VLOVALERO ENERGY CORP/TX

Petroleum Refining

Revenue: $122.7B; 5.5% YoY
Operating margin: 2.6%; 10% YoY
EBITDA: $3.2B; 15% YoY
Market cap: $111.5B
Employees: 9,811; $13M revenue each
Net debt / EBITDA: -0.4×; −$1.3B net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
248% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
69% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$13M · 100th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$111.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$114.0B	$176.4B	$144.8B	$129.9B	$122.7B	5.5%
Operating income	$2.1B	$15.7B	$11.9B	$3.8B	$3.2B	15%
Net income	$930M	$11.5B	$8.8B	$2.8B	$2.3B	15%
Operating cash flow	$5.9B	$12.6B	$9.2B	$6.7B	$5.8B	13%
Capex	$2.5B	$2.7B	$1.9B	$2.1B	—
Stock-based comp	$88M	$103M	$107M	$100M	$117M	17%
Buybacks	$27M	$4.6B	$5.1B	$2.9B	$2.6B	9.6%
Dividends	$1.6B	$1.6B	$1.5B	$1.4B	$1.4B	1.5%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 7
Net: −$9M

Pay vs performance

No pay-versus-performance disclosure yet.