Price to Book Value (P/BV)
since 2012
Calculation
Phillips 66, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2020 | 1.57 | = | 89.25 | ÷ | 56.69 | 56.69 | = | 24,910 | ÷ | 439,445,842 | |
| Feb 22, 2019 | 1.80 | = | 97.36 | ÷ | 54.19 | 54.19 | = | 24,653 | ÷ | 454,913,087 | |
| Feb 23, 2018 | 1.83 | = | 91.83 | ÷ | 50.05 | 50.05 | = | 25,085 | ÷ | 501,237,339 | |
| Feb 17, 2017 | 1.82 | = | 78.66 | ÷ | 43.24 | 43.24 | = | 22,390 | ÷ | 517,816,429 | |
| Feb 19, 2016 | 1.83 | = | 80.09 | ÷ | 43.79 | 43.79 | = | 23,100 | ÷ | 527,459,894 | |
| Feb 20, 2015 | 1.95 | = | 77.34 | ÷ | 39.72 | 39.72 | = | 21,590 | ÷ | 543,497,802 | |
| Feb 21, 2014 | 2.01 | = | 74.95 | ÷ | 37.35 | 37.35 | = | 21,950 | ÷ | 587,624,299 | |
| Feb 22, 2013 | 1.92 | = | 64.11 | ÷ | 33.43 | 33.43 | = | 20,775 | ÷ | 621,509,611 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Phillips 66 Annual Report.
The financial trajectory between February 2013 and February 2020 is characterized by a steady increase in intrinsic value and a general upward movement in market pricing, although the valuation premium experienced a gradual compression over the period.
- Book Value per Share (BVPS) Growth
- A consistent upward trend is observed in the book value per share, which grew from 33.43 USD in 2013 to 56.69 USD by 2020. This represents a sustained increase in the company's net asset value on a per-share basis throughout the eight-year window.
- Share Price Performance
- The market price followed a general growth pattern, rising from 64.11 USD in 2013 to a peak of 97.36 USD in February 2019, before moderating to 89.25 USD in February 2020. Despite the final year's dip, the overall trend reflects a positive market valuation relative to the 2013 baseline.
- Price to Book Value (P/BV) Dynamics
- The P/BV ratio exhibited a period of relative stability followed by a decline. After peaking at 2.01 in 2014, the ratio entered a phase of gradual contraction, maintaining a range between 1.80 and 1.83 from 2016 through 2019. A more pronounced decrease occurred by February 2020, where the ratio fell to 1.57.
- Valuation Analysis
- The divergence between the consistently rising BVPS and the fluctuating share price resulted in the observed P/BV compression. The decline in the ratio suggests that the growth in the company's book value outpaced the growth in its market price, particularly toward the end of the analyzed period, leading to a lower valuation multiple.
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Comparison to Competitors
Phillips 66, P/BV, long-term trends, comparison to competitors
| Phillips 66 | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 21, 2020 | 1.57 | 1.42 | 1.80 | 1.17 |
| Feb 22, 2019 | 1.80 | 1.47 | 2.47 | 1.75 |
| Feb 23, 2018 | 1.83 | 1.42 | 2.10 | 1.71 |
| Feb 17, 2017 | 1.82 | 1.44 | 1.70 | 2.01 |
| Feb 19, 2016 | 1.83 | 1.05 | 1.02 | 1.98 |
| Feb 20, 2015 | 1.95 | 1.32 | 1.59 | 2.16 |
| Feb 21, 2014 | 2.01 | 1.44 | 1.57 | 2.38 |
| Feb 22, 2013 | 1.92 | 1.65 | 1.49 | 2.42 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Phillips 66, P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Phillips 66 | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 21, 2020 | 1.57 | 1.33 |
| Feb 22, 2019 | 1.80 | 1.70 |
| Feb 23, 2018 | 1.83 | 1.62 |
| Feb 17, 2017 | 1.82 | 1.74 |
| Feb 19, 2016 | 1.83 | 1.49 |
| Feb 20, 2015 | 1.95 | 1.74 |
| Feb 21, 2014 | 2.01 | 1.89 |
| Feb 22, 2013 | 1.92 | 1.99 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Industry (Energy)
Phillips 66, P/BV, long-term trends, comparison to industry (energy)
| Phillips 66 | Energy | |
|---|---|---|
| Feb 21, 2020 | 1.57 | 1.38 |
| Feb 22, 2019 | 1.80 | 1.69 |
| Feb 23, 2018 | 1.83 | 1.74 |
| Feb 17, 2017 | 1.82 | 1.86 |
| Feb 19, 2016 | 1.83 | 1.56 |
| Feb 20, 2015 | 1.95 | 1.83 |
| Feb 21, 2014 | 2.01 | 1.99 |
| Feb 22, 2013 | 1.92 | 2.08 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).