— Know what they know.
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Not Investment Advice

VLO

NYSE · USD
Valero Energy Corporation
Energy · Oil & Gas Refining & Marketing
CEO R. Lane Riggs Employees 9,811 R&D / revenue 0.0%
Last price
$444.71+0.15%last session
Market cap
$128.0B
P/E (TTM)
18.4x
From 52w high
−3.6%
From 52w low
+184.8%
1-year return
+186.2%
RSI 14 · vs SMA200
66.4 · +62.4%
IS score
74.5/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

VLO   SPY   XLE (sector ETF) · weekly closes
100150200250300Jan 26Apr 26Jul 26Oct 26VLO 286XLE 160SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
54
Profitability
65
Growth
74
Value
89
Momentum
100
Risk (safety)
83
Quality
79
Balance sheet
78
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ FCF yield 5%+
Warnings
None of the computed warning flags fires for VLO (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 9 / 9Altman Z 5.1Beta 0.570 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
3 open-market sales, $5.7M
Form 144 notices (12m): 8, $12.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+109
234 new holders, 102 closed
1,974 filers hold 84.5% · 715 added, 719 trimmed
ETFETF holdings · 30 days
Net funds accumulating
−2
1,177 funds adding shares
1,179 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
48.5%
20-day avg 58.5%, 50-day avg 59.1%
Latest 10.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$122.7B
Revenue growth YoY−5.5%
Gross margin4.4%
Operating income$4.3B
Operating margin3.5%
Net income$2.3B
Net margin1.9%
EPS (diluted)$7.57
Cash flow
Operating cash flow$5.8B
Capital expenditure$796.0M
Free cash flow$5.0B
FCF conversion (FCF / OCF)86.3%
Stock-based compensation$0
FCF less SBC$5.0B
Buybacks$2.6B
Dividends$1.4B
Balance sheet & returns
Cash & short-term investments$4.7B
Total debt$8.5B
Net debt$3.8B
Shareholders' equity$23.7B
Goodwill & intangibles$0
Debt / equity0.45
ROE (TTM)29.9%
ROIC (TTM)16.5%
Operating margin by fiscal year
1.9%FY20218.9%FY20228.2%FY20232.9%FY20242.6%FY2025
Revenue $114.0B (FY2021) to $122.7B (FY2025), a 1.9% CAGR.

Valuation

P/E (TTM)18.4x
EV / EBITDA9.8x
Price / sales0.96x
Price / FCF12.7x
FCF yield7.90%
Buyback yield2.03%
SBC / revenue0.0%
Price / book5.23x
Forward P/E FY20268.4x
Forward P/E FY20279.6x
Forward P/E FY202816.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $403.06 across 18 analysts last quarter is theirs, not ours.

VLO vs industry median

55 companies in Oil & Gas Refining & Marketing
Gross margin 11.3% 10.8% Operating margin 7.5% 6.4% Net margin 5.4% 3.3% ROIC 16.5% 13.4%
VLO (TTM)Industry median Asset turnover 2.06 vs industry 1.74 · financial leverage 2.59

Earnings delivery

Next report 2026-10-22 · consensus EPS $20.90
100%
beat rate, 12 of 12 quarters
+20.0%
median EPS surprise
12
longest beat streak
+0+20+18+4+16+829+117+30+20+17+34+24
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
VLO Valero Energy Corporation $128.0B18.4x29.9%5.4%−5.5% +186.2%
MPC Marathon Petroleum Corporati $134.3B16.5x47.9%9.9%+15.3% +165.3%
PSX Phillips 66 $117.5B16.6x24.0%7.5%+15.6% +130.3%
DINO HF Sinclair Corporation $22.3B11.9x19.6%8.6%+16.3% +155.5%
BP BP p.l.c. $131.7B23.7x9.3%5.6%+17.0% +55.3%
EQNR Equinor ASA $112.3B12.5x21.3%14.0%+6.7% —
PBR Petróleo Brasileiro S.A. - $167.6B6.4x30.8%31.0%+20.8% —
COP ConocoPhillips $176.0B19.4x14.2%20.5%+9.7% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-09-18Officer/Director Change; Regulation FD; Exhibits
2026-07-30Earnings Release; Exhibits
2026-07-16Regulation FD
2026-05-08Officer/Director Change; Shareholder Vote; Other Events; Exhibits
2026-04-30Earnings Release; Exhibits
2026-03-09Entry into Material Definitive Agreement; Financial Statements and Exhibits

Context

Shares outstanding287,927,461
Free float99.6%
Institutional ownership84.5%
Beta0.57
Dividend yield1.06%
Last dividend$1.20 on 2026-07-31
50 / 200-day average$378.80 / $272.61
Large-cap Energy median P/E17.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where VLO sits among 14 scored companies in Oil & Gas Refining & Marketing (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureVLOIndustry medianIndustry percentileSector median
P/E (TTM) 17.8x 15.7x
78th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 1.0x 0.6x
92nd		 1.8x
Price / book 5.1x 2.8x
67th		 1.9x
Price / tangible book 3.1x 3.1x
50th		 1.9x
Price / free cash flow 12.7x 10.7x
60th		 11.9x
Price / operating cash flow 11.7x 7.9x
69th		 6.9x
Enterprise value $131.5B $8.3B
85th		 $5.3B
EV / sales 1.0x 0.8x
77th		 2.4x
EV / EBITDA 9.9x 9.5x
62nd		 9.0x
EV / EBIT 12.9x 12.0x
60th		 14.1x
EV / free cash flow 13.0x 13.0x
50th		 14.6x
Earnings yield 5.6% 5.8%
46th		 4.6%
FCF yield 7.9% 7.6%
54th		 5.8%
Operating cash flow yield 8.5% 12.6%
31st		 13.6%
Graham number (per share) $216.65 $112.27
100th		 $32.92

Profitability (TTM)

MeasureVLOIndustry medianIndustry percentileSector median
Gross margin 11.3% 10.2%
62nd		 31.9%
EBITDA margin 10.0% 8.5%
77th		 26.7%
Operating margin 7.5% 5.8%
77th		 15.2%
EBIT margin 7.7% 4.7%
77th		 13.3%
Net margin 5.4% 2.9%
77th		 8.0%
NOPAT margin 5.8% 4.3%
77th		 12.4%
FCF margin 7.6% 4.1%
92nd		 7.8%
Operating cash flow margin 8.2% 6.1%
69th		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 0.8% 1.7%
8th		 6.7%
Stock comp / revenue 0.0% 0.0%
0th		 0.7%
Effective tax rate 22.7% 21.0%
62nd		 21.0%

Returns on capital

MeasureVLOIndustry medianIndustry percentileSector median
ROE (on average equity) 29.4% 20.2%
75th		 12.2%
ROA 11.6% 6.4%
92nd		 4.8%
ROIC 27.2% 15.9%
92nd		 9.9%
ROCE 22.2% 14.6%
92nd		 9.8%
Return on tangible assets 16.4% 10.0%
92nd		 8.3%
Cash ROIC (OCF / invested capital) 38.3% 19.6%
92nd		 18.4%
Gross profitability (GP / assets) 23.3% 16.0%
77th		 14.8%
ROIC, 3-yr average 14.5% 7.0%
92nd		 7.0%
ROIC, 5-yr average 21.5% 12.6%
100th		 10.1%
ROE, 5-yr average 26.3% 17.7%
82nd		 14.8%
Incremental ROIC 439.9% 134.8%
91st		 14.8%

Growth

MeasureVLOIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.4% 11.4%
17th		 10.2%
Revenue growth (QoQ) 13.2% 41.7%
23rd		 13.0%
Revenue CAGR, 3 yr -5.4% -5.1%
33rd		 2.0%
Revenue CAGR, 5 yr 10.4% 11.9%
42nd		 13.7%
Gross profit CAGR, 3 yr -1.9% 1.6%
42nd		 1.7%
Operating income CAGR, 3 yr -12.4% -7.2%
30th		 -2.0%
Net income growth (TTM YoY) 844.0% 300.7%
100th		 23.5%
Net income CAGR, 3 yr -13.0% -12.7%
43rd		 -7.8%
EPS growth (TTM YoY) 901.8% 318.3%
100th		 19.9%
EPS CAGR, 3 yr -7.1% -6.1%
43rd		 -9.8%
EPS CAGR, 5 yr —
FCF growth (TTM YoY) 169.8% 162.5%
57th		 19.9%
FCF CAGR, 3 yr 2.0% -11.1%
100th		 -3.4%
Operating cash flow CAGR, 3 yr 0.3% -7.6%
67th		 3.2%
Book value CAGR, 3 yr 5.6% 3.3%
73rd		 5.6%
Dividend CAGR, 3 yr 7.2% 3.7%
70th		 -0.1%
Sustainable growth rate 23.6% 19.3%
67th		 9.4%

Margin history & stability

MeasureVLOIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 6.8% 8.7%
42nd		 31.0%
Operating margin, 3-yr average 4.7% 2.5%
75th		 15.4%
Net margin, 3-yr average 3.4% 1.0%
83rd		 8.7%
FCF margin, 3-yr average 5.2% 2.5%
83rd		 7.2%
Revenue stability (0-1) 0.28 0.41
42nd		 0.64
Earnings stability (0-1) 0.05 0.07
42nd		 0.22
Margin stability (0-1) 0.17 0.36
33rd		 0.73

Liquidity (latest quarter)

MeasureVLOIndustry medianIndustry percentileSector median
Cash & short-term investments $7.9B $682.8M
100th		 $248.6M
Net cash (− = net debt) −$3.5B −$1.1B
23rd		 −$1.1B
Working capital $11.9B $588.0M
100th		 $205.0M
Current ratio 1.64 1.33
85th		 1.41
Quick ratio 1.23 0.92
92nd		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.42 0.21
69th		 0.36
Defensive interval (days) 1,576 days 1,209 days
75th		 768 days

Leverage & solvency (latest quarter)

MeasureVLOIndustry medianIndustry percentileSector median
Total debt $11.3B $2.2B
85th		 $1.3B
Debt / equity 0.45 0.69
17th		 0.61
Net debt / equity 0.14 0.62
8th		 0.45
Debt / assets 17.6% 31.5%
23rd		 28.7%
Debt / capital 31.2% 41.0%
17th		 37.9%
Debt / EBITDA 0.85 2.19
8th		 1.98
Net debt / EBITDA 0.26 1.48
8th		 1.43
Interest coverage (EBIT / interest) 18.3x 8.2x
92nd		 4.1x
Cash interest coverage 19.5x 6.5x
85th		 6.7x
Debt payback (years of OCF) 1.0 yrs 3.0 yrs
8th		 2.3 yrs
Liabilities / assets 56.3% 67.1%
23rd		 54.6%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 288
0th		 275

Efficiency

MeasureVLOIndustry medianIndustry percentileSector median
Asset turnover 2.14 2.02
62nd		 0.49
Fixed asset turnover 4.75 4.42
62nd		 0.94
Inventory turnover 15.5 15.2
54th		 11.7
Receivables turnover 10.6 18.8
8th		 7.8
Days sales outstanding 34 days 20 days
92nd		 46 days
Days inventory outstanding 23 days 24 days
46th		 31 days
Days payables outstanding 39 days 26 days
85th		 41 days
Cash conversion cycle (days) 18 days 15 days
62nd		 18 days
Capex / revenue 0.6% 1.9%
8th		 11.9%
Capex / depreciation 0.26 0.73
0th		 1.04
Operating expense ratio 5.3% 4.6%
58th		 16.5%

Cash flow & earnings quality

MeasureVLOIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.51 1.51
50th		 2.02
FCF / net income 1.40 1.09
60th		 0.96
FCF / operating cash flow 92.5% 68.2%
100th		 48.4%
Capex / operating cash flow 7.5% 31.8%
0th		 51.6%
Accruals ratio -6.0% -4.7%
38th		 -7.7%
Sloan accruals ratio -0.5% -1.7%
62nd		 -4.7%
Earnings quality score (0-1) 0.75 0.75
10th		 0.75

Dividends & buybacks

MeasureVLOIndustry medianIndustry percentileSector median
Dividend yield 1.1% 1.5%
31st		 1.7%
Dividend per share (TTM) $4.73 $1.06
92nd		 $0.66
Payout ratio (dividends / net income) 19.5% 27.5%
40th		 29.4%
Dividends / FCF 14.0% 14.0%
50th		 28.1%
Dividend growth (YoY) 7.5% 5.5%
60th		 0.5%
Buyback yield 3.8% 1.1%
92nd		 0.2%
Shareholder yield (dividends + buybacks) 4.9% 2.8%
69th		 3.2%
Share count change (YoY) -5.8% -2.7%
17th		 0.2%
Buybacks, last 5 years $13.7B $55.9M
92nd		 $38.8M

Scores & forensic checks

MeasureVLOIndustry medianIndustry percentileSector median
IS score 74 57
92nd		 51
IS profitability 54 32
92nd		 50
IS growth 65 71
8th		 61
IS value 74 66
62nd		 57
IS momentum 89 89
50th		 77
IS risk (safety) 100 90
77th		 50
IS quality 83 58
100th		 68
IS balance sheet 79 52
92nd		 55
IS earnings quality 78 75
54th		 65
IS cash flow 75 50
100th		 50
Piotroski F-score (0-9) 9 8
69th		 6
Altman Z-score 5.1 3.6
92nd		 2.0
Beneish M-score −2.99 −2.66
33rd		 −2.62
Ohlson O-score −9.51 −6.75
8th		 −7.87
IS credit score 94 58
100th		 58

Per share

MeasureVLOIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $24.53 $2.92
92nd		 $1.88
Book value per share $85.04 $18.06
100th		 $14.22
Tangible book per share $96.15 $5.94
100th		 $12.86
Revenue per share $452.14 $174.18
85th		 $19.06
FCF per share $34.32 $4.79
92nd		 $2.05
Operating cash flow per share $37.10 $8.54
92nd		 $4.95
Cash per share $26.78 $6.05
100th		 $1.70

Size (TTM)

MeasureVLOIndustry medianIndustry percentileSector median
Market cap $128.0B $5.5B
92nd		 $4.1B
Revenue $132.9B $11.4B
85th		 $2.0B
EBITDA $13.3B $886.2M
92nd		 $606.3M
Net income $7.2B $149.3M
92nd		 $134.0M
Free cash flow $10.1B $392.6M
92nd		 $199.4M
Total assets $64.7B $7.1B
85th		 $4.4B
Shareholders' equity $25.0B $1.4B
92nd		 $1.8B
Employees 9,785 3,362
77th		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-18Reymond Robert L
Director
 Option exercise 924——1,375
2026-09-18Reymond Robert L
Director
 Option exercise 924——0
2026-09-17Audette Matthew J
Director
 Award / grant 372——372
2026-09-16Simmons Gary K.
EVP & COO
 Gift 4,000——230,367
2026-08-21Walsh Richard Joe
EVP & GC
 Gift 3,104——97,091
2026-06-29Fisher Eric A
SVP
 Open-market sale 7,500$268.17$2.0M19,742
2026-06-18Fisher Eric A
SVP
 Open-market sale 7,500$236.90$1.8M27,242
2026-05-18Fisher Eric A
SVP
 Open-market sale 7,500$251.61$1.9M34,742
2026-05-07Wilkins Rayford Jr
Director
 Award / grant 939——939
2026-05-07Weisenburger Randall J
Director
 Award / grant 939——939
2026-05-07Mullins Eric D.
Director
 Award / grant 939——939
2026-05-07Majoras Deborah P
Director
 Award / grant 939——939

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired108,823—
GiftDisposed27,104—
Open-market saleDisposed322,500$5.7M
Option exerciseAcquired911,972—
Option exerciseDisposed911,972—
Return to issuerDisposed73,163$756,779
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 8 notices · 49,605 shares · $12.5M
FiledFilerShares proposedEst. proceeds
2026-08-03Eric Fisher8,386$2.5M
2026-08-03Eric Fisher8,386$2.5M
2026-06-29Fisher Eric A7,500$2.0M
2026-06-17Fisher Eric A7,500$1.8M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 2 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-01-09Gilbert CisnerosHouseSale (Full)$1,001 - $15,0002026-02-13
2026-01-08Gilbert Ray CisnerosHouseSale (Full)$1,001 - $15,0002026-02-13
2025-08-06Gilbert CisnerosHouseSale (Partial)$1,001 - $15,0002025-09-12
2025-08-05Gilbert Ray CisnerosHouseSale (Partial)$1,001 - $15,0002025-09-12
2025-05-13John BoozmanSenateSale$1,001 - $15,0002025-06-14
2025-05-13John BoozmanSenateSale (Full)$1,001 - $15,0002025-06-14
2025-05-13John BoozmanSenateSale (Full)$1,001 - $15,0002025-06-13
2025-05-13Markwayne MullinSenatePurchase$50,001 - $100,0002025-06-11
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.25,143,225$6.5B8.73%
VANGUARD CAPITAL MANAGEMENT LLC19,393,258$5.1B6.74%
STATE STREET CORP18,903,012$4.9B6.57%
VANGUARD PORTFOLIO MANAGEMENT LLC14,845,028$3.9B5.16%
FMR LLC8,504,389$2.2B2.95%
GEODE CAPITAL MANAGEMENT, LLC7,269,612$1.9B2.52%
NORGES BANK6,402,941$1.7B2.22%
FRANKLIN RESOURCES INC6,328,638$1.6B2.20%
MORGAN STANLEY5,670,876$1.5B1.97%
AMERIPRISE FINANCIAL INC5,223,386$1.4B1.81%
BANK OF AMERICA CORP /DE/4,592,012$1.2B1.59%
PRICE T ROWE ASSOCIATES INC /MD/3,924,248$1.0B1.36%
BARCLAYS PLC3,380,306$880.4M1.17%
Invesco Ltd.2,845,727$741.1M0.99%
DIMENSIONAL FUND ADVISORS LP2,628,915$684.8M0.91%

Institutional ownership by quarter

2023-092026-0684.5%
% of shares held by 13F filers
2023-092026-061,974
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,97484.5%234715719102
2026-03-311,86585.0%35965659798
2025-12-311,62687.7%222580565113
2025-09-301,55184.6%19852056597
2025-06-301,47890.0%144546552108
2025-03-311,46491.3%138537541122
2024-12-311,47289.4%196497566139
2024-09-301,44588.2%134548529142
2024-06-301,46789.6%106568545141
2024-03-311,52190.7%207532552103
2023-12-311,44588.8%204510542107
2023-09-301,36791.4%14748054293

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-07-31SCHEDULE 13GVanguard Portfolio Management5.0%14,896,512
2026-04-30SCHEDULE 13GVanguard Capital Management7.6%22,677,340
2025-04-30SCHEDULE 13G/AThe Vanguard Group12.4%38,880,432
2025-04-24SCHEDULE 13G/ABlackRock, Inc.7.3%22,969,760
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.15%$3.5B
VSMPX0.15%$3.5B
VTI0.15%$3.5B
VTSAX0.15%$3.5B
VFINX0.17%$2.9B
VOO0.17%$2.9B

Share structure

Shares outstanding287,927,461
Float286,746,211
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$114.0B$176.4B$144.8B$129.9B$122.7B
Cost of revenue$110.9B$159.6B$131.9B$125.1B$117.3B
Gross profit$3.1B$16.8B$12.9B$4.8B$5.4B
R&D$0$0$0$0$0
SG&A$865.0M$934.0M$998.0M$961.0M$1.0B
Operating income$2.1B$15.7B$11.9B$3.8B$4.3B
EBITDA$4.6B$18.3B$14.7B$7.0B$6.7B
Pretax income$1.5B$15.3B$11.8B$3.7B$3.0B
Income tax$255.0M$3.4B$2.6B$692.0M$759.0M
Net income$930.0M$11.5B$8.8B$2.8B$2.3B
EPS, diluted$2.27$29.00$24.95$8.58$7.57
Diluted shares407.0M396.0M353.0M322.0M309.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$4.1B$4.9B$5.4B$4.7B$4.7B
Receivables$10.4B$11.9B$12.5B$10.7B$0
Inventory$6.3B$6.8B$7.6B$7.8B$7.6B
Total current assets$21.2B$24.1B$26.2B$23.7B$47.5B
PP&E, net$32.1B$32.1B$31.3B$30.4B$0
Goodwill & intangibles$478.0M$462.0M$443.0M$411.0M$0
Total assets$57.9B$61.0B$63.1B$60.1B$47.5B
Accounts payable$12.5B$12.7B$12.6B$12.1B$0
Total current liabilities$16.9B$17.5B$16.8B$15.5B$14.1B
Long-term debt$12.6B$10.5B$10.1B$9.7B$7.6B
Total liabilities$38.1B$35.5B$34.5B$32.6B$23.8B
Shareholders' equity$19.8B$25.5B$28.5B$27.5B$23.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.3B$11.9B$9.1B$2.8B$2.3B
Depreciation & amortization$2.4B$2.5B$2.7B$2.8B$3.2B
Stock-based compensation$88.0M$103.0M$0$100.0M$0
Change in working capital$2.2B−$210.0M−$2.7B$990.0M−$512.0M
Operating cash flow$5.9B$12.6B$9.2B$6.7B$5.8B
Capital expenditure−$1.7B−$1.7B−$911.0M−$907.0M−$796.0M
Free cash flow$4.2B$10.9B$8.3B$5.8B$5.0B
Investing cash flow−$2.2B−$2.8B−$1.9B−$2.0B−$1.8B
Net debt issued / repaid−$1.2B−$2.8B−$262.0M−$648.0M−$94.0M
Buybacks−$27.0M−$4.6B−$5.1B−$2.9B−$2.6B
Dividends paid−$1.6B−$1.6B−$1.5B−$1.4B−$1.4B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin2.7%9.5%8.9%3.7%5.4%
Operating margin1.9%8.9%8.2%2.9%2.6%
Net margin0.8%6.5%6.1%2.1%1.9%
FCF margin3.7%6.2%5.5%3.9%4.4%
ROE5.0%54.9%35.4%10.9%9.7%
ROIC6.0%38.8%27.5%9.7%8.0%
ROA1.7%19.4%14.2%4.5%4.4%
Debt / equity0.820.540.480.470.45
Interest coverage3.6x28.1x20.2x7.7x6.4x
Current ratio1.261.381.561.533.37
Revenue growth+75.6%+54.8%−17.9%−10.3%−4.5%
EPS growth+165.3%+1,227.4%−13.6%−66.5%−11.6%
P/E at year end29.0x3.8x4.7x13.6x21.0x
EV / EBITDA at year end8.3x2.8x3.3x6.3x8.4x
FCF yield at year end15.55%24.71%19.41%13.55%10.95%
Dividend payout172.3%13.5%16.4%50.0%59.8%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Refining$106.9B$168.2B$136.5B$123.9B$116.2B
Renewable Diesel$1.9B$3.5B$7.0B$5.1B$4.8B
Ethanol$5.2B$4.7B$5.6B$4.5B$5.0B

Revenue by region · FY2025

UNITED STATES$87.8B · 75%
United Kingdom And Ireland$15.8B · 13%
CANADA$8.1B · 7%
Other Countries$5.7B · 5%

Street estimates by fiscal year

Next report 2026-10-22 · consensus EPS $20.90 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$162.4B$148.4B – $176.1B$52.73$48.06 – $58.28118.4x
2027$144.6B$126.9B – $174.1B$46.20$23.87 – $59.50129.6x
2028$122.2B$103.8B – $140.6B$26.38$21.09 – $37.66516.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$10.11$12.54+24.0%$39.5B$44.5B+12.7%
2026-04-30$3.16$4.22+33.5%$31.4B$32.4B+3.2%
2026-01-29$3.27$3.82+16.8%$28.5B$30.4B+6.5%
2025-10-23$3.05$3.66+20.0%$30.0B$32.2B+7.4%
2025-07-24$1.75$2.28+30.3%$27.5B$29.9B+8.7%
2025-04-24$0.41$0.89+116.9%$28.8B$30.3B+5.2%
2025-01-30$0.07$0.64+828.9%$30.0B$30.8B+2.4%
2024-10-24$0.98$1.14+16.3%$31.0B$32.9B+5.8%
2024-07-25$2.60$2.71+4.2%$33.0B$34.5B+4.5%
2024-04-25$3.24$3.82+17.9%$32.2B$31.7B−1.5%
2024-01-25$2.96$3.55+19.9%$35.9B$35.4B−1.3%
2023-10-26$7.47$7.49+0.3%$38.6B$38.4B−0.4%
2023-07-27$5.08$5.40+6.3%$34.4B$34.5B+0.4%
2023-04-27$7.23$8.27+14.4%$35.4B$36.4B+2.9%
2023-01-26$7.37$8.45+14.7%$39.5B$41.7B+5.6%
2022-10-25$6.85$7.15+4.4%$38.8B$44.5B+14.6%
2022-07-28$9.58$11.36+18.6%$41.3B$51.6B+25.2%
2022-04-26$1.66$2.31+39.2%$31.6B$38.5B+21.8%
2022-01-27$1.84$2.47+34.2%$28.8B$35.9B+24.6%
2021-10-21$0.92$1.22+32.6%$24.7B$29.5B+19.4%
2021-07-29$0.14$0.48+242.9%$21.7B$27.7B+27.6%
2021-04-22$-1.91$-1.73+9.4%$22.6B$20.8B−7.8%
2021-01-28$-1.48$-1.06+28.4%$21.7B$16.6B−23.6%
2020-10-22$-1.35$-1.16+14.1%$20.8B$15.8B−24.1%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.806-151.006-220.706-291.007-061.107-131.007-200.907-271.308-031.008-100.908-170.808-241.108-31
Week ofNotionalSharesTrades
2026-08-31$1.1B2,952,22383,438
2026-08-24$798.8M2,302,67569,476
2026-08-17$902.6M2,602,76279,105
2026-08-10$1.0B3,077,34487,436
2026-08-03$1.3B4,312,838101,546
2026-07-27$948.5M3,105,87387,740

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1548.5%
DateShort shareShort volumeTotal volume
2026-10-1548.5%555,1191,144,783
2026-10-1452.4%503,331959,814
2026-10-1356.3%681,6561,210,015
2026-10-1269.3%522,444753,902
2026-10-0968.5%1,005,2271,467,191
2026-10-0862.3%783,5401,258,010
2026-10-0761.0%486,673797,535
2026-10-0666.2%557,345841,390
2026-10-0564.0%700,3511,094,838
2026-10-0255.5%707,5541,274,640
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+5.1Jan+0.9Feb+2.9Mar+1.8Apr+0.7May-2.9Jun+0.4Jul+0.8Aug-1.2Sep+2.7Oct+2.5Nov+3.2Dec
MonthAvg returnUp yearsYears
Jan+5.1%80%20
Feb+0.9%45%20
Mar+2.9%76%21
Apr+1.8%45%20
May+0.7%55%20
Jun−2.9%45%20
Jul+0.4%70%20
Aug+0.8%55%20
Sep−1.2%45%20
Oct+2.7%65%20
Nov+2.5%55%20
Dec+3.2%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1466.4
MFI69.2
ADX32.9
Stochastic %K / %D85.5 / 90.4
Williams %R-20.4
CCI89
TSI / signal39.2 / 36.7
Chaikin money flow0.02
ATR$16.15
Bollinger width26.2%
Volume vs 20-day avg0.51x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$413.86 (+7.5%)
SMA 50$381.63 (+16.5%)
SMA 200$273.78 (+62.4%)
EMA 21$419.55 (+6.0%)
EMA 50$385.09 (+15.5%)
EMA 200$291.82 (+52.4%)
Bollinger upper$468.04 (−5.0%)
Bollinger lower$359.68 (+23.6%)
Parabolic SAR$428.77 (+3.7%)
Open the live chart, 110+ indicators

About Valero Energy Corporation

Valero Energy Corporation functions as a global producer and marketer of transportation fuels and petrochemicals, with operations spanning the United States, Canada, the United Kingdom, Ireland, and other international territories. The company organizes its business across three primary divisions: Refining, Renewable Diesel, and Ethanol. Its Refining segment generates a wide array of products, including various types of gasoline (conventional, premium, reformulated, and California Air Resources Board-compliant), diverse diesel fuels (low-sulfur, ultra-low-sulfur, and CARB diesel), jet fuels, blendstocks, asphalts, petrochemicals, and lubricants. This division also handles the sale of lube oils and natural gas liquids. As of the end of 2021, Valero managed 15 petroleum refineries, boasting a combined daily processing capacity of approximately 3.2 million barrels of crude oil. The Ethanol division comprises 12 plants, capable of producing around 1.6 billion gallons of ethanol annually. These facilities also yield co-products such as dry distiller grains, syrup, and inedible corn oil, which are largely supplied to animal feed markets. Valero distributes its refined goods through wholesale rack and bulk channels, in addition to approximately 7,000 branded retail stations operating under names like Valero, Beacon, Diamond Shamrock, Shamrock, Ultramar, and Texaco. Furthermore, Valero contributes to renewable energy production by owning and operating a facility dedicated to converting animal fats, used cooking oils, and inedible distillers corn oils into renewable diesel. Supporting its extensive operations, the company maintains a comprehensive logistics network that includes crude oil and refined product pipelines, storage terminals, tanks, marine docks, and truck rack bays. Originally established in 1980 as Valero Refining and Marketing Company, the firm adopted its current name, Valero Energy Corporation, in August 1997. Its corporate headquarters are situated in San Antonio, Texas.

https://www.valero.com

Key executives

NameTitlePayBorn
R. Lane RiggsChief Executive Officer, President & Chairman$7.6M1966
Gary K. SimmonsExecutive Vice President & Chief Operating Officer$3.3M1965
Richard Joe WalshExecutive Vice President & General Counsel$2.6M1966
Eric HoneymanSenior Vice President of Renewables Operations & Low Carbon Fuels——
Harminder S. BhullarSenior VP & CFO—1981
Julia Rendon ReinhartSenior Vice President & Chief Human Resources Officer——
Lillian RiojasExecutive Director of Media Relations & Communications——
Mike ZachoVice President of Information Services & Technology——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
R. Lane Riggs, Chairman, Chief Executive Officer and President2025$1.7M$15.8M$5.5M$23.4M
Gary K. Simmons, EVP and Chief Operating Officer2025$988,490$6.0M$2.2M$9.3M
Jason W. Fraser, Retired EVP and Chief Financial Officer2025$988,490$5.9M$2.0M$9.0M
Richard J. Walsh, EVP and General Counsel2025$816,200$3.3M$1.6M$5.9M
Eric A. Fisher, SVP Product Supply, Trading and Wholesale2025$740,540$2.8M$1.3M$4.9M

Employees

10k201810k201910k202010k202110k202210k202310k202410k2025

Dividends

Ex-dateAmountPaid
2026-07-31$1.22026-08-31
2026-05-21$1.22026-06-23
2026-02-05$1.22026-03-09
2025-11-20$1.132025-12-18
2025-07-31$1.132025-09-02
2025-05-20$1.132025-06-18
2025-01-30$1.132025-03-03
2024-11-20$1.072024-12-20

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage76
Intangibles55
Switching costs23
Network effect45
Efficient scale100
Our component scores (0-100) and overall 56.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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