Phillips 66 is an independent refiner that owns or holds interest in 10 refineries with a total crude throughput capacity of 2.0 million barrels per day, or mmb/d, at the end of 2025. The midstream segment comprises extensive transportation and NGL processing assets.
It is a $111B energy company. Revenue grew 14.4% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~2.9 years of free cash flow. It trades at 15.6× earnings — around the middle of its own history.
- Website
- phillips66.com
- Location
- Houston, TX
- Employees
- 12 600
- Sector
- Energy
- Founded
- 1917
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong quality; Profitability and Moat lag behind.
Valuation62
- P/E vs own history63th pct · 5/25
- FCF yield5.8% · 20/25
- P/S0.7x · 25/25
- EV/EBITDA15.4x · 12/25
Growth56
- Revenue CAGR4.4% · 6/25
- Net income CAGR35.2% · 25/25
- EPS CAGR ~5Yn/a · 0/25
- Fwd implied growth57.4% · 25/25
Profitability43
- ROIC9.2% · 12/25
- ROE24.4% · 20/25
- Net margin4.7% · 6/25
- Operating margin3.9% · 5/25
Health74
- Altman Z3.28 · 25/25
- Current ratio1.32 · 12/25
- Interest coverage37.1x · 25/25
- Net cash / debtD/A 25% · 12/25
Quality97
- Piotroski F8/9 · 25/25
- Beneish M-2.76 · 25/25
- FCF conversion90% · 22/25
- Margin stabilityσ 3.3% · 25/25
Moat31
- ROIC >12% years4/8 yrs · 13/25
- Median gross margin11.4% · 0/25
- FCF-positive years9/10 yrs · 18/25
- Worst-year net marginworst -6.2% · 0/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2025AcquisitionPhillips 66 bought the NGL companies EPIC Y-Grade GP LLC and EPIC Y-Grade LP for $2.2 billion
- 2023AcquisitionPhillips 66 acquired all of the publicly traded stocks of DCP Midsteam's pipeline operations for…
- FY2022FinancialBest year on record$11.0B net income
- FY2021FinancialPositive free cash flow every year since5-year streak
- FY2017FinancialRevenue crossed $100B$102B for the year
- FY2016FinancialFirst recorded profitable year$1.55B net income
- FY2016FinancialRevenue already above $50B$84.3B in first reported year
- 2012MilestonePhillips 66 was spun off from ConocoPhillips, creating a company about as big as Valero Energy, the largest…
- 2002AcquisitionPhillips Petroleum merged with Conoco to form ConocoPhillips
- 2000AcquisitionPhillips Petroleum created a joint venture with Chevron Corporation's chemicals and plastics division in 2000 and…
- 1983AcquisitionPhillips Petroleum purchased the General American Oil Company from owners Algur H
- 1967MilestonePhillips became the nation's second oil company, after Texaco, to sell and market gasoline in all 50…
- 1946AcquisitionPhillips purchased the Utah-based Wasatch Oil Co., bringing the Phillips 66 brand to the northern Rocky…
- 1918MilestoneAnd the Hugoton Field to its north in Kansas, Phillips…
- Jun 13, 1917FoundedThe Phillips Petroleum Company was founded by Lee Eldas "L.E." Phillips and Frank Phillips of Bartlesville, Oklahoma
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Revenue growing 14.4% year over year
- Interest covered 37.1× by operating earnings
- Piotroski F-Score 8/9 — fundamentally strong checklist
- Altman Z-Score 3.28 — low bankruptcy-risk zone
Watch-outs
- Loss-making in 1 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+14.4% YoY
- Profitable — makes more than it spends$7.09B TTM
- Profit growing — earnings are higher than last year-22.6% YoY
- Generates cash — cash left after running and investing$6.39B TTM
- Debt under control — could handle its obligations~2.9y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$111B market cap
- Not printing shares — share count not ballooning — you keep your slice-7.2% shares over ~5y
- Proven track record — years of profitability behind it9/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 3.3 — safe
- Pays a dividend — returns cash to shareholdersyield 1.79%
- Valuation not extreme — price not wildly above earningsP/E 15.6
Peer comparisonPhillips 66 vs 6 largest energy peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| PSX this company | $110.9B | 15.6 | +14.4% | 4.7% | Solid |
| XOM ExxonMobil Holdings Corporation | $694.0B | 21.1 | +9.1% | 8.9% | Mixed |
| CVX Chevron Corporation | $416.8B | 20.3 | +10.2% | 9.6% | Mixed |
| SHEL Shell plc | $284.6B | 11.0 | -6.1% | 6.7% | Solid |
| TTE TotalEnergies SE | $191.1B | 10.9 | -6.8% | 7.2% | Solid |
| COP ConocoPhillips | $161.5B | 17.4 | +9.6% | 14.7% | Strained |
| MPC Marathon Petroleum Corporation | $127.8B | 14.9 | +15.0% | 5.6% | Strained |
Head-to-head: PSX vs XOM · PSX vs CVX · PSX vs SHEL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/PSX
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Deeper analysis of PSX on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $278.00 · market cap $111B.