A Business at a Glance
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Items 1 and 2. BUSINESS AND PROPERTIES CORPORATE STRUCTURE Phillips 66, headquartered in Houston, Texas, was incorporated in Delaware in 2011 in connection with, and in anticipation of, a restructuring of ConocoPhillips that separated its downstream businesses into an independent, publicly traded company named Phillips 66. The two companies were separated by ConocoPhillips distributing to its shareholders all the shares of common stock of Phillips 66 after the market closed on April 30, 2012 (the separation). Phillips 66 stock trades on the New York Stock Exchange under the “PSX” stock symbol. Operating Segments Our businesses are organized into five operating segments: 1)Midstream—Provides crude oil and refined petroleum product transportation, terminaling and storage services, as well as natural gas and natural gas liquids (NGL) gathering, processing, transportation, fractionation, storage and marketing services in the United States.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Refined petroleum products and renewable fuels | — | $131.80B | $108.64B | $103.69B | $97.36B | 74% |
NGL and natural gas | $9.07B | $16.17B | $14.47B | $14.55B | $17.07B | 13% |
Crude oil resales | $12.80B | $20.57B | $20.82B | $22.01B | $15.18B | 11% |
Services and other | $581M | $1.44B | $3.46B | $2.91B | $2.77B | 2% |
Refined petroleum products | $89.02B | $131.80B | $108.64B | — | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 136.6B | 136.6B | 145.5B | 149.9B | 175.7B | 114.9B |
| Net Income | 4.4B | 4.4B | 2.1B | 7.0B | 11.0B | 1.3B |
| EPS | $10.79 | $10.79 | $4.99 | $15.48 | $23.27 | $2.97 |
| Free Cash Flow | 2.7B | 2.7B | 2.3B | 4.9B | 8.6B | 4.2B |
| ROIC | 10.8% | 10.8% | 4.6% | 13.6% | 25.6% | 4.3% |
| Gross Margin | 6.4% | 6.4% | 10.7% | 14.5% | 14.7% | 11.1% |
| Debt/Equity | 0.71 | 0.71 | 0.80 | 0.68 | 0.60 | 0.83 |
| Dividends/Share | $4.71 | $4.75 | $4.50 | $4.20 | $3.83 | $3.62 |
| Operating Income | 6.3B | 6.3B | 3.5B | 10.1B | 14.9B | 2.0B |
| Operating Margin | 4.6% | 4.6% | 2.4% | 6.8% | 8.5% | 1.8% |
| ROE | 15.1% | 15.6% | 7.7% | 22.9% | 37.4% | 6.9% |
| Shares Outstanding | 408M | 408M | 424M | 453M | 474M | 443M |
Phillips 66 passes 4 of 9 quality checks, suggesting mixed fundamentals.
Phillips 66 trades at 14.9x trailing earnings, compared to its 15-year median P/E of 11.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 23.6x vs a median of 15.2x. The company's 5-year average ROIC is 11.8% with a gross margin of 11.5%. Total shareholder yield (dividends + buybacks) is 4.8%. At current prices, the estimated annualized return to fair value is +17.8%.
Phillips 66 (PSX) has a current P/E ratio of 14.9, compared to its historical median P/E of 11.7. The stock is currently considered Fair based on its historical valuation range.
Phillips 66 (PSX) has a 5-year average return on invested capital (ROIC) of 11.8%. This indicates solid capital allocation.
Phillips 66 (PSX) has a market capitalization of $65.5B. It is classified as a large-cap stock.
Yes, Phillips 66 (PSX) pays a dividend with a trailing twelve-month yield of 2.94%. The company also returns capital through share buybacks, with a buyback yield of 1.84%.
Based on historical P/E analysis, Phillips 66 (PSX) appears fair. The current P/E of 14.9 is 27% above its historical median of 11.7. The estimated fair value CAGR (P/E method) is 5.8%.
Phillips 66 (PSX) operates in the Petroleum Refining industry, within the Energy sector.
Phillips 66 (PSX) reported annual revenue of $136.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Phillips 66 (PSX) has a net profit margin of 3.2%. This is a modest margin.
Phillips 66 (PSX) generated $2.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Phillips 66 (PSX) has a debt-to-equity ratio of 0.71. This indicates moderate leverage.
Phillips 66 (PSX) reported earnings per share (EPS) of $10.79 in its most recent fiscal year.
Phillips 66 (PSX) has a return on equity (ROE) of 15.6%. This indicates the company generates strong returns for shareholders.
Phillips 66 (PSX) has a 5-year average gross margin of 11.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for Phillips 66 (PSX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Phillips 66 (PSX) has a book value per share of $71.30, based on its most recent annual SEC filing.