Phillips 66 (PSX) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	139.4	113.9	133.1	104.1	72.5	69.9	111.4	86.2	101.2	86.4	81.8
Total Shares Outstanding	402.9	408.4	430.5	465.8	438.3	436.9	441	456.2	502.3	518.8	529.4
Market Cap	56,151.1	46,528.2	57,312.1	48,485	31,755.9	30,554.8	49,134.7	39,298.7	50,804.6	44,826.6	43,305.8
Total Enterprise Value (TEV)	77,221.1	65,907.2	74,415.1	64,154	45,527.9	46,472.8	61,542.7	49,939.7	60,138.6	53,588.6	49,956.8
Dividend Yield	—	3.9%	3.1%	3.7%	5%	5.1%	3.1%	3.5%	2.7%	2.8%	2.6%
Buyback Yield	—	7.2%	6.8%	2.9%	-0.1%	1.4%	3.3%	11.7%	3.1%	2.2%	3.4%
Debt Paydown Yield	—	-4.6%	-3.5%	5%	4.8%	-13.5%	-1%	-2.6%	0.3%	-2.8%	-0.6%
Shareholder Yield	—	2.7%	3.3%	8%	4.7%	-12%	2.4%	9.1%	3.4%	-0.5%	2.9%
P/S	0.4	0.3	0.4	0.3	0.3	0.5	0.5	0.4	0.5	0.5	0.4
P/Gross Profit	3.9	3.5	3	2.4	3.4	4.8	4.2	2.9	2.2	2.1	1.7
P/E	38.1	22.8	8.6	4.5	24.4	-7.7	16.5	7.3	10.3	29.6	10.6
Earnings Yield	2.6%	4.4%	11.6%	22.4%	4.1%	-13%	6.1%	13.7%	9.7%	3.4%	9.4%
P/OCF	—	11.1	8.2	4.5	5.3	14.5	10.2	5.2	13.9	15.1	7.6
P/FCF	—	20	11.8	5.4	7.6	-37.8	52.6	8	28	376.7	-849.1
FCF Yield	—	5%	8.5%	18.4%	13.1%	-2.6%	1.9%	12.6%	3.6%	0.3%	-0.1%
P/B	2.1	1.7	1.9	1.6	1.7	1.6	2	1.6	2	2	1.9
EV/Sales	0.6	0.5	0.5	0.4	0.4	0.7	0.6	0.4	0.6	0.6	0.5
EV/Gross Profit	5.4	5	3.9	3.2	4.9	7.2	5.2	3.7	2.6	2.5	2
EV/EBITDA	118.3	18.2	7.5	5.7	82.6	-10.5	16.6	7.7	19.8	24.5	9.1
EV/EBIT	118.3	52.7	9.4	6.7	-43.2	-8	25.9	9.7	34.9	52.7	11.3
EV/OCF	—	15.7	10.6	5.9	7.6	22	12.8	6.6	16.5	18.1	8.7
EV/FCF	—	28.3	15.3	7.2	11	-57.4	65.8	10.1	33.1	450.3	-979.5

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Dividend Yield	—	3.9%	3.1%	3.7%	5%	5.1%	3.1%	3.5%	2.7%	2.8%	2.6%
DPS	—	4.5	4.2	3.8	3.6	3.6	3.5	3.1	2.7	2.4	2.2
Payout Ratio	—	88.9%	26.8%	16.3%	120.3%	-39.6%	51%	25.7%	27.3%	82.4%	27.7%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	10.8%	9.2%	13.1%	11.8%	8.4%	10%	11%	12.1%	22.4%	25.9%	25.8%
Operating Margin	0.5%	0.9%	5.4%	5.6%	-0.9%	-9.1%	2.2%	4.6%	1.7%	1.2%	4.5%
EBITDA Margin	0.5%	2.5%	6.7%	6.6%	0.5%	-6.9%	3.5%	5.8%	3%	2.6%	5.6%
Net Profit Margin	1.2%	1.5%	4.9%	6.7%	1.4%	-5.8%	3.1%	5.3%	5.1%	2%	4.3%
Effective Tax Rate	16.8%	18.7%	23.6%	22.2%	8.4%	25.2%	19.2%	21.1%	-47.6%	25%	29.2%
Pre-Tax Profit Margin	1.5%	1.9%	6.4%	8.6%	1.6%	-7.7%	3.9%	6.7%	3.5%	2.6%	6.1%
Free Cash Flow Margin	—	1.6%	3.3%	5.3%	3.7%	-1.3%	0.9%	4.4%	1.8%	0.1%	-0.1%
OCF / Sales	—	2.9%	4.8%	6.4%	5.4%	3.3%	4.5%	6.8%	3.6%	3.5%	5.8%
OCF / Net Income	—	192.7%	97.1%	94.9%	377.5%	-56.8%	142.4%	128.9%	69.5%	180.2%	133.5%
FCF / OCF	—	55.6%	69.3%	82.5%	69.1%	-38.3%	19.4%	65.2%	49.8%	4%	-0.9%
FCF / Net Income	—	107.2%	67.3%	78.4%	260.8%	21.8%	27.7%	84%	34.6%	7.2%	-1.2%
FCF / EBITDA	—	64.5%	49.4%	79.9%	754.4%	18.3%	25.2%	75.7%	59.7%	5.4%	-0.9%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	0.9%	1.7%	10.5%	15%	-2.2%	-9.6%	4.3%	9.6%	6.2%	1.9%	8.7%
Return on Assets	0.7%	1.4%	7.9%	11.2%	-1.8%	-7.7%	3.4%	7.5%	4.8%	1.5%	6.4%
Return on Equity	5.8%	7.2%	22%	40.9%	7.4%	-15.3%	12.4%	21.5%	20.5%	6.9%	18.6%
Return on Total Capital	2.4%	4.9%	28.6%	38.3%	-5.5%	-26.8%	13.9%	31.2%	21.3%	7.2%	33.3%
Return on Capital Employed	1.1%	2.1%	13.1%	18.5%	-2.4%	-12.6%	5.1%	11.5%	4%	2.4%	11.3%
Return on Tangible Assets	2.2%	3%	9.8%	17.9%	3%	-6.9%	6.4%	11.7%	10.7%	3.6%	9.6%
Receivables Turnover	12.2	12.6	13	18.4	15.9	8.5	14.6	16.3	14.7	14.6	15.9
Days Sales Outstanding	29.8	29	28.1	19.8	22.9	42.8	25	22.4	24.8	25.1	22.9
Payables Turnover	11.5	12.3	11.5	15.2	14.6	8.2	12.6	13.4	10.5	9.8	10.7
Days Payables Outstanding	31.8	29.8	31.7	24.1	25	44.7	29	27.2	34.7	37.1	34.1
Inventory Turnover	22.6	33.6	36.5	45	28	15	26.1	28.2	24.3	18.9	21.4
Days Inventory Outstanding	16.1	10.9	10	8.1	13	24.3	14	12.9	15	19.4	17.1
Cash Conversion Cycle	14.2	10.1	6.5	3.9	10.9	22.4	10	8.1	5.2	7.3	5.9
Asset Turnover	1.8	1.9	1.9	2.6	2	1.1	1.9	2.1	1.9	1.7	2
Fixed Asset Turnover	3.7	4	4.2	5.9	4.8	2.7	4.7	5.1	4.8	4.2	5.3
Operating Cycle	46	39.9	38.1	27.9	35.9	67	39	35.3	39.8	44.4	40
CapEx to OCF	—	0.4	0.3	0.2	0.3	1.4	0.8	0.3	0.5	1	1
CapEx to Revenue	—	0	0	0	0	0	0	0	0	0	0.1
CapEx to Depreciation	—	0.8	1.1	1.2	1.2	2.1	2.9	1.9	1.4	2.4	5.3

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	21,755	20,062	19,359	17,190	14,448	15,893	11,763	11,160	10,110	10,138	8,887
Net Debt	19,910	18,324	16,036	11,057	11,301	13,379	10,149	8,141	6,991	7,427	5,813
Current Ratio	1.2	1.2	1.3	1.4	1.1	1.4	1.2	1.5	1.4	1.3	1.6
Quick Ratio	0.7	0.8	0.9	1.1	0.8	0.9	0.9	1	1.1	1	1.1
Cash Ratio	0.1	0.1	0.2	0.4	0.2	0.3	0.1	0.3	0.3	0.3	0.4
Debt Ratio	0.3	0.3	0.3	0.2	0.3	0.3	0.2	0.2	0.2	0.2	0.2
Assets to Equity	2.7	2.6	2.4	2.2	2.6	2.5	2.2	2	2	2.2	2
Cash Flow to Debt Ratio	—	0.2	0.4	0.6	0.4	0.1	0.4	0.7	0.4	0.3	0.6
Long-term Debt to Assets	0.3	0.3	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.2	0.2
Intangibles to Total Assets	0	0	0	0	0	0	0.1	0.1	0.1	0.1	0.1
Net Current Asset Value	-27,182	-27,264	-24,977	-25,026	-21,731	-22,461	-19,415	-16,440	-14,896	-16,583	-13,224
Goodwill / Assets	0	0	0	0	0	0	0.1	0.1	0.1	0.1	0.1
Debt / Equity	0.8	0.7	0.6	0.5	0.7	0.7	0.4	0.4	0.4	0.4	0.4
Total Debt / Capitalization	0.9	0.9	0.9	0.8	0.9	0.9	0.8	0.8	0.8	0.9	0.9
Long Term Debt / Capitalization	0.8	0.9	0.9	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9
Long-Term Debt / Equity	0.7	0.6	0.6	0.5	0.6	0.7	0.4	0.4	0.4	0.4	0.4
Net Debt / EBITDA	30.5	5.1	1.6	1	20.5	-3	2.7	1.2	2.3	3.4	1.1
EBIT / Interest Expense	0.7	1.4	8.8	15.4	-1.8	-11.7	5.2	10.2	3.9	3	14.3
EBITDA / Interest Expense	0.7	4	11	18	0.9	-8.9	8.1	12.9	6.9	6.5	17.8
(EBITDA - Capex) / Interest Expense	0.7	1.9	8.6	15	-2.3	-14.7	-0.3	7.7	2.8	-2	-0.8

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	322.4	339.3	325.2	358.8	253.1	145.9	236.4	235.1	197.4	159	180.9
Basic EPS	3.7	5	15.6	23.4	3	-9.1	6.8	11.9	9.9	2.9	7.8
Diluted EPS	3.7	5	15.5	23.3	3	-9.1	6.8	11.8	9.9	2.9	7.7
Book Value per Share	65.8	65	67.5	62.3	43.5	43.2	54.9	52	48.4	42.2	42.2
Tangible Book Value per Share	59.8	58.5	62	57.4	38.3	38	45.8	43.3	40.4	34.4	34.6
Cash per Share	4.5	4.1	7.3	12.9	7.1	5.7	3.6	6.4	6	5.1	5.6
Operating Cash Flow per Share	—	9.9	15.5	22.8	13.7	4.8	10.6	16	7	5.6	10.4
Free Cash Flow per Share	—	5.5	10.8	18.8	9.4	-1.8	2.1	10.4	3.5	0.2	-0.1
CapEx per Share	—	4.4	4.8	4	4.2	6.6	8.5	5.6	3.5	5.4	10.5
Weighted Avg. Shares Outstanding	408	420.2	450.1	471.5	440	439.5	451.4	470.7	515.1	527.5	542.4
Weighted Avg. Shares Outstanding Diluted	409.2	421.9	453.2	473.7	440.4	439.5	453.9	474	518.5	530.1	547

Common Size