Name: Phillips 66 (NYSE:PSX) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Phillips 66, current enterprise value calculation

Current share price (P)	$89.25
No. shares of common stock outstanding	439,445,842
US$ in millions
Common equity (market value)¹	39,221)
Add: Noncontrolling interests (per books)	2,259)
Total equity	41,480)
Add: Short-term debt (per books)	547)
Add: Long-term debt (per books)	11,216)
Total equity and debt	53,243)
Less: Cash and cash equivalents	1,614)
Enterprise value (EV)	51,629)

Based on: 10-K (reporting date: 2019-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 89.25 × 439,445,842

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Phillips 66, EV calculation

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Share price^1, 2	$89.25	$97.36	$91.83	$78.66	$80.09
No. shares of common stock outstanding¹	439,445,842	454,913,087	501,237,339	517,816,429	527,459,894
US$ in millions
Common equity (market value)³	39,221)	44,290)	46,029)	40,731)	42,244)
Add: Noncontrolling interests (book value)	2,259)	2,500)	2,343)	1,335)	838)
Total equity	41,480)	46,790)	48,372)	42,066)	43,082)
Add: Short-term debt (book value)	547)	67)	41)	550)	44)
Add: Long-term debt (book value)	11,216)	11,093)	10,069)	9,588)	8,843)
Total equity and debt	53,243)	57,950)	58,482)	52,204)	51,969)
Less: Cash and cash equivalents	1,614)	3,019)	3,119)	2,711)	3,074)
Enterprise value (EV)	51,629)	54,931)	55,363)	49,493)	48,895)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Phillips 66 Annual Report.

³ 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 89.25 × 439,445,842

The financial data indicates a period of capital expansion peaking in 2017, followed by a gradual contraction through 2019. Enterprise value (EV) and equity components exhibited a synchronized trajectory, with a notable upward trend in the first three years of the observed period before entering a downward phase.

Enterprise Value Trajectory: Enterprise value experienced a steady increase from 48,895 million US$ in 2015 to a peak of 55,363 million US$ in 2017. Subsequent to this peak, a gradual decline was observed, with the value retreating to 51,629 million US$ by the end of 2019. This suggests a period of valuation growth followed by a correction in the total market value of the business operations.
Equity Valuation Analysis: Common equity market value demonstrated greater volatility than the overall enterprise value. After a slight dip in 2016, market value peaked in 2017 at 46,029 million US$. However, by 2019, this figure declined to 39,221 million US$, representing the lowest point in the five-year period. Total equity, representing the book value, followed a nearly identical pattern, peaking at 48,372 million US$ in 2017 and declining to 41,480 million US$ in 2019.
Capital Structure and Debt Influence: Total equity and debt mirrored the trends seen in enterprise value, rising from 51,969 million US$ in 2015 to a maximum of 58,482 million US$ in 2017. The close correlation between total equity and debt and the enterprise value suggests that changes in the company's capitalization and debt levels were primary drivers of the fluctuations in total enterprise value during this timeframe.

Overall, the data reveals a consistent correlation between market valuation, book value, and total capitalization, with 2017 serving as the inflection point for all key financial metrics.

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Phillips 66 (NYSE:PSX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)