Reading the tape
NYSE: PSX
Phillips 66
Energy · Oil & Gas Refining & Marketing
Market Cap
$68.78B
52w High
$190.61
52w Low
$109.75
P/E
16.73
Volume
2.53M
Outstanding Shares
400.94M
Price vs Fundamentals
Why The Stock Is Moving
Momentum disconnected from fundamentalsModerate confidence
1Y Price: 57.12%Revenue (TTM): -1.33%FCF (TTM): -95.98%P/E: 65th pct
What changed
The stock rose 57.12% over the last year. Revenue declined 1.33% over the trailing twelve months. Operating margin moved from 0.26% to 4.67%. Free cash flow declined 95.98% over the trailing twelve months.
What the market seems to be pricing
The stock is rising despite deteriorating fundamentals and now sits at the 65th percentile of its historical P/E range. This is a momentum-driven move — the market may be front-running a recovery that has not yet appeared in reported numbers.
What would invalidate this read
Operating margin (currently 4.67%) would need to stabilize or improve to justify the move. Revenue is declining 1.33% — a trend reversal in the next report would be the key signal to watch. This read is wrong if the next period shows operating metrics turning the corner. At that point the price would be anticipating real improvement rather than running ahead of it.
Company profile
Phillips 66 operates as an energy manufacturing and logistics company.
CEOMark E. Lashier
SectorEnergy
IndustryOil & Gas Refining & Marketing
Employees13,200
IPO dateApr 12, 2012
Valuation
Forward P/E—
EV/EBITDA7.60
Enterprise value$74.16B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Revenue growth11.74%
Gross margin7.04%▲44.40%vs FY2024
Operating margin4.67%▲63.92%vs FY2024
ROE15.13%▲95.94%vs FY2024
Analyst consensus
RatingBuy
Target price$163.38▼4.77%
19
Buy
14
Hold
2
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 24, 2026
Q3 FY26 · EPS est $5.76 · Revenue est $44.74B
View
Dividends
$4.94/shareQuarterly5yr growth streakEx-div May 18, 2026 · in 9dAdequatePSX pays a dividend with a 2.88% declared yield, 5 consecutive years of growth, growing at 6.77% annually, covered 1.4× by free cash flow.
Declared Yield
2.88%
Annual Div / Share
$4.94
5yr CAGR
+6.77%
Doubles every ~10.6yr
Payout Ratio
47.59%
Adequate
Dividend Growth Rate
3yr CAGR
+6.93%
5yr CAGR
+6.77%
10yr CAGR
+7.9%
Dividend Safety
6/10Adequate
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$4.94+6.2%
2025$4.65+8.1%
2024$4.30+6.4%
2023$4.04+9.5%
2022$3.69+3.7%
2021$3.56-1.1%
2020$3.60+9.1%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$29/yr
$2/mo
In 5 yrs
$40/yr+39%
$3/mo
In 10 yrs
$55/yr+93%
$5/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$29/yr $2/mo | $40/yr+39% $3/mo | $55/yr+93% $5/mo |
Yield-on-cost grows from 2.88% → 5.54% over 10yr
Analysis
Dividend Strengths
Strong dividend growth rate
The 5-year CAGR of 6.77% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.