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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Valero Energy Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Sep 30, 2024 14.62% = 6.11% × 2.39
Jun 30, 2024 23.38% = 9.35% × 2.50
Mar 31, 2024 26.91% = 11.21% × 2.40
Dec 31, 2023 33.53% = 14.01% × 2.39
Sep 30, 2023 41.37% = 17.01% × 2.43
Jun 30, 2023 42.32% = 18.03% × 2.35
Mar 31, 2023 54.81% = 22.75% × 2.41
Dec 31, 2022 48.93% = 18.90% × 2.59
Sep 30, 2022 43.01% = 15.88% × 2.71
Jun 30, 2022 33.72% = 10.99% × 3.07
Mar 31, 2022 13.49% = 4.20% × 3.21
Dec 31, 2021 5.05% = 1.61% × 3.14
Sep 30, 2021 -2.51% = -0.80% × 3.13
Jun 30, 2021 -7.73% = -2.46% × 3.14
Mar 31, 2021 -1.54% = -0.51% × 3.01
Dec 31, 2020 -7.56% = -2.74% × 2.75
Sep 30, 2020 -0.01% = 0.00% × 2.69
Jun 30, 2020 5.40% = 2.18% × 2.47
Mar 31, 2020 2.28% = 0.90% × 2.53
Dec 31, 2019 11.11% = 4.50% × 2.47
Sep 30, 2019 — = — × 2.43
Jun 30, 2019 — = — × 2.44
Mar 31, 2019 — = — × 2.44

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Valero Energy Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Sep 30, 2024 14.62% = 2.74% × 2.23 × 2.39
Jun 30, 2024 23.38% = 4.25% × 2.20 × 2.50
Mar 31, 2024 26.91% = 5.01% × 2.24 × 2.40
Dec 31, 2023 33.53% = 6.10% × 2.30 × 2.39
Sep 30, 2023 41.37% = 7.11% × 2.39 × 2.43
Jun 30, 2023 42.32% = 6.96% × 2.59 × 2.35
Mar 31, 2023 54.81% = 7.86% × 2.90 × 2.41
Dec 31, 2022 48.93% = 6.54% × 2.89 × 2.59
Sep 30, 2022 43.01% = 5.53% × 2.87 × 2.71
Jun 30, 2022 33.72% = 4.54% × 2.42 × 3.07
Mar 31, 2022 13.49% = 1.93% × 2.18 × 3.21
Dec 31, 2021 5.05% = 0.82% × 1.97 × 3.14
Sep 30, 2021 -2.51% = -0.46% × 1.73 × 3.13
Jun 30, 2021 -7.73% = -1.69% × 1.46 × 3.14
Mar 31, 2021 -1.54% = -0.43% × 1.19 × 3.01
Dec 31, 2020 -7.56% = -2.19% × 1.25 × 2.75
Sep 30, 2020 -0.01% = 0.00% × 1.47 × 2.69
Jun 30, 2020 5.40% = 1.22% × 1.78 × 2.47
Mar 31, 2020 2.28% = 0.41% × 2.22 × 2.53
Dec 31, 2019 11.11% = 2.24% × 2.01 × 2.47
Sep 30, 2019 — = — × — × 2.43
Jun 30, 2019 — = — × — × 2.44
Mar 31, 2019 — = — × — × 2.44

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Valero Energy Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Sep 30, 2024 14.62% = 0.78 × 0.89 × 3.95% × 2.23 × 2.39
Jun 30, 2024 23.38% = 0.77 × 0.93 × 5.93% × 2.20 × 2.50
Mar 31, 2024 26.91% = 0.77 × 0.94 × 6.92% × 2.24 × 2.40
Dec 31, 2023 33.53% = 0.77 × 0.95 × 8.32% × 2.30 × 2.39
Sep 30, 2023 41.37% = 0.76 × 0.96 × 9.68% × 2.39 × 2.43
Jun 30, 2023 42.32% = 0.77 × 0.96 × 9.43% × 2.59 × 2.35
Mar 31, 2023 54.81% = 0.77 × 0.97 × 10.51% × 2.90 × 2.41
Dec 31, 2022 48.93% = 0.77 × 0.96 × 8.80% × 2.89 × 2.59
Sep 30, 2022 43.01% = 0.79 × 0.95 × 7.38% × 2.87 × 2.71
Jun 30, 2022 33.72% = 0.79 × 0.94 × 6.10% × 2.42 × 3.07
Mar 31, 2022 13.49% = 0.79 × 0.84 × 2.88% × 2.18 × 3.21
Dec 31, 2021 5.05% = 0.78 × 0.66 × 1.57% × 1.97 × 3.14
Sep 30, 2021 -2.51% = — × — × -0.04% × 1.73 × 3.13
Jun 30, 2021 -7.73% = — × — × -1.70% × 1.46 × 3.14
Mar 31, 2021 -1.54% = — × — × -0.19% × 1.19 × 3.01
Dec 31, 2020 -7.56% = — × — × -2.71% × 1.25 × 2.75
Sep 30, 2020 -0.01% = — × -1.21 × 0.31% × 1.47 × 2.69
Jun 30, 2020 5.40% = 0.83 × 0.72 × 2.03% × 1.78 × 2.47
Mar 31, 2020 2.28% = 0.92 × 0.50 × 0.88% × 2.22 × 2.53
Dec 31, 2019 11.11% = 0.78 × 0.87 × 3.30% × 2.01 × 2.47
Sep 30, 2019 — = — × — × — × — × 2.43
Jun 30, 2019 — = — × — × — × — × 2.44
Mar 31, 2019 — = — × — × — × — × 2.44

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q3 2024 is the decrease in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Valero Energy Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Sep 30, 2024 6.11% = 2.74% × 2.23
Jun 30, 2024 9.35% = 4.25% × 2.20
Mar 31, 2024 11.21% = 5.01% × 2.24
Dec 31, 2023 14.01% = 6.10% × 2.30
Sep 30, 2023 17.01% = 7.11% × 2.39
Jun 30, 2023 18.03% = 6.96% × 2.59
Mar 31, 2023 22.75% = 7.86% × 2.90
Dec 31, 2022 18.90% = 6.54% × 2.89
Sep 30, 2022 15.88% = 5.53% × 2.87
Jun 30, 2022 10.99% = 4.54% × 2.42
Mar 31, 2022 4.20% = 1.93% × 2.18
Dec 31, 2021 1.61% = 0.82% × 1.97
Sep 30, 2021 -0.80% = -0.46% × 1.73
Jun 30, 2021 -2.46% = -1.69% × 1.46
Mar 31, 2021 -0.51% = -0.43% × 1.19
Dec 31, 2020 -2.74% = -2.19% × 1.25
Sep 30, 2020 0.00% = 0.00% × 1.47
Jun 30, 2020 2.18% = 1.22% × 1.78
Mar 31, 2020 0.90% = 0.41% × 2.22
Dec 31, 2019 4.50% = 2.24% × 2.01
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Valero Energy Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Sep 30, 2024 6.11% = 0.78 × 0.89 × 3.95% × 2.23
Jun 30, 2024 9.35% = 0.77 × 0.93 × 5.93% × 2.20
Mar 31, 2024 11.21% = 0.77 × 0.94 × 6.92% × 2.24
Dec 31, 2023 14.01% = 0.77 × 0.95 × 8.32% × 2.30
Sep 30, 2023 17.01% = 0.76 × 0.96 × 9.68% × 2.39
Jun 30, 2023 18.03% = 0.77 × 0.96 × 9.43% × 2.59
Mar 31, 2023 22.75% = 0.77 × 0.97 × 10.51% × 2.90
Dec 31, 2022 18.90% = 0.77 × 0.96 × 8.80% × 2.89
Sep 30, 2022 15.88% = 0.79 × 0.95 × 7.38% × 2.87
Jun 30, 2022 10.99% = 0.79 × 0.94 × 6.10% × 2.42
Mar 31, 2022 4.20% = 0.79 × 0.84 × 2.88% × 2.18
Dec 31, 2021 1.61% = 0.78 × 0.66 × 1.57% × 1.97
Sep 30, 2021 -0.80% = — × — × -0.04% × 1.73
Jun 30, 2021 -2.46% = — × — × -1.70% × 1.46
Mar 31, 2021 -0.51% = — × — × -0.19% × 1.19
Dec 31, 2020 -2.74% = — × — × -2.71% × 1.25
Sep 30, 2020 0.00% = — × -1.21 × 0.31% × 1.47
Jun 30, 2020 2.18% = 0.83 × 0.72 × 2.03% × 1.78
Mar 31, 2020 0.90% = 0.92 × 0.50 × 0.88% × 2.22
Dec 31, 2019 4.50% = 0.78 × 0.87 × 3.30% × 2.01
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q3 2024 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Valero Energy Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Sep 30, 2024 2.74% = 0.78 × 0.89 × 3.95%
Jun 30, 2024 4.25% = 0.77 × 0.93 × 5.93%
Mar 31, 2024 5.01% = 0.77 × 0.94 × 6.92%
Dec 31, 2023 6.10% = 0.77 × 0.95 × 8.32%
Sep 30, 2023 7.11% = 0.76 × 0.96 × 9.68%
Jun 30, 2023 6.96% = 0.77 × 0.96 × 9.43%
Mar 31, 2023 7.86% = 0.77 × 0.97 × 10.51%
Dec 31, 2022 6.54% = 0.77 × 0.96 × 8.80%
Sep 30, 2022 5.53% = 0.79 × 0.95 × 7.38%
Jun 30, 2022 4.54% = 0.79 × 0.94 × 6.10%
Mar 31, 2022 1.93% = 0.79 × 0.84 × 2.88%
Dec 31, 2021 0.82% = 0.78 × 0.66 × 1.57%
Sep 30, 2021 -0.46% = — × — × -0.04%
Jun 30, 2021 -1.69% = — × — × -1.70%
Mar 31, 2021 -0.43% = — × — × -0.19%
Dec 31, 2020 -2.19% = — × — × -2.71%
Sep 30, 2020 0.00% = — × -1.21 × 0.31%
Jun 30, 2020 1.22% = 0.83 × 0.72 × 2.03%
Mar 31, 2020 0.41% = 0.92 × 0.50 × 0.88%
Dec 31, 2019 2.24% = 0.78 × 0.87 × 3.30%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in net profit margin ratio over Q3 2024 is the decrease in operating profitability measured by EBIT margin ratio.