Latest Ratios: P/E Ratio 16.6x · EV/EBITDA 13.7x · 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 | $71.7B | $52.7B | $48.1B | $60.3B | $49.3B | $31.9B | $30.7B | $50.6B | $40.8B | $52.4B | $45.8B |
| Enterprise Value | $93.5B | $74.4B | $66.4B | $76.4B | $60.4B | $43.5B | $44.4B | $61.0B | $49.0B | $59.4B | $53.2B |
| P/E Ratio → | 16.57 | 11.96 | 22.83 | 8.62 | 4.47 | 24.40 | — | 16.46 | 7.30 | 10.27 | 29.59 |
| P/S Ratio | 0.54 | 0.40 | 0.34 | 0.41 | 0.29 | 0.29 | 0.48 | 0.47 | 0.37 | 0.59 | 0.64 |
| P/B Ratio | 2.41 | 1.74 | 1.69 | 1.91 | 1.45 | 1.47 | 1.43 | 1.86 | 1.50 | 1.91 | 1.93 |
| P/FCF | 26.27 | 19.29 | 20.61 | 13.09 | 5.72 | 7.68 | — | 54.08 | 8.28 | 28.88 | 384.90 |
| P/OCF | 14.45 | 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 | 13.71 | 10.92 | 14.04 | 7.43 | 5.15 | 15.24 | — | 13.29 | 7.63 | 17.72 | 19.55 |
| EV / EBIT | 26.55 | 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 | 2.6% | 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 | 6.0% | 8.4% | 4.4% | 11.6% | 22.4% | 4.1% | — | 6.1% | 13.7% | 9.7% | 3.4% |
| FCF Yield | 3.8% | 5.2% | 4.9% | 7.6% | 17.5% | 13.0% | — | 1.8% | 12.1% | 3.5% | 0.3% |
| Buyback Yield | 1.7% | 2.3% | 7.2% | 6.7% | 3.1% | 0.0% | 1.4% | 3.3% | 11.4% | 3.0% | 2.3% |
| Total Shareholder Yield | 4.3% | 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 |
Refining margin volatility
According to current market data, Phillips 66 trades at a forward P/E of 9.67, which suggests that investors are pricing in a significant normalization of earnings compared to the TTM P/E of 15.91, reflecting deep skepticism regarding the sustainability of recent refining margin peaks.
The divergence between TTM and forward multiples indicates that the market anticipates a contraction in profitability as the refining cycle turns. Investors should monitor whether the current EV/EBITDA of 13.29 remains justified if the company's diversified midstream and chemical segments fail to provide the expected earnings floor during a broader energy sector downturn.
As reported in financial statements, Phillips 66's ROIC has struggled to maintain momentum, fluctuating between a low of -0.7% and a peak of 4.1% over the last ten quarters, which indicates that the company is currently failing to consistently generate returns above its cost of capital.
The erratic ROIC trend suggests that the company's heavy capital investment in refining and midstream assets is not yet yielding the expected efficiency gains. This performance gap warrants further investigation into whether the ongoing Business Transformation initiative can effectively optimize asset utilization or if structural headwinds in the chemical segment will continue to suppress overall returns.
Based on the provided quarterly data, the cash conversion cycle has remained relatively tight, averaging approximately 14 days, yet the recent volatility in inventory and receivables suggests that operational efficiency is increasingly susceptible to external supply chain disruptions and shifting demand patterns in the refining segment.
While the short CCC indicates a lean operational model, the recent swings in DIO and DSO suggest that the company is struggling to maintain consistent working capital efficiency. Investors should monitor whether these fluctuations are temporary maintenance-related issues or a sign of weakening leverage over suppliers and customers in a more competitive market environment.
As indicated by recent quarterly filings, the company's debt-to-equity ratio has climbed to 0.91 in 2026Q1 from 0.61 in 2023Q4, a trend that suggests management is increasingly relying on debt financing to sustain operations and shareholder returns amidst a period of significant cash flow volatility.
The rising leverage profile, combined with an interest coverage ratio that has compressed to 9.98, indicates that the company's debt service capacity is becoming less comfortable. This shift toward a more leveraged balance sheet may limit future financial flexibility if refining margins remain under pressure for an extended period.
The P/E ratio is frequently misapplied to Phillips 66 because it aggregates volatile refining earnings with stable midstream and chemical cash flows, effectively obscuring the underlying quality of the business and leading to an inaccurate assessment of the company's true earnings power and valuation floor.
Analysts should instead utilize a sum-of-the-parts approach to properly value the distinct segments, as the market often applies a blanket discount to the entire entity based on refining volatility. Relying on a consolidated P/E ratio fails to account for the structural value of the midstream network and the CPChem joint venture, which deserve higher, more stable valuation multiples.
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 16.6x. The historical average is 13.5x. This places it at the 77th percentile of its historical range.
Phillips 66's current EV/EBITDA is 13.7x. 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 16.6x. This is at the 77th 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 2.63% 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.