Valero Energy Corporation (VLO)

Debt-to-capital ratio

		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
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	26,346,000	25,975,000	25,851,000	24,977,000	23,561,000	21,912,000	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	21,803,000	21,107,000	21,345,000	21,309,000
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, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $26,346,000K)
= 0.00

The debt-to-capital ratio of Valero Energy Corp. has shown a decreasing trend over the past eight quarters, indicating an improvement in the company's capital structure. From Q1 2022 to Q4 2023, the ratio has decreased from 0.41 to 0.30, showing a reduction in the proportion of debt relative to total capital.

A lower debt-to-capital ratio signifies that Valero Energy Corp. is relying less on debt financing and utilizing more of its equity capital to fund its operations and growth. This may imply reduced financial risk for the company, as lower debt levels can lead to lower interest expenses and improved financial stability.

Overall, the declining trend in the debt-to-capital ratio suggests that Valero Energy Corp. has been managing its debt levels effectively and potentially enhancing its financial health and stability over the observed period.