# PHILLIPS 66 (PSX) — Stock CV

Phillips 66 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.

> 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.

## Identity

- **Ticker**: PSX
- **Sector**: Energy
- **Industry**: Petroleum Refining
- **Headquarters**: HOUSTON, TX
- **Employees**: 12 600
- **Website**: https://www.phillips66.com
- **Market cap**: $111B
- **Last price**: $278.00
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $152B
- **Net income**: $7.09B
- **Free cash flow**: $6.39B
- **Net debt**: $18.6B
- **P/E**: 15.6
- **Revenue growth (YoY)**: 14.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 62 |
| Growth | 56 |
| Profitability | 43 |
| Health | 74 |
| Quality | 97 |
| Moat | 31 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +14.4% YoY
- [x] Profitable — $7.09B TTM
- [ ] Profit growing — -22.6% YoY
- [x] Generates cash — $6.39B TTM
- [x] Debt under control — ~2.9y of cash flow to repay
- [x] Established company — $111B market cap
- [x] Not printing shares — -7.2% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [x] Financially stable — Altman Z 3.3 — safe
- [x] Pays a dividend — yield 1.79%
- [x] Valuation not extreme — P/E 15.6

## Experience (career milestones)

- **2025** — Phillips 66 bought the NGL companies EPIC Y-Grade GP LLC and EPIC Y-Grade LP for $2.2 billion
- **2023** — Phillips 66 acquired all of the publicly traded stocks of DCP Midsteam's pipeline operations for…
- **FY2022** — Best year on record: $11.0B net income
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **FY2017** — Revenue crossed $100B: $102B for the year
- **FY2016** — First recorded profitable year: $1.55B net income
- **FY2016** — Revenue already above $50B: $84.3B in first reported year
- **2012** — Phillips 66 was spun off from ConocoPhillips, creating a company about as big as Valero Energy, the largest…
- **2002** — Phillips Petroleum merged with Conoco to form ConocoPhillips
- **2000** — Phillips Petroleum created a joint venture with Chevron Corporation's chemicals and plastics division in 2000 and…
- **1983** — Phillips Petroleum purchased the General American Oil Company from owners Algur H
- **1967** — Phillips became the nation's second oil company, after Texaco, to sell and market gasoline in all 50…
- **1946** — Phillips purchased the Utah-based Wasatch Oil Co., bringing the Phillips 66 brand to the northern Rocky…
- **1918** — And the Hugoton Field to its north in Kansas, Phillips…
- **Jun 13, 1917** — The Phillips Petroleum Company was founded by Lee Eldas "L.E." Phillips and Frank Phillips of Bartlesville, Oklahoma

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $111B | $1.32B | $4.16B |
| FY2022 | $170B | $11.0B | $8.62B |
| FY2023 | $147B | $7.01B | $4.61B |
| FY2024 | $143B | $2.12B | $2.33B |
| FY2025 | $132B | $4.40B | $2.73B |

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Source: https://stockcv.com/PSX — derived from company filings; may be delayed or incomplete. Information, not investment advice.