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Valero Energy key statistics and ratios

In fiscal 2025, Valero Energy had return on equity of 9.7%, an operating margin of 2.6%, debt equal to 44.8% of equity and a current ratio of 1.65. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin5.7%4.8%4.8%4.4%−1.1%2.7%9.5%8.9%3.7%4.4%12.3%
Operating margin4.7%3.8%3.9%3.5%−2.4%1.9%8.9%8.2%2.9%2.6%11.5%
Net margin3.0%4.3%2.7%2.2%−2.2%0.8%6.5%6.1%2.1%1.9%8.4%
Free-cash-flow margin4.7%4.4%0.9%2.5%−2.3%3.0%5.6%5.1%3.6%4.7%10.4%
Return on equity11.4%19.4%14.3%11.1%−7.0%5.0%54.9%35.4%10.9%9.7%50.1%
Return on assets5.0%8.4%6.2%4.7%−2.7%1.7%19.4%14.2%4.5%4.0%20.6%
Asset turnover1.641.952.332.081.232.082.972.332.112.082.43
Current ratio2.021.741.651.441.711.261.381.561.531.651.72
Debt to equity40.0%40.3%42.0%44.4%78.1%75.3%49.4%43.7%42.7%44.8%39.3%
Interest cover (operating income ÷ interest)7.9x7.6x9.7x8.4xn/m3.5x27.9x20.0x6.8x5.7x30.9x
Effective tax rate24.0%−29.6%20.8%20.1%—16.5%22.4%22.3%18.7%25.3%22.4%
Capital spending as % of revenue1.7%1.4%2.9%2.6%3.8%2.2%1.6%1.3%1.6%0.0%0.0%
Free cash flow ÷ net income154.7%101.6%31.9%110.9%—365.7%85.3%82.8%167.0%248.1%123.3%
Dividends ÷ net income48.5%30.6%43.9%61.6%—172.3%13.5%16.4%50.0%59.8%10.8%
Dividends and buybacks ÷ free cash flow69.1%63.3%309.2%84.5%—47.9%62.4%90.1%92.1%68.7%54.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Valero Energy's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Valero Energy.