CVI vs VLO: CVR Energy and Valero Energy compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Valero Energy is the larger company, worth $138.6B, about 24.0 times CVR Energy.
- CVR Energy grew revenue faster over the last year (+55.5% vs +48.8%).
- Valero Energy keeps more of each dollar of revenue as operating profit (7.2% vs 4.1%).
- On earnings, Valero Energy is the cheaper stock (34.1x vs 205.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CVI | VLO |
|---|---|---|
| Market cap | $5.8B | $138.6B |
| Share price | $57.38 | $433.75 |
| Revenue (last fiscal year) | $7.2B | $122.7B |
| Free cash flow (last fiscal year) | -$41M | — |
| Revenue growth, last year | +55.5% | +48.8% |
| Revenue growth per year, last 5 fiscal years | -0.3% | +1.9% |
| Operating margin | 4.1% | 7.2% |
| Net margin | 0.81% | 5.2% |
| Return on equity | 13.1% | 28.9% |
| P/E (trailing) | 205.0x | 34.1x |
| Price / free cash flow | — | 27.5x |
| EV / EBITDA | 9.03x | 10.1x |
| FCF growth the price implies | — | — |
| Dividend yield | 0.84% | 1.0% |
| Debt / equity | 6.35x | 1.46x |
| Fundamental grade | D | B |
| Superinvestors holding it | 2 | 4 |
| Insider purchases, last 12 months | 3 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CVR Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.2B | $172M | 1.2% |
| 2022 | $10.9B | $776M | 8.8% |
| 2023 | $9.2B | $743M | 12.1% |
| 2024 | $7.6B | $225M | 0.76% |
| 2025 | $7.2B | -$41M | 2.5% |
Valero Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $114.0B | $3.4B | 1.9% |
| 2022 | $176.4B | $9.8B | 8.9% |
| 2023 | $144.8B | $7.3B | 8.2% |
| 2024 | $129.9B | $4.6B | 2.9% |
| 2025 | $122.7B | — | 2.6% |
Where the revenue comes from
CVR Energy · by segments, 2025
Petroleum Segment$6.4B90%
Nitrogen Fertilizer Segment$605M8%
Renewables Segment$141M2%
Valero Energy · by segments, 2025
Refining$116.2B95%
Ethanol$4.0B3%
Renewable Diesel$2.5B2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CVI in InvestinglyQuestions
Which is bigger, CVR Energy or Valero Energy?
Valero Energy (VLO), at $138.6B against $5.8B.
Is CVI or VLO cheaper?
By trailing P/E, Valero Energy (34.1x) is cheaper than CVR Energy (205.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, CVI or VLO?
CVR Energy: revenue grew +55.5% over the last year, against +48.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.