Valero Energy Corporation Financial Ratios — VLO Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	14.56	12.88	15.1	17.69	16.89	8.88	14.63	10.36	7.68	-4.66	3.25	34.65	21.06	5.98	4.94
Return on Assets (%)	5.2	4.77	5.93	7.82	8.89	5.06	8.44	6.22	4.66	-2.69	1.7	19.4	14.25	4.5	3.98
Return on Capital (%)	10.46	9.71	11.81	13.88	13.39	7.29	- -	8.14	5.71	- -	2.38	23.78	15.85	4.89	4.62
Return on Invested Capital (%)	9.27	12.87	9.78	13.71	14.53	9.02	- -	10.85	9	- -	4.83	31.62	22.14	7.33	8.01
Gross Margin (%)	3.37	4.21	3.41	5.06	8.05	5.68	4.74	4.74	4.36	-1.21	2.7	9.5	8.9	3.66	4.38
EBITDA Margin (%)	4.14	4.84	4.11	5.8	9.34	7.25	5.9	5.67	5.62	1.19	3.98	10.33	10.06	5.03	6.09
Operating Margin (%)	2.92	3.71	2.87	4.51	7.24	4.74	3.79	3.91	3.54	-2.43	1.87	8.93	8.19	2.89	3.51
Incremental Operating Margin (%)	4.12	11.69	367.71	-26.9	-1.06	22.79	-0.15	4.38	8.45	- -	7.56	21.83	12.31	54.44	-7.74
Pretax Margin (%)	2.64	3.43	2.88	4.24	6.8	4.21	3.41	3.62	3.22	-3.1	1.35	8.68	8.13	2.85	2.45
Profit Margin (%)	1.66	1.51	1.97	2.77	4.54	3.03	4.33	2.67	2.24	-2.19	0.82	6.54	6.1	2.13	1.91
Net Income to Common Margin (%)	1.66	1.51	1.97	2.77	4.54	3.03	4.33	2.67	2.24	-2.19	0.82	6.54	6.1	2.13	1.91
Effective Tax Rate (%)	36.91	34.3	31.54	32.01	31.32	24.04	- -	20.77	20.14	- -	16.53	22.39	22.26	18.71	25.26
Dvd Payout Ratio (%)	8.07	11.57	16.92	14.37	20.13	43.65	29.24	38.2	47.43	-201.77	97.33	12.77	15.34	42.69	65.53
Sustainable Growth Rate (%)	13.38	11.39	12.55	15.15	13.49	5	10.35	6.4	4.04	-14.07	0.09	30.22	17.83	3.43	1.7

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	7,741	7,049	6,564	6,386	7,335	8,001	8,872	9,109	10,962	15,847	15,125	12,722	12,637	11,540	11,703
ST Debt	1,009	586	303	606	127	115	122	238	825	1,008	1,579	1,420	1,766	1,121	1,368
LT Debt	6,732	6,463	6,261	5,780	7,208	7,886	8,750	8,871	10,137	14,839	13,546	11,302	10,871	10,419	10,335
Total Debt/EBITDA	1.48	1.05	1.16	0.84	0.89	1.46	1.6	1.37	1.8	20.53	3.34	0.7	0.87	1.77	1.57
Net Debt/EBITDA	1.29	0.79	0.4	0.36	0.39	0.58	0.54	0.92	1.16	14.72	2.15	0.37	0.42	0.89	0.79
Total Debt/EBIT	2.1	1.37	1.66	1.08	1.15	2.23	2.49	1.99	2.86	-10.04	7.1	0.81	1.07	3.07	2.71
Net Debt/EBIT	1.83	1.04	0.57	0.46	0.51	0.89	0.85	1.34	1.85	-7.2	4.58	0.43	0.51	1.55	1.38
EBITDA to Interest Expense	13	21.35	15.55	19.12	18.94	12.3	11.86	14.13	13.42	1.37	7.52	32.43	24.59	11.74	13.44
EBITDA-CapEx/Interest Expense	13	21.35	15.55	19.12	18.94	12.3	11.86	13.45	13.41	1.37	7.52	32.43	24.59	11.74	13.44
EBIT to Interest Expense	9.18	16.34	10.84	14.87	14.68	8.05	7.61	9.73	8.45	-2.8	3.53	28.03	20.03	6.75	7.76
Interest Expense	401	314	365	397	433	446	468	470	454	563	603	562	592	556	556
Common Equity/Total Assets	35.8	38.31	40.15	48.41	56.97	57.12	58.23	61.91	59.37	55.94	48.87	62.73	72.38	78.19	82.72
Long-Term Debt/Equity (%)	40.94	35.72	31.39	27.21	33.75	37.82	38.21	39.03	44.98	75.55	68.36	44.38	38.11	37.86	38.85
Long-Term Debt/Capital (%)	29.17	26.76	24.06	19.93	21.61	22.4	22.44	21.52	23.21	32.51	30.24	21.37	17.98	16.92	16.52
Long-Term Debt/Total Assets (%)	15.74	14.53	13.25	12.69	16.3	17.08	17.44	17.69	18.82	28.66	23.4	18.53	17.24	17.32	17.82
Total Debt/Equity (%)	47.07	38.96	32.91	30.06	34.35	38.37	38.74	40.07	48.64	80.68	76.32	49.95	44.3	41.93	43.99
Total Debt/Capital (%)	33.54	29.19	25.22	22.02	21.99	22.73	22.76	22.1	25.1	34.72	33.76	24.06	20.9	18.74	18.71
Total Debt/Total Assets (%)	18.09	15.85	13.89	14.02	16.58	17.33	17.69	18.16	20.35	30.61	26.13	20.86	20.04	19.19	20.18
Net Debt to Equity	40.85	29.43	11.39	12.7	15.08	15.27	13.2	26.95	31.46	57.86	49.19	26.59	21.39	21.1	22.29
Net Debt/Capital (%)	30.46	23.75	10.45	10.65	11.01	10.48	9.12	16.02	17.25	26.84	23.96	14.1	11.09	10.2	10.25
EBITDA	5,214	6,704	5,677	7,592	8,200	5,484	5,549	6,641	6,091	772	4,535	18,224	14,559	6,529	7,470
EBITDA-CapEx	5,214	6,704	5,677	7,592	8,200	5,484	5,549	6,321	6,088	772	4,535	18,224	14,559	6,529	7,470
Operating Income (Loss)	3,680	5,130	3,957	5,902	6,358	3,590	3,563	4,572	3,836	-1,579	2,130	15,751	11,858	3,755	4,312

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.08	0.14	0.33	0.37	0.59	0.58	0.53	0.28	0.2	0.36	0.24	0.28	0.32	0.3	0.33
Current Ratio	1.26	1.38	1.47	1.66	2.13	2.02	1.74	1.65	1.44	1.71	1.26	1.38	1.56	1.53	1.65
Quick Ratio	0.78	0.84	1	0.97	1.26	1.29	1.15	0.96	0.88	1.01	0.86	0.96	1.07	0.99	1.03
CFO/Avg Current Liab	0.38	0.43	0.44	0.37	0.66	0.63	0.57	0.4	0.46	0.08	0.45	0.73	0.54	0.41	0.39
Common Equity/Total Assets	35.8	38.31	40.15	48.41	56.97	57.12	58.23	61.91	59.37	55.94	48.87	62.73	72.38	78.19	82.72
Long-Term Debt/Equity (%)	40.94	35.72	31.39	27.21	33.75	37.82	38.21	39.03	44.98	75.55	68.36	44.38	38.11	37.86	38.85
Long-Term Debt/Capital (%)	29.17	26.76	24.06	19.93	21.61	22.4	22.44	21.52	23.21	32.51	30.24	21.37	17.98	16.92	16.52
Long-Term Debt/Total Assets (%)	15.74	14.53	13.25	12.69	16.3	17.08	17.44	17.69	18.82	28.66	23.4	18.53	17.24	17.32	17.82
Total Debt/Equity (%)	47.07	38.96	32.91	30.06	34.35	38.37	38.74	40.07	48.64	80.68	76.32	49.95	44.3	41.93	43.99
Total Debt/Capital (%)	33.54	29.19	25.22	22.02	21.99	22.73	22.76	22.1	25.1	34.72	33.76	24.06	20.9	18.74	18.71
Total Debt/Total Assets (%)	18.09	15.85	13.89	14.02	16.58	17.33	17.69	18.16	20.35	30.61	26.13	20.86	20.04	19.19	20.18
CFO/Total Liabilities	15.33	19.98	20.37	17.45	24.53	19.04	20.11	15.94	17.66	2.95	15.39	35.41	26.73	20.49	18.56
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	13.66	1,843.67	- -	- -	- -	- -	- -	- -
Altman's Z-Score	4.09	4.56	4.53	4.81	4.41	3.67	4.02	4.41	3.98	2.54	3.37	5.64	4.94	4.38	4.69

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	19.46	16.85	16.59	18.57	18.27	15.45	15.07	17	14.4	10.09	15.43	17.02	13.28	12.51	12.96
Days Sales Outstanding	18.76	21.66	22	19.65	19.98	23.62	24.22	21.47	25.34	36.17	23.66	21.45	27.48	29.18	28.17
Inventory Turnover	23.03	22.86	22.74	20.07	12.9	12.3	14.81	17.26	15.3	10.07	18.03	24.53	18.4	16.31	15.28
Days Inventory Outstanding	15.85	15.96	16.05	18.19	28.3	29.68	24.65	21.14	23.86	36.25	20.25	14.88	19.84	22.38	23.88
Accounts Payable Turnover	15.39	14.12	13.81	14.99	13.72	12.64	12.27	13.18	11.07	7.95	11.96	12.7	10.49	10.16	10.54
Accounts Payable Turnover Days	23.72	25.84	26.43	24.35	26.61	28.88	29.75	27.7	32.96	45.92	30.51	28.75	34.79	35.92	34.63
Cash Conversion Cycle	10.88	11.79	11.63	13.49	21.67	24.42	19.12	14.92	16.24	26.5	13.4	7.58	12.53	15.65	17.42
Inventory to Cash Days	2.91	5.7	5.94	1.46	-8.32	-6.06	-0.43	0.33	1.48	-0.08	3.41	6.57	7.64	6.8	4.29
Inventories	5,623	5,973	5,758	6,623	5,898	5,709	6,384	6,532	7,013	6,038	6,265	6,752	7,583	7,761	7,591
Raw Materials	2,887	2,866	2,527	2,697	2,890	2,556	2,925	2,879	2,979	2,613	2,698	3,173	3,793	3,745	3,409
Work In Process	2,474	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	2,736	3,107	3,231	3,926	3,774	3,153	3,459	3,653	4,034	3,425	3,567	3,579	3,790	4,016	4,182
Other Inventory	-2,474	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	10,826	17,144	27,317	26,037	35,143	31,496	40,624	31,937	38,677	23,024	30,570	50,110	45,890	39,474	50,302
- Cash & Cash Equivalents	1,024	1,723	4,292	3,689	4,114	4,816	5,850	2,982	2,583	3,313	4,122	4,862	5,424	4,657	4,688
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	22	63	486	567	827	830	909	1,064	733	841	1,387	1,907	2,178	3,009	2,880
+ Total Debt	7,741	7,049	6,564	6,386	7,335	8,001	8,872	9,109	10,962	15,847	15,125	12,722	12,637	11,540	11,703
Enterprise Value	17,565	22,532	30,075	29,301	39,191	35,511	44,555	39,128	47,789	36,399	42,960	59,877	55,281	49,366	60,197
Total Capital	23,079	24,151	26,027	29,006	33,357	35,204	38,988	41,224	43,676	45,648	44,800	52,883	60,452	61,572	62,549
Total Debt/Capital (%)	33.54	29.19	25.22	22.02	21.99	22.73	22.76	22.1	25.1	34.72	33.76	24.06	20.9	18.74	18.71
Total Debt / EV	0.44	0.31	0.22	0.22	0.19	0.23	0.2	0.23	0.23	0.44	0.35	0.21	0.23	0.23	0.19
EV/Sales	0.14	0.16	0.22	0.22	0.45	0.47	0.47	0.33	0.44	0.56	0.38	0.34	0.38	0.38	0.49
EV/EBITDA	3.37	3.36	5.3	3.86	4.78	6.48	8.03	5.89	7.85	47.15	9.47	3.29	3.8	7.56	8.06
EV/EBIT	4.77	4.39	7.6	4.96	6.16	9.89	12.5	8.56	12.46	- -	20.17	3.8	4.66	13.15	13.96
EV/Cash Flow to Firm	4.09	4.11	5.17	6.5	6.63	6.88	7.32	8.25	8.11	28.93	6.75	4.6	5.71	6.92	9.64
EV/Free Cash Flow to Firm	4.09	4.11	5.17	6.5	6.63	6.88	7.32	7.73	8.1	28.93	6.75	4.6	5.71	6.92	9.64
Diluted Market Cap	10,942	17,331	27,619	26,235	35,355	31,700	40,808	32,087	38,771	23,024	30,570	50,237	45,890	39,474	50,302
Diluted Enterprise Value	17,681	22,720	30,377	29,499	39,403	35,715	44,739	39,278	47,883	36,399	42,960	60,004	55,281	49,366	60,197
EV per Share	31.2	40.97	55.49	55.71	78.85	77.03	100.8	91.85	115.71	89.43	105.55	151.59	156.6	153.31	194.81
TTM Sales	125,987	138,393	138,074	130,844	87,804	75,659	93,980	117,033	108,324	64,912	113,977	176,383	144,766	129,881	122,687
TTM EBITDA	5,214	6,704	5,677	7,592	8,200	5,484	5,549	6,641	6,091	772	4,535	18,224	14,559	6,529	7,470
TTM Operating Income	3,680	5,130	3,957	5,902	6,358	3,590	3,563	4,572	3,836	-1,579	2,130	15,751	11,858	3,755	4,312
TTM Cash Flow to Firm	4,291	5,476	5,814	4,511	5,908	5,159	6,088	4,743	5,894	1,258	6,362	13,010	9,689	7,135	6,242
TTM Free Cash Flow to Firm	4,291	5,476	5,814	4,511	5,908	5,159	6,088	5,063	5,897	1,258	6,362	13,010	9,689	7,135	6,242

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	2.71	3.29	4.96	6.19	6.3	6.58	7.44	6.84	7.01	24.29	5.22	4	4.97	5.91	8.63
EV/EBIT	4.77	4.39	7.6	4.96	6.16	9.89	12.5	8.56	12.46	- -	20.17	3.8	4.66	13.15	13.96
Enterprise Value	17,565	22,532	30,075	29,301	39,191	35,511	44,555	39,128	47,789	36,399	42,960	59,877	55,281	49,366	60,197
Low Price	14.98	17.47	31.1	42.53	43.45	46.88	60.69	68.81	69.44	31	54.78	75.04	104.18	116.84	99
EV/Sales	0.14	0.16	0.22	0.22	0.45	0.47	0.47	0.33	0.44	0.56	0.38	0.34	0.38	0.38	0.49
EV/EBITDA	3.37	3.36	5.3	3.86	4.78	6.48	8.03	5.89	7.85	47.15	9.47	3.29	3.8	7.56	8.06
Price/Earnings	5.18	8.23	10.04	7.17	8.81	13.76	9.99	10.23	15.97	- -	32.87	4.35	5.19	14.25	21.42
Price/Earnings Average	6.04	6.48	7.7	7.43	7.69	11.82	7.7	13.9	14.52	-16.71	31.35	3.78	5.08	16.96	18.99
Price/Earnings High	7.66	8.32	10.07	8.65	9.2	14.6	10.13	17.33	17.39	-28.08	37.18	5.03	6.08	21.48	24.43
Price/Earnings Low	4.04	4.61	6.2	6.16	5.41	9.44	6.6	9.39	11.84	-8.88	23.97	2.57	4.16	13.58	13.03
Price/Book Value	0.71	1.01	1.44	1.18	1.39	1.19	1.39	1.03	1.21	0.8	1.08	1.31	1.01	0.84	1.05
Price/Book Value Average	0.82	0.79	1.1	1.22	1.22	1.03	1.07	1.4	1.1	0.82	1.03	1.14	0.98	1	0.93
Price/Book Value High	1.05	1.02	1.44	1.42	1.46	1.27	1.41	1.74	1.32	1.38	1.22	1.52	1.18	1.27	1.2
Price/Book Value Low	0.55	0.56	0.89	1.01	0.86	0.82	0.92	0.94	0.9	0.44	0.79	0.77	0.81	0.8	0.64
Price/Tangible Book Value	0.67	0.96	1.38	1.23	1.66	1.52	1.79	1.44	1.76	1.2	1.58	2	1.63	1.46	1.92
Price/Tangible Book Value Average	0.78	0.76	1.06	1.28	1.45	1.31	1.38	1.96	1.6	1.24	1.51	1.74	1.6	1.73	1.7
Price/Tangible Book Value High	0.99	0.97	1.38	1.49	1.73	1.61	1.81	2.44	1.92	2.09	1.79	2.32	1.91	2.19	2.19
Price/Tangible Book Value Low	0.52	0.54	0.85	1.06	1.02	1.04	1.18	1.32	1.3	0.66	1.15	1.19	1.31	1.39	1.17
Price/Sales	0.09	0.12	0.2	0.2	0.4	0.42	0.43	0.27	0.36	0.35	0.27	0.28	0.32	0.3	0.41
Price/Sales Average	0.1	0.1	0.15	0.21	0.35	0.36	0.33	0.37	0.32	0.37	0.26	0.25	0.31	0.36	0.36
Price/Sales High	0.13	0.13	0.2	0.24	0.42	0.44	0.44	0.46	0.39	0.61	0.3	0.33	0.37	0.46	0.47
Price/Sales Low	0.07	0.07	0.12	0.17	0.25	0.29	0.29	0.25	0.26	0.19	0.2	0.17	0.25	0.29	0.25
Price/Cash Flow	2.68	3.25	4.91	6.14	6.26	6.53	7.41	7.31	6.99	24.29	5.22	3.99	4.97	5.91	8.63
Price/Cash Flow Average	3.13	2.56	3.76	6.36	5.47	5.61	5.71	9.93	6.36	25.05	4.98	3.46	4.87	7.03	7.65
Price/Cash Flow High	3.96	3.29	4.92	7.4	6.54	6.93	7.51	12.38	7.62	42.09	5.9	4.61	5.82	8.9	9.84
Price/Cash Flow Low	2.09	1.82	3.03	5.27	3.85	4.48	4.89	6.71	5.19	13.31	3.81	2.36	3.98	5.63	5.25
Price/Free Cash Flow Average	3.16	2.59	3.8	6.41	5.5	5.65	5.73	9.29	6.37	25.05	4.98	3.47	4.87	7.03	7.65
Price/Free Cash Flow High	4.01	3.32	4.98	7.46	6.58	6.98	7.55	11.59	7.63	42.09	5.9	4.62	5.82	8.9	9.84
Price/Free Cash Flow Low	2.11	1.84	3.06	5.31	3.87	4.51	4.92	6.28	5.19	13.31	3.81	2.36	3.98	5.63	5.25
EV/Sales Average	0.15	0.14	0.17	0.23	0.4	0.41	0.37	0.43	0.41	0.57	0.36	0.3	0.38	0.44	0.44
EV/Sales High	0.18	0.16	0.22	0.26	0.46	0.49	0.48	0.52	0.47	0.82	0.41	0.38	0.44	0.53	0.55
EV/Sales Low	0.12	0.11	0.14	0.2	0.29	0.34	0.33	0.31	0.35	0.4	0.3	0.22	0.32	0.37	0.33
EV/EBITDA Average	3.72	2.82	4.17	3.98	4.23	5.67	6.35	7.62	7.27	48.08	9.16	2.93	3.73	8.71	7.29
EV/EBITDA High	4.36	3.39	5.31	4.57	4.97	6.83	8.13	9.23	8.41	69.01	10.36	3.72	4.34	10.63	9
EV/EBITDA Low	2.91	2.24	3.46	3.38	3.13	4.67	5.54	5.5	6.2	33.67	7.65	2.16	3.17	7.28	5.42
EV/EBIT Average	5.26	3.68	5.99	5.12	5.46	8.66	9.89	11.06	11.55	-23.51	19.5	3.38	4.58	15.14	12.64
EV/EBIT High	6.18	4.43	7.62	5.87	6.41	10.43	12.66	13.4	13.36	-33.74	22.05	4.3	5.32	18.48	15.6
EV/EBIT Low	4.12	2.92	4.96	4.34	4.03	7.14	8.63	7.98	9.85	-16.46	16.28	2.5	3.89	12.65	9.39
Last Price	19.23	31.17	50.4	49.5	70.71	68.32	91.91	74.97	93.65	56.57	75.11	126.86	130	122.59	162.79
High Price	28.43	31.51	50.54	59.69	73.88	72.49	93.18	126.98	101.99	98.03	84.95	146.81	152.2	184.79	185.62
Enterprise Value Average	19,371	18,897	23,691	30,242	34,714	31,074	35,225	50,575	44,288	37,118	41,543	53,307	54,298	56,864	54,483
Enterprise Value High	22,745	22,720	30,151	34,661	40,766	37,433	45,117	61,284	51,234	53,273	46,965	67,757	63,118	69,394	67,252
Enterprise Value Low	15,173	14,998	19,614	25,635	25,643	25,627	30,756	36,504	37,791	25,992	34,685	39,408	46,167	47,514	40,486

Shares Outstanding	557	552	536	514	473	450	434	418	409	408	409	372	333	315	299
Diluted Weighted Avg Shares	569	556	548	530	500	464	444	428	414	407	407	396	353	322	309
Basic Weighted Avg Shares	563	550	542	526	497	461	442	426	413	407	407	395	353	322	309
Revenue per Share	223.78	251.62	254.75	248.75	176.67	164.12	212.62	274.73	262.29	159.49	280.04	446.54	410.1	403.36	397.05
EBITDA per Share	9.26	12.19	10.47	14.43	16.5	11.9	12.55	15.59	14.75	1.9	11.14	46.14	41.24	20.28	24.17
Operating Income per Share	6.54	9.33	7.3	11.22	12.79	7.79	8.06	10.73	9.29	-3.88	5.23	39.88	33.59	11.66	13.95
Basic EPS, GAAP	3.71	3.79	5.02	6.9	8.03	4.97	9.2	7.33	5.86	-3.49	2.29	29.18	25.03	8.6	7.6
Basic EPS from Cont Ops	3.72	5.66	5.02	7.18	8.25	5.24	9.4	7.87	6.74	-2.72	3.16	30.07	25.92	9.34	7.27
Diluted EPS, GAAP	3.67	3.75	4.96	6.85	7.98	4.93	9.16	7.29	5.85	-3.49	2.29	29.11	25.03	8.6	7.6
Diluted EPS from Cont Ops	3.68	5.6	4.97	7.12	8.2	5.21	9.36	7.83	6.72	-2.72	3.16	30	25.92	9.34	7.27
Dividend per Share	0.3	0.65	0.85	1.05	1.71	2.41	2.81	3.21	3.61	3.93	3.94	3.95	4.11	4.3	4.55
Cash Flow per Share	7.17	9.58	10.27	8.06	11.29	10.46	12.4	10.26	13.39	2.33	14.4	31.83	26.14	20.75	18.85
Free Cash Flow per Basic Share	7.17	9.58	10.27	8.06	11.29	10.46	12.4	9.51	13.38	2.33	14.4	31.83	26.14	20.75	18.85
Cash & Equivalents per Share	1.82	3.13	7.92	7.01	8.28	10.45	13.24	7	6.25	8.14	10.13	12.31	15.37	14.46	15.17
Book Value per Share	27.2	30.98	35.01	41.93	50.69	57.21	66.08	72.89	77.44	71.15	69.5	96.85	129.28	146.03	155.23
Tangible Book Value per Share	28.81	32.51	36.51	40.1	42.65	44.92	51.49	52.03	53.25	47.01	47.52	63.31	79.55	84.19	84.86

Valero Energy Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)