Stock Analysis on Net
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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Phillips 66, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2019 12.35% = 5.24% × 2.36
Sep 30, 2019 18.43% = 7.80% × 2.36
Jun 30, 2019 21.65% = 9.28% × 2.33
Mar 31, 2019 21.78% = 9.12% × 2.39
Dec 31, 2018 22.70% = 10.30% × 2.20
Sep 30, 2018 28.10% = 11.73% × 2.40
Jun 30, 2018 26.11% = 10.73% × 2.43
Mar 31, 2018 23.24% = 9.77% × 2.38
Dec 31, 2017 20.35% = 9.39% × 2.17
Sep 30, 2017 9.20% = 3.93% × 2.34
Jun 30, 2017 7.86% = 3.39% × 2.32
Mar 31, 2017 7.62% = 3.32% × 2.30
Dec 31, 2016 6.95% = 3.01% × 2.31
Sep 30, 2016 8.92% = 4.06% × 2.19
Jun 30, 2016 13.61% = 6.17% × 2.20
Mar 31, 2016 15.91% = 7.51% × 2.12
Dec 31, 2015 18.30% = 8.70% × 2.10
Sep 30, 2015 — = — × 2.13
Jun 30, 2015 — = — × 2.23
Mar 31, 2015 — = — × 2.26

Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2019 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Phillips 66, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2019 12.35% = 2.87% × 1.83 × 2.36
Sep 30, 2019 18.43% = 4.27% × 1.83 × 2.36
Jun 30, 2019 21.65% = 4.88% × 1.90 × 2.33
Mar 31, 2019 21.78% = 4.75% × 1.92 × 2.39
Dec 31, 2018 22.70% = 5.02% × 2.05 × 2.20
Sep 30, 2018 28.10% = 5.85% × 2.01 × 2.40
Jun 30, 2018 26.11% = 5.45% × 1.97 × 2.43
Mar 31, 2018 23.24% = 4.94% × 1.98 × 2.38
Dec 31, 2017 20.35% = 4.99% × 1.88 × 2.17
Sep 30, 2017 9.20% = 2.16% × 1.82 × 2.34
Jun 30, 2017 7.86% = 1.91% × 1.78 × 2.32
Mar 31, 2017 7.62% = 1.90% × 1.75 × 2.30
Dec 31, 2016 6.95% = 1.85% × 1.63 × 2.31
Sep 30, 2016 8.92% = 2.47% × 1.65 × 2.19
Jun 30, 2016 13.61% = 3.58% × 1.73 × 2.20
Mar 31, 2016 15.91% = 3.87% × 1.94 × 2.12
Dec 31, 2015 18.30% = 4.27% × 2.04 × 2.10
Sep 30, 2015 — = — × — × 2.13
Jun 30, 2015 — = — × — × 2.23
Mar 31, 2015 — = — × — × 2.26

Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2019 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Phillips 66, decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2019 12.35% = 0.79 × 0.89 × 4.04% × 1.83 × 2.36
Sep 30, 2019 18.43% = 0.80 × 0.93 × 5.77% × 1.83 × 2.36
Jun 30, 2019 21.65% = 0.79 × 0.93 × 6.60% × 1.90 × 2.33
Mar 31, 2019 21.78% = 0.78 × 0.93 × 6.56% × 1.92 × 2.39
Dec 31, 2018 22.70% = 0.78 × 0.93 × 6.88% × 2.05 × 2.20
Sep 30, 2018 28.10% = 1.33 × 0.91 × 4.83% × 2.01 × 2.40
Jun 30, 2018 26.11% = 1.38 × 0.90 × 4.39% × 1.97 × 2.43
Mar 31, 2018 23.24% = 1.54 × 0.88 × 3.64% × 1.98 × 2.38
Dec 31, 2017 20.35% = 1.50 × 0.89 × 3.76% × 1.88 × 2.17
Sep 30, 2017 9.20% = 0.73 × 0.87 × 3.39% × 1.82 × 2.34
Jun 30, 2017 7.86% = 0.73 × 0.86 × 3.03% × 1.78 × 2.32
Mar 31, 2017 7.62% = 0.75 × 0.87 × 2.95% × 1.75 × 2.30
Dec 31, 2016 6.95% = 0.74 × 0.86 × 2.90% × 1.63 × 2.31
Sep 30, 2016 8.92% = 0.71 × 0.90 × 3.88% × 1.65 × 2.19
Jun 30, 2016 13.61% = 0.70 × 0.93 × 5.47% × 1.73 × 2.20
Mar 31, 2016 15.91% = 0.70 × 0.94 × 5.88% × 1.94 × 2.12
Dec 31, 2015 18.30% = 0.71 × 0.95 × 6.37% × 2.04 × 2.10
Sep 30, 2015 — = — × — × — × — × 2.13
Jun 30, 2015 — = — × — × — × — × 2.23
Mar 31, 2015 — = — × — × — × — × 2.26

Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2019 is the decrease in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Phillips 66, decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2019 5.24% = 2.87% × 1.83
Sep 30, 2019 7.80% = 4.27% × 1.83
Jun 30, 2019 9.28% = 4.88% × 1.90
Mar 31, 2019 9.12% = 4.75% × 1.92
Dec 31, 2018 10.30% = 5.02% × 2.05
Sep 30, 2018 11.73% = 5.85% × 2.01
Jun 30, 2018 10.73% = 5.45% × 1.97
Mar 31, 2018 9.77% = 4.94% × 1.98
Dec 31, 2017 9.39% = 4.99% × 1.88
Sep 30, 2017 3.93% = 2.16% × 1.82
Jun 30, 2017 3.39% = 1.91% × 1.78
Mar 31, 2017 3.32% = 1.90% × 1.75
Dec 31, 2016 3.01% = 1.85% × 1.63
Sep 30, 2016 4.06% = 2.47% × 1.65
Jun 30, 2016 6.17% = 3.58% × 1.73
Mar 31, 2016 7.51% = 3.87% × 1.94
Dec 31, 2015 8.70% = 4.27% × 2.04
Sep 30, 2015 — = — × —
Jun 30, 2015 — = — × —
Mar 31, 2015 — = — × —

Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2019 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Phillips 66, decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2019 5.24% = 0.79 × 0.89 × 4.04% × 1.83
Sep 30, 2019 7.80% = 0.80 × 0.93 × 5.77% × 1.83
Jun 30, 2019 9.28% = 0.79 × 0.93 × 6.60% × 1.90
Mar 31, 2019 9.12% = 0.78 × 0.93 × 6.56% × 1.92
Dec 31, 2018 10.30% = 0.78 × 0.93 × 6.88% × 2.05
Sep 30, 2018 11.73% = 1.33 × 0.91 × 4.83% × 2.01
Jun 30, 2018 10.73% = 1.38 × 0.90 × 4.39% × 1.97
Mar 31, 2018 9.77% = 1.54 × 0.88 × 3.64% × 1.98
Dec 31, 2017 9.39% = 1.50 × 0.89 × 3.76% × 1.88
Sep 30, 2017 3.93% = 0.73 × 0.87 × 3.39% × 1.82
Jun 30, 2017 3.39% = 0.73 × 0.86 × 3.03% × 1.78
Mar 31, 2017 3.32% = 0.75 × 0.87 × 2.95% × 1.75
Dec 31, 2016 3.01% = 0.74 × 0.86 × 2.90% × 1.63
Sep 30, 2016 4.06% = 0.71 × 0.90 × 3.88% × 1.65
Jun 30, 2016 6.17% = 0.70 × 0.93 × 5.47% × 1.73
Mar 31, 2016 7.51% = 0.70 × 0.94 × 5.88% × 1.94
Dec 31, 2015 8.70% = 0.71 × 0.95 × 6.37% × 2.04
Sep 30, 2015 — = — × — × — × —
Jun 30, 2015 — = — × — × — × —
Mar 31, 2015 — = — × — × — × —

Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2019 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Phillips 66, decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2019 2.87% = 0.79 × 0.89 × 4.04%
Sep 30, 2019 4.27% = 0.80 × 0.93 × 5.77%
Jun 30, 2019 4.88% = 0.79 × 0.93 × 6.60%
Mar 31, 2019 4.75% = 0.78 × 0.93 × 6.56%
Dec 31, 2018 5.02% = 0.78 × 0.93 × 6.88%
Sep 30, 2018 5.85% = 1.33 × 0.91 × 4.83%
Jun 30, 2018 5.45% = 1.38 × 0.90 × 4.39%
Mar 31, 2018 4.94% = 1.54 × 0.88 × 3.64%
Dec 31, 2017 4.99% = 1.50 × 0.89 × 3.76%
Sep 30, 2017 2.16% = 0.73 × 0.87 × 3.39%
Jun 30, 2017 1.91% = 0.73 × 0.86 × 3.03%
Mar 31, 2017 1.90% = 0.75 × 0.87 × 2.95%
Dec 31, 2016 1.85% = 0.74 × 0.86 × 2.90%
Sep 30, 2016 2.47% = 0.71 × 0.90 × 3.88%
Jun 30, 2016 3.58% = 0.70 × 0.93 × 5.47%
Mar 31, 2016 3.87% = 0.70 × 0.94 × 5.88%
Dec 31, 2015 4.27% = 0.71 × 0.95 × 6.37%
Sep 30, 2015 — = — × — × —
Jun 30, 2015 — = — × — × —
Mar 31, 2015 — = — × — × —

Based on: 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).

The primary reason for the decrease in net profit margin ratio over Q4 2019 is the decrease in operating profitability measured by EBIT margin ratio.