Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

Enterprise Value to EBITDA (EV/EBITDA)

Microsoft Excel

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Valero Energy Corp., EBITDA calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to Valero Energy Corporation stockholders 8,835 11,528 930 (1,421) 2,422
Add: Net income attributable to noncontrolling interest 314 351 358 314 362
Add: Income tax expense 2,619 3,428 255 (903) 702
Earnings before tax (EBT) 11,768 15,307 1,543 (2,010) 3,486
Add: Interest and debt expense, net of capitalized interest 592 562 603 563 454
Earnings before interest and tax (EBIT) 12,360 15,869 2,146 (1,447) 3,940
Add: Depreciation and amortization expense 2,701 2,473 2,405 2,351 2,255
Earnings before interest, tax, depreciation and amortization (EBITDA) 15,061 18,342 4,551 904 6,195

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).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Valero Energy Corp. EBITDA increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Enterprise Value to EBITDA Ratio, Current

Valero Energy Corp., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 53,236
Earnings before interest, tax, depreciation and amortization (EBITDA) 15,061
Valuation Ratio
EV/EBITDA 3.53
Benchmarks
EV/EBITDA, Competitors1
Chevron Corp. 6.34
ConocoPhillips 5.62
Exxon Mobil Corp. 7.26
Marathon Petroleum Corp. 4.00
Occidental Petroleum Corp. 5.20
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels 6.07
EV/EBITDA, Industry
Energy 6.18

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Valero Energy Corp., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 54,752 57,832 46,270 43,178 37,180
Earnings before interest, tax, depreciation and amortization (EBITDA)2 15,061 18,342 4,551 904 6,195
Valuation Ratio
EV/EBITDA3 3.64 3.15 10.17 47.76 6.00
Benchmarks
EV/EBITDA, Competitors4
Chevron Corp. 6.34 4.74 7.18 18.57 6.39
ConocoPhillips 5.64 3.82 6.34 23.12 4.13
Exxon Mobil Corp. 5.81 4.54 7.07 16.97 6.91
Marathon Petroleum Corp. 4.50 3.11 8.48 7.23
Occidental Petroleum Corp. 5.41 3.70 5.30 10.32
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels 5.60 4.20 6.99 40.24 6.54
EV/EBITDA, Industry
Energy 5.78 4.41 7.21 71.70 7.51

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 See details »

2 See details »

3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 54,752 ÷ 15,061 = 3.64

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Valero Energy Corp. EV/EBITDA ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.