Valero Energy (VLO)财务
NYSE · Energy · Oil & Gas Refining & Marketing · 员工9,785人 · CEO R. Lane Riggs
- 股价
- $399.66 +3.92%
- 市值
- $1110亿
- 企业价值
- $1130亿
- 最近财报
- Q3 '26 2026-10-28提交
- 下次财报
- 2027-02-04 EPS预期 $19.40
营收(TTM)$1470亿+19.3% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)12.0%+10.4 百分点 对比去年同期营业利润 $176亿
净利润(TTM)$129亿+765.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$151亿+280.8% 对比去年同期资本支出 $8.81亿
稀释EPS(TTM)$44.47+826.5% 对比去年同期最近4个季度之和
净现金-$11.6亿+80.0% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1110亿 EV $1130亿
- 营收
- $1470亿 过去12个月
- 营收增速
- +34% FY2026年一致预期
- 净利润率
- 8.8% 净利润 / 营收,TTM
- P/E
- 9.0× 预期 6.8×(FY2026)
- P/S
- 0.8× 股价 / 营收,TTM
- EV / EBITDA
- 5.4× TTM
- 自由现金流
- $151亿 过去12个月
- 净利润
- $129亿 过去12个月
- 营收预期
- $1640亿 FY2026年一致预期
- 盈利
- 2027-02-04 营收预期 $413亿
- 股息
- $4.73 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-22):营收超预期7.9%,EPS 超预期12.9%营收$461亿,预期$427亿(+7.9%);EPS $23.90,预期$21.17(+12.9%)。
- 营收增长加速:同比43.3%Q3 '26营收$461亿,此前四个季度的平均值为7.7%。
- 营业利润率12.0%(TTM),较去年同期+10.4 百分点营收增长19.3%,营业利润增长799.4%。
- 资本支出占营收的0.6%(去年为0.7%)最近4个季度投入$8.81亿(同比+0.2%)。自由现金流$151亿,相当于净利润的116.5%。
- 股东回报$86.7亿 = 自由现金流的57.5%回购$72.6亿(去年为$17.9亿),股息$14亿,股权激励$0(TTM)。
- 稀释股数一年内减少7.8%Q3 '26稀释股数2.85亿,一年前为3.09亿。
- 净债务 $11.6亿现金 + 短期投资 $98.4亿,含租赁债务 $110亿;一年前净债务 $58.2亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $461亿 | $322亿 | +43.3% |
| 毛利率 | 20.4% | 5.5% | +14.9 百分点 |
| 营业利润 | $90.7亿 | $15.1亿 | +501.3% |
| 营业利润率 | 19.7% | 4.7% | +15.0 百分点 |
| 净利润 | $68.3亿 | $11亿 | +523.6% |
| 稀释EPS | $23.89 | $3.53 | +576.8% |
| 经营现金流 | $69.3亿 | $18.8亿 | +268.5% |
| 资本支出 | $2.7亿 | $1.77亿 | +52.5% |
| 自由现金流 | $66.6亿 | $17亿 | +291.0% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-10-22| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $461亿 | $427亿 | +7.9% |
| EPS(一致预期口径) | $23.90 | $21.17 | +12.9% |
来自2026-10-22发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Refining | $444亿 | – | 92.1% | $1770亿 | – | |
| Renewable Diesel | $23.9亿 | – | 5.0% | $75.2亿 | – | |
| Ethanol | $14.2亿 | – | 2.9% | $61.3亿 | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Refining | – | – | $87.8亿 | +445.5% | – | – | $168亿 |
| Renewable Diesel | – | – | $3.53亿 | +1,360.7% | – | – | $13亿 |
| Ethanol | – | – | $2.72亿 | +48.6% | – | – | $7.97亿 |
| Corporate Reconciling Items And Eliminations | – | – | – | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $160亿
- 资本支出
- -$8.81亿
- 股票回购
- -$72.6亿
- 股息
- -$14亿
- 收购
- -$200万
- 债务净发行
- -$6200万
- 股权激励费用
- $0
- 自由现金流
- $151亿
- 股东回报 / FCF
- 57.5%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 9.0× | 15.7× | 4.4× – 33.1× |
| EV / EBITDA | 5.4× | 6.2× | 3.2× – 9.1× |
| EV / 营收 | 0.8× | 0.4× | 0.3× – 0.5× |
| 股价 / FCF | 7.4× | 6.8× | 4.6× – 10.0× |
| 股价 / 净资产 | 4.1× | 1.9× | 1.6× – 2.1× |
| FCF收益率 | 13.5% | 15.6% | 10.0% – 21.7% |
| 投入资本回报率 | 27.6% | 12.9% | 4.2% – 27.1% |
| 净资产收益率 | 51.5% | 21.7% | 5.0% – 48.9% |
分析师
一致目标价 $451.11 (+12.9%)
区间 $394.00 – $530.00 · 评级 Buy
强烈买入1
买入19
持有16
卖出2
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1640亿 | +33.9% | $59.20 | +682.1% | 6.8× | 10 |
| FY2027 | $1460亿 | -11.3% | $52.78 | -10.8% | 7.6× | 11 |
| FY2028 | $1190亿 | -18.0% | $28.08 | -46.8% | 14.2× | 5 |
| FY2029 | $1510亿 | +26.1% | $44.09 | +57.0% | 9.1× | 1 |
| FY2030 | $1580亿 | +5.3% | $31.10 | -29.5% | 12.9× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Valero Energy Corporation在近期10-Q / 10-K文件中标记的全部261项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $138亿 | $107亿 | +29.0% | $101亿 | $121亿 | -16.2% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $92.1亿2025-12-31 | $97.3亿 | -5.4% | $92.1亿 | $97.3亿 | -5.4% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1900万2025-12-31 | $2000万 | -5.0% | $1900万 | $2000万 | -5.0% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $92.3亿2025-12-31 | $97.5亿 | -5.4% | $92.3亿 | $97.5亿 | -5.4% |
| Accrued Environmental Loss Contingencies, Current | $3200万2025-12-31 | $4500万 | -28.9% | $3200万 | $4500万 | -28.9% |
| Accrued Environmental Loss Contingencies, Noncurrent | $2.43亿2025-12-31 | $2.61亿 | -6.9% | $2.43亿 | $2.61亿 | -6.9% |
| Accrued Income Taxes, Current | $15.8亿 | $2.9亿 | +444.5% | $6800万 | $1.7亿 | -60.0% |
| Accrued Liabilities, Current | $14.4亿 | $14.4亿 | -0.3% | $14亿 | $11.3亿 | +24.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$7.97亿 | -$7.08亿 | -12.6% | -$4.69亿 | -$12.7亿 | +63.1% |
| Additional Paid in Capital, Common Stock | $70.3亿 | $69.7亿 | +0.8% | $69.8亿 | $69.4亿 | +0.6% |
| Amortization of Other Deferred Charges | – | – | – | $8.76亿 | $8.52亿 | +2.8% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1000万 | $1800万 | -44.4% | $1亿 | $8900万 | +12.4% |
| Asset Retirement Obligation | $3.82亿2025-12-31 | $3800万 | +905.3% | $3.82亿 | $3800万 | +905.3% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $1500万 | $200万 | +650.0% |
| Asset Retirement Obligation, Current | $02025-12-31 | $200万 | -100.0% | $0 | $200万 | -100.0% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $3.37亿 | $0 | – |
| Asset Retirement Obligation, Liabilities Settled | – | – | – | $800万 | $300万 | +166.7% |
| Asset Retirement Obligation, Revision of Estimate | – | – | – | $0 | $200万 | -100.0% |
| Asset Retirement Obligations, Noncurrent | $3.82亿2025-12-31 | $3600万 | +961.1% | $3.82亿 | $3600万 | +961.1% |
| Assets | $680亿 | $586亿 | +15.9% | $580亿 | $601亿 | -3.6% |
| Assets for Plan Benefits, Defined Benefit Plan | $9.48亿2025-12-31 | $7.24亿 | +30.9% | $9.48亿 | $7.24亿 | +30.9% |
| Assets, Current | $336亿 | $235亿 | +42.8% | $232亿 | $237亿 | -2.2% |
| Cash and Cash Equivalents, at Carrying Value | $98.4亿 | $47.6亿 | +106.5% | $46.9亿 | $46.6亿 | +0.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $100亿 | $49.4亿 | +102.8% | $48.7亿 | $48.3亿 | +0.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $19.7亿 | $2.29亿 | +759.0% | $3600万 | -$5.95亿 | +106.1% |
| Common Stock, Dividends, Per Share, Cash Paid | $1.20 | $1.13 | +6.2% | $4.52 | $4.28 | +5.6% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 12亿 | 12亿 | 0.0% | 12亿 | 12亿 | 0.0% |
| Common Stock, Shares, Issued | 6.74亿 | 6.74亿 | 0.0% | 6.74亿 | 6.74亿 | 0.0% |
| Common Stock, Value, Issued | $700万 | $700万 | 0.0% | $700万 | $700万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $7400万 | -$2500万 | +396.0% | -$8800万 | $1.91亿 | -146.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $67亿 | $9.4亿 | +613.2% | $31.5亿 | $23.7亿 | +33.1% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $67.8亿 | $9.15亿 | +640.8% | $30.6亿 | $25.6亿 | +19.7% |
| Contract with Customer, Liability | $8200万 | $6200万 | +32.3% | $6000万 | $8200万 | -26.8% |
| Contract with Customer, Liability, Current | $6000万2025-12-31 | $8200万 | -26.8% | $6000万 | $8200万 | -26.8% |
| Contract with Customer, Liability, Revenue Recognized | – | – | – | $8100万 | $3900万 | +107.7% |
| Contract with Customer, Receivable, before Allowance for Credit Loss, Current | $94.5亿 | $63.2亿 | +49.5% | $62.3亿 | $58.1亿 | +7.2% |
| Cost of Revenue | $367亿 | $304亿 | +20.7% | $1170亿 | $1250亿 | -6.3% |
| Cost, Depreciation and Amortization | $6.69亿 | $8.24亿 | -18.8% | $31亿 | $27.3亿 | +13.4% |
| Cost, Direct Material | $327亿 | $261亿 | +25.3% | $1010亿 | $1110亿 | -8.6% |
| Cost, Overhead | $16.3亿 | $16.1亿 | +0.8% | $63.4亿 | $58.3亿 | +8.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $5.74亿 | $4.64亿 | +23.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $3.3亿 | $2.78亿 | +18.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $9.56亿 | $7.79亿 | +22.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $5200万 | $3700万 | +40.5% |
| Debt and Lease Obligation | $106亿2025-12-31 | $105亿 | +1.5% | $106亿 | $105亿 | +1.5% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $7000万2025-12-31 | $7100万 | -1.4% | $7000万 | $7100万 | -1.4% |
| Debt, Current | $9.89亿 | $8.94亿 | +10.6% | $9.49亿 | $7.43亿 | +27.7% |
| Debt, Long-term and Short-term, Combined Amount | $85.8亿 | $83.7亿 | +2.5% | $82.6亿 | $80.9亿 | +2.2% |
| Deferred Compensation Liability, Classified, Noncurrent | $1.04亿2025-12-31 | $1.02亿 | +2.0% | $1.04亿 | $1.02亿 | +2.0% |
| Deferred Costs, Noncurrent | $74.6亿 | – | – | $71.6亿 | $70.9亿 | +1.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$3.64亿 | -$9900万 | -267.7% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $1.78亿 | $2500万 | +612.0% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$1.97亿 | -$8700万 | -126.4% |
| Deferred Income Tax Liabilities, Net | $46.3亿 | $50.2亿 | -7.9% | $51.5亿 | $52.7亿 | -2.3% |
| Deferred Income Taxes and Tax Credits | -$3.07亿 | -$2900万 | -958.6% | -$1.97亿 | -$8700万 | -126.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$1100万 | -$1300万 | +15.4% |
| Deferred Tax Assets, Gross | $27.8亿2025-12-31 | $27.6亿 | +0.9% | $27.8亿 | $27.6亿 | +0.9% |
| Deferred Tax Assets, Inventory | $1.59亿2025-12-31 | $1.97亿 | -19.3% | $1.59亿 | $1.97亿 | -19.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $12.8亿2025-12-31 | $12.7亿 | +0.2% | $12.8亿 | $12.7亿 | +0.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01