Valero Energy Corp.
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+ FollowMarket Cap$104.1B
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Earnings Call Q3 2026
October 22, 2026 - AI Summary
Q3 2026 results were a major beat (good)
- Net income: $6.8B (or $23.89/share) vs $1.1B (or $3.53/share) in Q3’25.
- Adjusted net income: $6.8B (or $23.90/share) vs $1.1B (or $3.66/share) in Q3’25.
- Refining operating income: $8.8B vs $1.6B a year ago; throughput ~3.0 mbpd.
- Renewable diesel: +$353M operating income vs -$28M loss in Q3’25.
- Ethanol: $272M operating income vs $183M in Q3’25; production ~4.8M gallons/day.
Operating strength supported by high utilization + favorable Gulf Coast economics (good)
- Management emphasized continued execution with refineries running near record utilization and helping keep “critical transportation fuels” supplied.
- They reiterated the U.S. Gulf Coast remains among the most advantaged refining regions globally, supported by abundant domestic crude, cost-competitive feedstocks, and strategic system location/flexibility.
- Outlook commentary: U.S. refining fundamentals remain favorable with low product inventories, limited excess capacity, and continued demand.
Key operational/capital progress + clear forward capex outlook (good)
- Completed FCC unit optimization at St. Charles (about $230M, on schedule/budget), already lifting production of higher-value products (including alkylate and gasoline).
- 2026 capex attributable to Valero: still guided at ~$2.0B, mostly sustaining (~$1.7B) plus growth/other items.
- Port Arthur DHT repair: on track for completion by year-end; total estimated cost ~$250M, substantially insurance-covered, and refinery still operating normally.
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$333.02
8.8% downside
Current Fair Value
8.8% downsideOvervalued by 8.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $104.10 Billion |
|---|---|
| Enterprise Value | $105.26 Billion |
| Annual dividend | $4.73 |
| Dividend yield | 1.18% |
| Earnings per Share | $7.57 |
| Beta | 0.59 |
| Outstanding Shares | 285,000,000 |
Return
| Return on Equity | 46.40% |
|---|---|
| Return on Assets | NaN% |
| Return on Invested Capital | -90.72% |
Valuation & Multiples
| P/E Ratio | 8.99 |
|---|---|
| PEG | 1.66 |
| Price to Sales | 0.71 |
| Price to Book Ratio | -3.51 |
| Enterprise Value to Revenue | 0.72 |
| Enterprise Value to EBIT | 5.96 |
| Enterprise Value to Net Income | 8 |
| Total Debt to Enterprise | 0.1 |
| Debt to Equity | 0.39 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 22, 2026
EPS Estimate
$21.17
Consensus analyst estimateRevenue Estimate
$42.71 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 28, 2027
EPS Estimate
$19.66
Consensus analyst estimateRevenue Estimate
$41.68 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.10, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0986▼ 73.36% |
|---|---|
| Total Calls | 7,100▼ 99.79% |
| Total Puts | 700▼ 99.97% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.96%▼ 80.62% |
|---|---|
| Total Invested | $4.49B▼ 93.06% |
| Investors Holding | 937▼ 1125.00% |
About Valero Energy Corp.
9,811 employees
CEO: Joseph Gorder
Valero Energy Corporation is a prominent player in the global energy sector, primarily engaged in the production, marketing, and distribution of transportation fuels and petrochemical products. Its operational reach extends across the Un...