Valero Energy is one of the largest independent refiners in the United States. It operates 15 refineries, with a total throughput capacity of 3.2 million barrels a day in the US, Canada, and the United Kingdom.
It is a $125B energy company. Revenue grew 12.6% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~0.6 years of free cash flow. It trades at 17.3× earnings — in the most expensive third of its own history.
- Website
- valero.com
- Location
- San Antonio, TX
- Employees
- 9 811
- Sector
- Energy
- Founded
- 1980
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong valuation and quality; Moat lags behind.
Valuation75
- P/E vs own history74th pct · 5/25
- FCF yield8.1% · 25/25
- P/S0.9x · 25/25
- EV/EBITDA12.8x · 20/25
Growth56
- Revenue CAGR1.9% · 6/25
- Net income CAGR26.1% · 25/25
- EPS CAGR ~5Yn/a · 0/25
- Fwd implied growth72.7% · 25/25
Profitability55
- ROIC9.4% · 12/25
- ROE29.9% · 25/25
- Net margin5.2% · 13/25
- Operating margin7.2% · 5/25
Health73
- Altman Z5.01 · 25/25
- Current ratio1.64 · 18/25
- Interest coverage6.4x · 18/25
- Net cash / debtD/A 10% · 12/25
Quality90
- Piotroski F6/9 · 15/25
- Beneish M-3.08 · 25/25
- FCF conversion140% · 25/25
- Margin stabilityσ 4.4% · 25/25
Moat36
- ROIC >12% years4/10 yrs · 6/25
- Median gross margin4.4% · 0/25
- FCF-positive years9/9 yrs · 25/25
- Worst-year net marginworst -2.2% · 5/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2022FinancialBest year on record$11.5B net income
- FY2018FinancialRevenue crossed $1B$117B for the year
- FY2018FinancialRevenue crossed $10B$117B for the year
- FY2018FinancialRevenue crossed $50B$117B for the year
- FY2018FinancialRevenue crossed $100B$117B for the year
- FY2016FinancialFirst recorded profitable year$2.29B net income
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2013MilestoneValero spun off its retail operations into a new publicly traded company, CST Brands
- Aug 1, 2011AcquisitionValero acquired the Pembroke Refinery from Chevron
- 2009AcquisitionValero Energy Corporation entered the ethanol market by acquiring 7 ethanol plants in March
- 2006MilestoneValero L.P. was spun off and renamed NuStar Energy
- Apr 25, 2005AcquisitionThe company purchased Premcor, Inc., for $8 billion
- 2003AcquisitionValero completed its acquisition of El Paso Corp's refinery, pipeline system and terminal assets in Corpus…
- 2001AcquisitionValero acquired two asphalt plants on the West Coast
- 2000AcquisitionValero purchased the Benicia, California, refinery and interest in 350 Exxon-branded service stations in…
- 1997MilestoneValero merged its natural gas service business with Pacific Gas and Electric Company and spun off its…
- Jan 1, 1980FoundedValero was established on January 1, 1980, as a spinoff of Coastal States Gas Corporation's Subsidiary, LoVaca…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Revenue growing 12.6% year over year
- Could repay net debt from ~0.3 years of free cash flow
- Interest covered 6.4× by operating earnings
- Altman Z-Score 5.01 — low bankruptcy-risk zone
Watch-outs
- Loss-making in 1 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+12.6% YoY
- Profitable — makes more than it spends$7.21B TTM
- Profit growing — earnings are higher than last year-36.1% YoY
- Generates cash — cash left after running and investing$10.1B TTM
- Debt under control — could handle its obligations~0.6y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$125B market cap
- Not printing shares — share count not ballooning — you keep your slice-24.1% shares over ~5y
- Proven track record — years of profitability behind it9/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 5.0 — safe
- Pays a dividend — returns cash to shareholdersyield 1.13%
- Valuation not extreme — price not wildly above earningsP/E 17.3
Peer comparisonValero Energy Corporation vs 6 largest energy peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| VLO this company | $125.1B | 17.3 | +12.6% | 5.2% | Strong |
| XOM ExxonMobil Holdings Corporation | $694.0B | 21.1 | +9.1% | 8.9% | Mixed |
| CVX Chevron Corporation | $416.8B | 20.3 | +10.2% | 9.6% | Mixed |
| SHEL Shell plc | $284.6B | 11.0 | -6.1% | 6.7% | Solid |
| TTE TotalEnergies SE | $191.1B | 10.9 | -6.8% | 7.2% | Solid |
| COP ConocoPhillips | $161.5B | 17.4 | +9.6% | 14.7% | Strained |
| MPC Marathon Petroleum Corporation | $127.8B | 14.9 | +15.0% | 5.6% | Strained |
Head-to-head: VLO vs XOM · VLO vs CVX · VLO vs SHEL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/VLO
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of VLO on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $434.59 · market cap $125B.