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Phillips 66 (PSX) USD

Phillips 66 is an integrated downstream energy company that refines crude oil into fuels and other products, operates midstream infrastructure for transportation and storage, and produces chemicals and renewable fuels.

At a glance: strengths & risks
✓Revenue growing (+53% y/y, Q2 2026)✓Profit growing (+339% y/y, Q2 2026)✓Margins improving (7%→10%, Q2 2026)✗High leverage (4.8x EBITDA)✗Pricier than own history (EV/EBITDA 17.5 vs avg 13.2)

Sector: Oil refining

Geography: United States

COMM_PSX

Price chart

283.18 USDDay -0.51%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
283.18 USD · -0.51%
Market cap
113.6 bn USD

Growth

Δ revenue y/y
53.1%
Δ EBITDA y/y
142.5%

Multiples

P/E (LTM)
16.0x
3y avg: 13.7x
P/B (FY)
3.9x
P/E (ann.)
7.4x
EV/EBITDA (LTM)
17.5x
3y avg: 13.2x
EV/EBITDA (ann.)
6.7x

Cash return

Dividend yield
1.8%
FCF yield (LTM)
5.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+16.2%
↓ details

Liquidity

Daily turnover (listing)
783.4 mln USD

Shares: yahoo_fundamentals_timeseries/PSX

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK51.0
y/y 53.1%
4.3
y/y 259.7%
0.6
y/y -28.3%
4.9
y/y 142.5%
3.8
y/y 338.7%
7.3-0.781.8
y/y 7.7%
31.5
y/y 14.6%
51.3%16.5Yahoo Finance
2026-03-31Q1 2026 (3M)OK32.5
y/y 6.9%
0.1
y/y —
0.6
y/y -29.5%
0.7
y/y 69.7%
0.2
y/y -57.5%
-2.3-0.684.1
y/y 17.0%
28.5
y/y 4.6%
2.9%22.0Link
2025-12-31Q4 2025 (3M)OK34.1
y/y 1.3%
-0.7
y/y -817.7%
0.8
y/y -0.1%
0.1
y/y -87.4%
2.9
y/y 36225.0%
2.8-0.773.7
y/y 1.5%
29.1
y/y 6.1%
15.7%20.5Link
2025-09-30Q3 2025 (3M)OK34.5
y/y -2.9%
1.0
y/y 84.9%
0.8
y/y 52.1%
1.8
y/y 68.2%
0.1
y/y -61.6%
1.2-0.576.1
y/y 1.4%
26.9
y/y -6.3%
0.7%19.9Link
2025-06-30Q2 2025 (3M)OK33.3
y/y -12.6%
1.2
y/y 54.3%
0.8
y/y 64.2%
2.0
y/y 58.2%
0.9
y/y -13.6%
0.8-0.675.9
y/y -0.0%
27.5
y/y -6.7%
12.8%19.9Link
2025-03-31Q1 2025 (3M)OK30.4
y/y -15.0%
-0.4
y/y -167.9%
0.8
y/y 56.9%
0.4
y/y -63.5%
0.5
y/y -34.9%
0.2-0.471.8
y/y -6.0%
27.3
y/y -8.3%
7.1%17.3Link
2024-12-31Q4 2024 (3M)OK33.7
y/y -12.0%
-0.1
y/y -105.3%
0.8
y/y 58.1%
0.7
y/y -63.1%
0.0
y/y -99.4%
1.2-0.572.6
y/y -3.9%
27.4
y/y -10.4%
7.5%19.7Link
2024-09-30Q3 2024 (3M)OK35.5
y/y -10.4%
0.5
y/y -77.8%
0.5
y/y 11.3%
1.1
y/y -62.5%
0.3
y/y -83.5%
1.1-0.475.1
y/y -3.5%
28.7
y/y -6.8%
1.6%18.4Link
2024-06-30Q2 2024 (3M)OK38.1
y/y 8.7%
0.8
y/y -58.7%
0.5
y/y 0.4%
1.3
y/y -46.4%
1.0
y/y -40.2%
2.1-0.475.9
y/y 1.4%
29.5
y/y -1.5%
13.7%17.5Link
2024-03-31Q1 2024 (3M)OK35.8
y/y 4.1%
0.6
y/y -73.3%
0.5
y/y 5.9%
1.1
y/y -59.1%
0.7
y/y -61.9%
-0.2-0.676.4
y/y -1.1%
29.7
y/y -1.7%
9.9%18.6Link
2023-12-31Q4 2023 (3M)OK38.3
y/y —
1.5
y/y —
0.5
y/y —
2.0
y/y —
1.3
y/y —
2.2-0.575.5
y/y —
30.6
y/y —
22.8%17.2Link
2023-09-30Q3 2023 (3M)OK39.6
y/y —
2.3
y/y —
0.5
y/y —
2.8
y/y —
2.1
y/y —
2.7-0.977.8
y/y —
30.8
y/y —
9.2%15.9Link
2023-06-30Q2 2023 (3M)OK35.1
y/y —
1.9
y/y —
0.5
y/y —
2.4
y/y —
1.7
y/y —
1.0-0.674.9
y/y —
29.9
y/y —
22.6%16.8Link
2023-03-31Q1 2023 (3M)OK34.4
y/y —
2.2
y/y —
0.5
y/y —
2.7
y/y —
2.0
y/y —
1.2-0.377.3
y/y —
30.2
y/y —
—11.5Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1 797
Long-term debt (incl. LT leases)18 768
− Cash & equivalents4 099
Net debt16 466

Net debt / LTM EBITDA: 2.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

020 00040 00060 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-5 000-2 50002 5005 0007 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05 00010 00015 00020 00025 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.13x of reported net profit; after capex, 0.75x.
year20212022202320242025
cash flow / profit4.57x0.98x1.00x1.98x1.13x
accruals, % of assets-8.5%0.3%-0.0%-2.9%-0.8%
Last twelve months (to 2026-06-30): 1.26x of profit came back as operating cash flow.
net debt / EBITDA 4.8x · EBIT covers interest 1.0x · capex 0.8x of depreciation · dividends 48% of free cash flow · share count -1.9% a year
● Net debt / EBITDA 4.8x at the last full year.
● EBIT covers interest 1.0x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — US Crack Spread (oil refining)

Current 56spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +16.2% → +0.0 pp 1d

Main driver: US Crack Spread (oil refining) +69% vs LTM; revenue ×1.09 vs costs ×1.04; EBITDA 10 640→12 353; at 12.0× EV/EBITDA → +16%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
US Crack Spread (oil refining) (rev)+13%56.5033.3432.05+69%-4%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue152 167
LTM EBITDA10 640
LTM cash costs (revenue − EBITDA)141 527
2 · Revenue projection
Revenue multiplier — spot×1.090 (+9%)
= Spot revenue165 912
Revenue multiplier — 3y price×0.995 (-1%)
= 3-year-price revenue151 403
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs147 188
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs147 188
4 · EBITDA projection (revenue − costs)
= Spot EBITDA16 622
= 3-year-price EBITDA8 085
Conservative EBITDA = min(spot, avg)12 353
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA148 241
Net debt16 466
Target market cap = EV − net debt131 268
Current market cap112 995

Upside = target market cap ÷ current − 1 = +16.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q339 64338 725+2.4%2 8373 123-9.2%
2023 Q438 27035 671+7.3%2 0451 145+78.6%
2024 Q135 81136 218-1.1%1 086981+10.7%
2024 Q238 12936 695+3.9%1 268693—
2024 Q335 52836 668-3.1%1 238-394—
2024 Q433 68535 460-5.0%740-957—
2025 Q130 43035 420-14.1%396-153—
2025 Q233 32335 290-5.6%2 418919+163.1%
2025 Q334 51534 227+0.8%2 7421 380+98.8%
2025 Q434 10833 544+1.7%2 3601 342+75.9%
2026 Q132 54034 280-5.1%6642 387-72.2%
2026 Q251 00437 444+36.2%4 8745 079-4.0%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -8% vs -3% the year before — a -4.6 pp move. 3-year CAGR -8%.
revenue growth by year: 2023 -13% · 2024 -3% · 2025 -8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 12.2x · 3-year 75th pct 14.1x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Oil refining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Par Pacificglobal3.93.7x3.7x
PBF Energyglobal8.83.9x3.9x
REX American Resourcesglobal1.35.3x5.3x
Valero Energyglobal129.66.7x6.7x
S-OilKorea11.66.3x6.9x
Delek USglobal4.57.0x7.0x
Sunoco LPglobal10.18.2x8.2x
CVR Energyglobal5.88.4x8.4x
CrossAmerica Partnersglobal0.88.9x8.9x
Marathon Petroleumglobal139.99.5x9.5x
Valvolineglobal4.014.1x14.1x
Calumetglobal4.330.2x30.2x
Group median7.6x7.6x
Group average9.4x9.4x
This companyglobal113.617.5x17.5x

Group median 7.6x as traded, 7.6x adjusted; this company 17.5x — a 130% premium.

Group average 9.4x as traded, 9.4x adjusted; against the average this company is at a 86% premium.

At the adjusted group median the market cap would be -67% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-181.27 USDEx-dividend: 1.27 USD per sharePaidYahoo Finance (ex-div)
2026-05-181.27 USDEx-dividend: 1.27 USD per sharePaidYahoo Finance (ex-div)
2026-02-231.27 USDEx-dividend: 1.27 USD per sharePaidYahoo Finance (ex-div)
2025-11-171.2 USDEx-dividend: 1.2 USD per sharePaidYahoo Finance (ex-div)
2025-08-191.2 USDEx-dividend: 1.2 USD per sharePaidYahoo Finance (ex-div)
2025-05-191.2 USDEx-dividend: 1.2 USD per sharePaidYahoo Finance (ex-div)
2025-02-241.15 USDEx-dividend: 1.15 USD per sharePaidYahoo Finance (ex-div)
2024-11-181.15 USDEx-dividend: 1.15 USD per sharePaidYahoo Finance (ex-div)
2024-08-201.15 USDEx-dividend: 1.15 USD per sharePaidYahoo Finance (ex-div)
2024-05-171.15 USDEx-dividend: 1.15 USD per sharePaidYahoo Finance (ex-div)
2024-02-161.05 USDEx-dividend: 1.05 USD per sharePaidYahoo Finance (ex-div)
2023-11-161.05 USDEx-dividend: 1.05 USD per sharePaidYahoo Finance (ex-div)
2023-08-171.05 USDEx-dividend: 1.05 USD per sharePaidYahoo Finance (ex-div)
2023-05-191.05 USDEx-dividend: 1.05 USD per sharePaidYahoo Finance (ex-div)
2023-02-171.05 USDEx-dividend: 1.05 USD per sharePaidYahoo Finance (ex-div)
2022-11-160.97 USDEx-dividend: 0.97 USD per sharePaidYahoo Finance (ex-div)
2022-08-170.97 USDEx-dividend: 0.97 USD per sharePaidYahoo Finance (ex-div)
2022-05-200.97 USDEx-dividend: 0.97 USD per sharePaidYahoo Finance (ex-div)
2022-02-180.92 USDEx-dividend: 0.92 USD per sharePaidYahoo Finance (ex-div)
2021-11-160.92 USDEx-dividend: 0.92 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Phillips 66 (PSX) — from primary filings.

Frequently asked questions

What is Phillips 66 (PSX)'s P/E ratio?
Phillips 66 (PSX) trades at a P/E of 16.0x (price to trailing 12-month earnings).
What is Phillips 66 (PSX)'s EV/EBITDA?
Phillips 66 (PSX) trades at 17.5x EV/EBITDA.
What is Phillips 66 (PSX)'s P/B ratio?
Phillips 66 (PSX) trades at a P/B of 3.9x.
What is Phillips 66 (PSX)'s dividend yield?
Phillips 66 (PSX)'s trailing 12-month dividend yield is 1.8%.
What is Phillips 66 (PSX)'s return on equity (ROE)?
Phillips 66 (PSX)'s ROE is 51.3%.
What is Phillips 66 (PSX)'s market capitalization?
Phillips 66 (PSX)'s market cap is 113.6 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map