Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Valero Energy Corp., long-term (investment) activity ratios
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).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Valero Energy Corp. net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Valero Energy Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Valero Energy Corp. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Valero Energy Corp. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Net Fixed Asset Turnover
Valero Energy Corp., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| 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) | |
| Property, plant, and equipment, net | 30,209) | 30,978) | 30,847) | 30,389) | 29,264) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 4.79 | 5.69 | 3.69 | 2.14 | 3.70 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Chevron Corp. | 1.28 | 1.64 | 1.06 | 0.60 | 0.93 | |
| ConocoPhillips | 0.80 | 1.21 | 0.71 | 0.47 | 0.77 | |
| Exxon Mobil Corp. | 1.56 | 1.95 | 1.28 | 0.78 | 1.01 | |
| Marathon Petroleum Corp. | 4.23 | 4.98 | 3.20 | 1.79 | 2.72 | |
| Occidental Petroleum Corp. | 0.48 | 0.63 | 0.43 | 0.27 | 0.25 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.62 | 2.05 | 1.33 | 0.79 | 1.13 | |
| Net Fixed Asset Turnover, Industry | ||||||
| Energy | 1.65 | 2.08 | 1.35 | 0.83 | 1.17 | |
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 fixed asset turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Property, plant, and equipment, net
= 144,766 ÷ 30,209 = 4.79
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Valero Energy Corp. net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Valero Energy Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| 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) | |
| Property, plant, and equipment, net | 30,209) | 30,978) | 30,847) | 30,389) | 29,264) | |
| Operating lease ROU assets, net | 1,136) | 1,114) | 1,284) | 1,204) | 1,329) | |
| Property, plant, and equipment, net (including operating lease, right-of-use asset) | 31,345) | 32,092) | 32,131) | 31,593) | 30,593) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 4.62 | 5.50 | 3.55 | 2.05 | 3.54 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Chevron Corp. | 1.24 | 1.59 | 1.03 | 0.59 | 0.90 | |
| ConocoPhillips | 0.79 | 1.20 | 0.70 | 0.46 | 0.75 | |
| Exxon Mobil Corp. | 1.51 | 1.89 | 1.24 | 0.76 | 0.98 | |
| Marathon Petroleum Corp. | 4.08 | 4.81 | 3.09 | 1.72 | 2.58 | |
| Occidental Petroleum Corp. | 0.47 | 0.62 | 0.43 | 0.27 | 0.25 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.57 | 2.00 | 1.29 | 0.77 | 1.10 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Energy | 1.61 | 2.02 | 1.32 | 0.80 | 1.14 | |
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 fixed asset turnover (including operating lease, right-of-use asset) = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Property, plant, and equipment, net (including operating lease, right-of-use asset)
= 144,766 ÷ 31,345 = 4.62
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Valero Energy Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Total Asset Turnover
Valero Energy Corp., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| 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) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 2.30 | 2.89 | 1.97 | 1.25 | 2.01 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Chevron Corp. | 0.75 | 0.91 | 0.65 | 0.39 | 0.59 | |
| ConocoPhillips | 0.59 | 0.84 | 0.51 | 0.30 | 0.46 | |
| Exxon Mobil Corp. | 0.89 | 1.08 | 0.82 | 0.54 | 0.70 | |
| Marathon Petroleum Corp. | 1.73 | 1.97 | 1.41 | 0.82 | 1.26 | |
| Occidental Petroleum Corp. | 0.38 | 0.50 | 0.35 | 0.22 | 0.19 | |
| Total Asset Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 0.95 | 1.17 | 0.83 | 0.52 | 0.73 | |
| Total Asset Turnover, Industry | ||||||
| Energy | 0.94 | 1.15 | 0.82 | 0.52 | 0.72 | |
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 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Valero Energy Corp. total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Equity Turnover
Valero Energy Corp., equity turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| 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 Valero Energy Corporation stockholders’ equity | 26,346) | 23,561) | 18,430) | 18,801) | 21,803) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 5.49 | 7.49 | 6.18 | 3.45 | 4.97 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Chevron Corp. | 1.22 | 1.48 | 1.12 | 0.72 | 0.97 | |
| ConocoPhillips | 1.14 | 1.64 | 1.01 | 0.63 | 0.93 | |
| Exxon Mobil Corp. | 1.63 | 2.04 | 1.64 | 1.14 | 1.33 | |
| Marathon Petroleum Corp. | 6.08 | 6.40 | 4.58 | 3.14 | 3.68 | |
| Occidental Petroleum Corp. | 0.93 | 1.22 | 1.28 | 0.96 | 0.60 | |
| Equity Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.83 | 2.28 | 1.77 | 1.17 | 1.48 | |
| Equity Turnover, Industry | ||||||
| Energy | 1.83 | 2.26 | 1.76 | 1.20 | 1.47 | |
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
Equity turnover = Revenues, includes excise taxes on sales by certain of foreign operations ÷ Total Valero Energy Corporation stockholders’ equity
= 144,766 ÷ 26,346 = 5.49
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Valero Energy Corp. equity turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |