VALERO ENERGY CORP/TX (VLO)

Petroleum Refining

Latest Price

$390.42

TTM P/E

16.25

Normalized P/E

21.56

Div Yield

1.19%

Book Value

84.46

P/B Ratio

4.62

Valuation metrics

EPS: $7.57

Book value / share: $76.78

Formula: √(22.5 × EPS × BVPS)

Graham Number

$114.36

70% downside

Norm. op. income: $3.8B (median of 7yr)

Tax rate: 21%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$81.13

79% downside

Base FCF: $6.0B (median of recent 5yr)

Growth: -15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$67.64

82% downside

EPS: $7.57

Target P/E: 21×

Formula: EPS × P/E

P/E Fair Value

$158.97

58% downside

82.8% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	25.14M	$6.55B	8.49%	-869.2K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	19.39M	$5.05B	6.55%	-232.0K	2026-06-30
STATE STREET CORP	18.90M	$4.92B	6.39%	-712.0K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	14.85M	$3.87B	5.02%	-33.7K	2026-06-30
FMR LLC	8.50M	$2.21B	2.87%	+134.6K	2026-06-30
MORGAN STANLEY	8.04M	$2.09B	2.72%	+782.6K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	7.27M	$1.90B	2.46%	-1.02M	2026-06-30
NORGES BANK	6.40M	$1.67B	2.16%	-425.1K	2026-06-30
FRANKLIN RESOURCES INC	6.33M	$1.65B	2.14%	-83.3K	2026-06-30
AMERIPRISE FINANCIAL INC	5.22M	$1.36B	1.76%	-1.31M	2026-06-30