Question 1

What is Phillips 66's EV/EBITDA ratio?

Accepted Answer

Phillips 66 (PSX) EV/EBITDA ratio is 8.3× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. 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 EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Phillips 66?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Phillips 66 specifically, the relevant sector benchmark is the current sector median of 10.1×.

Question 5

Is Phillips 66's EV/EBITDA ratio high or low?

Accepted Answer

Phillips 66's EV/EBITDA ratio of 8.3× is below its own 5-year average of 8.8× and below the sector median of 10.1×. That places the current reading at the 51th 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 Phillips 66's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Phillips 66 (PSX) EV/EBITDA ratio has ranged from a low of 2.8× in 2023 to a high of 47.4× in 2020. The 5-year average is 8.8× and the 5-year median is 8.2×.

Question 7

What was Phillips 66's EV/EBITDA ratio in 2025?

Accepted Answer

Phillips 66 (PSX) EV/EBITDA ratio at the end of 2025 was 7.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Phillips 66's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). 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	$52.02B	$9.74B	7.6×	-3.4×	Dec 31, 2025
2024	$47.54B	$5.99B	11.0×	+5.0×	Dec 31, 2024
2023	$58.23B	$12.37B	6.0×	+2.4×	Dec 31, 2023
2022	$49.11B	$16.91B	3.6×	-7.5×	Dec 31, 2022
2021	$31.92B	$3.95B	11.0×	—	Dec 31, 2021
2020	$30.71B	−$3.05B	—	—	Dec 31, 2020
2019	$49.61B	$6.00B	10.0×	+4.9×	Dec 31, 2019
2018	$39.77B	$9.33B	5.1×	-5.8×	Dec 31, 2018
2017	$51.40B	$5.33B	10.9×	-3.2×	Dec 31, 2017
2016	$45.30B	$3.72B	14.2×	+7.5×	Dec 31, 2016
2015	$43.88B	$7.45B	6.7×	+0.5×	Dec 31, 2015
2014	$39.77B	$7.03B	6.2×	-0.8×	Dec 31, 2014
2013	$46.17B	$6.71B	7.0×	+2.3×	Dec 31, 2013
2012	$33.37B	$7.83B	4.7×	+1.8×	Dec 31, 2012
2011	$21.76B	$7.55B	2.9×	—	Dec 31, 2011


Sunrun (RUN)	23.1×
Enphase Energy (ENPH)	22.3×
Williams Companies (WMB)	16.7×
Enbridge (ENB)	14.5×
Kinder Morgan (KMI)	14.1×
Targa Resources (TRGP)	14.0×
Baker Hughes (BKR)	13.6×
Diamondback Energy (FANG)	12.9×
Exxon Mobil (XOM)	12.4×
SLB (SLB)	12.1×
ONEOK (OKE)	11.5×
Chevron (CVX)	11.1×
Halliburton (HAL)	10.1×
Energy Transfer LP (ET)	9.3×
Valero Energy (VLO)	8.7×
Marathon Petroleum (MPC)	8.4×
First Solar (FSLR)	8.2×
ConocoPhillips (COP)	8.0×
National Fuel Gas (NFG)	7.4×
Occidental Petroleum (OXY)	6.8×
EOG Resources (EOG)	6.7×
EQT (EQT)	6.1×
Devon Energy (DVN)	5.4×
Expand Energy (EXE)	4.1×
APA (APA)	3.4×

EV/EBITDA for Phillips 66 (PSX)

EV/EBITDA daily chart for Phillips 66 (PSX)

Historical EV/EBITDA for Phillips 66 (PSX) from 2011 to 2025

About EV/EBITDA at Phillips 66 (PSX)

Phillips 66 EV/EBITDA by Year

Phillips 66 EV/EBITDA 2025: 7.6×

Phillips 66 EV/EBITDA 2024: 11.0×

Phillips 66 EV/EBITDA 2023: 6.0×

Phillips 66 EV/EBITDA 2022: 3.6×

Phillips 66 EV/EBITDA 2021: 11.0×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Phillips 66 (PSX) Key Financials

EV/EBITDA daily chart for Phillips 66 (PSX)

Historical EV/EBITDA for Phillips 66 (PSX) from 2011 to 2025

About EV/EBITDA at Phillips 66 (PSX)

Phillips 66 EV/EBITDA by Year

Phillips 66 EV/EBITDA 2025: 7.6×

Phillips 66 EV/EBITDA 2024: 11.0×

Phillips 66 EV/EBITDA 2023: 6.0×

Phillips 66 EV/EBITDA 2022: 3.6×

Phillips 66 EV/EBITDA 2021: 11.0×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Phillips 66's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Phillips 66?

+Is Phillips 66's EV/EBITDA ratio high or low?

+What is Phillips 66's historical EV/EBITDA ratio range?

+What was Phillips 66's EV/EBITDA ratio in 2025?

+Why does Phillips 66's EV/EBITDA ratio change over time?

Phillips 66 (PSX) Key Financials