Valuation, from the filing
| Public float | $41.80B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $139.79 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 17.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 0.3× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
17.8× earnings today, against a median of 14.7× across 9 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $41.80B | 17.8× | |
| 2024-06-28 | $50.20B | 18.1× | |
| 2023-06-30 | $41.40B | 4.7× | |
| 2022-06-30 | $41.90B | 3.6× | |
| 2021-06-30 | $31.90B | 34.3× | |
| 2019-06-28 | $35.50B | 14.7× | |
| 2018-06-29 | $47.50B | 15.2× | |
| 2017-06-30 | $29.80B | 7.3× | |
| 2016-06-30 | $23.60B | 10.3× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Petroleum Refining filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Current ratio | 1.65x | 92th | |
| Gross margin | 4.4% | 10th | |
| Operating margin | 2.6% | 29th | |
| Long-term debt / equity | 0.36x | 38th | |
| Effective tax rate | 25.3% | 57th | |
| SBC / revenue | 0.1% | 43th | |
| Net margin | 1.9% | 46th | |
| Revenue YoY growth | -5.5% | 46th |
VALERO ENERGY CORP/TX (VLO) reported revenue of $122.69B and net income of $2.35B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from VALERO ENERGY CORP/TX’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Petroleum Refining.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $122.69B | $129.88B | $144.77B | $176.38B | $113.98B | $64.91B | $108.32B | $117.03B | $93.98B | $75.66B |
| Cost of revenue | $117.26B | $125.08B | $131.83B | $159.59B | $110.85B | $65.65B | $103.55B | $111.44B | $89.48B | $71.31B |
| Gross profit | $5.43B | $4.80B | $12.93B | $16.80B | $3.13B | -$740.00M | $4.78B | $5.59B | $4.50B | $4.35B |
| Operating income | $3.18B | $3.76B | $11.86B | $15.69B | $2.13B | -$1.58B | $3.84B | $4.57B | $3.56B | $3.53B |
| Net income | $2.35B | $2.77B | $8.84B | $11.53B | $930.00M | -$1.42B | $2.42B | $3.12B | $4.06B | $2.29B |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 309.00M | shares 322.00M | shares 353.00M | shares 396.00M | shares 407.00M | shares 407.00M | shares 414.00M | shares 428.00M | shares 444.00M | shares 464.00M |
| Pretax income | $3.00B | $3.70B | $11.77B | $15.31B | $1.54B | -$2.01B | $3.49B | $4.23B | $3.21B | $3.18B |
| Income tax expense | $759.00M | $692.00M | $2.62B | $3.43B | $255.00M | -$903.00M | $702.00M | $879.00M | -$949.00M | $765.00M |
| Diluted EPS | $7.57 | $8.58 | $24.92 | $29.04 | $2.27 | $-3.50 | $5.84 | $7.29 | $9.16 | $4.94 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $1.04B | $961.00M | $998.00M | $934.00M | $865.00M | $756.00M | $868.00M | $925.00M | $829.00M | $709.00M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $4.69B | $4.66B | $5.42B | $4.86B | $4.12B | $3.31B | $2.58B | $2.98B | $5.85B | $4.82B |
| Total assets | $57.99B | $60.14B | $63.06B | $60.98B | $57.89B | $51.77B | $53.86B | $50.16B | $50.16B | $46.17B |
| Current assets | $23.21B | $23.74B | $26.22B | $24.13B | $21.16B | $15.84B | $18.97B | $17.68B | $19.31B | $16.80B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $14.11B | $15.50B | $16.80B | $17.46B | $16.85B | $9.28B | $13.16B | $10.72B | $11.07B | $8.33B |
| Total equity incl. NCI | $26.60B | $27.52B | $28.52B | $25.47B | $19.82B | $19.64B | $22.54B | $22.73B | $22.90B | $20.85B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $7.59B | $7.76B | $7.58B | $6.75B | $6.26B | $6.04B | $7.01B | $6.53B | $6.38B | $5.71B |
| Accounts receivable | $9.88B | $9.73B | $11.04B | $10.76B | $9.97B | $4.81B | $8.06B | $7.34B | $6.92B | $5.90B |
| Goodwill | $260.00M | $260.00M | $260.00M | $260.00M | $260.00M | $260.00M | $260.00M | $260.00M | $0 | Unavailable |
| Long-term debt | $9.67B | $9.72B | $10.12B | $10.53B | $12.61B | $13.95B | $9.18B | $8.87B | $8.75B | $7.89B |
| Accounts payable | $10.14B | $12.09B | $12.57B | $12.73B | $12.50B | $6.08B | $10.20B | $8.59B | $8.35B | $6.36B |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.83B | $6.68B | $9.23B | $12.57B | $5.86B | $948.00M | $5.53B | $4.37B | $5.48B | $4.82B |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $1.35B | $1.28B |
| Investing cash flow | -$1.84B | -$1.98B | -$1.86B | -$2.80B | -$2.16B | -$2.42B | -$3.00B | -$3.93B | -$2.38B | -$2.01B |
| Financing cash flow | -$4.18B | -$5.05B | -$6.94B | -$8.85B | -$2.85B | $2.08B | -$3.00B | -$3.17B | -$2.27B | -$2.01B |
| Net change in cash | $36.00M | -$595.00M | $562.00M | $740.00M | $809.00M | $730.00M | -$399.00M | -$2.87B | $1.03B | $702.00M |
| Stock-based compensation | $117.00M | $100.00M | $107.00M | $103.00M | $88.00M | $80.00M | $89.00M | $86.00M | $77.00M | $68.00M |
| Common dividends paid | $1.40B | $1.38B | $1.45B | $1.56B | $1.60B | $1.60B | $1.49B | $1.37B | $1.24B | $1.11B |
| Common share repurchases | $2.60B | $2.88B | $5.14B | $4.58B | $27.00M | $156.00M | $777.00M | $1.71B | $1.37B | $1.34B |
| Depreciation & amortization | $63.00M | $45.00M | $43.00M | $45.00M | $47.00M | $48.00M | $53.00M | $52.00M | $52.00M | $48.00M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | 4.4% | 3.7% | 8.9% | 9.5% | 2.7% | -1.1% | 4.4% | 4.8% | 4.8% | 5.7% |
| Operating margin | 2.6% | 2.9% | 8.2% | 8.9% | 1.9% | -2.4% | 3.5% | 3.9% | 3.8% | 4.7% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Current ratio | 1.65x | 1.53x | 1.56x | 1.38x | 1.26x | 1.71x | 1.44x | 1.65x | 1.74x | 2.02x |
| Revenue YoY growth | -5.5% | -10.3% | -17.9% | 54.8% | 75.6% | -40.1% | -7.4% | 24.5% | 24.2% | Unavailable |
| Net margin | 1.9% | 2.1% | 6.1% | 6.5% | 0.8% | -2.2% | 2.2% | 2.7% | 4.3% | 3.0% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 0.36x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 25.3% | 18.7% | 22.3% | 22.4% | 16.5% | Unavailable | 20.1% | 20.8% | -29.6% | 24.0% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open VLO in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.