Question 1

What is Phillips 66's P/E ratio?

Accepted Answer

Phillips 66 (PSX) P/E ratio is 20.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for Phillips 66?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Phillips 66 specifically, the relevant sector benchmark is the current sector median of 17.8×.

Question 5

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

Accepted Answer

Phillips 66's P/E ratio of 20.7× is above its own 5-year average of 14.6× and above the sector median of 17.8×. That places the current reading at the 74th 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/E ratio range?

Accepted Answer

In the available daily series, Phillips 66 (PSX) P/E ratio has ranged from a low of 3.4× in 2023 to a high of 63.0× in 2020. The 5-year average is 14.6× and the 5-year median is 11.9×.

Question 7

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

Accepted Answer

Phillips 66 (PSX) P/E ratio at the end of 2025 was 11.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

Why does Phillips 66's P/E ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$4.4B	11.8×	-10.6×	Dec 31, 2025
2024	$47.5B	$2.12B	22.5×	+14.2×	Dec 31, 2024
2023	$58.2B	$7.02B	8.3×	+3.8×	Dec 31, 2023
2022	$49.1B	$11B	4.5×	-19.8×	Dec 31, 2022
2021	$31.9B	$1.32B	24.3×	—	Dec 31, 2021
2020	$30.7B	-$3.98B	—	—	Dec 31, 2020
2019	$49.6B	$3.08B	16.1×	+9.0×	Dec 31, 2019
2018	$39.8B	$5.6B	7.1×	-3.0×	Dec 31, 2018
2017	$51.4B	$5.11B	10.1×	-19.1×	Dec 31, 2017
2016	$45.3B	$1.56B	29.1×	+18.7×	Dec 31, 2016
2015	$43.9B	$4.23B	10.4×	+2.0×	Dec 31, 2015
2014	$39.8B	$4.76B	8.4×	-4.0×	Dec 31, 2014
2013	$46.2B	$3.73B	12.4×	+4.3×	Dec 31, 2013
2012	$33.4B	$4.12B	8.1×	+3.5×	Dec 31, 2012
2011	$21.8B	$4.78B	4.6×	—	Dec 31, 2011


Diamondback Energy (FANG)	138.8×
Texas Pacific Land (TPL)	65.0×
Chevron (CVX)	37.2×
Enphase Energy (ENPH)	36.8×
Williams Companies (WMB)	31.4×
Targa Resources (TRGP)	25.4×
SLB (SLB)	23.3×
ConocoPhillips (COP)	22.1×
Enbridge (ENB)	21.6×
Baker Hughes (BKR)	19.4×
NACCO Industries (NC)	18.1×
Halliburton (HAL)	17.7×
Valero Energy (VLO)	17.5×
ONEOK (OKE)	16.1×
Marathon Petroleum (MPC)	15.6×
EOG Resources (EOG)	14.0×
Devon Energy (DVN)	13.8×
Energy Transfer LP (ET)	13.7×
Occidental Petroleum (OXY)	13.5×
National Fuel Gas (NFG)	13.0×
APA (APA)	9.8×
Expand Energy (EXE)	8.2×

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

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

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

About P/E Ratio at Phillips 66 (PSX)

Phillips 66 P/E Ratio by Year

Phillips 66 P/E Ratio 2025: 11.8×

Phillips 66 P/E Ratio 2024: 22.5×

Phillips 66 P/E Ratio 2023: 8.3×

Phillips 66 P/E Ratio 2022: 4.5×

Phillips 66 P/E Ratio 2021: 24.3×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Phillips 66 (PSX) Key Financials