Question 1

What is Phillips 66's P/FCF ratio?

Accepted Answer

Phillips 66 (PSX) P/FCF ratio is 716.4× 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 Phillips 66?

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 Phillips 66 specifically, the relevant sector benchmark is the current sector median of 22.1×.

Question 5

Is Phillips 66's P/FCF ratio high or low?

Accepted Answer

Phillips 66's P/FCF ratio of 716.4× is above its own 5-year average of 45.2× and above the sector median of 22.1×. That places the current reading at the 100th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Phillips 66 (PSX) P/FCF ratio has ranged from a low of 4.3× in 2012 to a high of 719.4× in 2026. The 5-year average is 45.2× and the 5-year median is 13.3×.

Question 7

What was Phillips 66's P/FCF ratio in 2025?

Accepted Answer

Phillips 66 (PSX) P/FCF ratio at the end of 2025 was 19.1×. 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 Phillips 66'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	$52B	$2.73B	19.1×	-1.3×	Dec 31, 2025
2024	$47.5B	$2.33B	20.4×	+7.8×	Dec 31, 2024
2023	$58.2B	$4.61B	12.6×	+6.9×	Dec 31, 2023
2022	$49.1B	$8.62B	5.7×	-2.0×	Dec 31, 2022
2021	$31.9B	$4.16B	7.7×	—	Dec 31, 2021
2020	$30.7B	-$809M	—	—	Dec 31, 2020
2019	$49.6B	$935M	53.1×	+45.0×	Dec 31, 2019
2018	$39.8B	$4.93B	8.1×	-20.2×	Dec 31, 2018
2017	$51.4B	$1.82B	28.3×	-352.3×	Dec 31, 2017
2016	$45.3B	$119M	380.6×	—	Dec 31, 2016
2015	$43.9B	-$51M	—	—	Dec 31, 2015
2014	$39.8B	-$244M	—	—	Dec 31, 2014
2013	$46.2B	$4.23B	10.9×	-2.1×	Dec 31, 2013
2012	$33.4B	$2.58B	13.0×	+7.5×	Dec 31, 2012
2011	$21.8B	$3.98B	5.5×	—	Dec 31, 2011


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×
ConocoPhillips (COP)	10.5×
APA (APA)	10.1×
Expand Energy (EXE)	9.2×

P/FCF Ratio for Phillips 66 (PSX) 2011-2026

P/FCF Ratio daily chart for Phillips 66 (PSX)

Historical P/FCF Ratio for Phillips 66 (PSX) from 2011 to 2025

About P/FCF Ratio at Phillips 66 (PSX)

Phillips 66 P/FCF Ratio by Year

Phillips 66 P/FCF Ratio 2025: 19.1×

Phillips 66 P/FCF Ratio 2024: 20.4×

Phillips 66 P/FCF Ratio 2023: 12.6×

Phillips 66 P/FCF Ratio 2022: 5.7×

Phillips 66 P/FCF Ratio 2021: 7.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Phillips 66 (PSX) Key Financials