VALERO ENERGY CORP/TX
VLO · NYSE · CIK 0001035002
SIC 2911
Petroleum Refining
Category
Energy
Entity
operating
Incorp.
DE
Fiscal Y/E
1231
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$248.14
+7.08 (+2.94%)
Open
$244.68
High
$248.64
Low
$242.77
Prev Close
$241.06
Volume
1,890,748
52W High
$258.43
52W Low
$117.94
50-day MA
$235.22
Quote as of: 2026-05-11
Market Cap
$70.28B
P/E
17.29
P/B
3.13
PEG
4.08
EPS
13.69
BPS
79.36
Dividend Yield
1.81%
Beta
0.57
ROE
9.90%
ROA
4.05%
Current Ratio
1.65
Gross Margin
-0.19%
Operating Margin
2.59%
Net Margin
1.91%
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (6 methods)
$35.50B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $35.40B | +99% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | — | N/A |
Justified P/E 순이익 × 산업 평균 P/E | $35.22B | +100% |
P/B 배수 자본 × 산업 평균 P/B | $35.59B | +97% |
P/S 배수 매출 × 산업 평균 P/S | $245.37B | -71% |
DCF (Gordon) CF × (1+g) / (r − g) | $39.85B | +76% |
DDM (Gordon) D × (1+g) / (r − g) | $12.52B | +461% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 6 were applicable. Their median fair-value lands +98.0% below the current market cap → the stock trades above most formulas' estimates (overvalued). 5 methods flag overvalued, 1 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +98.5%√(22.5 × 순이익 × 자본)
Current
$70.28B
Implied fair
$35.40B
Gap (current − fair)
+$34.88B(+98.5%)
NetIncome = $2.35B Equity = $23.73B √(22.5 × $2.35B × $23.73B) = $35.40B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
순이익 × (8.5 + 2 × 성장률%)
Not applicable: -
Justified P/E
Overvalued +99.5%순이익 × 산업 평균 P/E
Current
$70.28B
Implied fair
$35.22B
Gap (current − fair)
+$35.06B(+99.5%)
NetIncome = $2.35B Industry P/E = 15× $2.35B × 15 = $35.22B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +97.5%자본 × 산업 평균 P/B
Current
$70.28B
Implied fair
$35.59B
Gap (current − fair)
+$34.69B(+97.5%)
Equity = $23.73B Industry P/B = 1.5× $23.73B × 1.5 = $35.59B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Undervalued -71.4%매출 × 산업 평균 P/S
Current
$70.28B
Implied fair
$245.37B
Gap (current − fair)
$-175.09B(-71.4%)
Revenue = $122.69B Industry P/S = 2× $122.69B × 2 = $245.37B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Overvalued +76.4%CF × (1+g) / (r − g)
Current
$70.28B
Implied fair
$39.85B
Gap (current − fair)
+$30.43B(+76.4%)
FCF = $4.47B Discount r = 4.0% + 5.0% = 9.0% Growth g = -2.0% $4.47B × (1 + -2.0%) / (9.0% − -2.0%) = $39.85B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 -2.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +461.5%D × (1+g) / (r − g)
Current
$70.28B
Implied fair
$12.52B
Gap (current − fair)
+$57.76B(+461.5%)
Dividend D = $1.41B Discount r = 9.0% Growth g = -2.0% $1.41B × (1 + -2.0%) / (9.0% − -2.0%) = $12.52B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 -2.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | -6.7% | +8.9% | +24.5% | +40.0% | +55.6% |
| 2% | -23.0% | -7.6% | +7.8% | +23.2% | +38.6% |
| 3% | -39.0% | -23.7% | -8.5% | +6.8% | +22.0% |
| 4% | -54.7% | -39.6% | -24.5% | -9.4% | +5.8% |
| 5% | -70.1% | -55.1% | -40.1% | -25.2% | -10.2% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +197.2% | +246.7% | +296.2% | +345.7% | +395.3% |
| 2% | +145.2% | +194.2% | +243.3% | +292.3% | +341.4% |
| 3% | +94.3% | +142.8% | +191.4% | +240.0% | +288.5% |
| 4% | +44.3% | +92.4% | +140.5% | +188.6% | +236.7% |
| 5% | -4.7% | +42.9% | +90.6% | +138.2% | +185.8% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2026-02-25
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 122,687 | 129,881 | 144,766 | 176,383 | 113,977 |
| Cost of Revenue | 117,255 | 125,076 | 131,834 | 159,587 | 110,848 |
| Operating Income | 3,181 | 3,755 | 11,858 | 15,690 | 2,130 |
| Net Income | 2,348 | 2,770 | 8,835 | 11,528 | 930 |
| EPS (Basic) | 7.57 | 8.58 | 24.93 | 29.05 | 2.27 |
| EPS (Diluted) | 7.57 | 8.58 | 24.92 | 29.04 | 2.27 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 57,988 | 60,143 | 63,056 | 60,982 | 57,888 |
| Current Assets | 23,210 | 23,737 | 26,221 | 24,133 | 21,165 |
| Cash & Equivalents | 4,688 | 4,657 | 5,424 | 4,862 | 4,122 |
| Current Liabilities | 14,109 | 15,495 | 16,802 | 17,461 | 16,851 |
| Long-term Debt | 8,261 | 8,085 | 9,218 | 9,241 | 11,950 |
| Total Equity | 23,725 | 24,512 | 26,346 | 23,561 | 18,430 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 5,826 | 6,683 | 9,229 | 12,574 | 5,859 |
| Investing CF | -1,845 | -1,981 | -1,865 | -2,805 | -2,159 |
| Financing CF | -4,182 | -5,049 | -6,941 | -8,849 | -2,846 |
| Dividends Paid | 1,405 | 1,384 | 1,452 | 1,562 | 1,602 |
📄 SEC Filings
Current Report
8-K
2026-05-08
Open →
Quarterly Report
10-Q
2026-04-30
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Current Report
FORM 8-K FIRST QUARTER 2026 EARNINGS RELEASE
2026-04-30
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Proxy Statement
DEF 14A
2026-03-19
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Current Report
8-K
2026-03-09
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Annual Report
10-K
2026-02-25
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Current Report
FORM 8-K FOURTH QUARTER 2025 EARNINGS RELEASE
2026-01-29
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Current Report
8-K
2025-10-29
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Quarterly Report
10-Q
2025-10-23
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Current Report
FORM 8-K THIRD QUARTER 2025 EARNINGS RELEASE
2025-10-23
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Current Report
8-K
2025-10-16
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Current Report
8-K
2025-09-19
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Quarterly Report
10-Q
2025-07-24
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Current Report
FORM 8-K SECOND QUARTER 2025 EARNINGS RELEASE
2025-07-24
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Current Report
8-K
2025-05-09
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Quarterly Report
10-Q
2025-04-24
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Current Report
FORM 8-K FIRST QUARTER 2025 EARNINGS RELEASE
2025-04-24
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Current Report
8-K
2025-04-16
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Proxy Statement
DEF 14A
2025-03-18
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Current Report
8-K
2025-03-18
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Annual Report
10-K
2025-02-26
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Current Report
8-K
2025-02-06
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Current Report
8-K
2025-01-30
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Current Report
FORM 8-K FOURTH QUARTER 2024 EARNINGS RELEASE
2025-01-30
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Other filings (76)
Insider Transaction
FORM 4
2026-05-07
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Insider Transaction
FORM 4
2026-05-07
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Insider Transaction
FORM 4
2026-05-07
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Insider Transaction
FORM 4
2026-05-07
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Insider Transaction
FORM 4
2026-05-07
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Insider Transaction
FORM 4
2026-05-07
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Insider Transaction
FORM 4
2026-05-07
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Insider Transaction
FORM 4
2026-05-07
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SCHEDULE 13G
xslSCHEDULE_13G_X02/primary_doc.xml
2026-04-30
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SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-03-27
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ARS
ARS
2026-03-19
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DEFA14A
DEFA14A
2026-03-19
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Insider Transaction
FORM 4
2026-03-12
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144
xsl144X01/primary_doc.xml
2026-03-12
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144
xsl144X01/primary_doc.xml
2026-03-12
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144
xsl144X01/primary_doc.xml
2026-03-11
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424B5
424B5
2026-03-09
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FWP
FWP
2026-03-05
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424B5
424B5
2026-03-05
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Insider Transaction
FORM 4
2026-02-27
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Insider Transaction
FORM 4
2026-02-27
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Insider Transaction
FORM 4
2026-02-27
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Insider Transaction
FORM 4
2026-02-27
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Insider Transaction
FORM 4
2026-02-27
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Insider Transaction
FORM 4
2026-02-24
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Insider Transaction
FORM 4
2026-02-05
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Insider Transaction
FORM 4
2026-01-23
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Insider Transaction
FORM 4
2026-01-23
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Insider Transaction
FORM 4
2026-01-23
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Insider Transaction
FORM 4
2026-01-23
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Insider Transaction
FORM 4
2026-01-23
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3
FORM 3
2026-01-09
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Insider Transaction
FORM 4
2025-12-18
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Insider Transaction
FORM 4
2025-12-18
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Insider Transaction
FORM 4
2025-11-24
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144
xsl144X01/primary_doc.xml
2025-11-21
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Insider Transaction
FORM 4
2025-11-06
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Insider Transaction
FORM 4
2025-09-22
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3
FORM 3
2025-09-22
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11-K
PREMCOR RETIREMENT SAVINGS PLAN 2024 FORM 11-K
2025-06-20
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11-K
VALERO THRIFT PLAN 2024 FORM 11-K
2025-06-20
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Insider Transaction
FORM 4
2025-05-19
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Insider Transaction
FORM 4
2025-05-19
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Insider Transaction
FORM 4
2025-05-19
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Insider Transaction
FORM 4
2025-05-19
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Insider Transaction
FORM 4
2025-05-19
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Insider Transaction
FORM 4
2025-05-19
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Insider Transaction
FORM 4
2025-05-19
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Insider Transaction
FORM 4
2025-05-19
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4/A
FORM 4/A
2025-05-08
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Insider Transaction
FORM 4
2025-05-08
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Insider Transaction
FORM 4
2025-05-08
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Insider Transaction
FORM 4
2025-05-08
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Insider Transaction
FORM 4
2025-05-08
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Insider Transaction
FORM 4
2025-05-08
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Insider Transaction
FORM 4
2025-05-08
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Insider Transaction
FORM 4
2025-05-08
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Insider Transaction
FORM 4
2025-05-08
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SCHEDULE 13G/A
xslSCHEDULE_13G_X01/primary_doc.xml
2025-04-30
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SCHEDULE 13G/A
xslSCHEDULE_13G_X01/primary_doc.xml
2025-04-24
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DEFA14A
DEFA14A
2025-04-21
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ARS
ARS
2025-03-18
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DEFA14A
DEFA14A
2025-03-18
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Insider Transaction
FORM 4
2025-02-28
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Insider Transaction
FORM 4
2025-02-28
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Insider Transaction
FORM 4
2025-02-28
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Insider Transaction
FORM 4
2025-02-28
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Insider Transaction
FORM 4
2025-02-28
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Insider Transaction
FORM 4
2025-02-20
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144
xsl144X01/primary_doc.xml
2025-02-18
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Insider Transaction
FORM 4
2025-02-12
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Insider Transaction
FORM 4
2025-02-12
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424B5
424B5
2025-02-06
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FWP
FWP
2025-02-04
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424B5
424B5
2025-02-04
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S-3ASR
S-3ASR
2025-01-30
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