Enterprise Value to EBITDA (EV/EBITDA)
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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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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Valero Energy Corp., EBITDA calculation
US$ in millions
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).
- Net income (loss) attributable to Valero Energy Corporation stockholders
- The net income showed significant volatility over the analyzed period. It started at a positive 2,422 million US dollars in 2019, declined sharply to a loss of 1,421 million US dollars in 2020, then rebounded to a profit of 930 million US dollars in 2021. There was a substantial increase in 2022, reaching 11,528 million US dollars, followed by a decrease to 8,835 million US dollars in 2023. Overall, the trend indicates a recovery after the 2020 downturn, with peak profitability in 2022 and a moderate decline in the following year.
- Earnings before tax (EBT)
- Earnings before tax mirrored the net income pattern closely. Starting at 3,486 million US dollars in 2019, EBT turned negative in 2020 at -2,010 million US dollars, indicating significant losses before taxation. In 2021, it recovered to 1,543 million US dollars and then rose markedly to 15,307 million US dollars in 2022, representing the highest performance in the period. The figure declined to 11,768 million US dollars in 2023, remaining robust but below the previous year's peak.
- Earnings before interest and tax (EBIT)
- EBIT showed a similar trend with initial values of 3,940 million US dollars in 2019 and a dip to -1,447 million US dollars in 2020. It increased to 2,146 million US dollars in 2021 and surged to 15,869 million US dollars in 2022. In 2023, EBIT decreased to 12,360 million US dollars, maintaining a strong earnings level despite the reduction from the peak.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- EBITDA displayed significant fluctuation. From 6,195 million US dollars in 2019, it dropped sharply to 904 million US dollars in 2020. It rose again to 4,551 million US dollars in 2021, followed by a substantial increase to 18,342 million US dollars in 2022. The figure decreased to 15,061 million US dollars in 2023, showing a strong earnings capacity despite the decline.
Enterprise Value to EBITDA Ratio, Current
Valero Energy Corp., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Chevron Corp. | |
| ConocoPhillips | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
| EV/EBITDA, Sector | |
| Oil, Gas & Consumable Fuels | |
| EV/EBITDA, Industry | |
| Energy | |
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
| 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 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| EV/EBITDA, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| EV/EBITDA, Industry | ||||||
| Energy | ||||||
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).
3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited a generally increasing trend from 2019 to 2022, rising from $37.2 billion to a peak of $57.8 billion. However, in 2023, there was a slight decline to approximately $54.8 billion, indicating a modest decrease after several years of growth.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA showed significant fluctuations across the years. It declined sharply from $6.2 billion in 2019 to $904 million in 2020. Subsequently, it rebounded to $4.55 billion in 2021 and surged markedly to $18.3 billion in 2022. The figure then decreased to $15.1 billion in 2023, reflecting strong recovery and growth post-2020, but with some moderation in the latest year.
- EV/EBITDA Ratio
- The EV/EBITDA ratio reflected considerable volatility. It was relatively low at 6.0 in 2019, spiked dramatically to 47.76 in 2020—a direct consequence of EBITDA's steep decline—then normalized to 10.17 in 2021. Following this, the ratio dropped significantly to 3.15 in 2022, indicating improved earnings relative to enterprise value, and increased slightly to 3.64 in 2023.
- Overall Analysis
- The data indicates that 2020 was an anomalous year characterized by a sharp fall in EBITDA and a corresponding surge in the EV/EBITDA ratio, suggesting operational challenges or external factors impacting profitability. The subsequent years demonstrated substantial recovery and growth in EBITDA, outpacing the increase in enterprise value, which is reflected in the lower EV/EBITDA ratios of 2022 and 2023. The enterprise value’s slight decrease in 2023 alongside a reduction in EBITDA points to a potential normalization or stabilization phase following the prior volatility.