Valero Energy Corporation (VLO)
Total asset turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 144,216,000 | 175,864,000 | 113,250,000 | 64,912,000 | 108,324,000 |
| Total assets | US$ in thousands | 63,056,000 | 60,982,000 | 57,888,000 | 51,774,000 | 53,864,000 |
| Total asset turnover | 2.29 | 2.88 | 1.96 | 1.25 | 2.01 |
December 31, 2023 calculation
Total asset turnover = Revenue ÷ Total assets
= $144,216,000K ÷ $63,056,000K
= 2.29
Valero Energy Corp.'s total asset turnover has shown fluctuations over the past five years. The ratio was highest in 2018 at 2.89, indicating that the company generated $2.89 in revenue for every $1 of total assets. This suggests efficient utilization of assets to generate sales. However, in 2020, the total asset turnover dropped significantly to 1.25, indicating a decline in the efficiency of asset utilization.
In 2021, the total asset turnover improved to 1.97, showing a partial recovery in asset efficiency. The ratio further increased to 2.30 in 2022, reflecting improved asset utilization. In the most recent year, 2023, Valero Energy Corp. maintained a relatively strong total asset turnover of 2.30, indicating that the company continues to generate revenue efficiently from its total assets.
Overall, the trend in total asset turnover for Valero Energy Corp. shows fluctuations but demonstrates the company's ability to effectively utilize its assets to generate revenue. Investors and stakeholders should continue to monitor this ratio to assess the company's efficiency in asset management over time.
Peer comparison
Dec 31, 2023