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Forensic Analysis · Refining & Downstream · as of Nov 9, 2026

Valero Energy Corp/Tx (VLO)

A forensic read on Valero Energy Corp/Tx built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Safe
Financial health
4.9
Distress distance
Clean
Earnings quality
2
Forensic signals
9.7%
ROE
-5.5%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Valero Energy Corp/Tx earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 4.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.9%
FY2025
Return on invested capital. Return on invested capital is 5.9% in the latest fiscal year and slipping across FY2023–FY2025 from 21.8%. After-tax operating profit was $9.2B in FY2023 and $2.4B in FY2025, with operating income at 8.2% of revenue in FY2023, 2.9% in FY2024 and 2.6% in FY2025. The capital base behind it went from $42.2B in FY2023 to $40.4B in FY2025 (-4%), while the revenue it carried went from $144.8B to $122.7B.
69% of OCF
FY2025
Shareholder returns. Returned $4.0B to shareholders (buybacks + dividends) in FY2025 — 69% of operating cash flow. Capex isn't disclosed for FY2025, so this is the ceiling on coverage, not the free-cash-flow payout — actual free-cash coverage is tighter than this reads.

Key fundamentals

Latest Revenue$122.69B
Revenue Growth YoY-5.5%
Revenue CAGR (2yr)-7.9%
Net Margin1.9%
Return on Equity9.7%
Debt / Equity0.35x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.