Energyglobal6.28.9x8.9x
Marathon Petroleumglobal145.49.8x9.8x
Valvolineglobal4.014.1x14.1x
Phillips 66global116.718.0x18.0x
Calumetglobal4.933.0x33.0x
Group median8.5x8.5x
Group average10.7x10.8x
This companyglobal133.910.5x10.5x

Group median 8.5x as traded, 8.5x adjusted; this company 10.5x — a 23% premium.

Group average 10.7x as traded, 10.8x adjusted; against the average this company is at a 3% discount. The average sits 26% above the median: Calumet (33.0x) skews the group.

At the adjusted group median the market cap would be -20% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.7x, Russia 3.9x, South Africa 5.1x, Kazakhstan 4.6x, India 18.8x, Indonesia 4.9x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-21; the company's own is live.

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.

Frequently asked questions

What is Valero Energy (VLO)'s P/E ratio?
Valero Energy (VLO) trades at a P/E of 18.7x (price to trailing 12-month earnings).
What is Valero Energy (VLO)'s EV/EBITDA?
Valero Energy (VLO) trades at 10.5x EV/EBITDA.
What is Valero Energy (VLO)'s P/B ratio?
Valero Energy (VLO) trades at a P/B of 5.7x.
What is Valero Energy (VLO)'s dividend yield?
Valero Energy (VLO)'s trailing 12-month dividend yield is 1.1%.
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 135.0 bn USD.

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