Valero Energy Corporation (VLO)

Working capital 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 current assets	US$ in thousands	26,221,000	24,133,000	21,165,000	15,844,000	18,969,000
Total current liabilities	US$ in thousands	16,802,000	17,461,000	16,851,000	9,283,000	13,160,000
Working capital turnover		15.31	26.36	26.25	9.89	18.65

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $144,216,000K ÷ ($26,221,000K – $16,802,000K)
= 15.31

The working capital turnover of Valero Energy Corp. has fluctuated over the past five years, ranging from a low of 9.89 in 2020 to a high of 26.44 in 2022. In 2023, it stood at 15.37. This metric indicates how efficiently the company is utilizing its working capital to generate revenue. A higher turnover ratio suggests that the company is effectively using its current assets to generate sales, while a lower ratio may indicate inefficiencies or excess working capital tied up in the business. Valero Energy Corp. has shown some variations in its working capital turnover in recent years, and further analysis would be needed to understand the underlying reasons behind these fluctuations.