Valero Energy Corporation

VLO

Oil & Gas Refining & Marketing · Energy

Also trades as: 0LK6.L

Price

$348.86

+7.35 (+2.15%)

Market Cap

$100.45B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Mixed

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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

For growth stock investors

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

Revenue Growth

+48.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+451.3% YoY

YoY Growth Rate

EPS growth accelerating

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

$7.9B 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 49% 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

-6.5%

Thin — -6.5% gross margin

Profit after running costs

Operating Margin

11.7%

Modest — 11.7% operating margin

Return on the money invested

ROCE

27.5%

Exceptional — 27.5% 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

+13.7%

Fast-growing sales (+13.7% YoY)

Profit growth

EPS YoY

+898.8%

Earnings growing fast (+898.8% YoY)

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

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

151%

Turns 151% of profit into real cash

Spare cash per sale

FCF Margin

7.2%

Modest free cash flow (7.2%)

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

0.45

Conservative — low debt load (0.45)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

14.5x

Attractive valuation — P/E 14.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-1.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

1.53%

Small dividend — 1.53% 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)

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