Latest Ratios: P/E Ratio 23.8x · EV/EBITDA 18.3x · 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 | $102.8B | $52.7B | $48.1B | $60.3B | $49.3B | $31.9B | $30.7B | $50.6B | $40.8B | $52.4B | $45.8B |
| Enterprise Value | $124.6B | $74.4B | $66.4B | $76.4B | $60.4B | $43.5B | $44.4B | $61.0B | $49.0B | $59.4B | $53.2B |
| P/E Ratio → | 23.77 | 11.96 | 22.83 | 8.62 | 4.47 | 24.40 | — | 16.46 | 7.30 | 10.27 | 29.59 |
| P/S Ratio | 0.78 | 0.40 | 0.34 | 0.41 | 0.29 | 0.29 | 0.48 | 0.47 | 0.37 | 0.59 | 0.64 |
| P/B Ratio | 3.46 | 1.74 | 1.69 | 1.91 | 1.45 | 1.47 | 1.43 | 1.86 | 1.50 | 1.91 | 1.93 |
| P/FCF | 37.68 | 19.29 | 20.61 | 13.09 | 5.72 | 7.68 | — | 54.08 | 8.28 | 28.88 | 384.90 |
| P/OCF | 20.72 | 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 | 18.27 | 10.92 | 14.04 | 7.43 | 5.15 | 15.24 | — | 13.29 | 7.63 | 17.72 | 19.55 |
| EV / EBIT | 35.40 | 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 | 3.36 | 3.36 | 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 | 3.19 | 3.19 | 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 | 1.8% | 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 | 4.2% | 8.4% | 4.4% | 11.6% | 22.4% | 4.1% | — | 6.1% | 13.7% | 9.7% | 3.4% |
| FCF Yield | 2.7% | 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 | 3.0% | 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 23.8x. The historical average is 13.5x. This places it at the 85th percentile of its historical range.
Phillips 66's current EV/EBITDA is 18.3x. 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 23.8x. This is at the 85th 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 1.84% 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 volatility persists
Metrics are mathematically derived from official filings.
Margin Recovery Masks Cyclicality
Gross margin surged to 14.4% in 2026Q2 from 5.7% a year earlier, per quarterly data, but the 10-quarter average near 5% underscores persistent volatility in refining spreads.
The sequential jump in gross margin from 10.6% in 2026Q1 to 14.4% in 2026Q2, as reported in financial statements, reflects a sharp recovery in refining crack spreads, yet the prior two years saw margins oscillate between 1.8% and 5.7%. Operating margin of 9.8% in 2026Q2 is the highest in the observed period, but the 2025Q1 negative operating margin of -0.5% highlights how quickly earnings power can erode. Net margin of 7.5% in 2026Q2 is flattered by the cyclical peak; investors should normalize margins across a full cycle rather than extrapolate the current quarter.
ROIC Recovery Still Below Cost of Capital
ROIC improved to 7.4% in 2026Q2 from 1.4% a year earlier, per reported figures, but remains below the typical cost of capital, suggesting value creation is still cyclical.
The 10-quarter ROIC series shows extreme dispersion, from -0.7% in 2024Q3 to 7.4% in 2026Q2, with a median near 1.5%, indicating that the company's returns on invested capital are highly sensitive to refining margins. The 2026Q2 ROE of 12.3% is the strongest in the period, but it is driven by a single quarter of peak earnings; the prior quarter's ROE of 0.7% demonstrates the fragility. Based on reported figures, the improvement in ROIC appears to be a cyclical rebound rather than a structural shift, as asset turnover has remained relatively stable around 0.45-0.61.
Working Capital Efficiency Tightens
Cash conversion cycle shortened to 10 days in 2026Q2 from 14 days a year earlier, per quarterly data, driven by faster receivables collection and lower inventory days.
DSO fell to 21 days in 2026Q2 from 30 days in 2025Q2, while DIO dropped to 13 days from 16 days, as reported in financial statements, indicating improved working capital management during the demand surge. DPO remained relatively stable at 25 days, suggesting PSX is not stretching supplier payments to fund operations. The tighter CCC is a positive sign, but it may reflect the timing of crude purchases and product sales; investors should monitor whether this efficiency persists when refining margins normalize.
Deleveraging Improves Coverage but Cyclical Risk Remains
D/E fell to 0.63 in 2026Q2 from 0.91 in 2026Q1, per balance sheet data, while interest coverage jumped to 16.8x from 1.9x, reflecting debt reduction and stronger EBITDA.
Total debt declined to $20.6B in 2026Q2 from $27.1B in 2026Q1, as reported in financial statements, and D/EBITDA improved to 3.69x from 7.92x, indicating a more comfortable leverage position. However, the 10-quarter D/EBITDA range of 3.69x to 170.92x (the latter in 2024Q3 when EBITDA collapsed) underscores how quickly coverage can deteriorate when refining margins compress. The current interest coverage of 16.8x is robust, but it is based on peak earnings; investors should stress-test coverage at mid-cycle margins, which would likely reduce EBITDA significantly.
Liquidity Buffer Strengthens but Quick Ratio Remains Thin
Current ratio improved to 1.32 in 2026Q2 from 1.13 in 2026Q1, per quarterly data, yet the quick ratio of 1.00 indicates limited cushion beyond inventory.
Cash increased to $4.1B in 2026Q2, as reported in financial statements, supporting the improved current ratio, but the quick ratio of 1.00 suggests that a sharp decline in inventory values could pressure short-term liquidity. The 10-quarter quick ratio has ranged from 0.79 to 1.00, indicating that PSX operates with a thin liquid asset buffer relative to current liabilities. Given the volatility in refining margins, the liquidity position appears adequate for normal operations but could be strained under a severe downturn, especially if working capital outflows coincide with margin compression.
P/E Misleads in Cyclical Refining
The trailing P/E of 19.97 appears reasonable, but forward P/E of 9.57, per valuation data, may understate risk if refining margins revert to historical averages.
The most commonly misapplied ratio for PSX is the P/E, because refining earnings are highly cyclical and current earnings are near a peak. The trailing P/E of 19.97 is elevated relative to the forward P/E of 9.57, reflecting the market's expectation of continued strong margins, but the 10-quarter data show that net margins can swing from 0% to 7.5% within a year. Investors should use a mid-cycle earnings estimate or EV/EBITDA normalized across the cycle, as the current P/E may overstate value if margins revert to the 2-4% range seen in 2024-2025. The EV/EBITDA of 15.87 on trailing EBITDA is also distorted by depressed EBITDA in prior quarters; forward EV/EBITDA of 10.23 is more indicative but still assumes margin persistence.