Financials Valero Energy Corporation

Equities

VLO

US91913Y1001

Oil & Gas Refining and Marketing

Market Closed - Nyse Other stock markets 21:00:02 11/07/2025 BST			5-day change	1st Jan Change
153.05 ^USD	-1.14%		+5.86%	+24.85%

03:53pm	Scotiabank Adjusts Price Target on Valero Energy to $149 From $136, Maintains Sector Outperform Rating	MT
07-10	Piper Sandler Adjusts Price Target on Valero Energy to $160 From $142, Maintains Overweight Rating	MT

Projected Income Statement: Valero Energy Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	64,912	113,977	176,383	144,766	129,881	118,188	123,010	129,853
Change	-	75.59%	54.75%	-17.93%	-10.28%	-9%	4.08%	5.56%
EBITDA ¹	1,007	4,535	18,163	14,559	6,529	7,571	7,385	7,806
Change	-	350.35%	300.51%	-19.84%	-55.15%	15.96%	-2.46%	5.7%
EBIT ¹	-1,344	2,333	15,690	11,858	3,755	5,798	4,531	5,450
Change	-	273.59%	572.52%	-24.42%	-68.33%	54.41%	-21.85%	20.27%
Interest Paid ¹	-563	-603	-562	-592	-556	-545.1	-532	-526.5
Earnings before Tax (EBT) ¹	-2,010	1,543	15,307	11,768	3,698	1,381	3,947	5,291
Change	-	176.77%	892.03%	-23.12%	-68.58%	-62.67%	185.9%	34.05%
Net income ¹	-1,421	930	11,528	8,835	2,770	1,343	2,943	3,891
Change	-	165.45%	1,139.57%	-23.36%	-68.65%	-51.53%	119.14%	32.22%
Announcement Date	28/01/21	27/01/22	26/01/23	25/01/24	30/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	10,397	15,809	16,604	20,806	27,748	29,520	35,903	38,542	51,641	44,454	41,746	36,439	34,509	38,404	35,414	31,759	34,490	32,876	30,756	30,258	26,981	28,334	27,758	28,773	29,701	30,093	29,706	26,742
Change	-	52.05%	5.03%	25.31%	33.37%	6.39%	21.62%	7.35%	33.99%	-13.92%	-6.09%	-12.71%	-5.3%	11.29%	-7.79%	-10.32%	8.6%	-4.68%	-6.45%	-1.62%	-10.83%	5.02%	-2.03%	3.66%	3.22%	1.32%	-1.29%	-9.98%
EBITDA ¹	119	36	5	-88	1,097	1,334	2,192	1,990	6,821	4,017	4,928	4,703	3,428	3,764	2,243	2,362	1,917	1,192	1,046	922	1,533	1,902	1,388	1,534	2,192	2,074	1,736	2,195
Change	-	-69.75%	-86.11%	-1,860%	1,346.59%	21.6%	64.32%	-9.22%	242.76%	-41.11%	22.68%	-4.57%	-27.11%	9.8%	-40.41%	5.31%	-18.84%	-37.82%	-12.25%	-11.85%	66.27%	24.06%	-27.03%	10.56%	42.87%	-5.4%	-16.3%	26.46%
EBIT ¹	-459	-578	-572	-666	509	693	1,597	1,384	6,219	3,792	4,295	4,043	2,759	3,503	1,553	1,679	1,221	507	348	231	744.7	1,085	540.9	813	1,607	1,493	1,063	1,554
Change	-	-25.93%	1.04%	-16.43%	176.43%	36.15%	130.45%	-13.34%	349.35%	-39.03%	13.26%	-5.87%	-31.76%	26.97%	-55.67%	8.11%	-27.28%	-58.48%	-31.36%	-33.62%	222.39%	45.73%	-50.16%	50.3%	97.7%	-7.12%	-28.78%	46.14%
Charge d'intérêts ¹	-142	-143	-153	-149	-150	-152	-152	-145	-142	-138	-137	-146	-148	-149	-149	-140	-140	-141	-135	-137	-136.1	-135.7	-135.7	-132.5	-132.5	-132.5	-132.5	-127
Earnings before Tax (EBT) ¹	1,674	-716	-598	-770	461	573	1,279	1,219	6,110	3,728	4,250	4,026	2,717	3,476	1,549	1,683	1,203	489	323	-917	702.9	933	601.5	725.6	1,421	1,500	941.2	-
Change	-	-142.77%	16.48%	-28.76%	159.87%	24.3%	123.21%	-4.69%	401.23%	-38.99%	14%	-5.27%	-32.51%	27.94%	-55.44%	8.65%	-28.52%	-59.35%	-33.95%	-383.9%	176.65%	32.74%	-35.53%	20.64%	95.89%	5.5%	-37.24%	-
Net income ¹	1,253	-464	-359	-704	162	463	1,009	905	4,693	2,817	3,113	3,067	1,944	2,622	1,202	1,245	880	364	281	-595	543.8	817.9	550.4	622	1,218	1,096	731.7	-
Change	-	-137.03%	22.63%	-96.1%	123.01%	185.8%	117.93%	-10.31%	418.56%	-39.97%	10.51%	-1.48%	-36.62%	34.88%	-54.16%	3.58%	-29.32%	-58.64%	-22.8%	-311.74%	191.39%	50.42%	-32.71%	13.01%	95.83%	-10.02%	-33.24%	-
Announcement Date	30/07/20	22/10/20	28/01/21	22/04/21	29/07/21	21/10/21	27/01/22	26/04/22	28/07/22	25/10/22	26/01/23	27/04/23	27/07/23	26/10/23	25/01/24	25/04/24	25/07/24	24/10/24	30/01/25	24/04/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Valero Energy Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	11,364	9,748	6,773	6,100	5,806	5,748	5,642	5,187
Change	-	-14.22%	-30.52%	-9.94%	-4.82%	-1%	-1.84%	-8.06%
Announcement Date	28/01/21	27/01/22	26/01/23	25/01/24	30/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Valero Energy Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,436	2,458	2,737	1,916	2,057	2,060	2,022	2,015
Change	-	0.9%	11.35%	-30%	7.36%	0.16%	-1.86%	-0.34%
Free Cash Flow (FCF) ¹	-1,488	3,401	9,837	7,313	4,626	3,357	4,685	5,539
Change	-	328.56%	189.24%	-25.66%	-36.74%	-27.43%	39.55%	18.23%
Announcement Date	28/01/21	27/01/22	26/01/23	25/01/24	30/01/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Valero Energy Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	1.55%	3.98%	10.3%	10.06%	5.03%	4.72%	6%	6.01%
EBIT Margin (%)	-2.07%	2.05%	8.9%	8.19%	2.89%	4.91%	3.68%	4.2%
EBT Margin (%)	-3.1%	1.35%	8.68%	8.13%	2.85%	1.17%	3.21%	4.07%
Net margin (%)	-2.19%	0.82%	6.54%	6.1%	2.13%	1.14%	2.39%	3%
FCF margin (%)	-2.29%	2.98%	5.58%	5.05%	3.56%	2.84%	3.81%	4.27%
FCF / Net Income (%)	104.71%	365.7%	85.33%	82.77%	167%	250.02%	159.21%	142.37%
Profitability
ROA	-2.39%	1.7%	19.4%	14.25%	4.45%	2.93%	7.15%	-
ROE	-6.23%	5%	54.91%	35.41%	10.89%	7.61%	13.75%	15.79%
Financial Health
Leverage (Debt/EBITDA)	11.29x	2.15x	0.37x	0.42x	0.89x	0.76x	0.76x	0.66x
Debt / Free cash flow	-7.64x	2.87x	0.69x	0.83x	1.26x	1.71x	1.2x	0.94x
Capital Intensity
CAPEX / Current Assets (%)	3.75%	2.16%	1.55%	1.32%	1.58%	1.74%	1.64%	1.55%
CAPEX / EBITDA (%)	241.91%	54.2%	15.07%	13.16%	31.51%	27.21%	27.38%	25.81%
CAPEX / FCF (%)	-163.71%	72.27%	27.82%	26.2%	44.47%	61.37%	43.16%	36.38%
Items per share
Cash flow per share ¹	3.177	8.929	35.86	26.14	18.29	16.21	18.75	23.7
Change	-	181.05%	301.61%	-27.09%	-30.06%	-11.37%	15.69%	26.41%
Dividend per Share ¹	3.92	3.92	3.92	4.08	4.28	4.51	4.684	4.838
Change	-	0%	0%	4.08%	4.9%	5.37%	3.86%	3.29%
Book Value Per Share ¹	46.19	45.28	63.31	79.24	77.82	74.64	77.14	81.43
Change	-	-1.97%	39.82%	25.15%	-1.79%	-4.08%	3.35%	5.56%
EPS ¹	-3.5	2.27	29.04	24.92	8.58	3.952	9.791	12.9
Change	-	164.86%	1,179.3%	-14.19%	-65.57%	-53.94%	147.75%	31.78%
Nbr of stocks (in thousands)	407,789	408,836	385,523	340,453	316,585	313,206	313,206	313,206
Announcement Date	28/01/21	27/01/22	26/01/23	25/01/24	30/01/25	-	-	-