Analysis of Profitability Ratios
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Valero Energy Corp., profitability 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).
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Valero Energy Corp. gross profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Valero Energy Corp. operating profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Valero Energy Corp. net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Valero Energy Corp. ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| ROA | A profitability ratio calculated as net income divided by total assets. | Valero Energy Corp. ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Gross Profit Margin
Valero Energy Corp., gross profit margin calculation
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
Gross profit margin = 100 × Gross profit (loss) ÷ Revenues, includes excise taxes on sales by certain of foreign operations
= 100 × 12,932 ÷ 144,766 = 8.93%
| Profitability ratio | Description | The company |
|---|---|---|
| Gross profit margin | Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. | Valero Energy Corp. gross profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Operating Profit Margin
Valero Energy Corp., operating profit margin 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) | ||||||
| Operating income (loss) | 11,858) | 15,690) | 2,130) | (1,579) | 3,836) | |
| Revenues, includes excise taxes on sales by certain of foreign operations | 144,766) | 176,383) | 113,977) | 64,912) | 108,324) | |
| Profitability Ratio | ||||||
| Operating profit margin1 | 8.19% | 8.90% | 1.87% | -2.43% | 3.54% | |
| Benchmarks | ||||||
| Operating Profit Margin, Competitors2 | ||||||
| Chevron Corp. | 15.37% | 21.42% | 14.81% | -6.22% | 4.83% | |
| ConocoPhillips | 30.57% | 36.80% | 29.84% | -12.74% | 32.04% | |
| Exxon Mobil Corp. | 16.24% | 19.82% | 11.91% | -14.85% | 8.66% | |
| Occidental Petroleum Corp. | 24.21% | 38.32% | 17.59% | -79.89% | 3.17% | |
| Operating Profit Margin, Sector | ||||||
| Oil, Gas & Consumable Fuels | 17.63% | 23.01% | 14.73% | -15.83% | 8.91% | |
| Operating Profit Margin, Industry | ||||||
| Energy | 17.57% | 22.71% | 14.61% | -18.01% | 6.19% | |
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
Operating profit margin = 100 × Operating income (loss) ÷ Revenues, includes excise taxes on sales by certain of foreign operations
= 100 × 11,858 ÷ 144,766 = 8.19%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Operating profit margin | A profitability ratio calculated as operating income divided by revenue. | Valero Energy Corp. operating profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Net Profit Margin
Valero Energy Corp., net profit margin 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) | ||||||
| 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% | |
| Benchmarks | ||||||
| Net Profit Margin, Competitors2 | ||||||
| Chevron Corp. | 10.85% | 15.05% | 10.04% | -5.87% | 2.09% | |
| ConocoPhillips | 19.52% | 23.80% | 17.63% | -14.38% | 22.07% | |
| Exxon Mobil Corp. | 10.76% | 13.98% | 8.33% | -12.57% | 5.61% | |
| Occidental Petroleum Corp. | 16.62% | 36.32% | 8.95% | -83.28% | -3.27% | |
| Net Profit Margin, Sector | ||||||
| Oil, Gas & Consumable Fuels | 11.86% | 16.44% | 9.73% | -14.70% | 5.30% | |
| Net Profit Margin, Industry | ||||||
| Energy | 11.90% | 16.28% | 9.67% | -16.81% | 2.84% | |
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 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| Net profit margin | An indicator of profitability, calculated as net income divided by revenue. | Valero Energy Corp. net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Return on Equity (ROE)
Valero Energy Corp., ROE 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) | ||||||
| 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% | |
| Benchmarks | ||||||
| ROE, Competitors2 | ||||||
| Chevron Corp. | 13.28% | 22.27% | 11.24% | -4.21% | 2.03% | |
| ConocoPhillips | 22.23% | 38.91% | 17.79% | -9.05% | 20.55% | |
| Exxon Mobil Corp. | 17.58% | 28.58% | 13.67% | -14.28% | 7.48% | |
| Occidental Petroleum Corp. | 15.52% | 44.22% | 11.42% | -79.85% | -1.95% | |
| ROE, Sector | ||||||
| Oil, Gas & Consumable Fuels | 16.40% | 28.49% | 13.14% | -13.50% | 5.87% | |
| ROE, Industry | ||||||
| Energy | 16.59% | 28.13% | 13.12% | -16.04% | 3.18% | |
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 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROE | A profitability ratio calculated as net income divided by shareholders’ equity. | Valero Energy Corp. ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Return on Assets (ROA)
Valero Energy Corp., ROA 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) | ||||||
| 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% | |
| Benchmarks | ||||||
| ROA, Competitors2 | ||||||
| Chevron Corp. | 8.17% | 13.76% | 6.52% | -2.31% | 1.23% | |
| ConocoPhillips | 11.42% | 19.91% | 8.91% | -4.31% | 10.20% | |
| Exxon Mobil Corp. | 9.57% | 15.10% | 6.80% | -6.74% | 3.95% | |
| Occidental Petroleum Corp. | 6.35% | 18.32% | 3.09% | -18.52% | -0.61% | |
| ROA, Sector | ||||||
| Oil, Gas & Consumable Fuels | 9.04% | 15.53% | 6.59% | -6.36% | 3.05% | |
| ROA, Industry | ||||||
| Energy | 9.02% | 15.14% | 6.48% | -7.40% | 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
ROA = 100 × Net income (loss) attributable to Valero Energy Corporation stockholders ÷ Total assets
= 100 × 8,835 ÷ 63,056 = 14.01%
2 Click competitor name to see calculations.
| Profitability ratio | Description | The company |
|---|---|---|
| ROA | A profitability ratio calculated as net income divided by total assets. | Valero Energy Corp. ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |