Valero Energy Corp (VLO)

Energy · Oil & Gas Refining & Marketing · US stock · S&P 500 component

$426.28 ▼ -10.47 (2.40%)

At close 22 Oct 2026 · USD · Volume 2,800,247

Compare with MPC

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueFair

$430 +0.9% to fair value

$215fair band $366–$521$645

Day's range

$416.41 – $439.55

52-week range

$156.26 – $461.52

About Valero Energy Corp

Valero Energy operates petroleum refineries that turn crude oil into gasoline, diesel, jet fuel and other fuels and chemicals. It also produces renewable diesel and ethanol, which are lower-carbon fuels. Customers include fuel wholesalers, retailers, airlines, industrial users and other energy companies, and its products move through pipelines, terminals and export routes.

Valero earns revenue from refined products, and its results depend on the gap between what they fetch and what crude oil costs. The last twelve months brought $139.4 billion, though revenue growth over the last three years was -11.4% a year. The operating margin is 7.2%, and the business earns a profit of 27% on the capital invested in it. It has net debt of 0.3 times EBITDA. A dividend is paid, with a yield of 1.1%. On the site's X-Ray Score it receives 41 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $156.26 – $461.52Volume 2,800,247Daily, split-adjusted

Vitals

Market cap$125.3B

52-week range$156.26 – $461.52

Volume (last day)2,800,247

P/E (TTM)17.9

EBIT / EV yield7.6%

Free-cash-flow yield–

Dividend yield1.1%

Revenue (TTM)$139.4B

Net income (TTM)$7.2B

Operating margin7.2%

Return on capital27.2%

Debt incl. leases$11.3B

Cash & securities$7.9B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$430middle half of models $401 – $482

Fair +0.9% to fair value

Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High

Price $426

Undervalued < $366Fair $366 – $521Overvalued > $521

P/E multiple

$401

P/B multiple

$290

P/S multiple

$584

EV/EBITDA multiple

$406

EV/EBIT multiple

$400

EV/revenue multiple

$622

10-year DCF, EBITDA exit

$443

5-year DCF, EBITDA exit

$427

10-year DCF, revenue exit

$468

5-year DCF, revenue exit

$451

10-year DCF, growth exit

$485

5-year DCF, growth exit

$479

Dividend discount, stable

$190

Dividend discount, multi-stage

$259

Earnings power value

$547

Growth the price implies

13.3%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Average business, fairly priced

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better ✓ 60 The price is not above fair value $430 fair value Debt looks manageable 0.3× EBITDA Revenue has been growing -11.4% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Weak

39/100

Expensive against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield7.6%

Fair value vs price1.0×

Growth Weak

11/100

Growing slower than most of its sector.

See the numbers →

Revenue growth (3y)-11.4%

EPS growth (3y)-36.1%

Growth consistency20%

Profitability Fair

50/100

Returns on capital are typical for its sector.

See the numbers →

Return on invested capital27.2%

Operating margin7.2%

Gross profitability17.3%

Financial health Fair

69/100

Balance sheet is in typical shape for its sector.

See the numbers →

Piotroski F-Score6 / 9

Net debt / EBITDA0.3×

Interest cover17.8×

Dividends Weak

28/100

Dividend is modest or less certain than peers.

See the numbers →

Dividend yield1.1%

Dividend growth-3.5%

Quarterly results: last 6 quarters

-4.7%

Mar '25

-13.3%

Jun '25

-2.2%

Sep '25

-1.2%

Dec '25

+7.0%

Mar '26

+48.8%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $44.5B, diluted EPS $12.62.

Compare with peers

PSX Phillips 6652 MPC Marathon Petroleum Cor...50

Other Oil & Gas Refining & Marketing companies by X-Ray Score.

SWOT analysis: Valero Energy Corp

Strengthsinside the company

Return on invested capital is 27.2%, against a median of 12.0% for sector peers.
Net debt is only 0.3x EBITDA.
Operating profit covers interest 18x, so debt costs are a small drag.

Weaknessesinside the company

Operating margin of 7.2% is thin against 23.1% for sector peers.
Revenue has fallen 11.4% a year over three years (median -5.2% for sector peers).
Earnings per share have declined 36.1% a year over three years.

Opportunitiesvaluation and setting

Our Market Compass rates the backdrop for Energy as favourable.
Price momentum is strong on the weekly and monthly signals (trends can reverse).

Threatsvaluation and setting

Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Earnings in Oil & Gas Refining & Marketing follow the industry cycle, so margins and profits can swing from year to year.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare VLO with peers and sector

Medians of 19 Energy peers and of 19 Energy stocks in our universe. Largest peers (X-Ray Score): XOM 42, CVX 50, COP 58, MPC 50, PSX 52, WMB 38.

Metric	VLO	Peers	Sector
X-Ray Score (out of 100)	41	50	50
Valuation	39	60	60
Growth	11	53	53
Profitability	50	49	49
Financial health	69	48	48
Dividends	28	55	55

Sector leaders: highest X-Ray Score in Energy

VLO ranks #17 of 20 in Energy by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 EXE EXPAND ENERGY Corp	67
#2 EOG Eog Resources Inc	66
#3 EQT EQT Corp	63
#4 APA APA Corp	62
#5 COP Conocophillips	58
…
#17 VLO Valero Energy Corp (this stock)	41

Metric	VLO	Peers	Sector
P/E ratio	17.4x	17.4x	17.4x
PEG ratio	–	2.22	2.22
Price / book	5.0x	2.6x	2.6x
Price / sales	0.9x	2.5x	2.5x
EV / EBITDA	13.1x	9.1x	9.1x
Price / free cash flow	–	15.8x	15.8x
Dividend yield	1.1%	2.3%	2.3%
Gap to our fair value	+0.9%	+13.5%	+13.5%

Metric	VLO	Peers	Sector
Price change, 1 month	+13.0%	+7.6%	+7.6%
Price change, 3 months	+37.6%	+4.8%	+4.8%
Price change, 6 months	+83.5%	+10.6%	+10.6%
Price change, 1 year	+168.9%	+51.5%	+51.5%

Metric	VLO	Peers	Sector
Market value	$125.3B	$63.3B	$63.3B
Revenue (last 12 months)	$139.4B	$22.2B	$22.2B
EBITDA (last 12 months)	$10.1B	$7.4B	$7.4B
Net income (last 12 months)	$7.2B	$3.3B	$3.3B
Free cash flow (last 12 months)	–	$3.8B	$3.8B

Metric	VLO	Peers	Sector
Revenue growth, last year	−5.5%	+5.8%	+5.8%
Revenue growth, 3 years a year	−11.4%	−5.2%	−5.2%
EPS growth, 3 years a year	−36.1%	−22.4%	−22.4%
Free cash flow growth, 3 years a year	–	−17.7%	−17.7%
Dividend growth	−3.5%	+4.9%	+4.9%

Metric	VLO	Peers	Sector
Gross margin	8.0%	43.2%	43.2%
EBITDA margin	7.2%	41.7%	41.7%
Operating margin	7.2%	23.1%	23.1%
Net margin	5.2%	14.1%	14.1%
Return on invested capital	27.2%	12.0%	12.0%
Return on equity	28.8%	14.6%	14.6%

Metric	VLO	Peers	Sector
Net debt / EBITDA	0.3x	1.4x	1.4x
Interest cover	17.8x	27.7x	27.7x
Current ratio	1.6x	1.1x	1.1x
Piotroski F-score (0 to 9)	6	6	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for VLO

Each factor is rated by where VLO stands among the 20 Energy stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 7 Good · 4 Average · 10 Bad of 21 Growth: 0 · 0 · 3 Profitability: 2 · 0 · 3 Financial strength: 2 · 2 · 0 Valuation: 1 · 1 · 2 Cash flow: 0 · 1 · 2 Efficiency: 2 · 0 · 0

Factor	VLO	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	−11.4%	Bad beats 8%	−5.7%	–	–
Revenue growth, last year	−5.5%	Bad beats 13%	+3.9%	−5.5%	≈ In line
EPS growth, 3 years a year	−36.1%	Bad beats 18%	−22.6%	–	–
Profitability
Gross margin	8.0%	Bad beats 3%	47.1%	4.4%	▲ Better
Operating margin	7.2%	Bad beats 8%	23.0%	2.9%	▲ Better
Net margin	5.2%	Bad beats 8%	13.5%	2.1%	▲ Better
Return on invested capital	27.2%	Good beats 87%	12.3%	–	–
Return on equity	28.8%	Good beats 83%	15.2%	11.3%	▲ Better
Financial strength
Net debt / EBITDA	0.3x	Good beats 86%	1.1x	1.5x	▲ Better
Interest cover	17.8x	Average beats 45%	22.5x	6.8x	▲ Better
Current ratio	1.64	Good beats 83%	1.19	1.53	≈ In line
Piotroski F-score	6 / 9	Average beats 57%	6 / 9	–	–
Valuation
P/E ratio	17.4x	Average beats 48%	17.4x	14.3x	▼ Worse
Price / book	5.0x	Bad beats 23%	2.6x	1.7x	▼ Worse
Price / sales	0.9x	Good beats 87%	2.3x	0.3x	▼ Worse
EV / EBITDA	13.1x	Bad beats 24%	9.4x	11.9x	▼ Worse
Cash flow
Free cash flow margin	7.8%	Bad beats 29%	13.2%	4.7%	▲ Better
Cash from operations / net income	1.51	Bad beats 18%	1.95	2.41	▼ Worse
Accruals (lower is better)	−5.7%	Average beats 38%	−6.6%	–	–
Efficiency
Inventory turnover	16.8x	Good beats 88%	4.2x	17.4x	≈ In line
Days sales outstanding	36 days	Good beats 68%	43 days	27 days	▼ Worse

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 4 Good · ● 4 Average · ● 6 Bad

Cash quality

Earnings backed by cashAverage

Risk models

Altman Z''Good

Piotroski F-ScoreAverage

Growth

EPS growth (3y)Bad

Revenue growth (3y)Bad

Growth consistencyBad

Balance sheet

Current ratioGood

Net debt / EBITDAGood

Interest coverAverage

Valuation

Fair value vs priceBad

EBIT / EV yieldAverage

Profitability

Return on invested capitalGood

Operating marginBad

Gross profitabilityBad

Each check is graded against the company's sector, not a fixed number. Checklist score 40/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$114.0B	$176.4B	$144.8B	$129.9B	$122.7B
Operating income	$2.1B	$15.7B	$11.9B	$3.8B	$3.2B
Net income	$930M	$11.5B	$8.8B	$2.8B	$2.3B
Operating cash flow	$5.9B	$12.6B	$9.2B	$6.7B	$5.8B
Operating margin	1.9%	8.9%	8.2%	2.9%	2.6%
Free cash flow	$3.4B	$9.8B	$7.3B	$4.6B	–
Diluted EPS	$2.27	$29.04	$24.92	$8.58	$7.57

Fiscal years, from SEC filings.

Technical summary

Daily

Bullish

10 bullish · 4 neutral · 2 bearish

Weekly

Strongly bullish

11 bullish · 0 neutral · 1 bearish

Monthly

Strongly bullish

7 bullish · 0 neutral · 1 bearish

Moving averages (daily)

SMA 10	440.5	Bearish
EMA 10	434.1	Bearish
SMA 20	423.9	Bullish
EMA 20	424.7	Bullish
SMA 50	390.9	Bullish
EMA 50	392.0	Bullish
SMA 100	335.4	Bullish
EMA 100	349.8	Bullish
SMA 200	278.0	Bullish
EMA 200	296.5	Bullish

Oscillators (daily)

RSI (14)	54.90	Neutral
MACD (12, 26)	14.69	Bullish
Momentum (12)	1.68	Bullish
Stochastic %K (14)	38.51	Neutral
Williams %R (14)	-61.49	Neutral
CCI (20)	15.28	Neutral

Pivot points (classic, last session)

392.1

404.3

415.3

Pivot

427.4

438.4

450.6

461.6

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

4.73 USD

Yield on today's price

1.11%

Frequency

Quarterly

Next ex-dividend date

Not announced

Ex-dividend date	Amount per share
31 Jul 2026	1.2000
21 May 2026	1.2000
5 Feb 2026	1.2000
20 Nov 2025	1.1300
31 Jul 2025	1.1300
20 May 2025	1.1300
30 Jan 2025	1.1300
20 Nov 2024	1.0700
1 Aug 2024	1.0700
30 May 2024	1.0700
31 Jan 2024	1.0700
16 Nov 2023	1.0200

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold VLO

ETF	Share of the fund
IEO iShares U.S. Oil & Gas Exploration & P...	10.54%
CRAK VanEck Oil Refiners	7.31%
XLE Energy Select Sector SPDR	4.64%
IYE iShares U.S. Energy	4.06%
FENY Fidelity MSCI Energy Index	3.77%
ERX Direxion Daily Energy Bull 2X	3.36%
VDE Vanguard Energy	3.17%
FXN First Trust Energy AlphaDEX	2.75%

The eight funds with the largest weight in VLO among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.