Stock Analysis on Net
Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

This company has been moved to the archive! The financial data has not been updated since October 30, 2024.

Analysis of Goodwill and Intangible Assets

Microsoft Excel

Goodwill and Intangible Asset Disclosure

Valero Energy Corp., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Goodwill 260 260 260 260 260
Intangible assets, net 183 202 218 248 283
Goodwill and intangible assets 443 462 478 508 543

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Intangible assets, net Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Valero Energy Corp. intangible assets, net decreased from 2021 to 2022 and from 2022 to 2023.
Goodwill and intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Valero Energy Corp. goodwill and intangible assets decreased from 2021 to 2022 and from 2022 to 2023.

Adjustments to Financial Statements: Removal of Goodwill

Valero Energy Corp., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 63,056 60,982 57,888 51,774 53,864
Less: Goodwill 260 260 260 260 260
Total assets (adjusted) 62,796 60,722 57,628 51,514 53,604
Adjustment to Total Valero Energy Corporation Stockholders’ Equity
Total Valero Energy Corporation stockholders’ equity (as reported) 26,346 23,561 18,430 18,801 21,803
Less: Goodwill 260 260 260 260 260
Total Valero Energy Corporation stockholders’ equity (adjusted) 26,086 23,301 18,170 18,541 21,543

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Valero Energy Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Valero Energy Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Total Asset Turnover
Reported total asset turnover 2.30 2.89 1.97 1.25 2.01
Adjusted total asset turnover 2.31 2.90 1.98 1.26 2.02
Financial Leverage
Reported financial leverage 2.39 2.59 3.14 2.75 2.47
Adjusted financial leverage 2.41 2.61 3.17 2.78 2.49
Return on Equity (ROE)
Reported ROE 33.53% 48.93% 5.05% -7.56% 11.11%
Adjusted ROE 33.87% 49.47% 5.12% -7.66% 11.24%
Return on Assets (ROA)
Reported ROA 14.01% 18.90% 1.61% -2.74% 4.50%
Adjusted ROA 14.07% 18.98% 1.61% -2.76% 4.52%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Valero Energy Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Valero Energy Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Valero Energy Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Valero Energy Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Valero Energy Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenues, includes excise taxes on sales by certain of foreign operations 144,766 176,383 113,977 64,912 108,324
Total assets 63,056 60,982 57,888 51,774 53,864
Activity Ratio
Total asset turnover1 2.30 2.89 1.97 1.25 2.01
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues, includes excise taxes on sales by certain of foreign operations 144,766 176,383 113,977 64,912 108,324
Adjusted total assets 62,796 60,722 57,628 51,514 53,604
Activity Ratio
Adjusted total asset turnover2 2.31 2.90 1.98 1.26 2.02

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Total asset turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Total assets
= 144,766 ÷ 63,056 = 2.30

2 Adjusted total asset turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Adjusted total assets
= 144,766 ÷ 62,796 = 2.31

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Valero Energy Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets 63,056 60,982 57,888 51,774 53,864
Total Valero Energy Corporation stockholders’ equity 26,346 23,561 18,430 18,801 21,803
Solvency Ratio
Financial leverage1 2.39 2.59 3.14 2.75 2.47
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 62,796 60,722 57,628 51,514 53,604
Adjusted total Valero Energy Corporation stockholders’ equity 26,086 23,301 18,170 18,541 21,543
Solvency Ratio
Adjusted financial leverage2 2.41 2.61 3.17 2.78 2.49

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 Financial leverage = Total assets ÷ Total Valero Energy Corporation stockholders’ equity
= 63,056 ÷ 26,346 = 2.39

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Valero Energy Corporation stockholders’ equity
= 62,796 ÷ 26,086 = 2.41

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Valero Energy Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Valero Energy Corporation stockholders 8,835 11,528 930 (1,421) 2,422
Total Valero Energy Corporation stockholders’ equity 26,346 23,561 18,430 18,801 21,803
Profitability Ratio
ROE1 33.53% 48.93% 5.05% -7.56% 11.11%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Valero Energy Corporation stockholders 8,835 11,528 930 (1,421) 2,422
Adjusted total Valero Energy Corporation stockholders’ equity 26,086 23,301 18,170 18,541 21,543
Profitability Ratio
Adjusted ROE2 33.87% 49.47% 5.12% -7.66% 11.24%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROE = 100 × Net income (loss) attributable to Valero Energy Corporation stockholders ÷ Total Valero Energy Corporation stockholders’ equity
= 100 × 8,835 ÷ 26,346 = 33.53%

2 Adjusted ROE = 100 × Net income (loss) attributable to Valero Energy Corporation stockholders ÷ Adjusted total Valero Energy Corporation stockholders’ equity
= 100 × 8,835 ÷ 26,086 = 33.87%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Valero Energy Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Valero Energy Corporation stockholders 8,835 11,528 930 (1,421) 2,422
Total assets 63,056 60,982 57,888 51,774 53,864
Profitability Ratio
ROA1 14.01% 18.90% 1.61% -2.74% 4.50%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Valero Energy Corporation stockholders 8,835 11,528 930 (1,421) 2,422
Adjusted total assets 62,796 60,722 57,628 51,514 53,604
Profitability Ratio
Adjusted ROA2 14.07% 18.98% 1.61% -2.76% 4.52%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

1 ROA = 100 × Net income (loss) attributable to Valero Energy Corporation stockholders ÷ Total assets
= 100 × 8,835 ÷ 63,056 = 14.01%

2 Adjusted ROA = 100 × Net income (loss) attributable to Valero Energy Corporation stockholders ÷ Adjusted total assets
= 100 × 8,835 ÷ 62,796 = 14.07%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Valero Energy Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.