Question 1

What is ConocoPhillips's P/FCF ratio?

Accepted Answer

ConocoPhillips (COP) P/FCF ratio is 9.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for ConocoPhillips?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For ConocoPhillips specifically, the relevant sector benchmark is the current sector median of 22.1×.

Question 5

Is ConocoPhillips's P/FCF ratio high or low?

Accepted Answer

ConocoPhillips's P/FCF ratio of 9.5× is below its own 5-year average of 11.7× and below the sector median of 22.1×. That places the current reading at the 32th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is ConocoPhillips's historical P/FCF ratio range?

Accepted Answer

In the available daily series, ConocoPhillips (COP) P/FCF ratio has ranged from a low of 6.4× in 2023 to a high of 492.5× in 2020. The 5-year average is 11.7× and the 5-year median is 10.9×.

Question 7

What was ConocoPhillips's P/FCF ratio in 2025?

Accepted Answer

ConocoPhillips (COP) P/FCF ratio at the end of 2025 was 6.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does ConocoPhillips's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$115B	$16.8B	6.9×	-8.1×	Dec 31, 2025
2024	$120B	$8.01B	15.0×	-0.9×	Dec 31, 2024
2023	$138B	$8.72B	15.8×	+7.9×	Dec 31, 2023
2022	$144B	$18.2B	8.0×	-0.2×	Dec 31, 2022
2021	$94.9B	$11.7B	8.1×	-484.4×	Dec 31, 2021
2020	$42.8B	$87M	492.5×	+476.6×	Dec 31, 2020
2019	$71.2B	$4.47B	15.9×	+4.3×	Dec 31, 2019
2018	$71.8B	$6.18B	11.6×	-14.5×	Dec 31, 2018
2017	$65.4B	$2.5B	26.1×	—	Dec 31, 2017
2016	$62.5B	-$466M	—	—	Dec 31, 2016
2015	$58B	-$2.48B	—	—	Dec 31, 2015
2014	$85.6B	-$730M	—	—	Dec 31, 2014
2013	$87.2B	$550M	158.5×	—	Dec 31, 2013
2012	$70.9B	-$7.4B	—	—	Dec 31, 2012
2011	$72.1B	$6.38B	11.3×	+1.0×	Dec 31, 2011
2010	$75.2B	$7.28B	10.3×	—	Dec 31, 2010
2009	$58.7B	-$319M	—	—	Dec 31, 2009
2008	$59.3B	$3.56B	16.7×	+8.3×	Dec 31, 2008
2007	$106B	$12.8B	8.3×	-7.1×	Dec 31, 2007
2006	$91.4B	$5.92B	15.4×	+5.1×	Dec 31, 2006
2005	$62B	$6.01B	10.3×	-8.6×	Dec 31, 2005
2004	$46.6B	$2.46B	18.9×	+8.1×	Dec 31, 2004
2003	$34.5B	$3.19B	10.8×	-32.8×	Dec 31, 2003
2002	$25.3B	$581M	43.6×	—	Dec 31, 2002


Phillips 66 (PSX)	615.5×
Targa Resources (TRGP)	205.8×
Williams Companies (WMB)	123.3×
Enbridge (ENB)	73.7×
Texas Pacific Land (TPL)	66.3×
Diamondback Energy (FANG)	35.1×
Enphase Energy (ENPH)	34.2×
Chevron (CVX)	30.6×
National Fuel Gas (NFG)	29.1×
Baker Hughes (BKR)	26.4×
ONEOK (OKE)	25.4×
EOG Resources (EOG)	18.9×
Energy Transfer LP (ET)	18.2×
Occidental Petroleum (OXY)	17.8×
SLB (SLB)	16.5×
Halliburton (HAL)	16.5×
Marathon Petroleum (MPC)	12.6×
Valero Energy (VLO)	12.4×
Devon Energy (DVN)	11.9×
APA (APA)	10.1×
Expand Energy (EXE)	9.2×

P/FCF Ratio for ConocoPhillips (COP) 2002-2026

P/FCF Ratio daily chart for ConocoPhillips (COP)

Historical P/FCF Ratio for ConocoPhillips (COP) from 2002 to 2025

About P/FCF Ratio at ConocoPhillips (COP)

ConocoPhillips P/FCF Ratio by Year

ConocoPhillips P/FCF Ratio 2025: 6.9×

ConocoPhillips P/FCF Ratio 2024: 15.0×

ConocoPhillips P/FCF Ratio 2023: 15.8×

ConocoPhillips P/FCF Ratio 2022: 8.0×

ConocoPhillips P/FCF Ratio 2021: 8.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

ConocoPhillips (COP) Key Financials