Valero Credit Rating & NNN Cap Rate (2026)

Valero Business Overview

Valero is a refiner and marketer of transportation fuels and petrochemical products. Its 2025 Form 10‑K reported 15 petroleum refineries in the United States, Canada and the United Kingdom with about 3.2 million barrels per day of throughput capacity. Valero’s Form 10‑Q for the quarter ended June 30, 2026 reports that full idling of its Benicia, California refinery was completed in April 2026, which reduces the number of operating refineries.

About 7,000 outlets carry Valero’s brand names, including Valero, Beacon, Diamond Shamrock and Shamrock in the U.S., Ultramar in Canada, and Valero and Texaco in the U.K. and Ireland. Valero’s 10‑K says these sites are independently owned and supplied by Valero under multi-year contracts. For a net lease buyer, that means the tenant at a Valero-branded station is often an independent operator rather than Valero; confirm the tenant in the lease.

Valero Credit Profile

Our ratings database shows Valero Energy Corporation’s senior unsecured debt at BBB/Baa2. That rating applies only where Valero Energy Corporation or a rated Valero entity signs or guarantees the lease; Valero’s 10‑K says its branded sites are independently owned and that it does not have a company-owned retail network. A dealer or marketer lease carries that operator’s credit, not Valero’s.

Ratings come from our tenant ratings database, which is checked against agency actions and company filings on a schedule; the source line below shows when it was last checked. A rating at or above BBB‑/Baa3 is investment grade; see the investment grade guide.

Source: S&P Global Ratings BBB, Stable, as of March 5, 2026; Moody’s Baa2, Stable, as of March 5, 2026; Fitch Ratings BBB, Stable, as of March 5, 2026. Ratings checked October 8, 2026.

Valero NNN Cap Rates

Live asking cap rates for Valero and comparable tenants:

Active listings InvestmentGrade.com tracks with an asking cap rate (stated in the listing, or computed from its stated income and price when no rate is stated), listings last observed October 12, 2026. Asking cap rates are not closed-sale cap rates. The middle half is the range from the 25th to the 75th percentile of listings. The 10-year Treasury yield is 5.24% as of October 1, 2026 (FRED series DGS10). Ratings are the agency ratings in our ratings database for the entity shown, which may be a parent company; the rating type (for example issuer, senior unsecured debt, long-term debt or revenue bond ratings) varies by company and is shown on each tenant page. A rating applies to a lease only if the rated entity signs or guarantees it, so confirm the tenant and any guarantor in the lease. n/a means no verified rating is on file. Not shown because fewer than 3 active listings with a published cap rate were observed: Phillips 66.

Valero’s 10‑K says its branded sites are independently owned, so asking cap rates on listings labeled Valero can reflect the operator, the site and the fuel volume rather than Valero’s rating. Compare a property with listings that have the same kind of tenant and lease structure.

What to Check in a Valero Lease

• Who the tenant is: Valero’s 10‑K says its branded sites are independently owned, so the tenant is often a dealer, marketer or local operator, not the refiner; confirm whether the oil company, a marketer or a local operator signs the lease.
• Guarantee: whether a rated corporate entity guarantees the lease; a fuel supply agreement is not a lease guarantee.
• Term and rent: remaining term, renewal options and the rent schedule; rent increases vary by lease.
• Ground lease or building lease: confirm whether the investor would own the building or only the land; this varies by property.
• Environmental: underground storage tanks; review environmental reports and the lease’s environmental provisions.

Pros and Cons

Sources: Valero Energy Corporation Form 10‑K for 2025 and Form 10‑Q for the quarter ended June 30, 2026; ratings from InvestmentGrade.com’s ratings database.