NYSE: VLO
Valero Energy
Energy · Petroleum Refining
52-week range
$159.90$461.52
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$108B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $30.8B |
| FY2017, ended Dec 31, 2017 | $39.8B |
| FY2018, ended Dec 31, 2018 | $31.3B |
| FY2019, ended Dec 31, 2019 | $38.3B |
| FY2020, ended Dec 31, 2020 | $23.1B |
| FY2021, ended Dec 31, 2021 | $30.7B |
| FY2022, ended Dec 31, 2022 | $47.1B |
| FY2023, ended Dec 31, 2023 | $43.2B |
| FY2024, ended Dec 31, 2024 | $38.6B |
| FY2025, ended Dec 31, 2025 | $48.7B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $108B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$153B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $75.7B |
| FY2017, ended Dec 31, 2017 | $94.0B |
| FY2018, ended Dec 31, 2018 | $117B |
| FY2019, ended Dec 31, 2019 | $108B |
| FY2020, ended Dec 31, 2020 | $64.9B |
| FY2021, ended Dec 31, 2021 | $114B |
| FY2022, ended Dec 31, 2022 | $176B |
| FY2023, ended Dec 31, 2023 | $145B |
| FY2024, ended Dec 31, 2024 | $130B |
| FY2025, ended Dec 31, 2025 | $123B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $153B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $2.29B | $3.54B |
| FY2017, ended Dec 31, 2017 | $4.07B | $4.13B |
| FY2018, ended Dec 31, 2018 | $3.12B | $995M |
| FY2019, ended Dec 31, 2019 | $2.42B | $2.69B |
| FY2020, ended Dec 31, 2020 | −$1.42B | −$1.49B |
| FY2021, ended Dec 31, 2021 | $930M | $3.40B |
| FY2022, ended Dec 31, 2022 | $11.5B | $9.84B |
| FY2023, ended Dec 31, 2023 | $8.84B | $7.31B |
| FY2024, ended Dec 31, 2024 | $2.77B | $4.63B |
| FY2025, ended Dec 31, 2025 | $2.35B | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $12.9B | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$9.84B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.82B |
| FY2017, ended Dec 31, 2017 | $5.85B |
| FY2018, ended Dec 31, 2018 | $2.98B |
| FY2019, ended Dec 31, 2019 | $2.58B |
| FY2020, ended Dec 31, 2020 | $3.31B |
| FY2021, ended Dec 31, 2021 | $4.12B |
| FY2022, ended Dec 31, 2022 | $4.86B |
| FY2023, ended Dec 31, 2023 | $5.42B |
| FY2024, ended Dec 31, 2024 | $4.66B |
| FY2025, ended Dec 31, 2025 | $4.69B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $9.84B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$11.0B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.93B |
| FY2017, ended Dec 31, 2017 | $8.31B |
| FY2018, ended Dec 31, 2018 | $8.50B |
| FY2019, ended Dec 31, 2019 | $8.88B |
| FY2020, ended Dec 31, 2020 | $13.0B |
| FY2021, ended Dec 31, 2021 | $11.9B |
| FY2022, ended Dec 31, 2022 | $9.24B |
| FY2023, ended Dec 31, 2023 | $9.22B |
| FY2024, ended Dec 31, 2024 | $8.09B |
| FY2025, ended Dec 31, 2025 | $8.26B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $11.0B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 38.2% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.279M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 451M |
| FY2017, ended Dec 31, 2017 | 433M |
| FY2018, ended Dec 31, 2018 | 418M |
| FY2019, ended Dec 31, 2019 | 409M |
| FY2020, ended Dec 31, 2020 | 409M |
| FY2021, ended Dec 31, 2021 | 409M |
| FY2022, ended Dec 31, 2022 | 371M |
| FY2023, ended Dec 31, 2023 | 332M |
| FY2024, ended Dec 31, 2024 | 315M |
| FY2025, ended Dec 31, 2025 | 299M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 279M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $7.26B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.34B | $68.0M |
| FY2017, ended Dec 31, 2017 | $1.37B | $77.0M |
| FY2018, ended Dec 31, 2018 | $1.71B | $86.0M |
| FY2019, ended Dec 31, 2019 | $777M | $89.0M |
| FY2020, ended Dec 31, 2020 | $156M | $80.0M |
| FY2021, ended Dec 31, 2021 | $27.0M | $88.0M |
| FY2022, ended Dec 31, 2022 | $4.58B | $103M |
| FY2023, ended Dec 31, 2023 | $5.14B | $107M |
| FY2024, ended Dec 31, 2024 | $2.88B | $100M |
| FY2025, ended Dec 31, 2025 | $2.60B | $117M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $7.26B | — |
Revenue (TTM)
$153B
+24.6% YoY
Net income (TTM)
$12.9B
+766% YoY
Cash
$9.84B
+107% YoY
Total debt
$11.0B
+4.0% YoY
Valuation
At current price- Market Cap
- $111B
- P/E
- 8.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.7×
- Price / Book
- 4.0×
- EV / EBITDA
- 5.5×
Growth
Trailing 12 months- Revenue (TTM)
- $153B
- Revenue Growth YoY
- 24.6%
- Revenue CAGR 3Y
- −11.4%
- Revenue CAGR 5Y
- 13.6%
- EPS Growth YoY
- 814%
- Net Income Growth YoY
- 766%
Profitability
Trailing 12 months- Gross Margin
- 12.3%
- Operating Margin
- 11.5%
- Net Margin
- 8.4%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 50.1%
Earnings
Trailing 12 months- Net Income
- $12.9B
- EPS (diluted)
- $43.97
- EBITDA
- $20.7B
- Operating Income
- $17.6B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $9.84B
- Total Debt
- $11.0B
- Net Debt
- $1.16B
- Total Assets
- $68.0B
- Total Liabilities
- $36.9B
- Shareholders' Equity
- $28.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $16.0B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 1.2%
- Dividend / Share
- $4.73
- Beta (5Y)
- 0.60
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 24.6% year over year, at $153B.
Strength
Operating margin widened 9.9 pts in a year, to 11.5%.
Note
Net debt of $1.16B is 0.1× EBITDA, a manageable load.
Strength
Share count is down 8.6% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K52Some concerns
52Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 25, 2026 · Read the filing on EDGAR
- Revenue fell 5.5% to $122.7 billion and net income to shareholders fell 15% to $2.3 billion, partly because of a $1.1 billion write-down on its California refineries.
- Valero plans to stop refining at its Benicia, California refinery by the end of April 2026. It also wrote down the value of its Wilmington refinery.
- Refining profit before one-time charges rose $1.3 billion on better diesel and gasoline margins. Renewable diesel swung to a loss because of tariffs and a less generous tax credit.
- The company returned $4.0 billion to shareholders, ended the year with $9.8 billion of liquidity and approved a new $2.5 billion buyback.
Business momentum
Weakening
“For 2025, we reported net income attributable to Valero stockholders of $2.3 billion compared to $2.8 billion for 2024.”
Outlook
Positive
“Global demand for gasoline, diesel, and jet fuel continues to rise, with growth in demand for jet fuel outpacing growth of other primary petroleum-based transportation fuels.”
Financial stress
Low
“We believe we have sufficient funds from operations and from available capacity under our credit facilities to fund our ongoing operating requirements and other commitments over the next 12 months and thereafter for the foreseeable future.”
Tone against the previous report
About the same
Red flags
- Medium
Large write-down
“we reduced the carrying values of the Benicia and Wilmington refineries to their estimated fair values and recognized a combined asset impairment loss of $1.1 billion in the year ended December 31, 2025.”
Positives
Refining profit up on stronger fuel margins
“Refining segment adjusted operating income increased by $1.3 billion primarily due to higher gasoline, distillate (primarily diesel), and other product margins and an increase in throughput volumes”
Large cash returns to shareholders and strong liquidity
“return $4.0 billion to our stockholders through purchases of common stock for treasury and dividend payments”
Ethanol profit rose
“Ethanol segment adjusted operating income increased by $59 million primarily due to higher ethanol prices and an increase in production volumes”
Concerns
Renewable diesel swung to a loss
“Renewable Diesel segment operating income decreased by $663 million primarily due to higher feedstock costs and a decline in the value of low-carbon fuel tax incentives”
Smaller discounts on the crude oil Valero buys
“A decline in crude oil differentials had an unfavorable impact of approximately $1.1 billion.”
Operating cash flow fell
“Our operations generated $5.8 billion of cash in 2025.”
New risks since the previous report
Proposed federal fuel-blending rules could raise compliance costs
“the EPA's proposals present considerable risks that the final RFS Set II rules could require RVOs for 2026-2027 that are infeasible, significantly impact RIN prices and availability”
Clean fuel tax credit now limited to North American feedstocks
New climate and antitrust lawsuits
“We have been named as a co-defendant in a lawsuit in state court by a county in Oregon seeking significant damages and abatement under various tort theories (including deceptive disclosures).”
Informal gasoline price cap in Mexico
“Mexico has also implemented an informal, nationwide retail price cap on regular gasoline that could be expanded to other fuels, or could become legally binding.”
Risks in carrying out the California refinery closure
“Unforeseen delays, costs, negative publicity, litigation, enforcement, and other difficulties may arise, including in adapting our other operations and fulfilling our contractual obligations”
Biggest risks named
- Volatile refining margins and crude oil discounts
- Federal fuel-blending rule changes and fuel-credit costs
- Tariffs and tax-credit changes hurting renewable diesel
- California regulation and the Benicia refinery closure
- Climate lawsuits and state cost-recovery laws
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −3 | |
| New risks | −2 | |
| Score | 52 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 25, 2026 | 52 | Weakening | 1 medium | |
| 10-K | Feb 26, 2025 | 44 | Sharp deterioration | None | |
| 10-K | Feb 22, 2024 | 54 | Weakening | 1 minor | |
| 10-K | Feb 23, 2023 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 22, 2022 | 70 | Strong improvement | 1 medium | |
| 10-K | Feb 23, 2021 | 29 | Sharp deterioration | 2 minor | |
| 10-K | Feb 26, 2020 | 48 | Weakening | None | |
| 10-K | Feb 28, 2019 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 28, 2018 | 72 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR