BP PLC vs VALERO ENERGY CORP/TX, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The margin gap is modest in this soft refining year, Valero's 5.3% operating margin against BP's 6.6%, but the return gap is not: Valero earns 15.6% on equity and 6.8% on assets against BP's 1.8% and 0.5%, a pure refiner's discipline against an integrated major's impaired stretch. Valero trades at 19 times earnings, pays a 1.7% dividend, and runs almost no debt with a 1.58 current ratio; BP's multiple is unusable though it yields 24.1% in free cash to Valero's 7%. The pair prices refining focus against integrated breadth; Valero's cleaner book and higher returns are the case for the specialist, BP's cash generation the case for scale through a bad patch.
Comparison updated 2026-07-11.
| Metric | BP | VLO |
|---|---|---|
| Price | $37.12 | $259.41 |
| Market cap | $101.5B | $77.3B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | — | +9.4% |
| P/E | — | 18.9 |
| P/B | 1.37 | 2.87 |
| P/S | 0.53 | 0.62 |
| EV/EBITDA | 2.1 | 8.9 |
| Revenue growth | +6.9% | -2.4% |
| Operating margin | 6.6% | 5.3% |
| Net margin | 0.7% | 3.4% |
| Return on equity | 1.8% | 15.6% |
| Return on assets | 0.5% | 6.8% |
| Return on invested capital | 13.5% | 15.9% |
| FCF yield | 24.1% | 7.0% |
| Dividend yield | — | 1.7% |
| Debt / equity | 0.00 | 0.04 |
| Current ratio | 1.26 | 1.58 |
| Altman Z (solvency) | 1.23 | 9.40 |
| Piotroski F (quality) | 8 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.