Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Valero Energy Corp., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported	2.30	2.89	1.97	1.25	2.01
Adjusted	2.15	2.62	1.81	1.22	1.92
Liquidity Ratio
Current Ratio
Reported	1.56	1.38	1.26	1.71	1.44
Adjusted	1.82	1.74	1.57	1.85	1.63
Solvency Ratios
Debt to Equity
Reported	0.44	0.49	0.75	0.78	0.44
Adjusted	0.33	0.34	0.50	0.60	0.36
Debt to Capital
Reported	0.30	0.33	0.43	0.44	0.31
Adjusted	0.25	0.26	0.33	0.38	0.27
Financial Leverage
Reported	2.39	2.59	3.14	2.75	2.47
Adjusted	1.76	1.82	2.09	2.02	1.87
Profitability Ratios
Net Profit Margin
Reported	6.10%	6.54%	0.82%	-2.19%	2.24%
Adjusted	5.48%	7.19%	4.64%	-3.14%	3.85%
Return on Equity (ROE)
Reported	33.53%	48.93%	5.05%	-7.56%	11.11%
Adjusted	20.71%	34.24%	17.49%	-7.76%	13.83%
Return on Assets (ROA)
Reported	14.01%	18.90%	1.61%	-2.74%	4.50%
Adjusted	11.75%	18.83%	8.38%	-3.83%	7.40%

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 current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Valero Energy Corp. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Valero Energy Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Valero Energy Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.
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 net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Valero Energy Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Valero Energy Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted 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 not reaching 2021 level.

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

Download chart

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
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
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 assets²	67,484)	67,312)	63,116)	53,121)	56,400)
Activity Ratio
Adjusted total asset turnover³	2.15	2.62	1.81	1.22	1.92

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).

¹ 2023 Calculation
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 assets. See details »

³ 2023 Calculation
Adjusted total asset turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Adjusted total assets
= 144,766 ÷ 67,484 = 2.15

Download chart

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.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets	26,221)	24,133)	21,165)	15,844)	18,969)
Current liabilities	16,802)	17,461)	16,851)	9,283)	13,160)
Liquidity Ratio
Current ratio¹	1.56	1.38	1.26	1.71	1.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets²	30,649)	30,463)	26,393)	17,191)	21,505)
Current liabilities	16,802)	17,461)	16,851)	9,283)	13,160)
Liquidity Ratio
Adjusted current ratio³	1.82	1.74	1.57	1.85	1.63

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).

¹ 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 26,221 ÷ 16,802 = 1.56

² Adjusted current assets. See details »

³ 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 30,649 ÷ 16,802 = 1.82

Download chart

Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Valero Energy Corp. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt	11,524)	11,635)	13,870)	14,677)	9,672)
Total Valero Energy Corporation stockholders’ equity	26,346)	23,561)	18,430)	18,801)	21,803)
Solvency Ratio
Debt to equity¹	0.44	0.49	0.75	0.78	0.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	12,637)	12,722)	15,125)	15,847)	10,962)
Adjusted total equity³	38,301)	37,015)	30,255)	26,264)	30,175)
Solvency Ratio
Adjusted debt to equity⁴	0.33	0.34	0.50	0.60	0.36

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).

¹ 2023 Calculation
Debt to equity = Total debt ÷ Total Valero Energy Corporation stockholders’ equity
= 11,524 ÷ 26,346 = 0.44

² Adjusted total debt. See details »

³ Adjusted total equity. See details »

⁴ 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 12,637 ÷ 38,301 = 0.33

Download chart

Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Valero Energy Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt	11,524)	11,635)	13,870)	14,677)	9,672)
Total capital	37,870)	35,196)	32,300)	33,478)	31,475)
Solvency Ratio
Debt to capital¹	0.30	0.33	0.43	0.44	0.31
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	12,637)	12,722)	15,125)	15,847)	10,962)
Adjusted total capital³	50,938)	49,737)	45,380)	42,111)	41,137)
Solvency Ratio
Adjusted debt to capital⁴	0.25	0.26	0.33	0.38	0.27

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).

¹ 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 11,524 ÷ 37,870 = 0.30

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 12,637 ÷ 50,938 = 0.25

Download chart

Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Valero Energy Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
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
Selected Financial Data (US$ in millions)
Adjusted total assets²	67,484)	67,312)	63,116)	53,121)	56,400)
Adjusted total equity³	38,301)	37,015)	30,255)	26,264)	30,175)
Solvency Ratio
Adjusted financial leverage⁴	1.76	1.82	2.09	2.02	1.87

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).

¹ 2023 Calculation
Financial leverage = Total assets ÷ Total Valero Energy Corporation stockholders’ equity
= 63,056 ÷ 26,346 = 2.39

² Adjusted total assets. See details »

³ Adjusted total equity. See details »

⁴ 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 67,484 ÷ 38,301 = 1.76

Download chart

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.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
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)
Revenues, includes excise taxes on sales by certain of foreign operations	144,766)	176,383)	113,977)	64,912)	108,324)
Profitability Ratio
Net profit margin¹	6.10%	6.54%	0.82%	-2.19%	2.24%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)²	7,931)	12,674)	5,291)	(2,037)	4,174)
Revenues, includes excise taxes on sales by certain of foreign operations	144,766)	176,383)	113,977)	64,912)	108,324)
Profitability Ratio
Adjusted net profit margin³	5.48%	7.19%	4.64%	-3.14%	3.85%

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).

¹ 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to Valero Energy Corporation stockholders ÷ Revenues, includes excise taxes on sales by certain of foreign operations
= 100 × 8,835 ÷ 144,766 = 6.10%

² Adjusted net income (loss). See details »

³ 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenues, includes excise taxes on sales by certain of foreign operations
= 100 × 7,931 ÷ 144,766 = 5.48%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Valero Energy Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
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
Selected Financial Data (US$ in millions)
Adjusted net income (loss)²	7,931)	12,674)	5,291)	(2,037)	4,174)
Adjusted total equity³	38,301)	37,015)	30,255)	26,264)	30,175)
Profitability Ratio
Adjusted ROE⁴	20.71%	34.24%	17.49%	-7.76%	13.83%

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).

¹ 2023 Calculation
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 net income (loss). See details »

³ Adjusted total equity. See details »

⁴ 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 7,931 ÷ 38,301 = 20.71%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Valero Energy Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
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
Selected Financial Data (US$ in millions)
Adjusted net income (loss)²	7,931)	12,674)	5,291)	(2,037)	4,174)
Adjusted total assets³	67,484)	67,312)	63,116)	53,121)	56,400)
Profitability Ratio
Adjusted ROA⁴	11.75%	18.83%	8.38%	-3.83%	7.40%

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).

¹ 2023 Calculation
ROA = 100 × Net income (loss) attributable to Valero Energy Corporation stockholders ÷ Total assets
= 100 × 8,835 ÷ 63,056 = 14.01%

² Adjusted net income (loss). See details »

³ Adjusted total assets. See details »

⁴ 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 7,931 ÷ 67,484 = 11.75%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted 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 not reaching 2021 level.

Valero Energy Corp. (NYSE:VLO)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

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

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)