Valero Energy Corporation (VLO)

Return on assets (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
Net income (ttm)	US$ in thousands	8,835,000	10,746,000	10,941,000	13,690,000	11,528,000	9,424,000	7,070,000	2,539,000	930,000	-438,000	-1,365,000	-274,000	-1,421,000	-2,000	1,071,000	430,000	2,422,000	2,314,000	2,561,000	2,794,000
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
ROA		14.01%	17.01%	18.03%	22.75%	18.90%	15.88%	10.99%	4.20%	1.61%	-0.80%	-2.46%	-0.51%	-2.74%	-0.00%	2.18%	0.90%	4.50%	4.52%	4.92%	5.36%

December 31, 2023 calculation

ROA = Net income (ttm) ÷ Total assets
= $8,835,000K ÷ $63,056,000K
= 14.01%

Valero Energy Corp.'s return on assets (ROA) has shown fluctuations over the past eight quarters, ranging from a low of 4.19% in Q1 2022 to a high of 22.67% in Q1 2023. The decreasing trend from Q1 2023 to Q4 2023 may indicate a potential decline in the company's ability to generate profits relative to its total assets. It is important to further investigate the reasons behind these fluctuations and assess the company's operational efficiency and asset utilization to determine the long-term sustainability of its returns.