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US downstream energy company refining crude oil and marketing fuels, plus midstream logistics and chemicals (CPChem JV).
US downstream energy company refining crude oil and marketing fuels, plus midstream logistics and chemicals (CPChem JV).
Earns the refining margin plus fees from midstream pipelines and terminals and equity income from CPChem, a chemicals venture it shares with Chevron. It was spun out of ConocoPhillips in 2012 and has been reshaping its portfolio under activist pressure.
Moat: narrow (scale, diversification). Integrated refining, midstream and 50%-owned CPChem petrochemical JV diversify earnings across the chain.
Headquarters: Houston, Texas, US · Founded: 2012 · Employees: 12,600
Size Phillips 66 (PSX) is a United States Energy company (Oil Refining/Marketing) with a market value of $95.8B, the 131st largest of 3,117 United States companies the cockpit tracks. Shares closed at $245.72 on 6 Nov 2026.
Performance Over six months the shares gained 44.3%, against +7.1% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 9 in its peer set.
Growth Revenue grew 29.1% over the last twelve months (peer median +5.6%); the operating margin is 9.6% (peer median 10.4%).
Valuation It trades at 6.6× forward earnings against a peer median of 9.4× (4th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.4 points above its cost of capital (7.8% WACC).
Backlog Backlog (remaining performance obligations) was $703M at 30 Sep 2026, down 21% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Phillips 66 has 18 bonds outstanding ($15.4B), rated BBB+ by the agencies and trading like A at a weighted spread of 73 bp.
Short interest Short interest is 1.7% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $170B | $132B | $143B | $147B | $170B |
| Revenue growth | — | -8% | -3% | -13% | — |
| Gross profit | $19.3B | $6.49B | $4.86B | $11.3B | $12.8B |
| EBITDA | $19.0B | $6.82B | $4.73B | $10.3B | $11.7B |
| Net income | $12.6B | $4.39B | $2.11B | $7.00B | $11.0B |
| Free cash flow | $12.4B | $2.73B | $2.33B | $4.61B | $8.62B |
| Capital expenditure | $2.67B | $2.23B | $1.86B | $2.42B | $2.19B |
| Total debt | $18.5B | $21.6B | $21.4B | $20.5B | $18.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Phillips 66 PSX | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% |
| Valero Energy VLO | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% |
| Marathon Petroleum MPC | $101B | +53% | +32% | 12% | 5.1× | -16.8% |
| HF Sinclair DINO | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% |
| Chevron CVX | $415B | +18% | +22% | 15% | 11.4× | -3.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PSX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.7% | -6.2% | 5th highest of 9 |
| 6-month return | +44.3% | +7.1% | 4th highest of 9 |
| Distance from 52-week high | -17.9% | -22.6% | 3rd highest of 9 |
| Revenue growth (TTM) | +29.1% | +5.6% | 2nd highest of 9 |
| Operating margin | 9.6% | 10.4% | 5th highest of 9 |
| Forward P/E | 6.6× | 9.4× | 4th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -11.3% | -3.4% | 3rd least demanding of 9 |
| Growth delivered (Del g) | +15.7% | +13.5% | 3rd highest of 9 |
| Hurdle (Req g minus delivered) | -27.0 pp | -14.4 pp | 4th least demanding of 9 |
| ROIC minus cost of capital | +18.4 pp | +4.1 pp | 3rd highest of 9 |
| EV / EBITDA | 5.8× | 6.8× | 4th cheapest of 8 |
| Net debt / EBITDA | 0.7× | 0.8× | 4th least indebted of 9 |
| Bond spread | 73 bp | 91 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Phillips 66 PSX | United States | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% | +15.7% |
| Valero Energy VLO | United States | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% | +13.6% |
| Sinopec 0386.HK | Hong Kong | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% | +5.8% |
| China Petroleum & Chemical 600028.SS | China | $99.2B | +8% | -10% | 2% | 15.8× | 9.0% | +6.3% |
| Marathon Petroleum MPC | United States | $101B | +53% | +32% | 12% | 5.1× | -16.8% | +13.9% |
| Eni ENI.MI | Italy | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% | +13.3% |
| Reliance Industries RELIANCE.NS | India | $189B | -8% | +20% | 11% | 19.3× | 19.1% | +17.8% |
| ORLEN Spolka Akcyjna PKN.WA | Poland | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% | +25.5% |
| Formosa Petrochemical Corporati 6505.TW | Taiwan | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% | +8.6% |
Phillips 66 has 18 bonds outstanding with $15.4B face value. The agencies rate it BBB+; its bonds trade like A. Weighted yield 5.61%, a spread of 73 bp over government bonds.
Phillips 66 reported $703M of remaining performance obligations at 30 Sep 2026, down 21% from a year earlier and down 8% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.