Valero Energy Corporation — Earnings Quality Grade F
VLO · Energy
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 27 days, change +0 days YoY
AR growth -5.4% vs revenue growth -5.5%
Revenue -5.5%, CFFO -12.8%. Cash follows revenue
Expense Quality
Inventory -2.2% vs COGS -6.2%. Normal
CapEx growth -12.2% vs revenue -5.5%. Normal
SG&A/Gross Profit = 19.4%, excellent (<30%)
Gross margin 4.4%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = 2.48. Profits backed by cash
FCF $5.0B, FCF/NI = 2.14
Accruals ratio = -6.0%. Low accruals
Cash $4.7B covers only 40% of debt $11.7B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 2% of equity. Manageable
Debt/EBITDA = 1.7x. Healthy
Other assets -15.7% vs revenue -5.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -7% YoY. Normal
Manipulation Score
M-Score = -2.91 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10