Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Valero Energy Corp., long-term (investment) activity ratios (quarterly data)
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).
- Net Fixed Asset Turnover
-
The net fixed asset turnover ratio exhibits a generally increasing trend starting from a low of 2.14 in the first quarter of 2021, rising steadily to peak at 5.69 in the third quarter of 2022. This indicates an improving efficiency in utilizing fixed assets to generate sales during this period. However, following this peak, there is a gradual decline observed, with the ratio decreasing to 4.53 by the third quarter of 2024, suggesting a slight reduction in fixed asset productivity more recently.
- Total Asset Turnover
-
Over the observed periods, total asset turnover shows an initial decline from 2.22 in the second quarter of 2020 to a trough of 1.19 in the second quarter of 2021, reflecting reduced effectiveness in using total assets to generate revenue. Subsequently, the ratio exhibits a recovery phase, climbing to a high of 2.9 in the fourth quarter of 2022. Beyond this peak, the ratio moderates somewhat but remains relatively stable around the 2.2 to 2.3 range through the third quarter of 2024, indicating stabilized asset utilization efficiency.
- Equity Turnover
-
Equity turnover demonstrates considerable volatility but overall strong growth over the longer term. It starts at 3.45 in the first quarter of 2021, climbing consistently to reach a peak of 7.78 in the fourth quarter of 2022. This suggests an increasing ability to generate sales from shareholders’ equity during this timeframe. After peaking, the ratio declines gradually, ending at 5.33 in the third quarter of 2024, indicating a moderate decrease in equity efficiency more recently, though still at levels higher than those observed at the beginning of the period.
Net Fixed Asset Turnover
Valero Energy Corp., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Revenues, includes excise taxes on sales by certain of foreign operations | ||||||||||||||||||||||||||||||
| Property, plant, and equipment, net | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
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).
1 Q3 2024 Calculation
Net fixed asset turnover
= (Revenues, includes excise taxes on sales by certain of foreign operationsQ3 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ2 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ1 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ4 2023)
÷ Property, plant, and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data shows notable fluctuations and long-term trends in key operational and asset utilization metrics over the observed periods.
- Revenues, including excise taxes on sales by certain foreign operations:
- Revenues experienced variability with distinct periods of decline and growth. Starting at 24,263 million USD in Q1 2019, revenues increased to a peak of 28,933 million USD in Q2 2019 before fluctuating downward into 2020. A significant dip occurred in the first half of 2020, coinciding with global economic disruptions, reaching a low of 10,397 million USD in Q2 2020. Recovery was evident through the latter halves of 2020 and 2021, with revenues rebounding to 35,903 million USD by Q4 2021 and peaking further at 51,641 million USD in Q2 2022. Subsequently, revenues declined moderately through 2023, stabilizing at around 32,876 million USD by Q3 2024. The pattern indicates sensitivity to external economic factors, with sharp downturns followed by periods of recovery and growth.
- Property, plant, and equipment, net:
- The net value of property, plant, and equipment remained relatively stable throughout the period, with minor fluctuations fluctuating slightly above and below the 30,000 million USD mark. Starting at 28,408 million USD in Q1 2019, the asset base grew modestly to a peak of 30,526 million USD in Q1 2020. Thereafter, the values hovered in the range of approximately 29,500 to 30,978 million USD, ending at 29,681 million USD by Q3 2024. This stability suggests consistent asset investment and maintenance without significant expansion or divestment during the observed quarters.
- Net fixed asset turnover ratio:
- The turnover ratio, a measure of how efficiently fixed assets generate revenue, shows a clear downward trend entering 2020, starting from 3.7 in Q3 2019 and dipping to 2.09 by Q2 2020. This decline aligns with the revenue slump during the early pandemic period, reflecting decreased asset utilization efficiency. From Q3 2020, the ratio rose steadily, reaching its highest recorded levels in the series between 5.06 and 5.69 during 2022 and early 2023. The peak turnover ratios in this period indicate improved asset utilization amid recovering revenues. Although there is a slight tapering towards the end of the data set, with turnover ratios adjusting to a range around 4.5 by Q3 2024, the level remains substantially higher than pre-pandemic figures, suggesting a more efficient operational capacity or asset use in recent quarters.
Overall, the financial data reflects a company impacted by global economic conditions with strong recovery phases and improved asset utilization in recent years. The relatively stable asset base combined with variable revenue and turnover ratios indicates responsive operational management adapting to market conditions.
Total Asset Turnover
Valero Energy Corp., total asset turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Revenues, includes excise taxes on sales by certain of foreign operations | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
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).
1 Q3 2024 Calculation
Total asset turnover
= (Revenues, includes excise taxes on sales by certain of foreign operationsQ3 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ2 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ1 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ4 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data indicates fluctuations in revenues, total assets, and total asset turnover ratios for the company across multiple quarters from 2019 to 2024.
- Revenues
- Revenues, including excise taxes on sales, show significant volatility over the time period. Initial revenues in early 2019 hovered around $24 billion to $28 billion. A marked decline is observed in early to mid-2020, coinciding with a drop below $11 billion, reflecting a steep decrease potentially linked to external economic factors. Subsequently, revenues recovered steadily through late 2020 into 2021, peaking at around $36 billion by the end of 2021. The upward trend continued into 2022, culminating in a peak of approximately $51.6 billion in the middle of 2022, followed by a general downward adjustment through 2023 and into early 2024. Despite some fluctuations, revenues remained higher in the recent periods compared to early years.
- Total Assets
- Total assets have exhibited a generally stable trend with minor fluctuations. Starting near $52 billion in early 2019, assets dipped slightly in 2020 but recovered to levels above $60 billion in 2021 and 2022. A modest decline was recorded in late 2022 and early 2023, but assets remained within the $60 billion range for much of the period. Towards mid and late 2024, there is a slight downward trend, ending near $60 billion. The asset base has maintained relative consistency, suggesting stable asset management despite revenue volatility.
- Total Asset Turnover
- The total asset turnover ratio data starts being available from September 2019, showing an initial high value of 2.01, increasing to 2.22 in the following quarter before dipping to approximately 1.19 by mid-2020. This represents decreased efficiency in utilizing assets to generate revenue during that period. However, from late 2020 onward, the turnover ratio indicates a steady and substantial improvement, reaching a peak around 2.9 in early to mid-2023. This increase signals enhanced operational efficiency and better asset utilization. A slight decrease follows towards the end of 2023 and into 2024, stabilizing around 2.2-2.3 in the latest quarters.
In summary, the company experienced considerable revenue volatility corresponding with external disruptions likely occurring around 2020, with a strong rebound and growth phase through 2021 and 2022 before moderating in 2023 and early 2024. Total assets remained relatively stable, and overall asset utilization improved notably post-2020, reflecting an effective response to earlier challenges and increased operating efficiency in recent periods.
Equity Turnover
Valero Energy Corp., equity turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Revenues, includes excise taxes on sales by certain of foreign operations | ||||||||||||||||||||||||||||||
| Total Valero Energy Corporation stockholders’ equity | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
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).
1 Q3 2024 Calculation
Equity turnover
= (Revenues, includes excise taxes on sales by certain of foreign operationsQ3 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ2 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ1 2024
+ Revenues, includes excise taxes on sales by certain of foreign operationsQ4 2023)
÷ Total Valero Energy Corporation stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends and patterns in key financial metrics over the period displayed.
- Revenues
- Revenues experienced significant fluctuation throughout the analyzed quarters. Initially, there was an upward trend from March 2019 to June 2019, with revenues rising from 24,263 million USD to 28,933 million USD. However, this was followed by a decline during early 2020, reaching a low of 10,397 million USD in June 2020, indicating a potential impact from external factors during that period. Subsequently, revenues recovered steadily, peaking at 51,641 million USD in June 2022, the highest value in the series. After mid-2022, there was a downward movement with revenues decreasing to 32,876 million USD by September 2024. Despite this decline, revenues remained higher on average than the early 2019 figures, highlighting overall growth but with notable volatility.
- Total Stockholders’ Equity
- Stockholders’ equity showed more stability compared to revenues, with values ranging mostly between 17,000 million USD and 26,000 million USD. There was a slight decrease from 21,309 million USD in March 2019 to 17,801 million USD by March 2021. Following this period, equity gradually increased, reaching a peak near 26,346 million USD in June 2023. Toward the latest quarters, equity showed a mild decline, ending around 25,253 million USD in September 2024. Overall, the equity trend suggests a moderate upward trajectory post-2021 with some fluctuations.
- Equity Turnover Ratio
- The equity turnover ratio indicates the efficiency in using equity to generate revenues. It began at 4.97 in December 2019 and showed a fluctuating but generally increasing trend over the period, peaking at 7.78 in December 2022. This rising trend suggests improving utilization of equity to drive sales during this time. Post-peak, the ratio declined gradually to around 5.33 by September 2024, implying a reduction in equity efficiency in recent quarters but still higher levels than at the start of the period analyzed.
In summary, the company demonstrated robust revenue growth after a sharp decline in mid-2020, likely reflecting adverse market conditions, followed by recovery and growth until mid-2022. Stockholders’ equity exhibited relative stability with modest increases after 2021. Efficiency in using equity, as measured by the equity turnover ratio, improved significantly until late 2022 but showed some moderation afterward. These patterns collectively indicate a dynamic financial performance with recoveries from downturns, alongside shifts in equity utilization efficiency.