| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 75 | 16.2x | 17.8x | Top tier | |
Growth | 53 | 6.3% | 7.1% | Around median | |
Quality | 94 | 21.2% | 4.5% | Top tier | |
Safety | 83 | 0.5x | 2.6x | Top tier | |
Capital Return | 44 | 1.18% | 2.12% | Around median | |
Momentum | 100 | 100.1% | 2.9% | Top tier | |
Sentiment | 62 | 11 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Valero Energy Corporation operates through three main segments: refining, renewable diesel, and ethanol. Its earnings capacity depends primarily on operating refineries and selling transportation fuels, with additional contributions from renewable diesel and ethanol sales; in Q2 FY2026, refinery throughput averaged 3.0 million barrels per day, renewable diesel sales were 3.8 million gallons per day, and ethanol production was 4.7 million gallons per day.
According to the provided financial statements, Valero recorded revenue of $36.6 billion and gross profit of $7.1 billion in Q2 FY2026, equivalent to a calculated gross margin of approximately 19.4%. Net income attributable to Valero stockholders was approximately $3.7 billion, or $12.62 per share, compared with $714 million and $2.28 per share in Q2 FY2025, resulting in a calculated net margin of approximately 10.1%.
Refining remained the largest earnings driver, generating operating income of $4.5 billion in Q2 FY2026, compared with $717 million for renewable diesel and $318 million for ethanol. On a trailing-12-month basis in 2026, the data show revenue of $131.6 billion, net income of $7.2 billion, and earnings per share of $24.03, compared with revenue of $122.7 billion and net income of $2.3 billion in FY2025.
The analyst consensus is "Buy," with an average price target of $310.2, a high of $357, and a low of $203; the average is approximately 12% below the 52-week range high of $353, while the breadth of the targets reveals significant disagreement over the sustainability of refining margins. Coverage of the July 31, 2026 results cited a price-to-earnings ratio of 13.0 times, but this multiple is based on elevated cyclical earnings that benefited from supply shortages and disruptions to global refining capacity, and therefore could effectively rise if normalized earnings decline. The 52-week range is between $146.76 and $353, highlighting the extent of the revaluation that accompanied the jump in Q2 FY2026 net income to $3.7 billion.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Net income attributable to Valero stockholders was approximately $3.7 billion, or $12.62 per share, in Q2 FY2026, compared with $714 million and $2.28 per share a year earlier. Refining operating income increased to $4.5 billion from $1.3 billion, while renewable diesel generated $717 million and ethanol generated $318 million. Management attributed the strength to operational and commercial performance, refining margins, lower global product inventories, and expanded opportunities to purchase appropriately discounted crude feedstocks.
No, but refining remained the dominant business in Q2 FY2026, with operating income of $4.5 billion and average throughput of 3.0 million barrels per day. The Renewable Diesel segment recorded operating income of $717 million and sales of 3.8 million gallons per day. The Ethanol segment also generated operating income of $318 million and production of 4.7 million gallons per day.
The company expects refining throughput of between 1.78 million and 1.83 million barrels per day on the Gulf Coast, between 460 thousand and 480 thousand barrels in the Mid-Continent region, between 110 thousand and 120 thousand on the West Coast, and between 450 thousand and 470 thousand in the North Atlantic region. It expects refining cash operating costs of $4.75 per barrel and renewable diesel sales of 3.5 million gallons per day. It also expects ethanol production of 4.8 million gallons per day, net interest expense of approximately $140 million, and depreciation and amortization of $700 million.
Automated analysis for informational purposes only — not investment advice.
Cash returns to stockholders totaled $2.6 billion in Q2 FY2026, equivalent to a 59% payout ratio. On July 16, 2026, the company declared a quarterly cash dividend of $1.20 per share. As of June 30, 2026, cash totaled $7.9 billion, exceeding the long-term target cash range of $4–5 billion, with management emphasizing that dividends and share repurchases are subject to capital allocation discipline.
Valero said on the July 30, 2026 call that it had been the largest U.S. consumer of Venezuelan crude during the years preceding the call. Its assets can process large volumes of heavy sour crude, which management described as a competitive advantage. The company shifted to larger volumes of it when Canadian crude prices rose due to weather and flooding in June 2026, but it continues to compare its cost with alternatives such as heavy Canadian crude.
Valero expects capital expenditures attributable to it of approximately $2 billion in 2026, including approximately $1.7 billion for sustaining the business and the remainder for growth. This includes repairs to the DHT unit at the Port Arthur refinery at an estimated cost of $250 million, with a targeted return to service by the end of 2026 and insurance expected to cover a significant portion of the cost. It is also targeting completion of the $230 million FCC unit optimization project at the St. Charles refinery during Q3 FY2026 to increase production of alkylate and finished gasoline.
