Valero Energy Corporation (VLO) Financial Ratios
30 years of historical data (1996–2025) · Energy · Oil & Gas Refining & Marketing
EV/EBITDA
↓
10.41
↑+69% vs avg
5yr avg: 6.16
30Y Low3.2·High75.1
P/FCF
↑
14.07
↑+105% vs avg
5yr avg: 6.85
30Y Low3.1·High51.3
P/B Ratio
↑
2.75
↑+63% vs avg
5yr avg: 1.69
30Y Low0.5·High2.0
ROE
↑
8.7%
↑-59% vs avg
5yr avg: 21.4%
30Y Low-13%·High51%
Debt/EBITDA
↓
1.57
↓-5% vs avg
5yr avg: 1.65
30Y Low0.6·High35.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VLO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Valero Energy Corporation trades at 31.3x earnings, 99% above its 5-year average of 15.7x, sitting at the 85th percentile of its historical range. Compared to the Energy sector median P/E of 16.9x, the stock trades at a premium of 85%. On a free-cash-flow basis, the stock trades at 14.1x P/FCF, 105% above the 5-year average of 6.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $70.8B | $50.3B | $39.5B | $45.9B | $50.2B | $30.6B | $23.0B | $38.7B | $32.1B | $40.8B | $31.7B |
| Enterprise Value | $77.8B | $57.3B | $46.4B | $53.1B | $58.1B | $41.6B | $35.6B | $47.1B | $38.2B | $43.8B | $34.9B |
| P/E Ratio → | 31.27 | 21.50 | 14.29 | 5.21 | 4.37 | 33.09 | — | 16.01 | 10.28 | 10.03 | 13.83 |
| P/S Ratio | 0.58 | 0.41 | 0.30 | 0.32 | 0.28 | 0.27 | 0.35 | 0.36 | 0.27 | 0.43 | 0.42 |
| P/B Ratio | 2.75 | 1.89 | 1.43 | 1.61 | 1.97 | 1.54 | 1.17 | 1.72 | 1.41 | 1.78 | 1.52 |
| P/FCF | 14.07 | 10.00 | 6.83 | 5.52 | 4.61 | 7.29 | — | — | 13.96 | 9.95 | 8.95 |
| P/OCF | 12.15 | 8.63 | 5.91 | 4.97 | 4.00 | 5.22 | 24.29 | 122.79 | 7.34 | 7.44 | 6.58 |
P/E links to full P/E history page with 30-year chart
VLO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Valero Energy Corporation's enterprise value stands at 10.4x EBITDA, 69% above its 5-year average of 6.2x. The Energy sector median is 8.1x, placing the stock at a 28% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.47 | 0.36 | 0.37 | 0.33 | 0.36 | 0.55 | 0.43 | 0.33 | 0.47 | 0.46 |
| EV / EBITDA | 10.41 | 7.67 | 7.10 | 3.65 | 3.20 | 9.17 | 46.06 | 7.73 | 5.75 | 7.85 | 6.38 |
| EV / EBIT | 18.04 | 16.10 | 10.90 | 4.44 | 3.66 | 19.37 | — | 12.12 | 8.31 | 12.16 | 9.63 |
| EV / FCF | — | 11.40 | 8.03 | 6.38 | 5.33 | 9.91 | — | — | 16.62 | 10.68 | 9.85 |
VLO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Valero Energy Corporation earns an operating margin of 3.5%, below the Energy sector average of 14.5%. Operating margins have compressed from 8.2% to 3.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 8.7% is modest. ROIC of 9.5% represents adequate returns on invested capital versus a sector median of 6.4%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.4% | 4.4% | 3.7% | 8.9% | 9.5% | 2.7% | -1.2% | 4.4% | 4.7% | 4.8% | 5.7% |
| Operating Margin | 3.5% | 3.5% | 2.9% | 8.2% | 8.9% | 1.9% | -2.4% | 3.5% | 3.9% | 3.8% | 4.7% |
| Net Profit Margin | 1.9% | 1.9% | 2.1% | 6.1% | 6.5% | 0.8% | -2.2% | 2.2% | 2.7% | 4.3% | 3.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.7% | 8.7% | 9.9% | 32.7% | 50.9% | 4.7% | -6.8% | 10.7% | 13.7% | 18.6% | 10.8% |
| ROA | 4.0% | 4.0% | 4.5% | 14.2% | 19.4% | 1.7% | -2.7% | 4.7% | 6.2% | 8.4% | 5.1% |
| ROIC | 9.5% | 9.5% | 8.0% | 25.8% | 36.7% | 5.1% | -3.8% | 9.6% | 12.5% | 10.8% | 11.0% |
| ROCE | 9.7% | 9.7% | 8.3% | 26.4% | 37.1% | 5.1% | -3.8% | 9.6% | 11.6% | 9.4% | 9.5% |
VLO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Valero Energy Corporation carries a Debt/EBITDA ratio of 1.6x, which is manageable (35% below the sector average of 2.4x). Net debt stands at $7.0B ($11.7B total debt minus $4.7B cash). Interest coverage of 6.4x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.42 | 0.44 | 0.50 | 0.76 | 0.81 | 0.49 | 0.40 | 0.39 | 0.38 |
| Debt / EBITDA | 1.57 | 1.57 | 1.77 | 0.87 | 0.70 | 3.34 | 20.53 | 1.80 | 1.37 | 1.59 | 1.46 |
| Net Debt / Equity | — | 0.26 | 0.25 | 0.25 | 0.31 | 0.56 | 0.64 | 0.37 | 0.27 | 0.13 | 0.15 |
| Net Debt / EBITDA | 0.94 | 0.94 | 1.05 | 0.50 | 0.43 | 2.43 | 16.24 | 1.38 | 0.92 | 0.54 | 0.58 |
| Debt / FCF | — | 1.39 | 1.19 | 0.87 | 0.72 | 2.62 | — | — | 2.67 | 0.74 | 0.90 |
| Interest Coverage | 6.40 | 6.40 | 7.65 | 20.20 | 28.24 | 3.56 | -2.57 | 8.55 | 9.79 | 7.70 | 8.12 |
VLO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.65x means Valero Energy Corporation can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 1.11x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.56x to 1.65x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.65 | 1.65 | 1.53 | 1.56 | 1.38 | 1.26 | 1.71 | 1.44 | 1.65 | 1.74 | 2.02 |
| Quick Ratio | 1.11 | 1.11 | 1.03 | 1.11 | 1.00 | 0.88 | 1.06 | 0.91 | 1.04 | 1.17 | 1.33 |
| Cash Ratio | 0.33 | 0.33 | 0.30 | 0.32 | 0.28 | 0.24 | 0.36 | 0.20 | 0.28 | 0.53 | 0.58 |
| Asset Turnover | — | 2.12 | 2.16 | 2.30 | 2.89 | 1.97 | 1.25 | 2.01 | 2.33 | 1.87 | 1.64 |
| Inventory Turnover | 15.45 | 15.45 | 16.12 | 17.39 | 23.64 | 17.70 | 10.88 | 14.77 | 17.07 | 14.02 | 12.49 |
| Days Sales Outstanding | — | 29.38 | 30.09 | 31.58 | 24.66 | 33.23 | 34.35 | 30.00 | 22.91 | 26.88 | 28.47 |
VLO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Valero Energy Corporation returns 5.6% to shareholders annually — split between a 1.9% dividend yield and 3.7% buyback yield. A payout ratio of 59.8% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 3.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 2.8% | 3.5% | 3.2% | 3.1% | 5.2% | 6.9% | 3.9% | 4.3% | 3.0% | 3.5% |
| Payout Ratio | 59.8% | 59.8% | 50.0% | 16.4% | 13.5% | 172.3% | — | 61.6% | 43.9% | 30.6% | 48.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 4.7% | 7.0% | 19.2% | 22.9% | 3.0% | — | 6.2% | 9.7% | 10.0% | 7.2% |
| FCF Yield | 7.1% | 10.0% | 14.6% | 18.1% | 21.7% | 13.7% | — | — | 7.2% | 10.1% | 11.2% |
| Buyback Yield | 3.7% | 5.2% | 7.3% | 11.2% | 9.1% | 0.1% | 0.7% | 4.5% | 5.3% | 3.4% | 4.2% |
| Total Shareholder Yield | 5.6% | 8.0% | 10.8% | 14.4% | 12.2% | 5.3% | 7.6% | 8.3% | 9.6% | 6.4% | 7.7% |
| Shares Outstanding | — | $309M | $322M | $353M | $396M | $407M | $407M | $413M | $428M | $444M | $464M |
Peer Comparison
Compare VLO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VLOYou | $71B | 31.3 | 10.4 | 14.1 | 4.4% | 3.5% | 8.7% | 9.5% | 1.6 |
 MPC | $72B | 18.5 | 11.4 | 15.2 | 7.5% | 4.3% | 16.7% | 8.3% | 3.8 |
 PSX | $69B | 15.9 | 13.3 | 25.2 | 4.9% | 2.7% | 15.0% | 5.3% | 3.4 |
 PBF | $5B | -29.9 | 11.9 | — | -1.9% | -0.2% | -2.8% | -0.5% | 4.8 |
 DK | $3B | -118.4 | 6.9 | 125.4 | 5.3% | 3.7% | -4.1% | 9.9% | 4.2 |
 PARR | $3B | 8.7 | 6.3 | 10.4 | 18.1% | 7.2% | 26.9% | 15.1% | 2.0 |
 CLMT | $3B | -12.9 | 33.9 | — | 5.5% | 0.2% | — | 0.3% | 15.1 |
 CVX | $369B | 27.9 | 11.0 | 22.3 | 30.4% | 9.0% | 7.1% | 6.2% | 1.3 |
 XOM | $630B | 22.2 | 11.1 | 26.7 | 21.7% | 10.5% | 10.7% | 8.6% | 0.7 |
 CVI | $3B | 121.4 | 8.1 | — | 4.4% | 2.3% | 3.0% | 6.2% | 3.2 |
 DINO | $13B | 22.9 | 8.2 | 14.8 | 5.2% | 3.5% | 6.2% | 6.1% | 1.8 |
| Energy Median | — | 16.9 | 8.1 | 14.1 | 32.7% | 14.5% | 7.9% | 6.4% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full VLO Stock Analysis
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Start ComparisonVLO — Frequently Asked Questions
Quick answers to the most common questions about buying VLO stock.
What is Valero Energy Corporation's P/E ratio?
Valero Energy Corporation's current P/E ratio is 31.3x. The historical average is 15.0x. This places it at the 85th percentile of its historical range.
What is Valero Energy Corporation's EV/EBITDA?
Valero Energy Corporation's current EV/EBITDA is 10.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.6x.
What is Valero Energy Corporation's ROE?
Valero Energy Corporation's return on equity (ROE) is 8.7%. The historical average is 13.4%.
Is VLO stock overvalued?
Based on historical data, Valero Energy Corporation is trading at a P/E of 31.3x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Valero Energy Corporation's dividend yield?
Valero Energy Corporation's current dividend yield is 1.92% with a payout ratio of 59.8%.
What are Valero Energy Corporation's profit margins?
Valero Energy Corporation has 4.4% gross margin and 3.5% operating margin.
How much debt does Valero Energy Corporation have?
Valero Energy Corporation's Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.