Energy · Oil & Gas Refining & Marketing · US stock · price as of 16 Oct 2026
Key indicators
Price
$444.71
52-week range
$152.07 – $461.52
Market cap
$130.7B
P/E (trailing)
18.7×
EV / EBITDA
13.3×
Free-cash-flow yield
8.3%
Dividend yield
1.1%
Revenue (last 12 months)
$139.4B
Revenue growth (3y a year)
−11.4%
Operating margin
7.2%
Return on invested capital
27.2%
Net debt / EBITDA
0.3×
Fair value
Blended fair value$452.73 range $290 – $425
Versus priceFair+2% to fair value
Peer multiples
$218.48
Fundamentals-adjusted multiple
$361.04
10-year DCF (market-scaled)
$778.68
Earnings power value (floor, not blended)
$168.64
Model uncertainty
High
X-Ray Score
43/ 100 · Medium confidence · ahead of 20% of sector peers
Valuation49
Growth11
Profitability50
Financial health69
Dividends28
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Valero Energy Corp an X-Ray Score of 43 out of 100 (medium confidence), ahead of 20% of the S&P 500 stocks in its sector. Its strongest lens is financial health (69) and its weakest is growth (11).
Our fair value blend is $452.73 (range $289.76 to $425.43). At $444.71 the stock trades 2% below that blend, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Valero Energy Corp (VLO)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$65.16
$114.00
$120.68
$117.11
$160.42
$444.71
Market cap
$26.5B
$45.1B
$42.6B
$37.7B
$49.6B
$130.7B
P/E
28.7×
3.9×
4.8×
13.6×
21.2×
18.7×
EV / revenue
0.3×
0.3×
0.4×
0.4×
0.5×
1.0×
EV / EBITDA
17.3×
3.4×
4.3×
12.2×
18.0×
13.7×
Price / free cash flow
7.8×
4.6×
5.8×
8.2×
8.5×
12.0×
Free-cash-flow yield
12.8%
21.8%
17.2%
12.3%
11.8%
8.3%
Price / book
1.4×
1.9×
1.6×
1.5×
2.1×
5.2×
Dividend yield
6.02%
3.44%
3.38%
3.65%
2.82%
1.06%
Fundamentals checklist ● 4 Good · ● 5 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.7%Average
Risk models
Altman Z score5.5×Good
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−36.1%Bad
Revenue growth (3y)−11.4%Bad
Growth consistency20%Bad
Balance sheet
Current ratio1.6×Good
Net debt / EBITDA0.3×Good
Interest cover17.8×Average
Valuation
Fair value vs price1.0×Average
EBIT / EV yield7.3%Average
Profitability
Return on invested capital27.2%Good
Operating margin7.2%Bad
Gross profitability17.3%Bad
XStocksXray
Valero Energy Corp (VLO)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
113,977
176,383
144,766
129,881
122,687
139,397
Gross profit
3,129
16,796
12,932
4,805
5,432
11,197
Operating income
2,130
15,690
11,858
3,755
3,181
10,011
Net income
930
11,528
8,835
2,770
2,348
7,212
Diluted EPS ($)
2.27
29.04
24.92
8.58
7.57
23.84
Free cash flow
3,401
9,837
7,313
4,626
5,826
10,908
Gross margin
2.7%
9.5%
8.9%
3.7%
4.4%
8.0%
Operating margin
1.9%
8.9%
8.2%
2.9%
2.6%
7.2%
Net margin
0.8%
6.5%
6.1%
2.1%
1.9%
5.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
57,888
60,982
63,056
60,143
57,988
64,663
Cash
4,122
4,862
5,424
4,657
4,688
7,874
Total debt
13,870
11,635
11,524
10,463
10,619
11,349
Equity
18,430
23,561
26,346
24,512
23,725
25,001
Dividend per share ($)
3.92
3.92
4.08
4.28
4.52
4.66
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.