Latest Ratios: P/E Ratio 7.8x · EV/EBITDA 6.6x · ROE 15.0%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $98.5B | $52.7B | $48.1B | $60.3B | $49.3B | $31.9B | $30.7B | $50.6B | $40.8B | $52.4B | $45.8B |
| Enterprise Value | $120.3B | $74.4B | $66.4B | $76.4B | $60.4B | $43.5B | $44.4B | $61.0B | $49.0B | $59.4B | $53.2B |
| P/E Ratio → | 7.80 | 11.96 | 22.83 | 8.62 | 4.47 | 24.40 | — | 16.46 | 7.30 | 10.27 | 29.59 |
| P/S Ratio | 0.58 | 0.40 | 0.34 | 0.41 | 0.29 | 0.29 | 0.48 | 0.47 | 0.37 | 0.59 | 0.64 |
| P/B Ratio | 3.32 | 1.74 | 1.69 | 1.91 | 1.45 | 1.47 | 1.43 | 1.86 | 1.50 | 1.91 | 1.93 |
| P/FCF | 6.87 | 19.29 | 20.61 | 13.09 | 5.72 | 7.68 | — | 54.08 | 8.28 | 28.88 | 384.90 |
| P/OCF | 19.85 | 10.61 | 11.47 | 8.58 | 4.56 | 5.30 | 14.56 | 10.52 | 5.39 | 14.38 | 15.46 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.56 | 0.46 | 0.52 | 0.35 | 0.39 | 0.70 | 0.57 | 0.44 | 0.66 | 0.75 |
| EV / EBITDA | 6.58 | 10.99 | 14.04 | 7.43 | 5.15 | 15.24 | — | 13.29 | 7.63 | 17.72 | 19.55 |
| EV / EBIT | 34.17 | 11.52 | 18.53 | 7.37 | 3.96 | 18.74 | — | 13.16 | 6.16 | 14.89 | 21.05 |
| EV / FCF | — | 27.27 | 28.47 | 16.56 | 7.00 | 10.46 | — | 65.23 | 9.93 | 32.73 | 447.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.9% | 4.9% | 3.4% | 7.7% | 7.5% | 3.0% | 0.3% | 4.9% | 6.4% | 4.6% | 4.9% |
| Operating Margin | 2.7% | 2.7% | 1.6% | 5.6% | 5.9% | 1.1% | -2.9% | 3.0% | 4.5% | 2.2% | 2.1% |
| Net Profit Margin | 3.3% | 3.3% | 1.5% | 4.8% | 6.5% | 1.2% | -6.3% | 2.9% | 5.0% | 5.7% | 2.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.0% | 15.0% | 7.0% | 21.3% | 39.6% | 6.1% | -16.4% | 11.3% | 20.5% | 20.0% | 6.5% |
| ROA | 6.0% | 6.0% | 2.9% | 9.2% | 16.7% | 2.4% | -7.0% | 5.4% | 10.3% | 9.6% | 3.1% |
| ROIC | 5.3% | 5.3% | 3.7% | 13.4% | 19.3% | 2.7% | -3.8% | 6.6% | 10.8% | 4.6% | 3.8% |
| ROCE | 6.0% | 6.0% | 4.0% | 13.8% | 19.5% | 2.8% | -4.0% | 7.0% | 11.3% | 4.7% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.70 | 0.61 | 0.50 | 0.68 | 0.75 | 0.44 | 0.41 | 0.37 | 0.43 |
| Debt / EBITDA | 3.38 | 3.38 | 4.24 | 1.88 | 1.47 | 5.16 | — | 2.62 | 1.74 | 3.01 | 3.72 |
| Net Debt / Equity | — | 0.72 | 0.64 | 0.51 | 0.32 | 0.54 | 0.63 | 0.38 | 0.30 | 0.25 | 0.31 |
| Net Debt / EBITDA | 3.21 | 3.21 | 3.88 | 1.56 | 0.94 | 4.06 | — | 2.27 | 1.27 | 2.08 | 2.73 |
| Debt / FCF | — | 7.98 | 7.86 | 3.48 | 1.28 | 2.79 | — | 11.15 | 1.65 | 3.85 | 62.41 |
| Interest Coverage | 6.22 | 6.22 | 3.95 | 11.56 | 24.65 | 3.99 | -8.95 | 10.12 | 15.77 | 9.12 | 7.48 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.30 | 1.30 | 1.19 | 1.26 | 1.38 | 1.15 | 1.39 | 1.24 | 1.48 | 1.42 | 1.34 |
| Quick Ratio | 0.91 | 0.91 | 0.92 | 1.02 | 1.17 | 0.88 | 0.99 | 0.91 | 1.08 | 1.09 | 1.01 |
| Cash Ratio | 0.08 | 0.08 | 0.12 | 0.21 | 0.39 | 0.25 | 0.26 | 0.14 | 0.34 | 0.31 | 0.29 |
| Asset Turnover | — | 1.79 | 1.97 | 1.95 | 2.23 | 2.01 | 1.16 | 1.83 | 2.05 | 1.65 | 1.38 |
| Inventory Turnover | 24.66 | 24.66 | 34.61 | 36.26 | 48.03 | 31.99 | 16.31 | 27.05 | 29.39 | 25.16 | 21.55 |
| Days Sales Outstanding | — | 26.98 | 28.14 | 29.07 | 23.57 | 24.36 | 37.38 | 28.91 | 20.25 | 30.59 | 32.73 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 3.7% | 3.9% | 3.1% | 3.6% | 5.0% | 5.1% | 3.1% | 3.5% | 2.7% | 2.8% |
| Payout Ratio | 43.7% | 43.7% | 88.9% | 26.9% | 16.3% | 120.5% | — | 51.0% | 25.7% | 27.3% | 82.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.8% | 8.4% | 4.4% | 11.6% | 22.4% | 4.1% | — | 6.1% | 13.7% | 9.7% | 3.4% |
| FCF Yield | 14.6% | 5.2% | 4.9% | 7.6% | 17.5% | 13.0% | — | 1.8% | 12.1% | 3.5% | 0.3% |
| Buyback Yield | 1.2% | 2.3% | 7.2% | 6.7% | 3.1% | 0.0% | 1.4% | 3.3% | 11.4% | 3.0% | 2.3% |
| Total Shareholder Yield | 3.1% | 5.9% | 11.1% | 9.8% | 6.7% | 5.0% | 6.6% | 6.4% | 14.9% | 5.7% | 5.1% |
| Shares Outstanding | — | $408M | $422M | $453M | $474M | $440M | $440M | $454M | $474M | $519M | $530M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying PSX stock.
Phillips 66's current P/E ratio is 7.8x. The historical average is 13.5x. This places it at the 15th percentile of its historical range.
Phillips 66's current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.9x.
Phillips 66's return on equity (ROE) is 15.0%. The historical average is 13.6%.
Based on historical data, Phillips 66 is trading at a P/E of 7.8x. This is at the 15th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Phillips 66's current dividend yield is 1.92% with a payout ratio of 43.7%.
Phillips 66 has 4.9% gross margin and 2.7% operating margin.
Phillips 66's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Refining margin cyclicality and volatility
Metrics are mathematically derived from official filings.
Trailing Multiples Overstate Peak Earnings
Based on reported figures, PSX trades at 22.9x trailing earnings but only 7.6x forward earnings, a gap that reflects the market pricing in a reversion from the recent margin peak rather than sustained growth.
The steep compression from trailing P/E to forward P/E suggests investors are discounting the 2026Q3 earnings surge as cyclical rather than structural. Relative to peers, PSX's 0.75x price-to-sales and 3.33x price-to-book sit below Valero and Marathon, which may indicate a valuation discount tied to refining cyclicality. Investors should monitor whether forward estimates hold if crack spreads normalize toward 2024 and 2025 levels.
Margins Peaked Sharply Above Trend
Based on reported quarterly figures, PSX's net margin rose to 11.1% in 2026Q3 from roughly 0.4% to 0.6% in 2025Q3 and 2026Q1, showing earnings power that is highly sensitive to refining spreads.
The gap between the 2026Q3 operating margin of 12.7% and the 2024 and 2025 levels near zero suggests reported profitability reflects a cyclical peak rather than a steady earnings base. Compared with Marathon's 3.0% net margin and Valero's 1.9%, PSX's recent net margin appears exceptionally high, which may indicate outsized exposure to favorable crack spreads during this window. Normalized earnings power is therefore likely well below the current trailing figures.
ROIC Recovery Remains Cycle-Dependent
As reported in the quarterly statements, PSX's ROIC climbed from negative 0.3% in 2025Q1 to 9.9% in 2026Q3, but the return profile has swung widely across the ten quarters shown.
The recovery in ROIC from near zero through 2024 and 2025 to roughly 10% in the latest quarter suggests returns are driven primarily by margin expansion rather than improving capital efficiency, given asset turnover of about 0.6x. Compared with Valero's 9.5% ROIC and Delek's 9.9%, PSX's current return is in line with the group, but its sustainability is questionable. Investors should treat the recent ROIC level as a peak-cycle reading rather than a durable compounding trend.
Deleveraging Improves Coverage Comfort
Based on reported figures, PSX's debt-to-equity fell from 0.91 in 2026Q1 to 0.52 in 2026Q3, while interest coverage rose to 30.3x, indicating debt service has become considerably more comfortable.
The reduction in debt-to-equity alongside a jump in interest coverage suggests the balance sheet has strengthened materially over the most recent quarters. Relative to Marathon's 1.43x and Delek's 6.13x debt-to-equity, PSX's leverage sits at the conservative end of the peer group. However, the debt-to-EBITDA ratio of 2.65x in 2026Q3 compared with 12.6x in 2025Q3 suggests that much of this improvement is tied to earnings recovery, which may reverse if margins compress again.
Cash Conversion Masks Working Capital Volatility
According to reported figures, PSX's free cash flow margin reached 17.0% in 2026Q3 yet was negative 8.4% in 2026Q1, and the cash conversion cycle swung between 8 and 17 days, indicating working capital timing distorts quarterly cash generation.
The most commonly misapplied ratio for a refiner is the trailing P/E, which captures a peak-cycle earnings base and obscures how quickly crack spreads can revert. Forward EV/EBITDA of 5.56x may be a more useful frame, though it still depends on margin assumptions that the reported figures do not fully support. Investors should consider normalized through-cycle EBITDA, using the 2024 and 2025 average margin as a baseline, to assess what the current valuation implies under less favorable refining conditions.