Name: Valero Energy Corp. (NYSE:VLO) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Valero Energy Corp., current enterprise value calculation

Current share price (P)	$128.73
No. shares of common stock outstanding	316,585,228
US$ in millions
Common equity (market value)¹	40,754)
Add: Noncontrolling interests (per books)	2,178)
Total equity	42,932)
Add: Current portion of debt and finance lease obligations (per books)	1,406)
Add: Debt and finance lease obligations, less current portion (per books)	10,118)
Total equity and debt	54,456)
Less: Cash and cash equivalents	5,424)
Enterprise value (EV)	49,032)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 128.73 × 316,585,228

Valero Energy Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$139.78	$132.43	$85.84	$75.81	$71.72
No. shares of common stock outstanding¹	332,481,908	371,150,836	409,303,630	408,562,891	409,337,126
US$ in millions
Common equity (market value)³	46,474)	49,152)	35,135)	30,973)	29,358)
Add: Noncontrolling interests (book value)	2,178)	1,907)	1,387)	841)	733)
Total equity	48,652)	51,059)	36,522)	31,814)	30,091)
Add: Current portion of debt and finance lease obligations (book value)	1,406)	1,109)	1,264)	723)	494)
Add: Debt and finance lease obligations, less current portion (book value)	10,118)	10,526)	12,606)	13,954)	9,178)
Total equity and debt	60,176)	62,694)	50,392)	46,491)	39,763)
Less: Cash and cash equivalents	5,424)	4,862)	4,122)	3,313)	2,583)
Enterprise value (EV)	54,752)	57,832)	46,270)	43,178)	37,180)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Valero Energy Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 139.78 × 332,481,908

Between 2019 and 2023, a consistent growth trajectory was observed in the company's overall valuation and capital structure, peaking in 2022 before experiencing a moderate contraction in 2023.

Enterprise Value (EV) Analysis: The enterprise value increased steadily from US$ 37,180 million in 2019 to a peak of US$ 57,832 million in 2022. This upward trend indicates a significant expansion in the total market value of the business operations. A subsequent correction occurred in 2023, with the value decreasing to US$ 54,752 million.
Equity Valuation Trends: Common equity market value and total equity demonstrated a strong positive correlation throughout the period. Both metrics rose consistently from 2019 through 2022, with total equity reaching US$ 51,059 million and market value reaching US$ 49,152 million in 2022. The proximity of market value to total equity suggests that the market valuation remains closely aligned with the book value of the company's equity.
Capital Structure and Debt Integration: Total equity and debt figures grew from US$ 39,763 million in 2019 to a peak of US$ 62,694 million in 2022. The consistent gap between total equity and debt and the resulting enterprise value suggests a stable management of net debt relative to the total value of the firm. By the end of 2023, total equity and debt settled at US$ 60,176 million, mirroring the slight downward adjustment seen in the enterprise value.

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Valero Energy Corp. (NYSE:VLO)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)