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US independent petroleum refiner producing gasoline, diesel and renewable fuels, with no upstream oil production.
US independent petroleum refiner producing gasoline, diesel and renewable fuels, with no upstream oil production.
Earns the gap between its crude cost and the prices of gasoline, diesel and jet fuel, selling wholesale rather than through its own stations. Its Gulf Coast refineries are built to run cheaper heavy crude. The Diamond Green Diesel joint venture with Darling Ingredients makes renewable diesel.
Moat: narrow (scale, cost advantage). Large, complex refineries process cheaper heavy/sour crude at lower cost than simpler competitors.
Headquarters: San Antonio, Texas, US · Founded: 1980 · Employees: 9,811
Size Valero Energy (VLO) is a United States Energy company (Oil Refining/Marketing) with a market value of $96.6B, the 129th largest of 3,117 United States companies the cockpit tracks. Shares closed at $346.45 on 6 Nov 2026.
Performance Over six months the shares gained 44.4%, against +7.1% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 9 in its peer set.
Growth Revenue grew 25.1% over the last twelve months (peer median +5.6%); the operating margin is 12.0% (peer median 9.6%).
Valuation It trades at 5.6× forward earnings against a peer median of 9.4× (3rd cheapest of 9).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -30 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 33.7 points above its cost of capital (7.5% WACC).
Credit Valero Energy has 15 bonds outstanding ($8.54B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 85 bp.
Short interest Short interest is 2.8% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $154B | $123B | $130B | $145B | $177B |
| Revenue growth | — | -5% | -10% | -18% | — |
| Gross profit | $19.6B | $5.43B | $4.71B | $12.7B | $18.0B |
| EBITDA | $21.5B | $7.53B | $6.48B | $14.4B | $19.4B |
| Net income | $12.9B | $2.34B | $2.76B | $8.81B | $11.5B |
| Free cash flow | $15.1B | $5.03B | $5.78B | $8.32B | $10.9B |
| Capital expenditure | $1.64B | $1.89B | $2.06B | $1.92B | $2.74B |
| Total debt | $11.0B | $11.7B | $11.5B | $12.6B | $12.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Valero Energy VLO | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% |
| Marathon Petroleum MPC | $101B | +53% | +32% | 12% | 5.1× | -16.8% |
| Phillips 66 PSX | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% |
| HF Sinclair DINO | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% |
| PBF Energy PBF | $8.16B | +65% | +32% | 8% | 2.6× | n/a |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VLO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.9% | -6.0% | lowest of 9 |
| 6-month return | +44.4% | +7.1% | 3rd highest of 9 |
| Distance from 52-week high | -24.9% | -19.4% | 3rd lowest of 9 |
| Revenue growth (TTM) | +25.1% | +5.6% | 3rd highest of 9 |
| Operating margin | 12.0% | 9.6% | 3rd highest of 9 |
| Forward P/E | 5.6× | 9.4× | 3rd cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -16.1% | -3.4% | 2nd least demanding of 9 |
| Growth delivered (Del g) | +13.6% | +13.6% | 5th highest of 9 |
| Hurdle (Req g minus delivered) | -29.7 pp | -14.4 pp | 3rd least demanding of 9 |
| ROIC minus cost of capital | +33.7 pp | +4.1 pp | highest of 9 |
| EV / EBITDA | 4.7× | 6.8× | 2nd cheapest of 8 |
| Net debt / EBITDA | 0.1× | 0.8× | 2nd least indebted of 9 |
| Bond spread | 85 bp | 91 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Valero Energy VLO | United States | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% | +13.6% |
| Sinopec 0386.HK | Hong Kong | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% | +5.8% |
| Phillips 66 PSX | United States | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% | +15.7% |
| China Petroleum & Chemical 600028.SS | China | $99.2B | +8% | -10% | 2% | 15.8× | 9.0% | +6.3% |
| Marathon Petroleum MPC | United States | $101B | +53% | +32% | 12% | 5.1× | -16.8% | +13.9% |
| Eni ENI.MI | Italy | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% | +13.3% |
| Reliance Industries RELIANCE.NS | India | $189B | -8% | +20% | 11% | 19.3× | 19.1% | +17.8% |
| ORLEN Spolka Akcyjna PKN.WA | Poland | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% | +25.5% |
| Formosa Petrochemical Corporati 6505.TW | Taiwan | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% | +8.6% |
Valero Energy has 15 bonds outstanding with $8.54B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.66%, a spread of 85 bp over government bonds.