Stock Analysis on Net
Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

デュポン分析: ROE、ROA、純利益率の内訳 
四半期データ

Microsoft Excel

ROE分解では、純利益を株主資本で割ったものを構成比率の積として表します。

ROEを2つのコンポーネントに分解

Valero Energy Corp.、 ROE の分解(四半期データ)

Microsoft Excel
ROE = ROA × 財務レバレッジ比率
2024/03/31 26.91% = 11.21% × 2.40
2023/12/31 33.53% = 14.01% × 2.39
2023/09/30 41.37% = 17.01% × 2.43
2023/06/30 42.32% = 18.03% × 2.35
2023/03/31 54.81% = 22.75% × 2.41
2022/12/31 48.93% = 18.90% × 2.59
2022/09/30 43.01% = 15.88% × 2.71
2022/06/30 33.72% = 10.99% × 3.07
2022/03/31 13.49% = 4.20% × 3.21
2021/12/31 5.05% = 1.61% × 3.14
2021/09/30 -2.51% = -0.80% × 3.13
2021/06/30 -7.73% = -2.46% × 3.14
2021/03/31 -1.54% = -0.51% × 3.01
2020/12/31 -7.56% = -2.74% × 2.75
2020/09/30 -0.01% = 0.00% × 2.69
2020/06/30 5.40% = 2.18% × 2.47
2020/03/31 2.28% = 0.90% × 2.53
2019/12/31 11.11% = 4.50% × 2.47
2019/09/30 — = — × 2.43
2019/06/30 — = — × 2.44
2019/03/31 — = — × 2.44

レポートに基づく: 10-Q (報告日: 2024-03-31), 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2024年第1 四半期に比べて株主資本利益率(ROE)が低下した主な理由は、総資産利益率(ROA)で測定した収益性の低下です。

ROEを3つの要素に分解

Valero Energy Corp.、 ROE の分解(四半期データ)

Microsoft Excel
ROE = 純利益率 × 資産回転率 × 財務レバレッジ比率
2024/03/31 26.91% = 5.01% × 2.24 × 2.40
2023/12/31 33.53% = 6.10% × 2.30 × 2.39
2023/09/30 41.37% = 7.11% × 2.39 × 2.43
2023/06/30 42.32% = 6.96% × 2.59 × 2.35
2023/03/31 54.81% = 7.86% × 2.90 × 2.41
2022/12/31 48.93% = 6.54% × 2.89 × 2.59
2022/09/30 43.01% = 5.53% × 2.87 × 2.71
2022/06/30 33.72% = 4.54% × 2.42 × 3.07
2022/03/31 13.49% = 1.93% × 2.18 × 3.21
2021/12/31 5.05% = 0.82% × 1.97 × 3.14
2021/09/30 -2.51% = -0.46% × 1.73 × 3.13
2021/06/30 -7.73% = -1.69% × 1.46 × 3.14
2021/03/31 -1.54% = -0.43% × 1.19 × 3.01
2020/12/31 -7.56% = -2.19% × 1.25 × 2.75
2020/09/30 -0.01% = 0.00% × 1.47 × 2.69
2020/06/30 5.40% = 1.22% × 1.78 × 2.47
2020/03/31 2.28% = 0.41% × 2.22 × 2.53
2019/12/31 11.11% = 2.24% × 2.01 × 2.47
2019/09/30 — = — × — × 2.43
2019/06/30 — = — × — × 2.44
2019/03/31 — = — × — × 2.44

レポートに基づく: 10-Q (報告日: 2024-03-31), 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2024年第1 四半期に比べて株主資本利益率(ROE)が低下した主な理由は、純利益率で測定した収益性の低下です。

ROEを5つの要素に分解

Valero Energy Corp.、 ROE の分解(四半期データ)

Microsoft Excel
ROE = 税負担 × 利息負担 × EBITマージン × 資産回転率 × 財務レバレッジ比率
2024/03/31 26.91% = 0.77 × 0.94 × 6.92% × 2.24 × 2.40
2023/12/31 33.53% = 0.77 × 0.95 × 8.32% × 2.30 × 2.39
2023/09/30 41.37% = 0.76 × 0.96 × 9.68% × 2.39 × 2.43
2023/06/30 42.32% = 0.77 × 0.96 × 9.43% × 2.59 × 2.35
2023/03/31 54.81% = 0.77 × 0.97 × 10.51% × 2.90 × 2.41
2022/12/31 48.93% = 0.77 × 0.96 × 8.80% × 2.89 × 2.59
2022/09/30 43.01% = 0.79 × 0.95 × 7.38% × 2.87 × 2.71
2022/06/30 33.72% = 0.79 × 0.94 × 6.10% × 2.42 × 3.07
2022/03/31 13.49% = 0.79 × 0.84 × 2.88% × 2.18 × 3.21
2021/12/31 5.05% = 0.78 × 0.66 × 1.57% × 1.97 × 3.14
2021/09/30 -2.51% = — × — × -0.04% × 1.73 × 3.13
2021/06/30 -7.73% = — × — × -1.70% × 1.46 × 3.14
2021/03/31 -1.54% = — × — × -0.19% × 1.19 × 3.01
2020/12/31 -7.56% = — × — × -2.71% × 1.25 × 2.75
2020/09/30 -0.01% = — × -1.21 × 0.31% × 1.47 × 2.69
2020/06/30 5.40% = 0.83 × 0.72 × 2.03% × 1.78 × 2.47
2020/03/31 2.28% = 0.92 × 0.50 × 0.88% × 2.22 × 2.53
2019/12/31 11.11% = 0.78 × 0.87 × 3.30% × 2.01 × 2.47
2019/09/30 — = — × — × — × — × 2.43
2019/06/30 — = — × — × — × — × 2.44
2019/03/31 — = — × — × — × — × 2.44

レポートに基づく: 10-Q (報告日: 2024-03-31), 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2024年第1 四半期の株主資本利益率(ROE)が低下した主な理由は、EBITマージン率で測定した営業利益率の低下です。

ROAを2つのコンポーネントに分解

Valero Energy Corp.、 ROA の分解(四半期データ)

Microsoft Excel
ROA = 純利益率 × 資産回転率
2024/03/31 11.21% = 5.01% × 2.24
2023/12/31 14.01% = 6.10% × 2.30
2023/09/30 17.01% = 7.11% × 2.39
2023/06/30 18.03% = 6.96% × 2.59
2023/03/31 22.75% = 7.86% × 2.90
2022/12/31 18.90% = 6.54% × 2.89
2022/09/30 15.88% = 5.53% × 2.87
2022/06/30 10.99% = 4.54% × 2.42
2022/03/31 4.20% = 1.93% × 2.18
2021/12/31 1.61% = 0.82% × 1.97
2021/09/30 -0.80% = -0.46% × 1.73
2021/06/30 -2.46% = -1.69% × 1.46
2021/03/31 -0.51% = -0.43% × 1.19
2020/12/31 -2.74% = -2.19% × 1.25
2020/09/30 0.00% = 0.00% × 1.47
2020/06/30 2.18% = 1.22% × 1.78
2020/03/31 0.90% = 0.41% × 2.22
2019/12/31 4.50% = 2.24% × 2.01
2019/09/30 — = — × —
2019/06/30 — = — × —
2019/03/31 — = — × —

レポートに基づく: 10-Q (報告日: 2024-03-31), 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2024年第1 四半期に比べて総資産利益率(ROA)が低下した主な理由は、純利益率で測定した収益性の低下です。

ROAを4つの要素に分解

Valero Energy Corp.、 ROA の分解(四半期データ)

Microsoft Excel
ROA = 税負担 × 利息負担 × EBITマージン × 資産回転率
2024/03/31 11.21% = 0.77 × 0.94 × 6.92% × 2.24
2023/12/31 14.01% = 0.77 × 0.95 × 8.32% × 2.30
2023/09/30 17.01% = 0.76 × 0.96 × 9.68% × 2.39
2023/06/30 18.03% = 0.77 × 0.96 × 9.43% × 2.59
2023/03/31 22.75% = 0.77 × 0.97 × 10.51% × 2.90
2022/12/31 18.90% = 0.77 × 0.96 × 8.80% × 2.89
2022/09/30 15.88% = 0.79 × 0.95 × 7.38% × 2.87
2022/06/30 10.99% = 0.79 × 0.94 × 6.10% × 2.42
2022/03/31 4.20% = 0.79 × 0.84 × 2.88% × 2.18
2021/12/31 1.61% = 0.78 × 0.66 × 1.57% × 1.97
2021/09/30 -0.80% = — × — × -0.04% × 1.73
2021/06/30 -2.46% = — × — × -1.70% × 1.46
2021/03/31 -0.51% = — × — × -0.19% × 1.19
2020/12/31 -2.74% = — × — × -2.71% × 1.25
2020/09/30 0.00% = — × -1.21 × 0.31% × 1.47
2020/06/30 2.18% = 0.83 × 0.72 × 2.03% × 1.78
2020/03/31 0.90% = 0.92 × 0.50 × 0.88% × 2.22
2019/12/31 4.50% = 0.78 × 0.87 × 3.30% × 2.01
2019/09/30 — = — × — × — × —
2019/06/30 — = — × — × — × —
2019/03/31 — = — × — × — × —

レポートに基づく: 10-Q (報告日: 2024-03-31), 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2024年第1 四半期に比べて総資産利益率(ROA)が低下した主な理由は、EBITマージン率で測定した営業収益性の低下です。

純利益率の分解

Valero Energy Corp.、純利益率の分解(四半期データ)

Microsoft Excel
純利益率 = 税負担 × 利息負担 × EBITマージン
2024/03/31 5.01% = 0.77 × 0.94 × 6.92%
2023/12/31 6.10% = 0.77 × 0.95 × 8.32%
2023/09/30 7.11% = 0.76 × 0.96 × 9.68%
2023/06/30 6.96% = 0.77 × 0.96 × 9.43%
2023/03/31 7.86% = 0.77 × 0.97 × 10.51%
2022/12/31 6.54% = 0.77 × 0.96 × 8.80%
2022/09/30 5.53% = 0.79 × 0.95 × 7.38%
2022/06/30 4.54% = 0.79 × 0.94 × 6.10%
2022/03/31 1.93% = 0.79 × 0.84 × 2.88%
2021/12/31 0.82% = 0.78 × 0.66 × 1.57%
2021/09/30 -0.46% = — × — × -0.04%
2021/06/30 -1.69% = — × — × -1.70%
2021/03/31 -0.43% = — × — × -0.19%
2020/12/31 -2.19% = — × — × -2.71%
2020/09/30 0.00% = — × -1.21 × 0.31%
2020/06/30 1.22% = 0.83 × 0.72 × 2.03%
2020/03/31 0.41% = 0.92 × 0.50 × 0.88%
2019/12/31 2.24% = 0.78 × 0.87 × 3.30%
2019/09/30 — = — × — × —
2019/06/30 — = — × — × —
2019/03/31 — = — × — × —

レポートに基づく: 10-Q (報告日: 2024-03-31), 10-K (報告日: 2023-12-31), 10-Q (報告日: 2023-09-30), 10-Q (報告日: 2023-06-30), 10-Q (報告日: 2023-03-31), 10-K (報告日: 2022-12-31), 10-Q (報告日: 2022-09-30), 10-Q (報告日: 2022-06-30), 10-Q (報告日: 2022-03-31), 10-K (報告日: 2021-12-31), 10-Q (報告日: 2021-09-30), 10-Q (報告日: 2021-06-30), 10-Q (報告日: 2021-03-31), 10-K (報告日: 2020-12-31), 10-Q (報告日: 2020-09-30), 10-Q (報告日: 2020-06-30), 10-Q (報告日: 2020-03-31), 10-K (報告日: 2019-12-31), 10-Q (報告日: 2019-09-30), 10-Q (報告日: 2019-06-30), 10-Q (報告日: 2019-03-31).

2024年第1 四半期の純利益率の低下の主な理由は、EBIT利益率で測定される営業収益性の低下です。