Financials Phillips 66

Equities

PSX

US7185461040

Oil & Gas Refining and Marketing

Market Closed - Nyse Other stock markets 04:00:02 2024-05-31 pm EDT			5-day change	1st Jan Change
142.1 ^USD	+2.69%		-0.40%	+6.74%

May. 31	US refiners boosting fuel output past 90% of capacity for summer driving season	RE
May. 30	Raymond James Adjusts Price Target on Phillips 66 to $160 From $163	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,506	30,550	31,752	49,192	58,576	60,248	-	-
Enterprise Value (EV) ¹	59,655	43,929	43,053	60,249	74,612	77,436	75,481	73,489
P/E ratio	16.5 x	-7.72 x	24.4 x	4.47 x	8.6 x	12.2 x	10.5 x	8.86 x
Yield	3.14%	5.15%	5.02%	3.68%	3.15%	3.13%	3.25%	3.34%
Capitalization / Revenue	0.45 x	0.47 x	0.28 x	0.28 x	0.39 x	0.42 x	0.44 x	0.44 x
EV / Revenue	0.54 x	0.67 x	0.37 x	0.34 x	0.5 x	0.54 x	0.55 x	0.54 x
EV / EBITDA	7.87 x	24 x	6.84 x	3.99 x	5.89 x	8.22 x	7.23 x	7.11 x
EV / FCF	63.8 x	-53.6 x	10.4 x	6.99 x	16.2 x	16 x	13.4 x	12.4 x
FCF Yield	1.57%	-1.87%	9.66%	14.3%	6.18%	6.27%	7.48%	8.04%
Price to Book	1.97 x	1.61 x	1.66 x	1.64 x	1.86 x	1.94 x	1.77 x	1.58 x
Nbr of stocks (in thousands)	444,358	436,800	438,202	472,632	439,956	423,952	-	-
Reference price ²	111.4	69.94	72.46	104.1	133.1	142.1	142.1	142.1
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	109,559	65,494	114,852	175,702	149,890	144,168	138,082	136,800
EBITDA ¹	7,582	1,834	6,291	15,090	12,672	9,423	10,440	10,343
EBIT ¹	4,636	-4,465	2,321	15,258	10,366	7,246	8,335	8,352
Operating Margin	4.23%	-6.82%	2.02%	8.68%	6.92%	5.03%	6.04%	6.11%
Earnings before Tax (EBT) ¹	4,178	-4,964	1,740	14,639	9,469	6,580	7,413	7,526
Net income ¹	3,076	-3,975	1,317	11,024	7,015	4,889	5,465	6,272
Net margin	2.81%	-6.07%	1.15%	6.27%	4.68%	3.39%	3.96%	4.59%
EPS ²	6.770	-9.060	2.970	23.27	15.48	11.66	13.56	16.03
Free Cash Flow ¹	935	-820	4,157	8,619	4,611	4,853	5,649	5,908
FCF margin	0.85%	-1.25%	3.62%	4.91%	3.08%	3.37%	4.09%	4.32%
FCF Conversion (EBITDA)	12.33%	-	66.08%	57.12%	36.39%	51.51%	54.11%	57.12%
FCF Conversion (Net income)	30.4%	-	315.64%	78.18%	65.73%	99.28%	103.36%	94.19%
Dividend per Share ²	3.500	3.600	3.640	3.830	4.200	4.445	4.619	4.740
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	33,568	36,722	49,309	48,764	40,907	35,089	35,740	40,322	38,739	36,436	36,479	35,972	35,322	35,354	35,888
EBITDA ¹	2,445	1,664	5,228	4,870	3,328	3,287	3,085	3,606	2,694	1,943	2,451	2,720	2,364	2,410	3,023
EBIT ¹	1,768	963	4,239	7,316	2,745	2,843	2,510	3,034	1,979	1,191	1,885	2,168	1,828	1,841	2,211
Operating Margin	5.27%	2.62%	8.6%	15%	6.71%	8.1%	7.02%	7.52%	5.11%	3.27%	5.17%	6.03%	5.17%	5.21%	6.16%
Earnings before Tax (EBT) ¹	1,627	828	4,106	7,158	2,547	2,651	2,244	2,813	1,761	964	1,862	2,044	1,538	1,532	2,328
Net income ¹	1,273	582	3,167	5,391	1,884	1,961	1,697	2,097	1,260	748	1,436	1,541	1,126	1,272	1,620
Net margin	3.79%	1.58%	6.42%	11.06%	4.61%	5.59%	4.75%	5.2%	3.25%	2.05%	3.94%	4.28%	3.19%	3.6%	4.51%
EPS ²	2.880	1.290	6.530	11.16	3.970	4.200	3.720	4.690	2.860	1.730	3.358	3.645	2.692	3.025	3.885
Dividend per Share ²	0.9200	0.9200	0.9700	0.9700	0.9700	1.050	1.050	1.050	1.050	1.050	1.130	1.142	1.142	1.167	1.173
Announcement Date	1/28/22	4/29/22	7/29/22	11/1/22	1/31/23	5/3/23	8/2/23	10/27/23	1/31/24	4/26/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,149	13,379	11,301	11,057	16,036	17,189	15,234	13,242
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.339 x	7.295 x	1.796 x	0.7327 x	1.265 x	1.824 x	1.459 x	1.28 x
Free Cash Flow ¹	935	-820	4,157	8,619	4,611	4,853	5,649	5,908
ROE (net income / shareholders' equity)	14.8%	-1.74%	13.2%	36.6%	23.8%	16.8%	18.8%	16.9%
ROA (Net income/ Total Assets)	6.47%	-0.67%	4.57%	13.5%	9.23%	6.73%	8.28%	-
Assets ¹	47,533	590,200	28,815	81,764	75,972	72,638	65,971	-
Book Value Per Share ²	56.50	43.50	43.80	63.30	71.50	73.20	80.10	89.70
Cash Flow per Share ²	12.40	5.540	8.850	22.70	19.50	17.10	19.60	20.90
Capex ¹	3,873	2,920	1,860	2,194	2,418	2,186	2,085	2,108
Capex / Sales	3.54%	4.46%	1.62%	1.25%	1.61%	1.52%	1.51%	1.54%
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	1/31/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Phillips 66

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

142.1 USD

Average target price

163.6 USD

Spread / Average Target

+15.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
PHILLIPS 66	+6.74%	60.25B
RELIANCE INDUSTRIES LTD	+10.67%	232B
CHINA PETROLEUM & CHEMICAL CORPORATION	+21.27%	102B
BP PLC	+4.72%	102B
MARATHON PETROLEUM CORPORATION	+19.04%	62.23B
VALERO ENERGY CORPORATION	+20.88%	51.38B
IMPERIAL OIL LIMITED	+27.58%	37.82B
INDIAN OIL CORPORATION LIMITED	+25.07%	26.8B
FORMOSA PETROCHEMICAL CORPORATION	-16.48%	19.74B
REPSOL S.A.	+11.67%	19.82B

Other Oil & Gas Refining and Marketing