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Valero Energy (VLO) stock

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NYSE: VLO NYSE Oil & Gas Refining & Marketing Next results ~January 28, 2027

B+ Fundamentals grade

Valero Energy is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$420

Cash-flow model

Base case. Range ~$310–$560 across our lower- and higher-growth cases (4.3%–14.3% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 9% below our base value.

Price used: $381.46, November 2, 2026

Valero Energy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Valero Energy files

10-Q filed October 28: Valero Energy

Model value −8.9%

Revenue for the twelve months to September 2026 reached $153.3bn, up 24.6% on a year earlier and well ahead of the 12.6% growth recorded a quarter before. That pace ranks 1 of 11 among the oil and gas refining and marketing companies we cover. Free-cash-flow margin climbed to 9.3% from 2.3%, while operating margin widened to 11.5% from 1.6%. A diluted share count down 5.8% lifts each remaining share. The fundamentals grade improves from B to B+. Even so, our model value falls from $279 to $254 a share, against a price of $405, and the rating stays Sell. At that price, the model implies the market is pricing in roughly 10.8% annual cash-flow growth for five years, faster than the 6.1% annual revenue growth delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Valero Energy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $139.4bn, up 12.6% on a year earlier, faster than -2.8% a quarter earlier. Free-cash-flow margin rose to 7.8% from 1.8% a year earlier. Operating margin widened to 7.2% from 0.8%. The diluted share count is down 4.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $298 a share, against a share price of $433. At that price, our model says the market is pricing in about 11.8% a year of cash-flow growth for five years, faster than the 4.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Valero Energy's trailing-twelve-month revenue grew 24.6% year on year, with a free-cash-flow margin of 9.3%. Where it stands out: free-cash-flow margin of 9.3% ranks 2 of 15 oil & gas refining & marketing companies we cover.

Our discounted-cash-flow model values the business at ~$420 per share in the base case (~$310–$560 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 406.7% while net income grew 765.9%: a 359pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 24.6% over the last 12 months, against a median of 13.2% for oil & gas refining & marketing companies we cover.
  • Growth speeding up. The growth rate is 12.0 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 9.9 points on a year ago.
  • Shrinking share count. Diluted shares fell 5.8% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Earnings expected to fall. The consensus expects earnings per share to fall 10% next year.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$23.90 against an average estimate of $21.23: beat by 12.6%
Revenue
$46.10bn, up 43.3% on a year earlier
Share reaction
-4.0% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Next report
October 22, 2026; average EPS estimate $19.73

Valero Energy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.6%
  • 1 week-10.6%
  • 1 month-6.1%
  • This year+137.8%
  • 1 year+129.7%
  • 5 years+486.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$153B
Operating margin
11.5%
Net margin
8.4%
EPS (TTM, diluted)
$43.96

Growth

Revenue growth
+24.6%
Change in growth rate
+12.0 pts
Share count change
−5.8%

Cash

Free cash flow (TTM)
$14.3B
FCF margin
9.3%
Stock pay % of revenue
0.1%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Our research
  3. Results
  4. Leadership
  5. Results
  6. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Valero Energy valuation models and calculator

What the price is pricing in

The share price implies about 3.9% a year of cash-flow growth for five years.That is close to the 6.1% a year revenue growth Valero Energy has delivered.

  • Priced in3.9%
  • Last 12 months24.6%
  • 3 years a year0.5%
  • 5 years a year6.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($381.68, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$420
Price used
$381.68close November 3, 2026
Implied change
▲ +10%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Valero Energy's free cash flow after stock-based pay with after-tax interest added back ($6.1B, FY2026 Q3 TTM), growing 0.7% and 1.6% in the next two years (forecasts, guidance and its record), then back to 9.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$310–~$560 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Valero Energy's free cash flow after stock-based pay ( $6.1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Valero Energy as an operating company, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.74 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$420 ~$310–$560 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$420 ~$400–$520 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$830 ~$590–$1200 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$550 ~$460–$680 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$530 ~$420–$830 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Valero Energy with Oil & Gas Refining & Marketing in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $294$405$552$745$996$1322
8.5% $222$302$408$546$725$956
10% $178$240$321$427$564$739

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$47.01$65.81$55.46$72.24$46.46$65.16$114.00$120.68$117.11$160.42$381.46
Market value$21.8bn$29.2bn$23.7bn$29.9bn$18.9bn$26.5bn$45.1bn$42.6bn$37.7bn$49.6bn$112.3bn
+ Net debt (− = net cash)$3.2bn$3.0bn$6.1bn$7.1bn$11.4bn$9.7bn$6.8bn$6.1bn$5.8bn$5.9bn$1.2bn
Enterprise value$25.0bn$32.2bn$29.9bn$37.0bn$30.3bn$36.3bn$51.9bn$48.7bn$43.5bn$55.5bn$113.5bn
Multiples
Price / sales 0.3x0.3x0.2x0.3x0.3x0.2x0.3x0.3x0.3x0.4x0.7x
Price / earnings 9.5x7.2x7.6x12.3x—28.5x3.9x4.8x13.6x21.1x8.7x
Price / free cash flow 6.2x7.1x23.9x11.1x—7.8x4.6x5.8x8.2x8.5x7.0x
EV / EBITDA 4.6x5.8x4.5x6.1x39.2x8.0x2.9x3.3x6.7x8.8x5.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard Valero Energy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.0% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 4.5%, moving by 3.6 percentage points (standard deviation) across 9 years.

  • Durability 0 / 20

    Operating margin has been a median 3.6%; its worst year was 0.1%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 5 of 5 years, at a median 2.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 27.6% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $59.59 +462% $163.3bn +33%
Next $53.61 −10% $143.9bn −12%

Next year's EPS estimate has moved +113.5% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +68.3% on 90 days ago. In the last 30 days, 12 analysts raised Valero Energy's forecast and 0 cut it.

Consensus EPS forecast Valero Energy, last 90 days
$20.00 $30.00 $40.00 $50.00 $60.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $35.41 Current fiscal year, 60 days ago: $42.84 Current fiscal year, 30 days ago: $47.28 Current fiscal year, 7 days ago: $53.45 Current fiscal year, Now: $59.59 $59.59 Next fiscal year, 90 days ago: $25.11 Next fiscal year, 60 days ago: $30.08 Next fiscal year, 30 days ago: $37.10 Next fiscal year, 7 days ago: $48.57 Next fiscal year, Now: $53.61 $53.61

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $35.41$25.11
60 days ago $42.84$30.08
30 days ago $47.28$37.10
7 days ago $53.45$48.57
Now $59.59$53.61

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $21.23 $23.90 +12.6%
Jun 2026 $10.13 $12.54 +23.8%
Mar 2026 $3.16 $4.22 +33.5%
Dec 2025 $3.27 $3.82 +17.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026

No numeric guidance in Valero Energy's latest earnings release (filed October 22, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Valero Energy's revenue by +0.7% next year and +1.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-3.1%, weight 69%) and the company's own record (+9.3%, weight 31%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy945%
Hold840%
Sell315%

Monthly trend

  1. Oct 2026368320
  2. Sep 202636920
  3. Aug 2026378220
  4. Jul 2026377220

Counts of recommendations published by analysts covering Valero Energy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.2%
of tradable shares
Days to cover
2.28
at average volume
Short interest, 1 month
−17%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
0.4%
of shares
Employees
9,785
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +129.7%

$166.04 on October 31, 2025 to $381.46

ThenNowEffect
Revenue (last 12 months) $123.8bn $139.4bn +12.6%
Net margin 0.6% 5.2% +738.2%
P/E multiple 68.4x 15.9x −76.8%
Share count 315m 301m +4.7%

Biggest factor: net margin.

Last 3 years +227.6%

$116.42 on November 3, 2023 to $381.46

ThenNowEffect
Revenue (last 12 months) $157.1bn $139.4bn −11.3%
Net margin 7.0% 5.2% −25.7%
P/E multiple 4.0x 15.9x +298.6%
Share count 375m 301m +24.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VLO+40%+75%+6%−3%+37%+138%
Industry peers (median)+29%+41%+11%−18%+18%+62%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VLO58%75%58%42%67%82%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VLO−28%−32%−30%−34%−27%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 72% from June 4, 2018 to March 23, 2020. Getting back needed a 256% gain, reached on April 6, 2022, 744 days after the low.

Price behaviour

52-week range
$159.58 – $459.78
From 52-week high
−17.0%
vs 50-day average
−4.2%
vs 200-day average
+33.6%
Volatility (1 year)
39%
Beta vs S&P 500
-0.43

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±3.0%
After a week
6 up, 6 down
typical move ±4.9%
After a month
7 up, 4 down
typical move ±9.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 −4.0% −1.7% −11.9% —
July 30, 2026 +4.2% +2.4% +0.9% +17.4%
April 30, 2026 −1.8% +1.3% −5.9% +1.0%
January 29, 2026 −1.4% −0.5% +6.1% +17.5%
October 23, 2025 +5.7% +1.4% +5.1% +7.8%
July 24, 2025 −3.8% +0.5% −6.2% −0.7%
April 24, 2025 −0.6% +2.8% +0.3% +13.2%
April 16, 2025 +2.3% −2.1% +5.4% +26.2%
January 30, 2025 −3.9% 0.0% −2.9% −7.2%
October 24, 2024 −0.4% +0.2% −2.4% +6.8%
July 25, 2024 +6.9% +0.6% +5.8% −1.3%
April 25, 2024 −0.7% +0.6% −5.8% −2.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Valero Energy’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.31× the last 60 days’ realised volatility , richer than 77% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

VLO Valero Energy Grade B+ $386.02

Sell the $355 put expiring November 27, 2026 (25 days) for $10.40 a share — $1,040 per contract.

Previous session · Bid $10.40, ask $12.40, quoted Mon 2 Nov, 17:39 New York time with VLO at $386.02. Option prices move with the shares: check the live chain at your broker before trading.

  • If VLO ends above $355: you keep the $1,040 — 2.9% on the $35,500 set aside, or 42.8% a year at that pace.
  • If it ends below $355: you buy 100 shares at an effective $344.6, 11% below today's price and 18% below our value of ~$420.
$1.0k $0 −$6.9k Break-even $344.6 Price $386.02 Our value $420
Profit or loss per contract at expiry, by share price.
Premium
$1,040
Annualised
42.8%
Break-even
$344.6
Max gain
$1,040
Chance of buying
~26%
VLO Valero Energy Grade B+ $386.02

Own 100 shares, sell the $450 call expiring December 18, 2026 (46 days) for $7.70 a share — $770 per contract.

Previous session · Bid $7.70, ask $9.10, quoted Mon 2 Nov, 17:39 New York time with VLO at $386.02. Option prices move with the shares: check the live chain at your broker before trading.

  • If VLO ends below $450: you keep your shares and the $770 — 2.0% extra on the position, 15.8% a year at that pace.
  • If it ends above $450: your shares are sold at $450, a total return of 18.6% including the premium — at or above our value of ~$420.
$7.2k $0 −$7.6k Break-even $378.32 Price $386.02 Our value $420
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$770
Annualised
15.8%
Break-even
$378.32
Max gain
$7,168
Chance of selling
~24%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Valero Energy in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Valero Energy
$120B $130B $140B $150B $160B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $144.8B Revenue (TTM), FY24 Q1: $140.1B Revenue (TTM), FY24 Q2: $140.1B Revenue (TTM), FY24 Q3: $134.5B Revenue (TTM), FY24 Q4: $129.9B Revenue (TTM), FY25 Q1: $128.4B Revenue (TTM), FY25 Q2: $123.8B Revenue (TTM), FY25 Q3: $123.1B Revenue (TTM), FY25 Q4: $122.7B Revenue (TTM), FY26 Q1: $124.8B Revenue (TTM), FY26 Q2: $139.4B Revenue (TTM), FY26 Q3: $153.3B $153.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $144.8B
FY24 Q1 $140.1B
FY24 Q2 $140.1B
FY24 Q3 $134.5B
FY24 Q4 $129.9B
FY25 Q1 $128.4B
FY25 Q2 $123.8B
FY25 Q3 $123.1B
FY25 Q4 $122.7B
FY26 Q1 $124.8B
FY26 Q2 $139.4B
FY26 Q3 $153.3B
Revenue growth, TTM YoY Valero Energy
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -17.9% Revenue growth, TTM YoY, FY24 Q1: -19.6% Revenue growth, TTM YoY, FY24 Q2: -10.9% Revenue growth, TTM YoY, FY24 Q3: -11.0% Revenue growth, TTM YoY, FY24 Q4: -10.3% Revenue growth, TTM YoY, FY25 Q1: -8.4% Revenue growth, TTM YoY, FY25 Q2: -11.6% Revenue growth, TTM YoY, FY25 Q3: -8.5% Revenue growth, TTM YoY, FY25 Q4: -5.5% Revenue growth, TTM YoY, FY26 Q1: -2.8% Revenue growth, TTM YoY, FY26 Q2: 12.6% Revenue growth, TTM YoY, FY26 Q3: 24.6% 24.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -17.9%
FY24 Q1 -19.6%
FY24 Q2 -10.9%
FY24 Q3 -11.0%
FY24 Q4 -10.3%
FY25 Q1 -8.4%
FY25 Q2 -11.6%
FY25 Q3 -8.5%
FY25 Q4 -5.5%
FY26 Q1 -2.8%
FY26 Q2 12.6%
FY26 Q3 24.6%
Operating margin (TTM) Valero Energy
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 8.2% Operating margin (TTM), FY24 Q1: 6.8% Operating margin (TTM), FY24 Q2: 5.7% Operating margin (TTM), FY24 Q3: 3.7% Operating margin (TTM), FY24 Q4: 2.9% Operating margin (TTM), FY25 Q1: 0.9% Operating margin (TTM), FY25 Q2: 0.8% Operating margin (TTM), FY25 Q3: 1.6% Operating margin (TTM), FY25 Q4: 2.6% Operating margin (TTM), FY26 Q1: 4.7% Operating margin (TTM), FY26 Q2: 7.2% Operating margin (TTM), FY26 Q3: 11.5% 11.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 8.2%
FY24 Q1 6.8%
FY24 Q2 5.7%
FY24 Q3 3.7%
FY24 Q4 2.9%
FY25 Q1 0.9%
FY25 Q2 0.8%
FY25 Q3 1.6%
FY25 Q4 2.6%
FY26 Q1 4.7%
FY26 Q2 7.2%
FY26 Q3 11.5%
FCF margin (TTM) Valero Energy
0% 5% 10% FY19 Q1 FY19 Q4 FY25 Q2 FY26 Q3 FCF margin (TTM), FY19 Q1: 1.8% FCF margin (TTM), FY19 Q2: 1.7% FCF margin (TTM), FY19 Q3: 3.0% FCF margin (TTM), FY19 Q4: 2.5% FCF margin (TTM), FY24 Q4: 3.6% FCF margin (TTM), FY25 Q1: 2.9% FCF margin (TTM), FY25 Q2: 1.8% FCF margin (TTM), FY25 Q3: 2.3% FCF margin (TTM), FY25 Q4: 3.5% FCF margin (TTM), FY26 Q1: 3.7% FCF margin (TTM), FY26 Q2: 6.6% FCF margin (TTM), FY26 Q3: 9.3% 9.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q1 1.8%
FY19 Q2 1.7%
FY19 Q3 3.0%
FY19 Q4 2.5%
FY24 Q4 3.6%
FY25 Q1 2.9%
FY25 Q2 1.8%
FY25 Q3 2.3%
FY25 Q4 3.5%
FY26 Q1 3.7%
FY26 Q2 6.6%
FY26 Q3 9.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Valero Energy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $123B
  2. Cost of revenue $117B · 95.6%
  3. Gross profit $5.4B · 4.4%
  4. Selling, general and admin $1B · 0.8%
  5. Other operating costs $1.2B · 1.0%
  6. Operating income $3.2B · 2.6%
  7. Income tax $759M · 0.6%
  8. Net income $2.3B · 1.9%

Shares of revenue. Source: Valero Energy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 75.7 94.0 117.0 108.3 64.9 114.0 176.4 144.8 129.9 122.7 153.3
Gross profit 4.3 4.5 5.6 4.8 −0.7 3.1 16.8 12.9 4.8 5.4 18.8
EBITDA 5.4 5.5 6.6 6.1 0.8 4.5 18.2 14.6 6.5 6.3 19.3
Operating income 3.5 3.6 4.6 3.8 −1.6 2.1 15.7 11.9 3.8 3.2 17.6
Net income 2.3 4.1 3.1 2.4 −1.4 0.9 11.5 8.8 2.8 2.3 12.9
Diluted EPS $4.94 $9.16 $7.29 $5.84 −$3.50 $2.27 $29.04 $24.92 $8.58 $7.57 $43.96
Growth (year on year)
Revenue — +24.2% +24.5% −7.4% −40.1% +75.6% +54.8% −17.9% −10.3% −5.5% +24.6%
EBITDA — +2.2% +19.7% −8.3% −87.3% — +300.5% −19.8% −55.2% −2.9% +469.3%
Operating income — +0.8% +28.3% −16.1% −141.2% — — −24.4% −68.3% −15.3% —
Net income — +77.6% −23.2% −22.4% −158.7% — — −23.4% −68.6% −15.2% —
Diluted EPS — +85.4% −20.4% −19.9% −159.9% — — −14.2% −65.6% −11.8% —
Margins
Gross margin 5.7% 4.8% 4.8% 4.4% −1.1% 2.7% 9.5% 8.9% 3.7% 4.4% 12.3%
EBITDA margin 7.2% 5.9% 5.7% 5.6% 1.2% 4.0% 10.3% 10.1% 5.0% 5.2% 12.6%
Operating margin 4.7% 3.8% 3.9% 3.5% −2.4% 1.9% 8.9% 8.2% 2.9% 2.6% 11.5%
Net margin 3.0% 4.3% 2.7% 2.2% −2.2% 0.8% 6.5% 6.1% 2.1% 1.9% 8.4%
Free-cash-flow margin 4.7% 4.4% 0.9% 2.5% −2.3% 3.0% 5.6% 5.1% 3.6% 4.7% 10.4%
Cash flow
Cash from operations 4.8 5.5 4.4 5.5 0.9 5.9 12.6 9.2 6.7 5.8 16.0
Capital spending 1.3 1.4 3.4 2.8 2.4 2.5 2.7 1.9 2.1 0.0 0.0
Free cash flow 3.5 4.1 1.0 2.7 −1.5 3.4 9.8 7.3 4.6 5.8 16.0
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 3.5 4.1 0.9 2.6 −1.6 3.3 9.7 7.2 4.5 5.7 15.8
Balance sheet
Cash 4.8 5.9 3.0 2.6 3.3 4.1 4.9 5.4 4.7 4.7 9.8
Total debt 8.0 8.9 9.1 9.7 14.7 13.9 11.6 11.5 10.5 10.6 11.0
Net debt (negative = net cash) 3.2 3.0 6.1 7.1 11.4 9.7 6.8 6.1 5.8 5.9 1.2
Diluted shares 464m 444m 428m 414m 407m 407m 396m 353m 322m 309m 295m
Returned to shareholders
Dividends 1.1 1.2 1.4 1.5 1.6 1.6 1.6 1.5 1.4 1.4 1.4
Buybacks 1.3 1.4 1.7 0.8 0.2 0.0 4.6 5.1 2.9 2.6 7.3
Total returned 2.4 2.6 3.1 2.3 1.8 1.6 6.1 6.6 4.3 4.0 8.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · September 30, 2026
What it owns · $68.0bn
Short-term assets $33.6bnLonger-term assets $34.4bn
What it owes, and who funded it · $47.4bn
Short-term liabilities $19.5bnShareholders' equity $28.0bn
  • Short-term assets cover short-term liabilities $33.6bn of assets due within a year against $19.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $9.8bn of cash against $11.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 39% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 63% to 39% over five years.
  • A year's operating cash flow covers at least 20% of debt $16.0bn of operating cash flow against $11.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $17.6bn against $568m of interest.

From Valero Energy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$7.3B
Dividends (TTM)
$1.4B
Returned to shareholders
61%
of free cash flow
Buybacks, last 3 fiscal years
$10.6B
Diluted share count
−5.8%
year over year
Total shareholder yield
8.0%
dividends 1.3% + buybacks 6.7% of market value
Dividend payout ratio
11%
of net income paid out
Days sales outstanding
27 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas refining & marketing
Last 12 months unless stated VLO MPC PSX WKC PBF DINO Median
Revenue, last 12 months $153.3bn $153.6bn $168.2bn $45.6bn $38.9bn $34.8bn $10.3bn
Revenue growth, last 12 months 24.6% 15.0% 27.5% 21.1% 31.5% 29.5% 13.0%
Revenue growth, 3-year average 0.5% −0.7% 4.0% −2.8% −1.0% 1.5% −0.8%
Revenue growth, latest quarter 43.3% 53.8% 46.4% 41.3% 58.6% 49.7% 46.4%
Gross margin 12.3% 12.5% 15.1% 2.5% 8.9% 18.5% 8.0%
Operating margin 11.5% 9.2% — −0.1% 9.8% 13.5% 2.9%
Operating margin, 3-year average 5.6% 7.0% — −0.1% 2.3% 5.8% 2.3%
Net margin 8.4% 5.6% 7.5% −0.4% 7.0% 10.1% 1.8%
Cash from operations / revenue 10.4% 11.2% 8.9% 0.3% 9.0% 10.8% 5.1%
Free-cash-flow margin 9.3% 8.4% 7.4% 0.2% 6.8% 9.4% 4.8%
Free-cash-flow margin, 3-year average 4.7% 5.7% 3.2% 0.4% 1.1% 5.2% 2.4%
Stock pay / revenue 0.1% 0.1% — 0.1% 0.1% 0.1% 0.1%
Change in share count −5.8% −6.5% −1.3% −6.3% 4.3% −4.3% −1.4%

Median of all 16 companies we cover in oil & gas refining & marketing. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 oil & gas refining & marketing companies
Measure Company Peer median Rank
Revenue growth Growth 24.6% 13.2% 5 of 16
Change in growth rate Growth +12.0pp +12.9pp 9 of 16
Gross margin Profitability 12.3% 7.1% 4 of 14
Operating margin Profitability 11.5% 4.8% 3 of 14
Net margin Profitability 8.4% 1.9% 3 of 16
Free-cash-flow margin Cash generation 9.3% 4.8% 2 of 15
Stock pay as % of revenue Cash generation 0.1% 0.1% 4 of 11
Long-term debt as % of assets Balance sheet 14.7% 23.4% 4 of 12
Change in share count Balance sheet -5.8% -1.4% 4 of 15
Days sales outstanding Balance sheet 27 days 26 days 9 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Refining $116B 94.7% ▼ 6.2%
Ethanol $4B 3.3% ▲ 11.1%
Renewable Diesel $2.5B 2.0% ▲ 4.1%
Geography
Region Revenue Share YoY
United States $87.8B 71.6% ▼ 5.9%
United Kingdom and Ireland $15.8B 12.9% ▲ 3.9%
Canada $8.1B 6.6% ▼ 5.1%
Other Countries $5.7B 4.7% ▼ 22.0%
Mexico and Peru $5.2B 4.2% ▼ 4.4%

From Valero Energy's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$64.1B
Institutions reporting
1,962
Shares held vs prior quarter
▼ 1.5%
Positions opened / closed
206 / 103

Top buyers and sellers, Q2 2026: 919 institutions bought and 815 sold ; the biggest buyer was AQR Capital Management LLC (+1.3M shares) and the biggest seller Price T Rowe Associates Inc (−4.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $6.5B 25.1M 10.2% ▼ 3.3%
Vanguard Capital Management LLC $5.1B 19.4M 7.9% ▼ 1.2%
State Street Corp $4.9B 18.9M 7.7% ▼ 3.6%
Vanguard Portfolio Management LLC $3.9B 14.8M 6.0% ▼ 0.2%
FMR LLC $2.2B 8.5M 3.5% ▲ 1.6%
Morgan Stanley $2.1B 8.0M 3.3% ▲ 10.8%
Geode Capital Management, LLC $1.9B 7.3M 3.0% ▼ 12.3%
Norges Bank $1.7B 6.4M 2.6% —
Franklin Resources Inc $1.6B 6.3M 2.6% ▼ 1.3%
Ameriprise Financial Inc $1.4B 5.2M 2.1% ▼ 20.1%
Bank Of America Corp $1.2B 4.6M 1.9% ▼ 8.8%
Price T Rowe Associates Inc $1B 3.9M 1.6% ▼ 51.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Valero Energy's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9.4M 7 trades by 2 insiders · 0% under pre-set plans
Net ▼ $9.4M net selling
Insider Date Trade Shares Price Value
Fisher Eric A SVP June 29, 2026 Sell 7,500 $268.17 $2M
Fisher Eric A SVP June 18, 2026 Sell 7,500 $236.90 $1.8M
Fisher Eric A SVP May 18, 2026 Sell 7,500 $251.61 $1.9M
Fisher Eric A SVP March 12, 2026 Sell 200 $238.73 $47,746
Fisher Eric A SVP March 12, 2026 Sell 200 $238.47 $47,694
Fisher Eric A SVP March 11, 2026 Sell 8,311 $227.69 $1.9M
Fraser Jason W. EVP & CFO November 21, 2025 Sell 9,933 $174.02 $1.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 37 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Valero Energy shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded August 6, 2025, filed September 12, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded May 15, 2025, filed June 9, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Valero Energy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Valero Energy in brief

What does Valero Energy do?
Valero Energy is a US-listed company in the oil & gas refining & marketing industry. Its financial year ends in December.
What is Valero Energy's stock ticker?
Valero Energy trades under the ticker VLO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Valero Energy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Valero Energy reported revenue of $153B, 24.6% higher than a year earlier, according to its SEC filings.
What is Valero Energy's free cash flow?
Valero Energy's free-cash-flow margin is 9.3% of revenue over the trailing twelve months, ranking 2 of the 15 oil & gas refining & marketing companies we cover.
What is Valero Energy's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Valero Energy's free cash flow after stock-based pay gives ~$420 per share in the base case, and ~$310–$560 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Valero Energy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Valero Energy buying back stock, and does it pay a dividend?
Valero Energy spent $7.3B on share repurchases over the trailing twelve months, and its diluted share count fell 5.8% over the year.
What is Valero Energy's market cap?
On November 2, 2026, Valero Energy's market capitalisation was about $112B, with a price-to-earnings ratio of 8.7 and net debt of $1.2B. Market figures come from third-party market data and may be delayed.
Does Valero Energy pay a dividend?
Yes: Valero Energy paid $1.4B in dividends over the trailing twelve months, a dividend yield of 1.29% and a payout ratio of 10.8%.
How much debt does Valero Energy have?
Valero Energy's debt-to-equity ratio is 39.3%, from its latest balance sheet (63.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Valero Energy's competitors?
In our Oil & Gas Refining & Marketing peer group, the companies closest to Valero Energy are Marathon Petroleum, Phillips 66, World Kinect Corp, PBF Energy Inc. and HF Sinclair Corp. The side-by-side comparison below sets their revenue, margins and growth against Valero Energy's.
Are insiders buying or selling Valero Energy stock?
Over the last 12 months, Valero Energy's directors and officers reported 0 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Valero Energy's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Valero Energy announces its own schedule.