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Valero Energy Corporation

Rank #455Decline

VLO · NYSE · Energy

Valero Energy Corporation (VLO) — Rank #455 by gross profitability (GP/assets 0.08) · ROE 9.4% · Piotroski F-Score 6 / 9.

As-of 2026-09-15 · CIK 0001035002 · all metrics point-in-time as of the filing date.

About

Valero Energy Corporation manufactures, markets, and sells petroleum-based and low-carbon liquid transportation fuels and petrochemical products in the United States, Canada, the United Kingdom, Ireland, Latin America, Mexico, Peru, and internationally.

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It operates through three segments: Refining, Renewable Diesel, and Ethanol. The company produces California Reformulated Gasoline Blendstock for Oxygenate Blending (CARBOB) and Conventional Blendstock for Oxygenate Blending (CBOB) gasolines, CARB diesel, diesel, jet fuel, heating oil, and asphalt; feedstocks; aromatics; sulfur and residual fuel oil; intermediate oils; and sulfur, sweet, and sour crude oils. It sells its refined products through wholesale rack and bulk markets; and through outlets under the Valero, Beacon, Diamond Shamrock, Shamrock, Ultramar, and Texaco brands. The company also owns and operates renewable diesel and ethanol plants, as well as produces and sells renewable diesel, renewable naphtha, and neat sustainable aviation fuel under the Diamond Green Diesel brand name. In addition, it offers ethanol and various co-products, including dry distillers grains, syrup, and inedible distillers corn oil to animal feed customers. The company was formerly known as Valero Refining and Marketing Company and changed its name to Valero Energy Corporation in August 1997.

Valero Energy Corporation was founded in 1980 and is headquartered in San Antonio, Texas.

Industry
Oil & Gas Refining & Marketing
Sector
Energy
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
valero.com

Price History

VLO+604.4% · +47.8% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E, P/B, and dividend yield matter most — book value provides a floor.

Market Cap

$112.67B

P/E (annual)

51.7

P/S (annual)

0.9

P/B

4.5

P/OCF (annual)

19.3

Shareholder Yield

5.3%

Employees

9,785

Industry

Oil & Gas Refining & Marketing

Exchange

NYSE

Signal Flags

2 green1 yellow2 red
Revenue growth acceleratingGrowth rate increasing year over year
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Revenue declining YoYRevenue contracted year over year
Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass
GP / assets
0.08
Return on equity
9.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.29
Current ratio
1.64×
Net cash
-$1.31B

Cash Flow

1/1 pass
Positive FCF
N/A
Cash-backed earnings
N/A
Accruals healthy
PASS
SBC / revenue
0.1%

Growth

1/2 pass
Revenue growth
-5.5%
Piotroski F-Score
6 / 9
Share dilution
-4.0%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

26.4xExpensive
4.6xmed 12.3x37.8x

P / S

Price / revenue per share

0.5xExpensive
0.3xmed 0.3x0.5x

P / B

Price / book value per share

2.6xExpensive
1.4xmed 1.8x2.6x

P / GP

Price / gross profit per share

11.4xExpensive
3.1xmed 8.0x11.4x

P / FCF

Price / free cash flow per share

N/A
5.3xmed 10.3x35.1x

Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.08

Primary signal (Novy-Marx).

5th of 5 SIC 2911 peers

Return on equity

9.4%

Gross margin

4.4%

5th of 5 SIC 2911 peers

Revenue growth (YoY)

-5.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-11.4%

Revenue CAGR (5Y)

13.6%

Earnings CAGR (3Y)

-41.2%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.29

Current ratio

1.64×

1st of 5 SIC 2911 peers

Quick ratio

0.91×

Net cash

-$1.31B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

—

Operating cash flow minus capex.

Positive free cash flow

N/A

FCF / net income

—

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

N/A

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.1%

Stock-based comp intensity.

Dividend safety

Composite score

1.8 / 5

Weak
Payout ratio
59.8%3/5 Good
FCF coverage
N/A0/5 Weak
Dividend growth streak
1 yr1/5 Weak
Balance-sheet health
D/E 1.29 · IC 5.72×3/5 Good

Piotroski F-Score

F-Score

6 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Decline
Hypergrowth
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