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Valero Energy Corporation

VLO
55
Oil & Gas Refining & Marketing · Energy
Also trades as: 0LK6.L GBP 4.22 (-0.53%)
Price
$419.28
-7.00 (-1.64%)
Market Cap
$120.72B
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 24, 2026 · filings through Sep 30, 2026

§How the score breaks down

Quality
Good
18/30
Growth
Strong
14/20
Cash Flow
Good
6/10
Stability
Strong
7/10
Valuation
Good
6/10
Ownership
Weak
2/15
Dividends
Mixed
2/5

55 of 100 counted points = Winston Score 55.

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Share count falling — buybacks

−24.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 407.0M (2021) → 309.0M (2025)

§Winston Score History

The full picture

Valero Energy is one of the largest oil refiners in the world. It takes crude oil and turns it into everyday products like gasoline, diesel, and jet fuel. These products are sold to gas stations, trucking companies, airlines, and other businesses that need fuel to operate.

Valero makes money by buying crude oil, refining it, and selling the finished products at a higher price. The difference between those two prices is called the "crack spread," and it is the main driver of Valero's profits. The company operates around 15 refineries across the United States, Canada, and the United Kingdom, giving it a large and geographically spread-out production base. Its sheer size and refining capacity make it hard for smaller competitors to match its efficiency. The biggest risk Valero faces is that refining margins can shrink quickly when crude oil prices rise or fuel demand falls, making profits unpredictable from year to year.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+43.3% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

+575.1% YoY

Quarterly reporting periods ended:

30 Sept 2025: $3.54

30 Sept 2026: $23.90

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$9.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Valero Energy Corporation grew revenue 43% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
20.4%
Thin — 20.4% gross margin
Profit after running costs
Operating Margin
19.7%
Healthy — 19.7% operating margin
Return on the money invested
ROCE
26.4%
Exceptional — 26.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+19.3%
Fast-growing sales (+19.3% YoY)
Profit growth
EPS YoY
+824.7%
Earnings growing fast (+824.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
84%
Modest — 84% of profit becomes cash
Spare cash per sale
FCF Margin
6.9%
Modest free cash flow (6.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.14
Elevated debt (1.14)
Covers its interest
Interest Cover
31.22x
Comfortably covers interest (31.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
9.4x
Attractive valuation — P/E 9.4

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-8.6
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.11%
Small dividend — 1.11% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+6.1%
Dividend growing modestly (6.1% YoY)
Payout Ratio
11%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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