Valero Energy is an independent refinery operator from Texas. The company processes crude oil into gasoline, diesel and jet fuel and produces ethanol and renewable diesel. Its refineries are in the US, Canada and the UK. As of Oct 13, 2026
As of Oct 13, 2026Fact sheet (from the annual report)Petroleum refining · San Antonio, USAfull fact sheet
Valero, based in San Antonio, Texas, makes and markets petroleum-based and low-carbon liquid fuels as well as petrochemical products. The products are sold mainly in the United States, Canada, the United Kingdom, Ireland and Latin America. Its segments are called Refining, Renewable Diesel and Ethanol, and the petroleum refineries are in the United States, Canada and the United Kingdom. Renewable diesel is produced by the joint venture DGD with Darling Ingredients on the Gulf Coast, and ethanol comes from its own plants in the Mid-Continent region. Most of the volumes loaded at the terminals go through unbranded channels, and branded stations carry names such as Valero and Ultramar.
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Double bottom · Analysis method
This method currently detects no pattern for VLO. The check runs daily after the close.
You see new patterns immediately from Watcher, on the free plan 2 days after they form. Plans and pricing
What does the pattern show?
What is this? The price has formed two similarly deep lows and broken above the neckline between them. This is seen as a sign that the downward move is ending.
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and margin
Valero Energy · Sector Energy · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 25, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
–no data: Gross margin above 40%not meaningful for energy companies
✗not met: Operating margin above 15%2.6%
✗not met: Net margin above 10%1.9%
✗not met: Return on equity above 15%9.9%
–no data: Free cash flow margin above 10%not stated in the SEC filings
✓met: Profit in each of the last 5 fiscal years5 of 5
–no data: Free cash flow positive in each of the last 3 fiscal yearsnot stated in the SEC filings
✓met: Equity ratio above 30%40.9%
Operating margin
2.6%Fiscal year 2025
All24weak
Rank 24 of 100: higher than 24% of 192 peers (All). weak.
Sector10weak
Rank 10 of 100: higher than 10% of 5 peers (Sector). weak.
Median Energy: 6.6%
Operating income divided by revenue: what the core business earns before interest and taxes.
Net margin
1.9%Fiscal year 2025
All19weak
Rank 19 of 100: higher than 19% of 237 peers (All). weak.
Sector17weak
Rank 17 of 100: higher than 17% of 9 peers (Sector). weak.
Median Energy: 6.5%
Profit after all costs, interest and taxes divided by revenue.
Return on equity
9.9%Fiscal year 2025
All31weak
Rank 31 of 100: higher than 31% of 218 peers (All). weak.
Sector28weak
Rank 28 of 100: higher than 28% of 9 peers (Sector). weak.
Median Energy: 12.4%
Net income divided by equity at fiscal year end.
Return on assets
4.0%Fiscal year 2025 (total assets at year end)
All38medium
Rank 38 of 100: higher than 38% of 238 peers (All). medium.
Sector28weak
Rank 28 of 100: higher than 28% of 9 peers (Sector). weak.
Median Energy: 4.8%
Net income divided by total assets at fiscal year end.
Equity ratio
40.9%Fiscal year 2025
All60medium
Rank 60 of 100: higher than 60% of 239 peers (All). medium.
Sector50medium
Rank 50 of 100: higher than 50% of 9 peers (Sector). medium.
Median Energy: 40.9%
Equity as a share of total assets. Usually low for banks.
Growth 1 of 5 met · 2 without data
✗not met: Over 3 years, revenue grew by more than 5% per year−11.4%
✓met: Over 5 years, revenue grew by more than 5% per year+13.6%
–no data: Over 10 years, revenue grew by more than 5% per yearno comparable figures over 10 years
✗not met: Over 3 years, EPS grew by more than 5% per year−36.1%
–no data: Over 5 years, EPS grew by more than 5% per yearnot computable (loss in the first or last year, or figures missing)
✗not met: Revenue rose in at least 4 of the last 5 fiscal years2 of 5
✗not met: Revenue rose in the last fiscal year−5.5%
Revenue growth 3 years
−11.4%per year
All4weak
Rank 4 of 100: higher than 4% of 230 peers (All). weak.
Sector6weak
Rank 6 of 100: higher than 6% of 9 peers (Sector). weak.
Median Energy: −8.2%
Average growth per year over 3 fiscal years.
Revenue growth 5 years
+13.6%per year
All59medium
Rank 59 of 100: higher than 59% of 217 peers (All). medium.
Sector39medium
Rank 39 of 100: higher than 39% of 9 peers (Sector). medium.
Median Energy: +13.7%
Average growth per year over 5 fiscal years.
EPS growth 3 years
−36.1%per year
All3weak
Rank 3 of 100: higher than 3% of 157 peers (All). weak.
Sector6weak
Rank 6 of 100: higher than 6% of 8 peers (Sector). weak.
Median Energy: −22.4%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 10 years
−0.5%per year
All12weak
Rank 12 of 100: higher than 12% of 140 peers (All). weak.
Sector10weak
Rank 10 of 100: higher than 10% of 5 peers (Sector). weak.
Median Energy: +5.7%
Growth of earnings per share per year, adjusted for stock splits.
Dividend 6 of 6 met · 1 without data
✓met: Pays a dividend4.52 USD
✓met: Payout ratio at most 60% of earnings60%
✓met: Dividend paid in each of the last 5 fiscal years5 of 5
✓met: Dividend per share never lowered in the last 5 fiscal yearsDividend per share as filed with the SEC, including special dividends; a one-off higher prior year does not count as a cut.never
✓met: Dividend per share higher than 5 years ago+2.9%
–no data: Free cash flow per share covers the dividendnot stated in the SEC filings
✓met: Dividends paid over the last 5 years covered by free cash flow24% of free cash flow
Payout ratio
60%Fiscal year 2025
Dividend per share divided by earnings per share.
Dividend growth 5 years
+2.9%per year
All13weak
Rank 13 of 100: higher than 13% of 118 peers (All). weak.
Sector19weak
Rank 19 of 100: higher than 19% of 8 peers (Sector). weak.
Median Energy: +5.7%
Growth of the dividend per share per year.
Financial strength 4 of 5 met · 1 without data
✗not met: Piotroski F-Score at least 7 of 96 of 9
✓met: Long-term debt no higher than equity0.35
✓met: Current assets cover current liabilities1.65
✓met: Positive equity23.7B USD
✓met: In 5 years, share count up by at most 5%−24.1%
–no data: Free cash flow positive in the last fiscal yearcapital expenditure or operating cash flow not reported
Piotroski F-Score
6 of 9Fiscal year 2025
All45medium
Rank 45 of 100: higher than 45% of 134 peers (All). medium.
Sector50medium
Rank 50 of 100: higher than 50% of 5 peers (Sector). medium.
Median Energy: 6.0 of 9
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
0.35at fiscal year end
All68strong
Rank 68 of 100: lower than 68% of 199 peers (All). strong.
Sector50medium
Rank 50 of 100: lower than 50% of 9 peers (Sector). medium.
Median Energy: 0.35
Long-term financial debt divided by equity.
Liquidity (current ratio)
1.65at fiscal year end
All60medium
Rank 60 of 100: higher than 60% of 215 peers (All). medium.
Sector94strong
Rank 94 of 100: higher than 94% of 9 peers (Sector). strong.
Median Energy: 1.26
Current assets divided by current liabilities.
Change in share count
−24.1%in 5 years
All97strong
Rank 97 of 100: lower than 97% of 199 peers (All). strong.
Sector79strong
Rank 79 of 100: lower than 79% of 7 peers (Sector). strong.
Median Energy: −5.7%
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
✓met: Profit in the last fiscal year (positive return on assets)
✓met: Positive operating cash flow
✗not met: Return on assets higher than the prior year
✓met: Operating cash flow higher than net income
✗not met: Long-term debt relative to total assets fell
✓met: Liquidity (current assets / current liabilities) rose
✓met: No additional shares (diluted share count did not rise)
✓met: Gross margin higher than the prior year
✗not met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
Light yellow: Revenue grew over 5 years (+13.6% per year), more slowly than the sector median.
Light yellow: Net margin 1.9%, below the sector median (11.0%).
Light green: Debt not higher than usual in the sector.
Light yellow: Profit in 9 of 10 fiscal years.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
RevenueNet incomeNet margin (below)in USD
−50B050B100B150B200B
2016Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 75.7B USD · Net income 2.3B USD · Net margin 3.0%
2017Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 94.0B USD · Net income 4.1B USD · Net margin 4.3%
2018Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 117.0B USD · Net income 3.1B USD · Net margin 2.7%
2019Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 108.3B USD · Net income 2.4B USD · Net margin 2.2%
2020Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 64.9B USD · Net income −1.4B USD · Net margin −2.2%
2021Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 114.0B USD · Net income 930.0M USD · Net margin 0.8%
2022Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 176.4B USD · Net income 11.5B USD · Net margin 6.5%
2023Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 144.8B USD · Net income 8.8B USD · Net margin 6.1%
2024Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 129.9B USD · Net income 2.8B USD · Net margin 2.1%
2025Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 122.7B USD · Net income 2.3B USD · Net margin 1.9%
Margin
3%4%3%2%−2%1%7%6%2%2%
RevenueNet incomeNet margin (below)in USD
−20B020B40B60B
Q3/23Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Revenue 38.4B USD · Net income 2.6B USD · Net margin 6.8%
Q4/23Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Revenue 35.4B USD · Net income 1.2B USD · Net margin 3.4% · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/24Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Revenue 31.8B USD · Net income 1.2B USD · Net margin 3.9%
Q2/24Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Revenue 34.5B USD · Net income 880.0M USD · Net margin 2.6%
Q3/24Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Revenue 32.9B USD · Net income 364.0M USD · Net margin 1.1%
Q4/24Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Revenue 30.8B USD · Net income 281.0M USD · Net margin 0.9% · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/25Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Revenue 30.3B USD · Net income −595.0M USD · Net margin −2.0%
Q2/25Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Revenue 29.9B USD · Net income 714.0M USD · Net margin 2.4%
Q3/25Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Revenue 32.2B USD · Net income 1.1B USD · Net margin 3.4%
Q4/25Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Revenue 30.4B USD · Net income 1.1B USD · Net margin 3.7% · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/26Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Revenue 32.4B USD · Net income 1.3B USD · Net margin 3.9%
Q2/26Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Revenue 44.5B USD · Net income 3.7B USD · Net margin 8.4%
Margin
7%3%4%3%1%1%−2%2%3%4%4%8%
Earnings per shareUSD per share
−100102030
2016Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share 4.94 USD
2017Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share 9.16 USD
2018Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share 7.29 USD
2019Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 5.84 USD
2020Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share −3.50 USD
2021Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 2.27 USD
2022Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 29.04 USD
2023Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 24.92 USD
2024Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 8.58 USD
2025Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 7.57 USD
Q4/25Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Earnings per share not reported separately for Q4
Q1/26Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Earnings per share 4.22 USD
Q2/26Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Earnings per share 12.62 USD
Dividend per sharePayout ratio (below)USD per share
02.004.006.00
2016Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share 2.40 USD · Payout ratio 48.6%
2017Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share 2.80 USD · Payout ratio 30.6%
2018Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share 3.20 USD · Payout ratio 43.9%
2019Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share 3.60 USD · Payout ratio 61.6%
2020Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share 3.92 USD · Payout ratio not available
2021Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share 3.92 USD · Payout ratio 172.7%
2022Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share 3.92 USD · Payout ratio 13.5%
2023Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share 4.08 USD · Payout ratio 16.4%
2024Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share 4.28 USD · Payout ratio 49.9%
2025Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Dividend per share 4.52 USD · Payout ratio 59.7%
Ratio
49%31%44%62%173%13%16%50%60%
Dividend per sharePayout ratio (below)USD per share
00.501.001.50
Q3/23Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Dividend per share 1.02 USD · Payout ratio 13.6%
Q4/23Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Dividend per share 1.02 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/24Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Dividend per share 1.07 USD · Payout ratio 28.5%
Q2/24Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Dividend per share 1.07 USD · Payout ratio 39.5%
Q3/24Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Dividend per share 1.07 USD · Payout ratio 93.9%
Q4/24Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Dividend per share 1.07 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/25Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Dividend per share 1.13 USD · Payout ratio not available
Q2/25Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Dividend per share 1.13 USD · Payout ratio 49.6%
Q3/25Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Dividend per share 1.13 USD · Payout ratio 32.0%
Q4/25Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Dividend per share 1.13 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
Q1/26Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Dividend per share 1.20 USD · Payout ratio 28.4%
Q2/26Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Dividend per share 1.20 USD · Payout ratio 9.5%
Ratio
14%29%39%94%50%32%28%10%
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 122.7B USD · Net income 2.3B USD · Net margin 1.9%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 USD of revenue, 2.6 USD operating income and 1.9 USD net income remained.
Revenue122.7B USD · 100%Operating income3.2B USD · 3%Cost of revenue and operating expenses119.5B USD · 97%Net income2.3B USD · 2%Interest expense556.0M USD · 0%Taxes & other (net)277.0M USD · 0%
Money flow as a table
Fiscal year 2025, amounts in USD, share of revenue
Item
Amount
of revenue
Revenue
122.7B USD
100.0%
Operating income
3.2B USD
2.6%
Cost of revenue and operating expenses
119.5B USD
97.4%
Net income
2.3B USD
1.9%
Interest expense
556.0M USD
0.5%
Taxes & other (net)
277.0M USD
0.2%
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The operating margin rose in 5 years from −2.4% to 2.6%.
Operating marginNet margin
−5%0%5%10%
2016Fiscal year 2016: Operating margin 4.7% · Net margin 3.0%
2017Fiscal year 2017: Operating margin 3.8% · Net margin 4.3%
2018Fiscal year 2018: Operating margin 3.9% · Net margin 2.7%
2019Fiscal year 2019: Operating margin 3.5% · Net margin 2.2%
2020Fiscal year 2020: Operating margin −2.4% · Net margin −2.2%
2021Fiscal year 2021: Operating margin 1.9% · Net margin 0.8%
2022Fiscal year 2022: Operating margin 8.9% · Net margin 6.5%
2023Fiscal year 2023: Operating margin 8.2% · Net margin 6.1%
2024Fiscal year 2024: Operating margin 2.9% · Net margin 2.1%
2025Fiscal year 2025: Operating margin 2.6% · Net margin 1.9%
Returns
Return on equity rose in 5 years from −7.6% to 9.9%.
Return on equityReturn on assets
−20%0%20%40%60%
2016Fiscal year 2016: Return on equity 11.4% · Return on assets 5.0%
2017Fiscal year 2017: Return on equity 18.5% · Return on assets 8.1%
2018Fiscal year 2018: Return on equity 14.4% · Return on assets 6.2%
2019Fiscal year 2019: Return on equity 11.1% · Return on assets 4.5%
2020Fiscal year 2020: Return on equity −7.6% · Return on assets −2.7%
2021Fiscal year 2021: Return on equity 5.0% · Return on assets 1.6%
2022Fiscal year 2022: Return on equity 48.9% · Return on assets 18.9%
2023Fiscal year 2023: Return on equity 33.5% · Return on assets 14.0%
2024Fiscal year 2024: Return on equity 11.3% · Return on assets 4.6%
2025Fiscal year 2025: Return on equity 9.9% · Return on assets 4.0%
Equity and long-term debt
The equity ratio rose in 5 years from 36.3% to 40.9%.
EquityLong-term debtin USDLong-term debt, depending on the filing, includes the current portion or leases.
2016Fiscal year 2016: Operating cash flow 4.8B USD · Capital expenditure 1.3B USD · Free cash flow 3.5B USD
2017Fiscal year 2017: Operating cash flow 5.5B USD · Capital expenditure 1.4B USD · Free cash flow 4.1B USD
2018Fiscal year 2018: Operating cash flow 4.4B USD · Capital expenditure 3.4B USD · Free cash flow 995.0M USD
2019Fiscal year 2019: Operating cash flow 5.5B USD · Capital expenditure 2.8B USD · Free cash flow 2.7B USD
2020Fiscal year 2020: Operating cash flow not available · Capital expenditure 2.4B USD · Free cash flow not available
2021Fiscal year 2021: Operating cash flow 5.9B USD · Capital expenditure 2.5B USD · Free cash flow 3.4B USD
2022Fiscal year 2022: Operating cash flow 12.6B USD · Capital expenditure 2.7B USD · Free cash flow 9.8B USD
2023Fiscal year 2023: Operating cash flow 9.2B USD · Capital expenditure 1.9B USD · Free cash flow 7.3B USD
2024Fiscal year 2024: Operating cash flow 6.7B USD · Capital expenditure 2.1B USD · Free cash flow 4.6B USD
2025Fiscal year 2025: Operating cash flow 5.8B USD · Capital expenditure not available · Free cash flow not available
Share count
The share count fell in 5 years by 24.1% (mostly through share repurchases).
Diluted share count
0200M400M600M
2016Fiscal year 2016: Diluted share count 464.0M
2017Fiscal year 2017: Diluted share count 444.0M
2018Fiscal year 2018: Diluted share count 428.0M
2019Fiscal year 2019: Diluted share count 414.0M
2020Fiscal year 2020: Diluted share count 407.0M
2021Fiscal year 2021: Diluted share count 407.0M
2022Fiscal year 2022: Diluted share count 396.0M
2023Fiscal year 2023: Diluted share count 353.0M
2024Fiscal year 2024: Diluted share count 322.0M
2025Fiscal year 2025: Diluted share count 309.0M
For energy companies the gross margin is not meaningful and is therefore omitted.
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
Dividend per share
4.52USD · Fiscal year 2025
Dividend growth per year
3 y+4.9%5 y+2.9%10 y+10.3%
Years without a cut
at least 10as far as the data goes
Payout ratio
of earnings60%of free cash flow–
To shareholders (5 years)
22.6B USD67% through repurchases
Share count over 5 years
−24.1%fewer shares – each share is a larger stake
Dividend per share
The dividend per share rose in 5 years from 3.92 USD to 4.52 USD.
Dividend per shareUSD per sharePer share as filed with the SEC, including special dividends; obvious filing errors are hidden.
02.004.006.00
2016Fiscal year 2016: Dividend per share 2.40 USD
2017Fiscal year 2017: Dividend per share 2.80 USD
2018Fiscal year 2018: Dividend per share 3.20 USD
2019Fiscal year 2019: Dividend per share 3.60 USD
2020Fiscal year 2020: Dividend per share 3.92 USD
2021Fiscal year 2021: Dividend per share 3.92 USD
2022Fiscal year 2022: Dividend per share 3.92 USD
2023Fiscal year 2023: Dividend per share 4.08 USD
2024Fiscal year 2024: Dividend per share 4.28 USD
2025Fiscal year 2025: Dividend per share 4.52 USD
Payout ratios
The payout ratio fell in 4 years from 172.7% to 59.7%.
Payout ratio (earnings)Payout ratio (free cash flow)
0%50%100%150%200%
2016Fiscal year 2016: Payout ratio (earnings) 48.6% · Payout ratio (free cash flow) 31.4%
2017Fiscal year 2017: Payout ratio (earnings) 30.6% · Payout ratio (free cash flow) 30.1%
2018Fiscal year 2018: Payout ratio (earnings) 43.9% · Payout ratio (free cash flow) 137.6%
2019Fiscal year 2019: Payout ratio (earnings) 61.6% · Payout ratio (free cash flow) 55.6%
2020Fiscal year 2020: Payout ratio (earnings) not available · Payout ratio (free cash flow) not available
2021Fiscal year 2021: Payout ratio (earnings) 172.7% · Payout ratio (free cash flow) 47.1%
2022Fiscal year 2022: Payout ratio (earnings) 13.5% · Payout ratio (free cash flow) 15.9%
2023Fiscal year 2023: Payout ratio (earnings) 16.4% · Payout ratio (free cash flow) 19.9%
2024Fiscal year 2024: Payout ratio (earnings) 49.9% · Payout ratio (free cash flow) 29.9%
2025Fiscal year 2025: Payout ratio (earnings) 59.7% · Payout ratio (free cash flow) not available
What goes back to shareholders
Over 5 years, 22.6B USD went back to shareholders, 67% of it through share repurchases.
2016Fiscal year 2016: Dividends paid 1.1B USD · Share repurchases 1.3B USD · New shares issued (including employee plans) not available · Free cash flow 3.5B USD
2017Fiscal year 2017: Dividends paid 1.2B USD · Share repurchases 1.4B USD · New shares issued (including employee plans) not available · Free cash flow 4.1B USD
2018Fiscal year 2018: Dividends paid 1.4B USD · Share repurchases 1.7B USD · New shares issued (including employee plans) not available · Free cash flow 995.0M USD
2019Fiscal year 2019: Dividends paid 1.5B USD · Share repurchases 777.0M USD · New shares issued (including employee plans) not available · Free cash flow 2.7B USD
2020Fiscal year 2020: Dividends paid 1.6B USD · Share repurchases 156.0M USD · New shares issued (including employee plans) not available · Free cash flow not available
2021Fiscal year 2021: Dividends paid 1.6B USD · Share repurchases 27.0M USD · New shares issued (including employee plans) not available · Free cash flow 3.4B USD
2022Fiscal year 2022: Dividends paid 1.6B USD · Share repurchases 4.6B USD · New shares issued (including employee plans) not available · Free cash flow 9.8B USD
2023Fiscal year 2023: Dividends paid 1.5B USD · Share repurchases 5.1B USD · New shares issued (including employee plans) not available · Free cash flow 7.3B USD
2024Fiscal year 2024: Dividends paid 1.4B USD · Share repurchases 2.9B USD · New shares issued (including employee plans) not available · Free cash flow 4.6B USD
2025Fiscal year 2025: Dividends paid 1.4B USD · Share repurchases 2.6B USD · New shares issued (including employee plans) not available · Free cash flow not available
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users.Log in
Sector comparison
Valero Energy next to 8 stocks of the sector Energy we cover that are closest in revenue. Click a column header to sort the table.
Sector comparison VLO, sector Energy; last row: sector median
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 22 symbols in the Energy sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth
Light yellow: below sector
+13.6%per year, last 5 years
Sector Energy: median +14.8% (21 symbols)
What does this mean? Revenue: over 5 years it grew by 13.6% per year on average, but more slowly than the median company in the sector (+14.8%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth
Light gray: not computable
–per year, last 5 years
per share: not computable (loss in the first or last year)
What does this mean? There was a loss in the first or last year. An annual growth rate cannot be calculated meaningfully then.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
What does this mean? Of every 100 USD in revenue, 1.91 USD remained as profit – less than the median company in the sector (11.0%). Five years ago the margin was −2.2%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth
Light green: lower than sector
0.42latest balance sheet
Sector Energy: median 0.43 (21 symbols)
What does this mean? For every 1 USD of equity there is 0.42 USD of financial debt – no more than the median company in the sector (0.43). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth
Light green: covered
60%Dividend / earnings per share
Sector Energy: median 55% (16 symbols)
What does this mean? Of every 1 USD of earnings per share, 0.60 USD went to shareholders as a dividend. The rest stays in the company. Median company in the sector: 55%.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin
Light yellow: 1 loss year
9 of 10fiscal years with a profit
What does this mean? In 9 of the last 10 fiscal years the bottom line showed a profit. One year ended with a loss.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
Last fiscal year and 13F
Information, not a trading signal · Source: SEC EDGAR
Revenue (FY)
122.7B USD
Revenue vs. prior year
−5.5%
Net income (FY)
2.3B USD
Net income vs. prior year
−15.2%
EPS (FY)
7.57 USD
13F funds with a position
1 of 9
Funds vs. prior quarter
±0
Shares held vs. prior quarter
+20.0%
Fiscal year to Dec 31, 2025 · 10-K filed Feb 25, 2026 · Balance sheet Jun 30, 2026 (filed Jul 30, 2026) · Price-based figures (P/E, P/S, dividend yield, market cap) only when logged in. · Values as first reported; debt = reported financial debt (US GAAP: long-term).13F: reporting date Jun 30, 2026, 9 tracked funds have filed (latest Aug 14, 2026), filed with up to 45 days of delay. Stock positions only; comparison with Mar 31, 2026 only across funds that filed for both quarters.
All figures as a table
Fiscal years (amounts in USD, per share in USD)
Year
End
Revenue
Net income
Margin
Earnings per share
Dividend per share
Payout
2025
Dec 31, 2025
122.7B
2.3B
1.9%
7.57
4.52
60%
2024
Dec 31, 2024
129.9B
2.8B
2.1%
8.58
4.28
50%
2023
Dec 31, 2023
144.8B
8.8B
6.1%
24.92
4.08
16%
2022
Dec 31, 2022
176.4B
11.5B
6.5%
29.04
3.92
13%
2021
Dec 31, 2021
114.0B
930.0M
0.8%
2.27
3.92
173%
2020
Dec 31, 2020
64.9B
−1.4B
−2.2%
−3.50
3.92
–
2019
Dec 31, 2019
108.3B
2.4B
2.2%
5.84
3.60
62%
2018
Dec 31, 2018
117.0B
3.1B
2.7%
7.29
3.20
44%
2017
Dec 31, 2017
94.0B
4.1B
4.3%
9.16
2.80
31%
2016
Dec 31, 2016
75.7B
2.3B
3.0%
4.94
2.40
49%
Quarters (amounts in USD, per share in USD)
Quarter
End
Revenue
Net income
Margin
Earnings per share
Dividend per share
Payout
Q2/26
Jun 30, 2026
44.5B
3.7B
8.4%
12.62
1.20
10%
Q1/26
Mar 31, 2026
32.4B
1.3B
3.9%
4.22
1.20
28%
Q4/25*
Dec 31, 2025
30.4B
1.1B
3.7%
–
1.13
–
Q3/25
Sep 30, 2025
32.2B
1.1B
3.4%
3.53
1.13
32%
Q2/25
Jun 30, 2025
29.9B
714.0M
2.4%
2.28
1.13
50%
Q1/25
Mar 31, 2025
30.3B
−595.0M
−2.0%
−1.90
1.13
–
Q4/24*
Dec 31, 2024
30.8B
281.0M
0.9%
–
1.07
–
Q3/24
Sep 30, 2024
32.9B
364.0M
1.1%
1.14
1.07
94%
Q2/24
Jun 30, 2024
34.5B
880.0M
2.6%
2.71
1.07
39%
Q1/24
Mar 31, 2024
31.8B
1.2B
3.9%
3.75
1.07
29%
Q4/23*
Dec 31, 2023
35.4B
1.2B
3.4%
–
1.02
–
Q3/23
Sep 30, 2023
38.4B
2.6B
6.8%
7.49
1.02
14%
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary
Insider purchases and sales on the market over 3, 6 and 12 months
Period
Purchases
Sales
Net
3 months
$00 people
$00 people
$0
6 months
$00 people
$5.7M1 person
−$5.7M
12 months
$00 people
$9.4M2 people
−$9.4M
Latest transactions
Jun 29, 2026Fisher Eric AOfficerOpen-market sale7,500 shares · $2.0M · SEC
Jun 18, 2026Fisher Eric AOfficerOpen-market sale7,500 shares · $1.8M · SEC
May 18, 2026Fisher Eric AOfficerOpen-market sale7,500 shares · $1.9M · SEC
Mar 12, 2026Fisher Eric AOfficerOpen-market sale200 shares · $47.7K · SEC
Mar 12, 2026Fisher Eric AOfficerOpen-market sale200 shares · $47.7K · SEC
Mar 11, 2026Fisher Eric AOfficerOpen-market sale8,311 shares · $1.9M · SEC
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score +45
Price vs. EMA 50-15
Price vs. EMA 200+15
EMA 50 vs. EMA 200+20
ADX (trend strength)+0
Highs and lows+10
Relative strength+15
Volatility and trend strength
ADX 14 (trend strength)24.9
Rel. strength 60 d+24.7%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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