Valero Energy Corp., FCFE calculation

US$ in millions

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)
Net income attributable to noncontrolling interests	314)	351)	358)	314)	362)
Net noncash charges	2,406)	2,321)	2,346)	2,400)	2,453)
Changes in current assets and current liabilities	(2,326)	(1,626)	2,225)	(345)	294)
Net cash provided by operating activities	9,229)	12,574)	5,859)	948)	5,531)
Capital expenditures, excluding variable interest entities (VIEs)	(665)	(788)	(513)	(1,014)	(1,627)
Capital expenditures of VIEs	(246)	(893)	(1,152)	(774)	(367)
Proceeds from debt issuances and borrowings, excluding VIEs	1,750)	2,239)	1,446)	4,320)	1,892)
Proceeds from borrowings of VIEs	670)	914)	382)	250)	239)
Repayments of debt and finance lease obligations, excluding VIEs	(2,125)	(5,067)	(2,849)	(490)	(1,805)
Repayments of debt and finance lease obligations of VIEs	(557)	(896)	(186)	(5)	(6)
Premiums on early redemption and retirement of debt	(5)	(56)	(179)	—)	—)
Free cash flow to equity (FCFE)	8,051)	8,027)	2,808)	3,235)	3,857)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Valero Energy Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Valero Energy Corp. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Valero Energy Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	316,585,228
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	8,051)
FCFE per share	25.43
Current share price (P)	142.01
Valuation Ratio
P/FCFE	5.58
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	18.24
ConocoPhillips	11.70
Exxon Mobil Corp.	15.70
Marathon Petroleum Corp.	4.01
Occidental Petroleum Corp.	7.94
P/FCFE, Sector
Oil, Gas & Consumable Fuels	12.46
P/FCFE, Industry
Energy	12.66

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

¹ Click competitor name to see calculations.

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

Valero Energy Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	332,481,908	371,150,836	409,303,630	408,562,891	409,337,126
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	8,051)	8,027)	2,808)	3,235)	3,857)
FCFE per share³	24.21	21.63	6.86	7.92	9.42
Share price^1, 4	139.78	132.43	85.84	75.81	71.72
Valuation Ratio
P/FCFE⁵	5.77	6.12	12.51	9.57	7.61
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	18.24	10.59	32.05	21.61	38.28
ConocoPhillips	11.74	8.93	10.61	497.58	14.36
Exxon Mobil Corp.	12.46	8.73	19.82	13.70	16.01
Marathon Petroleum Corp.	4.75	3.74	65.05	51.11	5.87
Occidental Petroleum Corp.	8.44	18.76	66.22	—	1.84
P/FCFE, Sector
Oil, Gas & Consumable Fuels	11.39	8.65	20.61	19.80	11.93
P/FCFE, Industry
Energy	11.77	9.32	21.56	19.35	12.49

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 See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 8,051,000,000 ÷ 332,481,908 = 24.21

⁴ Closing price as at the filing date of Valero Energy Corp. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 139.78 ÷ 24.21 = 5.77

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Valero Energy Corp. P/FCFE ratio decreased from 2021 to 2022 and from 2022 to 2023.

Valero Energy Corp. (NYSE:VLO)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical