Enterprise Value (EV)
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Valero Energy Corp. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Current Enterprise Value (EV)
Valero Energy Corp., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Current portion of debt and finance lease obligations (per books) | |
| Add: Debt and finance lease obligations, less current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2023-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Valero Energy Corp., EV 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 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
= ×
- Common Equity (Market Value)
- Common equity demonstrated a general upward trajectory from 2019 to 2022, rising from $29,358 million to $49,152 million, which represents a notable increase over the period. However, in 2023, there was a slight decline to $46,474 million, indicating a minor contraction after years of growth.
- Total Equity
- Total equity followed a similar pattern to common equity, increasing steadily from $30,091 million in 2019 to $51,059 million in 2022. This growth indicates strengthening shareholder value and capital base over the four-year period. In 2023, total equity decreased slightly to $48,652 million, mirroring the decline in common equity.
- Total Equity and Debt
- The combined total of equity and debt showed consistent growth from $39,763 million in 2019 to $62,694 million in 2022, pointing to an overall increase in company financing and leverage. However, in 2023, this figure declined to $60,176 million, suggesting a modest reduction in total capital employed.
- Enterprise Value (EV)
- Enterprise value increased steadily from $37,180 million in 2019 to $57,832 million in 2022, reflecting positive market valuation trends and potentially increased operational scale or profitability. Similar to the patterns observed in equity and capital structure, EV then fell to $54,752 million in 2023, indicating a slight decrease in market valuation or adjusted capital structure.
- Overall Trends and Insights
- Between 2019 and 2022, the company showed continuous growth in market valuation, equity base, and total capitalization, signaling expansion and enhanced financial strength. The declines observed in 2023 across common equity, total equity, total equity and debt, and enterprise value suggest a shift in market conditions or internal factors leading to a modest contraction after a period of growth. The close correlation between equity values and enterprise value indicates consistency in market perception and underlying fundamentals over the examined period.