Valero Energy Corporation (VLO)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	11,858,000	14,600,000	14,889,000	18,349,000	15,690,000	12,989,000	9,890,000	4,180,000	2,130,000	66,000	-1,248,000	32,000	-1,579,000	630,000	2,132,000	1,251,000	3,836,000	3,396,000	3,734,000	4,079,000
Total assets	US$ in thousands	63,056,000	63,175,000	60,667,000	60,177,000	60,982,000	59,329,000	64,345,000	60,402,000	57,888,000	54,691,000	55,456,000	53,614,000	51,774,000	51,732,000	49,099,000	47,747,000	53,864,000	51,229,000	52,022,000	52,095,000
Operating ROA		18.81%	23.11%	24.54%	30.49%	25.73%	21.89%	15.37%	6.92%	3.68%	0.12%	-2.25%	0.06%	-3.05%	1.22%	4.34%	2.62%	7.12%	6.63%	7.18%	7.83%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $11,858,000K ÷ $63,056,000K
= 18.81%

Valero Energy Corp.'s operating return on assets (ROA) has exhibited fluctuation over the past eight quarters. The operating ROA ranged from a low of 6.92% in Q1 2022 to a high of 30.59% in Q1 2023. The trend indicates a general upward trajectory from Q1 2022 to Q1 2023, demonstrating improved efficiency in utilizing its assets to generate operating income. However, there was a slight decline in Q2 2023 before a rebound in Q3 and Q4 2023. Overall, the company's operating ROA has shown positive performance, with a notable increase from Q1 2022 to Q1 2023, signaling enhanced operational effectiveness and profitability relative to the total assets employed.