Financials Valero Energy Corporation

Equities

VLO

US91913Y1001

Oil & Gas Refining and Marketing

Market Closed - Nyse 01:30:01 19/06/2024 am IST 5-day change 1st Jan Change
149.9 USD -0.77% Intraday chart for Valero Energy Corporation +1.05% +15.34%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 38,458 23,069 30,708 48,907 44,259 49,030 - -
Enterprise Value (EV) 1 45,547 34,433 40,456 55,680 50,359 54,089 54,164 53,975
P/E ratio 16 x -16.2 x 33.1 x 4.37 x 5.22 x 9.36 x 10.8 x 10.8 x
Yield 3.84% 6.93% 5.22% 3.09% 3.14% 2.86% 2.95% 3.03%
Capitalization / Revenue 0.36 x 0.36 x 0.27 x 0.28 x 0.31 x 0.36 x 0.39 x 0.43 x
EV / Revenue 0.42 x 0.53 x 0.35 x 0.32 x 0.35 x 0.4 x 0.43 x 0.47 x
EV / EBITDA 7.48 x 34.2 x 8.62 x 3.07 x 3.46 x 5.38 x 6.1 x 6.46 x
EV / FCF 15.3 x -23.1 x 11.9 x 5.66 x 6.89 x 8.67 x 10.8 x 11 x
FCF Yield 6.55% -4.32% 8.41% 17.7% 14.5% 11.5% 9.22% 9.09%
Price to Book 1.78 x 1.22 x 1.66 x 2 x 1.64 x 1.77 x 1.66 x 1.55 x
Nbr of stocks (in thousands) 4,10,653 4,07,789 4,08,836 3,85,523 3,40,453 3,26,996 - -
Reference price 2 93.65 56.57 75.11 126.9 130.0 149.9 149.9 149.9
Announcement Date 30/01/20 28/01/21 27/01/22 26/01/23 25/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,08,324 64,912 1,13,977 1,76,383 1,44,766 1,35,130 1,25,909 1,13,639
EBITDA 1 6,091 1,007 4,691 18,163 14,559 10,056 8,879 8,351
EBIT 1 3,836 -1,344 2,333 15,690 11,858 7,241 6,129 5,765
Operating Margin 3.54% -2.07% 2.05% 8.9% 8.19% 5.36% 4.87% 5.07%
Earnings before Tax (EBT) 1 3,486 -2,010 1,543 15,307 11,768 6,902 5,854 5,865
Net income 1 2,422 -1,421 930 11,528 8,835 5,159 4,192 4,086
Net margin 2.24% -2.19% 0.82% 6.54% 6.1% 3.82% 3.33% 3.6%
EPS 2 5.840 -3.500 2.270 29.04 24.92 16.03 13.82 13.85
Free Cash Flow 1 2,982 -1,488 3,401 9,837 7,313 6,236 4,992 4,906
FCF margin 2.75% -2.29% 2.98% 5.58% 5.05% 4.62% 3.96% 4.32%
FCF Conversion (EBITDA) 48.96% - 72.5% 54.16% 50.23% 62.02% 56.23% 58.74%
FCF Conversion (Net income) 123.12% - 365.7% 85.33% 82.77% 120.88% 119.09% 120.06%
Dividend per Share 2 3.600 3.920 3.920 3.920 4.080 4.287 4.422 4.537
Announcement Date 30/01/20 28/01/21 27/01/22 26/01/23 25/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 35,903 38,542 51,641 44,454 41,746 36,439 34,509 38,404 35,414 31,759 34,367 33,886 33,143 30,817 32,663
EBITDA 1 2,183 1,990 6,821 4,017 4,928 4,703 3,428 3,764 2,243 2,362 2,631 2,647 2,081 2,003 2,520
EBIT 1 1,597 1,384 6,219 3,792 4,295 4,043 2,759 3,503 1,553 1,679 1,884 1,997 1,400 1,286 1,830
Operating Margin 4.45% 3.59% 12.04% 8.53% 10.29% 11.1% 8% 9.12% 4.39% 5.29% 5.48% 5.89% 4.23% 4.17% 5.6%
Earnings before Tax (EBT) 1 1,279 1,219 6,110 3,728 4,250 4,026 2,717 3,476 1,549 1,683 1,818 1,993 1,296 1,142 1,877
Net income 1 1,009 905 4,693 2,817 3,113 3,067 1,944 2,622 1,202 1,245 1,433 1,514 890.6 828 1,322
Net margin 2.81% 2.35% 9.09% 6.34% 7.46% 8.42% 5.63% 6.83% 3.39% 3.92% 4.17% 4.47% 2.69% 2.69% 4.05%
EPS 2 2.460 2.210 11.57 7.190 8.150 8.290 5.400 7.490 3.550 3.750 4.404 4.744 2.842 2.643 4.303
Dividend per Share 2 0.9800 0.9800 0.9800 0.9800 0.9800 1.020 1.020 1.020 1.020 1.070 1.070 1.070 1.070 1.116 1.120
Announcement Date 27/01/22 26/04/22 28/07/22 25/10/22 26/01/23 27/04/23 27/07/23 26/10/23 25/01/24 25/04/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 7,089 11,364 9,748 6,773 6,100 5,059 5,134 4,945
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.164 x 11.29 x 2.078 x 0.3729 x 0.419 x 0.5031 x 0.5782 x 0.5922 x
Free Cash Flow 1 2,982 -1,488 3,401 9,837 7,313 6,236 4,992 4,906
ROE (net income / shareholders' equity) 10.9% -6.23% 5% 54.9% 35.4% 18% 15.9% 13.3%
ROA (Net income/ Total Assets) 4.54% -2.39% 1.7% 19.4% 14.2% 8.43% 7.36% -
Assets 1 53,353 59,333 54,835 59,435 62,019 61,233 56,971 -
Book Value Per Share 2 52.70 46.20 45.30 63.30 79.20 84.80 90.50 96.90
Cash Flow per Share 2 12.60 3.180 8.930 35.90 26.10 26.00 24.00 24.20
Capex 1 2,774 2,436 2,458 2,737 1,916 2,075 2,081 1,990
Capex / Sales 2.56% 3.75% 2.16% 1.55% 1.32% 1.54% 1.65% 1.75%
Announcement Date 30/01/20 28/01/21 27/01/22 26/01/23 25/01/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
149.9 USD
Average target price
177.2 USD
Spread / Average Target
+18.17%
Consensus
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