Phillips 66
$264.90
+1.99 (+0.76%) · delayed · Nov 13, 2026
Five-year price
52w $127.16 to $299.39
- Market cap
- $103.3B
- Enterprise value
- $121.9B
- P/E
- 24.6×
- 25.4× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 4.8%
- ROIC
- —
- Debt / equity
- 0.68
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 18.0%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 193% (5y avg)
- ●Growing revenueRevenue CAGR 5y 15.6%
- ●Shrinking share countDiluted shares -7.2% over 5y
Value
0
- ○P/E below 15P/E 24.6
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield 4.8%
- ○Price below Graham NumberGraham Number $134.56
- ○P/B below 3P/B 3.6
Safety
25
- ○Debt / equity below 0.5D/E 0.68
- ○Debt payable in < 4 yrs of earningsNet debt $18.6B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 1.30
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $132.4B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.30
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 27%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 25.4
- ○P/E × P/B ≤ 22.5Product 90.3
Valuation lab
What do you have to believe?
At $264.90, the market is pricing in about 8.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $18.6B · 390M shares · 5y revenue CAGR 15.6%
Intrinsic value
$508.13
Price
$264.90
Margin of safety
48%
What the price implies
The market is paying for 8.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
67% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 84,279 | 102,354 | 111,461 | 107,293 | 64,129 | 111,476 | 169,990 | 147,399 | 143,153 | 132,376 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 2,191 | 3,555 | 7,445 | 4,178 | (4,964) | — | — | — | — | — |
| Income tax | 547 | (1,693) | 1,572 | 801 | (1,250) | 146 | 3,248 | 2,230 | 500 | 892 |
| Net income | 1,555 | 5,106 | 5,595 | 3,076 | (3,975) | 1,317 | 11,024 | 7,015 | 2,117 | 4,403 |
| EPS (diluted) | 2.92 | 9.85 | 11.80 | 6.77 | -9.06 | 2.97 | 23.27 | 15.48 | 4.99 | 10.79 |
| Diluted shares | 530 | 519 | 474 | 454 | 440 | 440 | 474 | 453 | 422 | 408 |
Who owns it