Valero Energy Corporation (VLO)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	24,512,000	25,253,000	25,443,000	26,057,000	26,346,000	25,975,000	25,851,000	24,977,000	23,561,000	23,715,000	20,969,000	18,821,000	18,430,000	17,476,000	17,651,000	17,801,000	18,801,000	19,223,000	19,847,000	18,842,000
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $24,512,000K)
= 0.00

The debt-to-capital ratio of Valero Energy Corporation has consistently been reported as 0.00 for all quarters from March 31, 2020, to December 31, 2024. A debt-to-capital ratio of 0.00 indicates that the company has no debt in relation to its total capital, implying that Valero Energy Corporation has been operating without relying on significant debt financing during this period. This suggests that the company may be using alternative sources of financing or operating with a strong equity base. A low or zero debt-to-capital ratio can be considered favorable as it signifies a lower financial risk for the company and may indicate financial stability and solid financial management. Further analysis would be needed to understand the specific financing strategies and implications of this consistent ratio over time for Valero Energy Corporation.