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Valero Energy Corporation

VLO Energy Oil & Gas Refining & Marketing

Valero Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $122.7 billion, down 5.54% from fiscal 2024.

Revenue
+43.3%
EPS
+575.1%
Free cash flow
+202.6%
Total debt
+3.97%

Quarter to September 2026, against a year earlier

352.09 13.25 −3.63%
Market cap
$98.0B
P/E
7.9×
Fwd P/E
6.9×
Dividend yield
1.34%
F-score
6/9
Altman Z
4.60
Beneish M
−2.94
Dividend safety
62/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Refining
  • Ethanol
  • Renewable Diesel

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 7.66
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 1 — 1 2 — — — — —
Insider Ownership 2.55%

Capital & Financial Ratios $m

Size
Market Cap 97,950.00
Revenue ttm 153,327.00
Net income ttm 13,553.00
Free cash flow ttm 14,088.00
Net debt Q 1,161.00
Valuation
P/E 7.92
Forward P/E 6.94
Price / sales 0.65
Forward P/S Powerpack
Price / FCF 7.12
Price / book 3.23
Financial health
Current ratio Q 1.72 (at or above 1.5: strong)
Debt / equity Q 0.35 (at or below 0.5: strong)
Interest coverage Q 63.01
Growth
Revenue growth Q +43.30% (above 0%: growing)
Operating income growth Q +501.26% (above 0%: growing)
EPS, this year +462.54% (at or above 15%: strong)
EPS, next year A −11.71% (below 0%: weak)
Revenue, next year A +33.12% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +38.87% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 0.4×; over the ten years it ranged from 0.3× in 2023 to 0.8× in 2026.
P/E against its own 10 years 24.68%
10-year low 10-year high
P/S against its own 10 years 97.54%
10-year low 10-year high
P/B against its own 10 years 97.54%
10-year low 10-year high
EV/Sales against its own 10 years 94.61%
10-year low 10-year high
EV/FCF against its own 10 years 16.23%
10-year low 10-year high

Dividends raised 3 years running

Yield
1.34%
Annual rate
4.73
Payout ratio
10.6%
Growth, 2017–25
+6.17%/yr
  1. 2.80 ’17
  2. 3.20 ’18 +14
  3. 3.60 ’19 +13
  4. 3.92 ’20 +9
  5. 3.92 ’21 +0
  6. 3.92 ’22 +0
  7. 4.08 ’23 +4
  8. 4.28 ’24 +5
  9. 4.52 ’25 +6
  10. 4.82 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5,424 4,657 4,688 9,840
Receivables 12,525 10,708 9,877 14,749
Inventory 7,583 7,761 7,591 7,611
Other — — — —
26,221 23,737 23,210 33,561
2023 2024 2025 Q'26
Payables 12,567 12,092 10,139 13,797
ST’ Debt 1,406 743 949 989
Other — — — —
16,802 15,495 14,109 19,469

Compound Annual Growth %

10y 5y 3y
Sales 3.40% 13.58% (11.40%)
Cash Flow 0.38% 43.78% (22.62%)
Earnings (5.19%) 0.00% (41.15%)
Book Value 2.22% 6.26% 1.47%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 21.28 Actual 23.90

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.22 3.82 Beat by 0.60
Q1 FY26 3.07 4.22 Beat by 1.15
Q2 FY26 9.87 12.54 Beat by 2.67
Q3 FY26 21.28 23.90 Beat by 2.62
Q4 FY26 19.10 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 4.22 12.62 23.89 — —
’25 (1.90) 2.28 3.53 3.73 7.57
’24 3.75 2.71 1.14 0.88 8.58
’23 8.29 5.40 7.49 3.55 24.92
’22 2.21 11.57 7.19 8.15 29.04
’21 (1.73) 0.39 1.13 2.46 2.27
’20 (4.54) 3.07 (1.14) (0.88) (3.50)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 32,381 44,476 46,098 — —
’25 30,258 29,889 32,168 30,372 122,687
’24 31,759 34,490 32,876 30,756 129,881
’23 36,439 34,509 38,404 35,414 144,766
’22 38,542 51,641 44,454 41,746 176,383
’21 20,806 27,748 29,520 35,903 113,977
’20 22,102 10,397 15,809 16,604 64,912
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,390 5,580 6,932 — —
’25 952 936 1,881 2,057 5,826
’24 1,846 2,472 1,295 1,070 6,683
’23 3,170 1,512 3,308 1,239 9,229
’22 588 5,845 2,045 4,096 12,574
’21 (52) 2,008 1,449 2,454 5,859
’20 (49) 736 165 96 948
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 971 5,234 7,036 — —
’25 329 539 2,325 847 4,040
’24 1,646 1,642 1,721 (312) 4,697
’23 2,905 834 3,596 37 7,372
’22 204 4,747 2,263 2,681 9,895
’21 (391) 1,227 1,412 1,429 3,677
’20 (488) (137) 195 (1,033) (1,463)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −7.6% a year for ten years. It grew 1.7% a year over the last ten.

Implied
−7.6%
10 years, reported
1.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 75,659 93,980 117,033 108,324 64,912 113,977 176,383 144,766 129,881 122,687 153,327 +5.5% 163,317 143,863 119,806 (0.8%)
Gross margin, % 13.80 4.79 4.78 4.41 (1.14) 2.75 9.52 8.93 3.70 4.43 12.28 (9.4) pt
EBT 3,182 3,207 4,232 3,486 (2,010) 1,543 15,307 11,768 3,698 3,005 17,470 (0.6%)
EBT margin, % 4.21 3.41 3.62 3.22 (3.10) 1.35 8.68 8.13 2.85 2.45 11.39 (1.8) pt
Net income 2,417 4,156 3,353 2,784 (1,107) 1,288 11,879 9,149 3,006 2,246 13,553 (0.8%)
Per share, $
Per share, $ Revenue 164.12 212.62 274.73 262.29 159.49 280.04 446.54 410.10 403.36 397.05 537.99 +10.3%
Earnings 4.94 9.17 7.30 5.84 (3.50) 2.27 29.05 24.93 8.58 7.57 44.47 +4.9%
Cash flow 10.46 12.40 10.26 13.39 2.33 14.40 31.83 26.14 20.75 18.85 56.00 +6.8%
Capex (2.77) (4.29) (4.11) (4.83) (5.92) (5.36) (6.78) (5.26) (6.17) (5.78) (6.56) +8.5%
Free cash flow 7.68 8.11 6.15 8.56 (3.59) 9.03 25.05 20.88 14.59 13.07 49.43 +6.1%
Book value 45.24 51.81 53.36 54.57 48.26 48.69 64.48 80.80 85.47 86.10 109.07 +7.4%
Shares, m 461 442 426 413 407 407 395 353 322 309 297 (4.3%)
Valuation, ×
Valuation, × P/E 14.28 10.03 10.24 15.95 0.00 33.23 4.12 5.28 14.44 21.28 7.92 12.9
P/S 0.43 0.44 0.27 0.36 0.35 0.27 0.27 0.32 0.30 0.41 0.65 0.3
P/B 1.56 1.79 1.41 1.72 1.17 1.54 1.86 1.62 1.43 1.89 3.23 1.6
EV/Sales 0.47 0.47 0.33 0.42 0.53 0.35 0.31 0.36 0.35 0.46 0.66 0.4
EV/FCF 10.06 12.29 14.53 12.94 (23.51) 10.96 5.48 7.08 9.64 13.92 7.21 7.3
Cash, $m
Cash, $m Operating cash flow 4,820 5,482 4,371 5,531 948 5,859 12,574 9,229 6,683 5,826 15,959 +2.1%
Capex (1,278) (1,898) (1,752) (1,994) (2,411) (2,182) (2,679) (1,857) (1,986) (1,786) (1,871) +3.8%
Free cash flow 3,542 3,584 2,619 3,537 (1,463) 3,677 9,895 7,372 4,697 4,040 14,088 +1.5%
Balance, $m
Balance, $m Working capital 8,472 8,241 6,951 5,809 6,561 4,314 6,672 9,419 8,242 9,101 14,092 +0.8%
Net debt 3,185 3,022 6,127 7,089 11,364 9,748 6,773 6,100 5,806 5,931 1,161 +7.2%
Shareholders’ equity 20,854 22,900 22,731 22,536 19,642 19,817 25,468 28,524 27,521 26,605 31,084 +2.7%
Returns, %
Returns, % ROA 5.06 8.44 6.22 4.66 (2.69) 1.69 19.32 14.20 4.48 3.96 20.44 (1.1) pt
ROIC 9.19 8.59 9.90 8.09 (3.18) 4.50 30.42 21.40 7.04 6.11 34.07 (3.1) pt
ROE 10.85 18.58 13.68 10.70 (6.74) 4.68 50.72 32.63 9.86 8.65 44.74 (2.2) pt
People
People Employees 9,996 10,015 10,261 10,222 9,964 9,794 9,743 9,908 9,922 9,811 — (0.2%)
Revenue/emp, $m 7.57 9.38 11.41 10.60 6.51 11.64 18.10 14.61 13.09 12.51 — +5.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Valero Energy Corporation manufactures and markets petroleum-based fuels, low-carbon fuels and petrochemical products. Founded in 1980, it is headquartered in San Antonio, Texas. R. Lane Riggs is its chairman, chief executive officer and president.

Its petroleum refineries turn crude oil and other materials into products including gasoline, diesel and jet fuel. Valero sells those products to wholesalers, distributors, retailers and large users such as airlines and railroads. It also supplies independently owned fuel outlets that carry its brands. The company sells primarily in the United States, Canada, the United Kingdom, Ireland and Latin America.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Refining 116,158 94.68%
Ethanol 4,021 3.28%
Renewable Diesel 2,508 2.04%
Gross margin 4.43%
Operating margin 2.59%
Pre-tax margin 2.45%

Revenue by segment since 2016

Valero Energy Corporation vs peers in Oil & Gas Refining & Marketing (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MPC Marathon Petroleum Corporation $102.7B 7.2× 6.8× +60.97% (above 0%: growing) +526.09% (above 0%: growing) +477.94% (above 0%: growing) 21.84% 18.65% Compare
VLO Valero Energy Corporation $98.0B 7.9× 6.9× +43.30% (above 0%: growing) +575.14% (above 0%: growing) +202.62% (above 0%: growing) 20.41% 19.68%
PSX Phillips 66 $96.4B 7.9× 8.9× +46.43% (above 0%: growing) +4,338.63% (above 0%: growing) +936.26% (above 0%: growing) 19.24% 13.46% Compare
DINO HF Sinclair Corporation $16.8B 5.0× 4.4× +49.73% (above 0%: growing) +429.30% (above 0%: growing) +138.35% (above 0%: growing) 35.41% 24.61% Compare
SUN Sunoco LP $12.6B 10.3× 7.3× +198.89% (above 0%: growing) +225.00% (above 0%: growing) +181.78% (above 0%: growing) 8.65% 4.10% Compare
PBF PBF Energy Inc. $8.3B 3.0× 2.7× +58.58% (above 0%: growing) +765.99% (above 0%: growing) +3,603.79% (above 0%: growing) 23.56% 17.32% Compare
UGP Ultrapar Participacoes S.A. $6.0B 8.8× — +36.71% (above 0%: growing) +61.11% (above 0%: growing) +873.56% (above 0%: growing) 11.12% 7.25% Compare
CVI CVR Energy Inc. $4.0B 15.6× 20.1× +68.78% (above 0%: growing) +50.59% (above 0%: growing) +374.40% (above 0%: growing) 23.86% 22.07% Compare
DK Delek US Holdings, Inc. $3.8B 17.0× 5.8× +47.83% (above 0%: growing) n/m +173.86% (above 0%: growing) 8.93% 7.40% Compare
Median of peers $10.5B 8.4× 6.8× +54.16% +429.30% +426.17% 20.54% 15.39%

All 19 Oil & Gas Refining & Marketing stocks →

From the latest earnings call

Updated

  • Lane Riggs said low product inventories, limited excess refining capacity and transportation-fuel demand support Valero’s outlook, while freight costs have changed crude purchasing economics.
  • Harminder Bhullar said Valero would maintain cash above its long-term target for flexibility, while repairs to the Port Arthur DHT unit remain on track for year-end completion.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Morgan Stanley Oct 23, 2026 Target raised — —
Jefferies Oct 15, 2026 Downgrade Hold —
Citi Oct 13, 2026 Target raised — 302.00 → 485.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 85.20%
Held by the ten largest 44.39%
Holder Shares Stake Change
Vanguard 37.40m 12.99% −252.99k
BlackRock 25.14m 8.73% −869.24k
State Street 18.90m 6.57% −711.99k
Fidelity (FMR) 8.50m 2.95% +134.62k
Morgan Stanley 8.04m 2.79% +782.63k
Geode Capital Management 7.27m 2.52% −1.02m
Norges Bank 6.40m 2.22% +6.40m
Franklin Templeton 6.33m 2.20% −83.35k
Ameriprise (Columbia Threadneedle) 5.22m 1.81% −1.31m
Bank of America 4.59m 1.59% −441.30k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 19 March 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group100 Vanguard Blvd.Malvern, PA 12.36%
BlackRock, Inc.50 Hudson YardsNew York, NY 7.30%
State Street CorporationState Street Financial CenterOne Congress Street, Suite 6.68%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Valero Energy Corporation (VLO) Latest News

4 Nov

Impact 3 · · Zacks

3 Nov

Impact 3 · · Zacks

30 Oct

Impact 3 · · Business Wire

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool
Impact 4 · · Zacks
Impact 3 · · Zacks

28 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · 24/7 Wall St.
Impact 3 · · Trefis
Impact 3 · · TIKR

27 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · MarketBeat

23 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · 24/7 Wall St.
Impact 4 · · Zacks
Impact 3 · · 24/7 Wall St.
Impact 3 · · Insider Monkey
Impact 3 · · Zacks
Impact 3 · · Zacks

22 Oct

Impact 4 · · Oilprice.com
Impact 4 · · MarketBeat
Impact 4 · · Moby
Impact 4 · · Benzinga
Impact 4 · · The Motley Fool transcript

VLO metrics, ten years each

stockrow.com/VLO · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com