Valero Energy Corp/Tx
Valero Energy Corp/Tx returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 23.89% | 22.08% | — | 29.3% | 11.62% | 16.2 pp |
| FY 2026 Q1 | Mar 31, 2026 | 13.32% | 13.13% | 2,068.85% | 17.71% | 6.93% | 5.6 pp |
| FY 2025 Q4 | Dec 31, 2025 | 7.22% | 7.19% | — | 9.71% | 3.98% | -0.5 pp |
| FY 2025 Q3 | Sep 30, 2025 | 4.69% | 4.39% | — | 6.07% | 2.51% | -3 pp |
| FY 2025 Q2 | Jun 30, 2025 | 2.59% | 2.11% | — | 3.07% | 1.24% | -5.1 pp |
| FY 2025 Q1 | Mar 31, 2025 | 3.26% | 2.6% | — | 3.73% | 1.53% | -4.4 pp |
| FY 2024 Q4 | Dec 31, 2024 | 8.98% | 8.26% | — | 10.86% | 4.5% | 1.3 pp |
| FY 2024 Q3 | Sep 30, 2024 | 11.58% | 10.94% | — | 14.37% | 5.97% | 3.9 pp |
| FY 2024 Q2 | Jun 30, 2024 | 18.16% | 17.48% | — | 23.13% | 9.57% | 10.5 pp |
| FY 2024 Q1 | Mar 31, 2024 | 21.8% | 20.81% | -375.13% | 27.41% | 11.43% | 14.1 pp |
| FY 2023 Q4 | Dec 31, 2023 | 27.57% | 26.42% | -124.1% | 35.3% | 14.25% | 19.9 pp |
| FY 2023 Q3 | Sep 30, 2023 | 34.66% | 33.3% | 42.24% | 44.73% | 17.54% | 27 pp |
| FY 2023 Q2 | Jun 30, 2023 | 35.81% | 33.8% | 90.06% | 46.57% | 17.5% | 28.1 pp |
| FY 2023 Q1 | Mar 31, 2023 | 44.56% | 42.96% | 530.11% | 62.29% | 22.71% | 36.9 pp |
| FY 2022 Q4 | Dec 31, 2022 | 39.4% | 37.11% | 388.57% | 54.7% | 19.4% | 31.7 pp |
| FY 2022 Q3 | Sep 30, 2022 | 33.88% | 31.5% | — | 47.68% | 16.53% | 26.2 pp |
| FY 2022 Q2 | Jun 30, 2022 | 26.39% | 23.66% | — | 36.49% | 11.8% | 18.7 pp |
| FY 2022 Q1 | Mar 31, 2022 | 10.97% | 10.2% | — | 13.82% | 4.45% | 3.3 pp |
| FY 2021 Q4 | Dec 31, 2021 | 5.87% | 5.1% | — | 4.96% | 1.7% | -1.8 pp |
| FY 2021 Q3 | Sep 30, 2021 | — | 0.16% | — | -2.41% | -0.82% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | -3.01% | — | -7.3% | -2.61% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | 0.08% | — | -1.53% | -0.54% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | -3.8% | — | -7.02% | -2.69% | — |
| FY 2020 Q3 | Sep 30, 2020 | — | 1.52% | — | -0.04% | -0% | — |
| FY 2020 Q2 | Jun 30, 2020 | 6.21% | 5.25% | -64.86% | 5.17% | 2.12% | -1.5 pp |
| FY 2020 Q1 | Mar 31, 2020 | 4.09% | 3.2% | -394.56% | 2.12% | 0.86% | -3.6 pp |
| FY 2019 Q4 | Dec 31, 2019 | 10.48% | 9.57% | -72.86% | 11.11% | 4.66% | 2.8 pp |
| FY 2019 Q3 | Sep 30, 2019 | 9.57% | 8.65% | — | 10.74% | 4.49% | 1.9 pp |
| FY 2019 Q2 | Jun 30, 2019 | 10.49% | 9.48% | — | 11.87% | 4.99% | 2.8 pp |
| FY 2019 Q1 | Mar 31, 2019 | 11.44% | 10.49% | — | 12.93% | 5.51% | 3.7 pp |
| FY 2018 Q4 | Dec 31, 2018 | 13.23% | 11.65% | — | 14.26% | 6.22% | 5.5 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 10.54% | — | 21.48% | 9.09% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 10.94% | — | 21.71% | 9.37% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 10.06% | — | 20.28% | 8.86% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 9.36% | — | 19.35% | 8.44% | — |
| FY 2017 Q3 | Sep 30, 2017 | 10.11% | 8.75% | -57.68% | 10.13% | 4.37% | 2.4 pp |
| FY 2017 Q2 | Jun 30, 2017 | 9.43% | 7.78% | -2,037.2% | 9.05% | 4.01% | 1.7 pp |
| FY 2017 Q1 | Mar 31, 2017 | 10.17% | 8.67% | — | 10.37% | 4.65% | 2.5 pp |
| FY 2016 Q4 | Dec 31, 2016 | 11.15% | 9.55% | — | 11.29% | 5.06% | 3.5 pp |
| FY 2016 Q3 | Sep 30, 2016 | 11.2% | 9.52% | -1,350.98% | 10.66% | 4.82% | 3.5 pp |
| FY 2016 Q2 | Jun 30, 2016 | 14.32% | 13% | -366.48% | 14.2% | 6.41% | 6.6 pp |
| FY 2016 Q1 | Mar 31, 2016 | 16.05% | 15.26% | -18.33% | 17% | 7.82% | 8.4 pp |
| FY 2015 Q4 | Dec 31, 2015 | 17.99% | 17.53% | 52.34% | 19.37% | 8.88% | 10.3 pp |
| FY 2015 Q3 | Sep 30, 2015 | 21.99% | 20.7% | 192.73% | 23.15% | 10.28% | 14.3 pp |
| FY 2015 Q2 | Jun 30, 2015 | 20.61% | 19.49% | — | 21.74% | 9.57% | 12.9 pp |
| FY 2015 Q1 | Mar 31, 2015 | 17.54% | 16.96% | 215.46% | 18.51% | 8.11% | 9.8 pp |
| FY 2014 Q4 | Dec 31, 2014 | 17.39% | 16.93% | 75.33% | 18.09% | 7.82% | 9.7 pp |
| FY 2014 Q3 | Sep 30, 2014 | 16.65% | 16.76% | 576.95% | 19.38% | 7.94% | 8.9 pp |
| FY 2014 Q2 | Jun 30, 2014 | 13.59% | 13.59% | 10.33% | 15.82% | 6.61% | 5.9 pp |
| FY 2014 Q1 | Mar 31, 2014 | 12.45% | 12.7% | — | 15.13% | 6.25% | 4.7 pp |
| FY 2013 Q4 | Dec 31, 2013 | 11.9% | 11.89% | — | 14.51% | 5.93% | 4.2 pp |
| FY 2013 Q3 | Sep 30, 2013 | 11.73% | 12.42% | 117.78% | 13.72% | 5.42% | 4 pp |
| FY 2013 Q2 | Jun 30, 2013 | 13.31% | 15.23% | — | 16.26% | 6.57% | 5.6 pp |
| FY 2013 Q1 | Mar 31, 2013 | 14.69% | 17.05% | 113.86% | 18.48% | 7.19% | 7 pp |
| FY 2012 Q4 | Dec 31, 2012 | 9.66% | 12.81% | -27.51% | 12.09% | 4.77% | 2 pp |
| FY 2012 Q3 | Sep 30, 2012 | 5.87% | 8.43% | — | 6.58% | 2.62% | -1.8 pp |
| FY 2012 Q2 | Jun 30, 2012 | 8.75% | 10.93% | — | 10.12% | 4.08% | 1.1 pp |
| FY 2012 Q1 | Mar 31, 2012 | 8.56% | 10.87% | — | 10.01% | 3.79% | 0.9 pp |
| FY 2011 Q4 | Dec 31, 2011 | 10.75% | 12.49% | 37.2% | 13.29% | 5.2% | 3.1 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | 13.18% | — | 10.03% | 4.07% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 8.58% | — | 4.49% | 1.83% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | 7.35% | — | 3.58% | 1.41% | — |
| FY 2010 Q4 | Dec 31, 2010 | 5.59% | 6.62% | — | 2.18% | 0.88% | -2.1 pp |
| FY 2010 Q3 | Sep 30, 2010 | 5.65% | 6.56% | — | — | -1.74% | -2.1 pp |
| FY 2010 Q2 | Jun 30, 2010 | 0.32% | 2.19% | — | — | -4.25% | -7.4 pp |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · VLO, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.