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.
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio showed a significant decline from the first quarter of 2020 through the end of that year, falling from 3.48 to 2.14. In 2021, the ratio recovered progressively quarter over quarter, reaching a peak of 5.69 by the fourth quarter, which was higher than pre-pandemic levels. During 2022, the upward trend continued, with the ratio stabilizing around 5.6. However, in 2023, the ratio began a gradual decrease, moving from 5.66 in the first quarter down to 4.79 by the fourth quarter. In early 2024, the ratio showed minor fluctuations but remained slightly below 4.7, suggesting a modest reduction in asset efficiency relative to fixed assets compared to the 2022 peak.
- Total Asset Turnover
- The total asset turnover ratio experienced a downward trajectory throughout much of 2020, decreasing from 2.22 in the first quarter to a low of 1.25 by the year's end. Beginning in 2021, the ratio rebounded steadily, climbing from 1.19 in the first quarter to 1.97 in the fourth. The momentum strengthened in 2022, with the ratio peaking at 2.89 in the fourth quarter, marking an improvement in asset utilization. The ratio remained stable around this level in the first quarter of 2023 but then declined to approximately 2.3 by the end of 2023. In the first three quarters of 2024, total asset turnover showed slight volatility but stayed near 2.2, indicating a modest decrease in turnover efficiency compared to the peak in late 2022 and early 2023.
- Equity Turnover
- The equity turnover ratio demonstrated a clear downward trend during 2020, dropping from 5.63 in the first quarter to 3.45 in the fourth quarter. This was followed by a strong recovery phase throughout 2021, with the ratio rising sharply and reaching 6.18 by year-end. The upward trend continued in 2022, with the ratio peaking at 7.78 in the third quarter before a slight dip to 7.49 in the fourth quarter. In 2023, the equity turnover ratio progressively declined, moving from 6.98 in the first quarter to 5.49 in the fourth quarter, indicating a steady reduction in turnover. This decreasing pattern persisted into early 2024, with values stabilizing around 5.3 to 5.5, suggesting a moderate contraction in shareholder equity utilization in recent periods.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues, includes excise taxes on sales by certain of foreign operations | 32,876) | 34,490) | 31,759) | 35,414) | 38,404) | 34,509) | 36,439) | 41,746) | 44,454) | 51,641) | 38,542) | 35,903) | 29,520) | 27,748) | 20,806) | 16,604) | 15,809) | 10,397) | 22,102) | ||||||
| Property, plant, and equipment, net | 29,681) | 29,769) | 30,072) | 30,209) | 30,253) | 30,570) | 30,780) | 30,978) | 30,508) | 30,754) | 30,876) | 30,847) | 30,440) | 30,461) | 30,379) | 30,389) | 30,729) | 30,653) | 30,526) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 4.53 | 4.71 | 4.66 | 4.79 | 4.99 | 5.14 | 5.66 | 5.69 | 5.59 | 5.06 | 4.27 | 3.69 | 3.11 | 2.66 | 2.09 | 2.14 | 2.48 | 2.86 | 3.48 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 1.31 | 1.29 | 1.27 | 1.28 | 1.32 | 1.50 | 1.62 | 1.64 | 1.58 | 1.43 | 1.22 | 1.06 | 0.91 | 0.77 | 0.62 | — | — | — | — | ||||||
| ConocoPhillips | 0.78 | 0.80 | 0.79 | 0.80 | 0.91 | 1.02 | 1.16 | 1.21 | 1.18 | 1.02 | 0.83 | 0.71 | 0.64 | 0.51 | 0.39 | — | — | — | — | ||||||
| Exxon Mobil Corp. | 1.13 | 1.14 | 1.55 | 1.56 | 1.68 | 1.76 | 1.92 | 1.95 | 1.90 | 1.68 | 1.44 | 1.28 | 1.10 | 0.96 | 0.81 | — | — | — | — | ||||||
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).
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
= (32,876 + 34,490 + 31,759 + 35,414)
÷ 29,681 = 4.53
2 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals several notable trends. Revenues exhibit significant fluctuations, with an initial drop in the second quarter of 2020 followed by a steady recovery and substantial growth through 2021 and the first half of 2022. After peaking in mid-2022, revenues show a declining trend into early 2023, with intermittent volatility observed in subsequent quarters up to the third quarter of 2024.
Regarding property, plant, and equipment (net), the values remain relatively stable throughout the period, showing minor variations. The asset base maintains a narrow range around 30 billion US dollars, with modest decreases observed from early 2023 onward, indicating limited reinvestment or possible asset disposals during this timeframe.
The net fixed asset turnover ratio demonstrates a clear upward trend over the analyzed quarters. Starting from a low near 2.09 in the first quarter of 2021, the ratio improves substantially, peaking around 5.69 in the fourth quarter of 2022. This indicates increasing efficiency in utilizing fixed assets to generate revenue. Although a slight decline follows in 2023, the turnover ratio remains significantly higher compared to the early 2020 levels, reflecting sustained operational improvement.
- Revenues
- Marked by considerable volatility, revenues initially declined sharply in early 2020 but recovered strongly from mid-2020 into 2022. After reaching a high point in mid-2022, revenues declined and stabilized at a lower level during 2023 and 2024.
- Property, Plant, and Equipment (Net)
- The net value of fixed assets remained stable with minor reductions occurring from early 2023 onwards, suggesting limited new capital expenditures or ongoing asset reductions.
- Net Fixed Asset Turnover Ratio
- The turnover ratio increased significantly from early 2021, indicating enhanced asset utilization efficiency. Despite some moderation in 2023, the ratio sustained elevated levels compared to the early part of the period.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues, includes excise taxes on sales by certain of foreign operations | 32,876) | 34,490) | 31,759) | 35,414) | 38,404) | 34,509) | 36,439) | 41,746) | 44,454) | 51,641) | 38,542) | 35,903) | 29,520) | 27,748) | 20,806) | 16,604) | 15,809) | 10,397) | 22,102) | ||||||
| Total assets | 60,382) | 63,615) | 62,574) | 63,056) | 63,175) | 60,667) | 60,177) | 60,982) | 59,329) | 64,345) | 60,402) | 57,888) | 54,691) | 55,456) | 53,614) | 51,774) | 51,732) | 49,099) | 47,747) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 2.23 | 2.20 | 2.24 | 2.30 | 2.39 | 2.59 | 2.90 | 2.89 | 2.87 | 2.42 | 2.18 | 1.97 | 1.73 | 1.46 | 1.19 | 1.25 | 1.47 | 1.78 | 2.22 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 0.75 | 0.76 | 0.74 | 0.75 | 0.77 | 0.85 | 0.91 | 0.91 | 0.87 | 0.80 | 0.71 | 0.65 | 0.56 | 0.48 | 0.40 | — | — | — | — | ||||||
| ConocoPhillips | 0.57 | 0.59 | 0.58 | 0.59 | 0.64 | 0.74 | 0.83 | 0.84 | 0.79 | 0.70 | 0.58 | 0.51 | 0.41 | 0.34 | 0.27 | — | — | — | — | ||||||
| Exxon Mobil Corp. | 0.74 | 0.74 | 0.88 | 0.89 | 0.93 | 1.00 | 1.07 | 1.08 | 1.05 | 0.96 | 0.86 | 0.82 | 0.72 | 0.64 | 0.54 | — | — | — | — | ||||||
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).
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
= (32,876 + 34,490 + 31,759 + 35,414)
÷ 60,382 = 2.23
2 Click competitor name to see calculations.
The financial data reveals notable trends in revenues, total assets, and total asset turnover ratios over the analyzed periods. Revenues exhibited significant volatility, with an initial decline in the first half of 2020, followed by a strong recovery through 2021 and a peak in mid-2022. Subsequent quarters show a downward adjustment, indicating fluctuating market conditions or operational factors influencing sales volumes or prices.
Total assets demonstrated a consistent upward trajectory over the overall period, reflecting progressive asset accumulation or revaluation. The growth in total assets was steady without abrupt fluctuations, suggesting ongoing investments or capital expenditures contributing to the asset base expansion.
The total asset turnover ratio, which measures the efficiency of asset use in generating sales, showed a declining trend during 2020, reaching a low at the end of that year. From early 2021 onward, the ratio improved markedly, peaking toward the end of 2022, implying enhanced operational efficiency or better utilization of assets to generate revenues. However, following this peak, the turnover ratio gradually decreased again in 2023 and early 2024, signaling a possible reduction in efficiency or slower revenue growth relative to asset increases.
- Revenues
- After a sharp decrease in early 2020, revenues recovered strongly through 2021 and peaked in mid-2022. The latter part of the period experienced a decline, indicating variability in sales performance.
- Total assets
- Displayed consistent growth throughout the timeline, reflecting asset accumulation or reinvestment strategies without significant volatility.
- Total asset turnover
- Initially decreased in 2020, improved significantly through 2021 to late 2022, signifying better asset utilization, but experienced a modest decline thereafter, pointing to reduced efficiency.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues, includes excise taxes on sales by certain of foreign operations | 32,876) | 34,490) | 31,759) | 35,414) | 38,404) | 34,509) | 36,439) | 41,746) | 44,454) | 51,641) | 38,542) | 35,903) | 29,520) | 27,748) | 20,806) | 16,604) | 15,809) | 10,397) | 22,102) | ||||||
| Total Valero Energy Corporation stockholders’ equity | 25,253) | 25,443) | 26,057) | 26,346) | 25,975) | 25,851) | 24,977) | 23,561) | 21,912) | 20,969) | 18,821) | 18,430) | 17,476) | 17,651) | 17,801) | 18,801) | 19,223) | 19,847) | 18,842) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 5.33 | 5.51 | 5.38 | 5.49 | 5.82 | 6.08 | 6.98 | 7.49 | 7.78 | 7.42 | 7.00 | 6.18 | 5.42 | 4.59 | 3.57 | 3.45 | 3.96 | 4.42 | 5.63 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | 1.24 | 1.24 | 1.21 | 1.22 | 1.23 | 1.35 | 1.46 | 1.48 | 1.43 | 1.34 | 1.21 | 1.12 | 0.99 | 0.87 | 0.73 | — | — | — | — | ||||||
| ConocoPhillips | 1.11 | 1.13 | 1.12 | 1.14 | 1.26 | 1.40 | 1.58 | 1.64 | 1.53 | 1.30 | 1.09 | 1.01 | 0.82 | 0.66 | 0.52 | — | — | — | — | ||||||
| Exxon Mobil Corp. | 1.27 | 1.27 | 1.61 | 1.63 | 1.73 | 1.83 | 1.99 | 2.04 | 2.08 | 1.99 | 1.81 | 1.64 | 1.50 | 1.35 | 1.15 | — | — | — | — | ||||||
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).
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
= (32,876 + 34,490 + 31,759 + 35,414)
÷ 25,253 = 5.33
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in revenues, stockholders' equity, and equity turnover ratios over the observed periods.
- Revenues (US$ in millions)
- Revenues exhibited significant volatility during the early quarters, notably declining from 22,102 million in March 2020 to a trough of 10,397 million in June 2020, likely reflecting external challenges. Subsequently, revenues demonstrated a robust recovery and growth trend through 2021, peaking at 35,903 million in December 2021. The upward momentum continued into 2022 with revenues reaching a high of 51,641 million in June 2022. However, following this peak, revenues experienced a noticeable decline and stabilization phase, fluctuating between approximately 31,759 million and 38,404 million from late 2022 through 2024. This pattern suggests a return to a more normalized revenue level after a period of elevated performance.
- Total Stockholders’ Equity (US$ in millions)
- Stockholders’ equity showed moderate fluctuations over the time frame. It started at 18,842 million in March 2020, increased to about 19,847 million by June 2020, and then experienced slight decreases and increases, never deviating drastically from the 17,500 to 26,000 million range. Notable growth occurred from late 2021 through mid-2023, peaking near 26,346 million in December 2023 before a mild decline ensued through mid-2024. Overall, equity displayed relative stability with gradual growth, reflecting sustained capital strength.
- Equity Turnover Ratio
- The equity turnover ratio, which measures efficiency in utilizing stockholders' equity to generate revenues, demonstrated a downward trend initially, from 5.63 in March 2020 to 3.45 by December 2020. This decline aligns with the corresponding revenue drop during the early pandemic period. Subsequently, the ratio rebounded sharply, reaching a peak of 7.78 in September 2022, consistent with the peak in revenues. Following this peak, the ratio gradually declined, settling in the range of approximately 5.33 to 6.98 from late 2022 through mid-2024. This suggests that while revenue volumes stabilized, the relative efficiency in using equity experienced moderate decrease but remained at a healthy level overall.