Valero Energy (VLO) stock

Energy · Oil & Gas Refining & Marketing

$419.28
-$7.00 -1.64%
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Valero Energy (VLO) is an Oil & Gas Refining & Marketing company in the Energy sector, headquartered in San Antonio, Texas. As of October 23, 2026, VLO closed at $419.28, a market capitalization of $120.72 billion, the 102nd largest company in the S&P 500. Over the last twelve months it generated $146.58 billion in revenue (+52% year over year) and $10.12 billion in free cash flow. The stock trades at 9.5x trailing earnings and 8.1x forward earnings.

  • 1-year total return: +147.3% (dividends reinvested)
  • 5-year return: +43.3% a year
  • 52-week range: $159.90 – $461.52
  • Gross margin 19.5%, operating margin 19.7%
  • Dividend yield: 1.14%, 3 straight years of increases
  • FI Handbook report card: B- across 9 metrics
  • 5th largest of 21 Energy stocks in the S&P 500

VLO price chart

1Y price change: +142.2% (price only; total returns below include dividends)

$200.00
$300.00
$400.00
Nov2026MarMayJulSep
VLO total returns
Total return1MYTD1Y3Y5Y10YMAX
VLO+11.6%+161.4%+147.3%+51.6%+43.3%+27.1%+13.4%

Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1982.

VLO key statistics

Market cap
$120.7B
#102 in S&P 500
P/E (TTM)
9.5x
Forward P/E
8.1x
EPS (TTM)
$43.97
Revenue (TTM)
$146.6B
+52%
Free cash flow
$10.1B
Gross margin
19.5%
Operating margin
19.7%
Return on equity
—
Dividend yield
1.14%
52-week range
$159.90 – $461.52
Beta
0.59
Price / sales
0.8x
EV / EBITDA
6.1x
Debt / equity
0.40x
Employees
9,785

VLO report card

B-

Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.

  • Revenue growth51.9%A
  • Gross margin19.5%D
  • Operating margin19.7%C
  • FCF margin6.9%D
  • Return on equity——
  • Net debt / EBITDA0.2xB
  • Forward P/E8.1xA
  • PEG ratio1.8xC
  • Shareholder yield3.3%B
  • Share count change / yr-5.4%A

Valero Energy financials

Revenue went from $75.7B in fiscal 2016 to $122.7B in fiscal 2025, growing 5.5% a year.

FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Valero Energy annual financial results
Fiscal year2016201720182019202020212022202320242025
Revenue$75.7B$94.0B$117.0B$108.3B$64.9B$114.0B$176.4B$144.8B$129.9B$122.7B
Gross profit$4.3B$4.5B$5.6B$4.8B-$740.0M$3.1B$16.8B$12.9B$4.8B$5.4B
Operating income$3.5B$3.6B$4.6B$3.8B-$1.6B$2.1B$15.7B$11.9B$3.8B$3.2B
Net income$2.3B$4.1B$3.1B$2.4B-$1.4B$930.0M$11.5B$8.8B$2.8B$2.3B
EPS (diluted)$4.94$9.16$7.29$5.84$-3.50$2.27$29.04$24.92$8.58$7.57
Free cash flow$3.5B$4.1B$995.0M$2.7B-$1.5B$3.4B$9.8B$7.3B$4.6B—
Buybacks$1.3B$1.4B$1.7B$777.0M$156.0M$27.0M$4.6B$5.1B$2.9B$2.6B
Dividends paid$1.1B$1.2B$1.4B$1.5B$1.6B$1.6B$1.6B$1.5B$1.4B$1.4B
Diluted shares464.0M444.0M428.0M414.0M407.0M407.0M396.0M353.0M322.0M309.0M

Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.

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What's priced into VLO?

A reverse DCF asks what growth the current price requires. With an enterprise value of $124.2B and $10.1B of trailing free cash flow, Valero Energy needs to grow free cash flow about -1.4% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 11.5% a year over the last five years.

P/E ratio history

Current 55.4x vs. median 12.4x (10th–90th percentile 4.9x–48.4x).

0x
20x
40x
60x
20182020202220242026

A model, not a forecast or advice. Small changes in assumptions move the answer a lot.

VLO dividend

Dividend yield
1.14%
Annual dividend
$4.80
Years of increases
3
5-yr dividend growth
2.9%
per year
Payout ratio
19%
Payments per year
4
201120122013201420152016201720182019202020212022202320242025

Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.

VLO analyst price targets

19 analysts' average 12-month target is $423.53 (+1% vs. $419.28). Targets range from $238.00 to $530.00. 45% rate it a buy.

VLO earnings

Next report: January 28, 2027. Valero Energy has beaten EPS estimates 8 quarters in a row.

Report dateEPS estimateEPS actualSurprise
Oct 22, 2026$21.23$23.90+12.6%
Jul 30, 2026$10.13$12.54+23.8%
Apr 30, 2026$3.16$4.22+33.5%
Jan 29, 2026$3.27$3.82+16.9%
Oct 23, 2025$3.05$3.66+19.9%
Jul 24, 2025$1.77$2.28+29.1%
Apr 24, 2025$0.41$0.89+117.3%
Jan 30, 2025$0.06$0.64+970.8%

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VLO news

VLO stock FAQ

What is VLO's market cap?

Valero Energy's market capitalization is $120.72 billion as of October 23, 2026, ranking 102nd in the S&P 500.

What is VLO's P/E ratio?

VLO trades at a trailing price-to-earnings ratio of 9.5x and a forward P/E of 8.1x. Its median P/E over the period we track is 12.4x.

Does VLO pay a dividend?

Yes. Valero Energy pays $4.80 per share a year, a 1.14% yield. It has raised its dividend 3 years in a row. Dividends grew 2.9% a year over the last five years.

How much has VLO stock returned?

Including reinvested dividends, VLO returned +147.3% over one year, +43.3% a year over five years, +27.1% a year over ten years through October 23, 2026.

Is VLO stock overvalued?

At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Valero Energy must grow free cash flow about -1% a year for the next decade. Its free cash flow grew 11% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.

What is the VLO price target?

19 analysts cover VLO with an average 12-month price target of $423.53, +1% from the current price. 45% of them rate it a buy.

When does VLO report earnings?

Valero Energy is expected to report earnings on January 28, 2027. It has beaten EPS estimates 8 quarters in a row.

How many employees does Valero Energy have?

Valero Energy has about 9,785 full-time employees, or $15.0 million of revenue per employee.

Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology