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 $46.10B and net income of $6.83B for the fiscal year ended 2026-09-30. 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 | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $46.10B | $44.48B | $32.38B | $30.37B | $32.17B | $29.89B | $30.26B | $30.76B | $32.88B | $34.49B |
| Cost of revenue | $36.69B | $39.01B | $30.33B | $28.47B | $30.40B | $28.64B | $29.75B | $30.13B | $32.12B | $33.05B |
| Gross profit | $9.41B | $5.47B | $2.05B | $1.90B | $1.77B | $1.25B | $507.00M | $629.00M | $754.00M | $1.44B |
| Operating income | $9.07B | $5.20B | $1.73B | $1.58B | $1.51B | $997.00M | -$900.00M | $348.00M | $507.00M | $1.22B |
| Net income | $6.83B | $3.72B | $1.26B | $1.13B | $1.10B | $714.00M | -$595.00M | $281.00M | $364.00M | $880.00M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 285.00M | shares 294.00M | shares 298.00M | Unavailable | shares 309.00M | shares 312.00M | shares 314.00M | Unavailable | shares 318.00M | shares 324.00M |
| Pretax income | $9.06B | $5.17B | $1.72B | $1.52B | $1.46B | $942.00M | -$917.00M | $323.00M | $489.00M | $1.20B |
| Income tax expense | $2.07B | $1.09B | $401.00M | $355.00M | $390.00M | $279.00M | -$265.00M | -$34.00M | $96.00M | $277.00M |
| Diluted EPS | $23.89 | $12.62 | $4.22 | Unavailable | $3.53 | $2.28 | $-1.90 | Unavailable | $1.14 | $2.71 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $308.00M | $233.00M | $285.00M | $315.00M | $246.00M | $220.00M | $261.00M | $266.00M | $234.00M | $203.00M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $9.84B | $7.87B | $5.73B | $4.69B | $4.76B | $4.54B | $4.63B | $4.66B | $5.18B | $5.25B |
| Total assets | $67.95B | $64.66B | $62.14B | $57.99B | $58.62B | $59.43B | $59.18B | $60.14B | $60.38B | $63.62B |
| Current assets | $33.56B | $30.67B | $27.82B | $23.21B | $23.50B | $23.80B | $23.59B | $23.74B | $23.98B | $27.12B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $19.47B | $18.74B | $17.65B | $14.11B | $14.73B | $14.68B | $15.14B | $15.50B | $15.30B | $18.32B |
| Total equity incl. NCI | $31.08B | $28.27B | $26.93B | $26.60B | $26.75B | $26.95B | $26.32B | $27.52B | $28.00B | $28.25B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $7.61B | $7.62B | $7.56B | $7.59B | $7.39B | $7.54B | $7.12B | $7.76B | $7.05B | $8.03B |
| Accounts receivable | $14.75B | $13.93B | $13.41B | $9.88B | $10.33B | $11.07B | $11.24B | $9.73B | $11.07B | $13.14B |
| Goodwill | Unavailable | Unavailable | Unavailable | $260.00M | Unavailable | Unavailable | Unavailable | $260.00M | Unavailable | Unavailable |
| Long-term debt | $10.01B | $10.42B | $10.46B | $9.67B | $9.69B | $10.26B | $10.31B | $9.72B | $9.79B | $9.75B |
| Accounts payable | $13.80B | $14.42B | $13.40B | $10.14B | $10.69B | $11.50B | $11.98B | $12.09B | $11.52B | $14.56B |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.93B | $5.58B | $1.39B | $2.06B | $1.88B | $936.00M | $952.00M | $1.07B | $1.30B | $2.47B |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | -$419.00M | -$361.00M | -$400.00M | -$419.00M | -$379.00M | -$412.00M | -$635.00M | -$544.00M | -$408.00M | -$392.00M |
| Financing cash flow | -$4.52B | -$3.03B | $124.00M | -$1.75B | -$1.20B | -$849.00M | -$382.00M | -$784.00M | -$1.07B | -$1.55B |
| Net change in cash | $1.97B | $2.14B | $1.05B | -$76.00M | $229.00M | -$95.00M | -$22.00M | -$525.00M | -$60.00M | $497.00M |
| Stock-based compensation | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common dividends paid | $345.00M | $355.00M | $359.00M | $344.00M | $351.00M | $354.00M | $356.00M | $339.00M | $342.00M | $347.00M |
| Common share repurchases | $3.36B | $2.26B | $573.00M | $1.06B | $922.00M | $338.00M | $274.00M | $259.00M | $560.00M | $1.03B |
| Depreciation & amortization | $15.00M | $14.00M | $12.00M | $12.00M | $12.00M | $28.00M | $11.00M | $11.00M | $10.00M | $12.00M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | 20.4% | 12.3% | 6.3% | 6.3% | 5.5% | 4.2% | 1.7% | 2.0% | 2.3% | 4.2% |
| Operating margin | 19.7% | 11.7% | 5.3% | 5.2% | 4.7% | 3.3% | -3.0% | 1.1% | 1.5% | 3.5% |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current ratio | 1.72x | 1.64x | 1.58x | 1.65x | 1.60x | 1.62x | 1.56x | 1.53x | 1.57x | 1.48x |
| Revenue YoY growth | 43.3% | 48.8% | 7.0% | -1.2% | -2.2% | -13.3% | -4.7% | -13.2% | -14.4% | -0.1% |
| Net margin | 14.8% | 8.4% | 3.9% | 3.7% | 3.4% | 2.4% | -2.0% | 0.9% | 1.1% | 2.6% |
| 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 | 0.32x | Unavailable | Unavailable | 0.36x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 22.8% | 21.2% | 23.3% | 23.3% | 26.8% | 29.6% | Unavailable | -10.5% | 19.6% | 23.0% |
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.