VLO Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	124.89B EUR	74.99B EUR	73.37B EUR	48.66B EUR
Enterprise Value	134.52B EUR	78.46B EUR	79.12B EUR	55.68B EUR
Valuation Multiples
Trailing P/E	18.08x	10.4x	17.44x	16.54x
Forward P/E	10.05x	--	--	--
Price to Sales	0.94x	0.54x	0.59x	0.53x
Price to Book	5x	3x	3.07x	2.05x
EV/Revenue	1.02x	0.56x	0.63x	0.6x
EV/EBITDA	10.06x	5.74x	8.32x	8.18x
Price to FCF (P/FCF)	14.84x	7.41x	13.21x	11.25x
EV/FCF	15.98x	7.75x	14.25x	12.87x
FCF Yield	6.74%	13.5%	7.57%	8.89%