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Phillips 66

NYSE: PSX

Stock price

281.6 USD

(+242.87%) 5 years

Oil & Gas Refining & Marketing

Financial Performance

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5Y price score: 316

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The price score is a basic measure of the stock's performance against the S&P 500 Index over a five-year period.

A score of 100 indicates that the stock did as well as the S&P 500 Index.

A score below 100 means the stock underperformed the index, while a score above 100 means it outperformed the S&P 500.

10Y return: 295.4%

DATE RANGE:

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  • Free cash flow per share

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126.7

52-week range

282.6

281.6

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Required return / cost of capital
%
FCFF terminal growth rate
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Your fair value & Margin of safety

To calculate fair value based on cost of capital and terminal growth assumptions above, please select free cash flow forecast.

Forecast:

Valuation

Free Cash Flow Yield

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FCF Yield TTM = Trailing Twelve Months free cash flow per share / current market price per shareLearn more

5.6 %

Dividend Yield TTM

1.8 %

Market cap $

$ 112,903

Price / Earnings TTM

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P/E TTM = current market price per share / Trailing Twelve Months diluted earnings per shareLearn more

16

Price / Book TTM

3.6

PEG TTM

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Price/Earnings-to-Growth ratio = P/E TTM divided by most recent annual diluted earnings per share growth rateLearn more

0.1

Earnings growth and return

LTM

5YR

10YR

Total return (price & dividends)

118.1 %

268.2 %

295.3 %

Free cash flow per share growth

2,465.6 %

463.4 %

7,272.8 %

Earnings per share growth

344.2 %

219.1 %

39.6 %

Founded: 2,012

Employees: 13,200

Business Summary:Phillips 66 operates as a diversified energy company, specializing in both manufacturing and logistics. Its comprehensive business model is structured across four primary segments: Midstream, Chemicals, Refining, and Marketing & Specialties (M&S). The Midstream division manages the vital infrastructure for transporting and processing various energy commodities. This includes moving crude oil and other feedstocks, delivering refined petroleum products to market, offering terminaling and storage solutions, and handling natural gas liquids (NGLs) through processes like transportation, storage, fractionation, export, and marketing. It also provides fee-based processing services and oversees the gathering, processing, transportation, and marketing of natural gas. The Chemicals segment is dedicated to the production and distribution of a broad spectrum of chemical products. This encompasses olefins like ethylene, aromatics and styrenics such as benzene, cyclohexane, styrene, and polystyrene, alongside various specialty chemicals. These specialty products include organosulfur compounds, solvents, catalysts, and chemicals utilized in drilling and mining operations. Through its Refining segment, Phillips 66 transforms crude oil and other feedstocks into essential petroleum products. These include different grades of gasoline, distillates, aviation fuels, and renewable fuels, processed at its network of 12 refineries located in the United States and Europe. The Marketing & Specialties (M&S) segment focuses on the procurement, resale, and marketing of refined petroleum products like gasolines, distillates, and aviation fuels, primarily serving markets in the United States and Europe. This segment also manufactures and distributes specialized products, including base oils and lubricants. Phillips 66, founded in 1875, is headquartered in Houston, Texas.

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Fair Value Reference Estimate

Latest Earnings Call Takeaways

2026 Q2 (Aug 5, 2026)

1) Strategy & Leadership
- Mark Lashier, CEO, emphasized the company's transformation and operational excellence, highlighting a focus on safety, reliability, and continuous improvement.
- Phillips 66 aims to maximize shareholder returns through disciplined execution and capital allocation, targeting over 50% of net operating cash flow for shareholder returns.
- The company is investing for long-term growth, with a resilient business model and integrated North American infrastructure.

2) Financial & Segment Results
- Reported and adjusted earnings for Q2 2026 were $3.8 billion, with earnings per share at $9.55 and $9.41, respectively.
- Operating cash flow (excluding working capital) was $4.3 billion, with capital spending of $726 million.
- Segment performance highlights:
- Midstream: Increased margins and volumes, achieving record LPG export volumes.
- Refining: Higher realized margins driven by increased market crack spreads; captured 98% of market indicators.
- Chemicals: Improved margins due to higher polyethylene prices.
- Renewable Fuels: Benefited from higher regulatory credits and production, running above nameplate capacity.

3) Problems / Headwinds
- The company faces ongoing regulatory uncertainties in the renewable sector, particularly regarding renewable credit regulations.
- Market volatility and geopolitical tensions (e.g., the Iran conflict) continue to impact refining margins and operational dynamics.
- There are concerns about potential oversupply in the chemicals market as global dynamics normalize post-crisis.

4) Operational or Product Plans
- Phillips 66 is focused on enhancing operational efficiency, with over 200 initiatives aimed at reducing operating costs by $500 million by 2027.
- The company expects to achieve a $4.5 billion run rate in Midstream EBITDA by 2027, supported by ongoing expansion projects.
- Upcoming projects include the Western Gateway pipeline, expected to enhance fuel supply reliability to the Western U.S.

5) Guidance & Outlook / Investor Angle
- For Q3, Phillips 66 anticipates maintaining a capture rate around 95% and expects continued strong performance in refining and midstream segments.
- The company is committed to reducing net debt below $16 billion by year-end 2026, with a longer-term target of approximately $13.5 billion.
- The macro environment appears constructive, with expectations for continued strong refining margins and operational performance.

Bottom line: Phillips 66 is well-positioned for sustained growth and shareholder returns, bolstered by strong operational performance across its segments, a disciplined capital allocation strategy, and a focus on long-term investments despite facing regulatory and market challenges.

Annual Reports, Presentations And IR Contacts

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Annual report links (10K)
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Phillips 66 — Financial Overview, Stock Price, Market Cap

Phillips 66 is a company. Founded in 2012. As of October 9, 2026, the company's market capitalization is $112903301632 with a current stock price of $281.60.