Stock Analysis on Net

Phillips 66 (NYSE:PSX)

This company has been moved to the archive! The financial data has not been updated since February 21, 2020.

Market Value Added (MVA)

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Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.


MVA

Phillips 66, MVA calculation

US$ in millions

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Fair value of debt1 13,201 11,111 11,088 10,708 8,692
Operating lease liability 1,261 1,391 1,608 1,372 1,756
Market value of common equity 39,221 44,290 46,029 40,731 42,244
Noncontrolling interests 2,259 2,500 2,343 1,335 838
Market (fair) value of Phillips 66 55,942 59,293 61,067 54,146 53,530
Less: Invested capital2 50,827 48,544 49,009 46,215 42,469
MVA 5,115 10,748 12,059 7,931 11,061

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).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Phillips 66 market (fair) value less invested capital. Phillips 66 MVA decreased from 2017 to 2018 and from 2018 to 2019.

MVA Spread Ratio

Phillips 66, MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Market value added (MVA)1 5,115 10,748 12,059 7,931 11,061
Invested capital2 50,827 48,544 49,009 46,215 42,469
Performance Ratio
MVA spread ratio3 10.06% 22.14% 24.60% 17.16% 26.05%
Benchmarks
MVA Spread Ratio, Competitors4
Chevron Corp. 21.23%
ConocoPhillips 38.09%
Exxon Mobil Corp. -5.98%
Marathon Petroleum Corp. -10.38%
Occidental Petroleum Corp. -5.81%
Pioneer Natural Resources Co. 55.00%
Valero Energy Corp. 4.90%

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).

1 MVA. See details »

2 Invested capital. See details »

3 2019 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 5,115 ÷ 50,827 = 10.06%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. Phillips 66 MVA spread ratio deteriorated from 2017 to 2018 and from 2018 to 2019.

MVA Margin

Phillips 66, MVA margin calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Market value added (MVA)1 5,115 10,748 12,059 7,931 11,061
Sales and other operating revenues 107,293 111,461 102,354 84,279 98,975
Performance Ratio
MVA margin2 4.77% 9.64% 11.78% 9.41% 11.18%
Benchmarks
MVA Margin, Competitors3
Chevron Corp. 29.71%
ConocoPhillips 67.50%
Exxon Mobil Corp. -7.10%
Marathon Petroleum Corp. -6.87%
Occidental Petroleum Corp. -23.98%
Pioneer Natural Resources Co. 94.87%
Valero Energy Corp. 1.84%

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).

1 MVA. See details »

2 2019 Calculation
MVA margin = 100 × MVA ÷ Sales and other operating revenues
= 100 × 5,115 ÷ 107,293 = 4.77%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Phillips 66 MVA margin ratio deteriorated from 2017 to 2018 and from 2018 to 2019.