Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Phillips 66 pages available for free this week:
- Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2012
- Price to Sales (P/S) since 2012
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Phillips 66, historical price multiples (quarterly data)
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).
- Price to Earnings (P/E)
- The Price to Earnings ratio exhibited significant volatility over the observed quarters. Initially, the ratio increased from 11.9 in the first quarter of 2016 to a peak of 26.19 by the end of 2016. This was followed by a general decline through 2017, reaching a low of 7 by the third quarter of 2018. Subsequently, the ratio showed a moderate recovery, stabilizing around 8 to 12 by the end of 2019.
- Price to Operating Profit (P/OP)
- This ratio demonstrated even greater fluctuations than the P/E ratio. Starting at 11.13 in early 2016, it surged sharply to a peak of 52.84 in the first quarter of 2017. After this peak, the ratio trended downward steadily, declining to 8.58 by the last quarter of 2018. In 2019, the ratio gradually increased again, reaching 16.51 by year-end. The notable peak and subsequent decline suggest varying market expectations or changes in operating profit levels during this period.
- Price to Sales (P/S)
- The Price to Sales ratio maintained relative stability across the analyzed periods, fluctuating narrowly between 0.37 and 0.51. Minor oscillations were observed, with a slight decrease toward the end of the period, particularly in the fourth quarter of 2019, where it reached the lower end of the range at 0.37. Overall, this ratio suggests consistent valuation relative to sales over time.
- Price to Book Value (P/BV)
- The Price to Book Value ratio showed moderate volatility. Beginning at 1.89 in the first quarter of 2016, it varied in the range of approximately 1.57 to 2.45 throughout the period. The ratio peaked during mid-2018 at 2.45, then experienced a downtrend toward 2019, ending at a comparatively lower value of 1.57. These movements may reflect changes in the company's market valuation relative to its net asset base.
Price to Earnings (P/E)
Phillips 66, historical P/E calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net income attributable to Phillips 66 (in millions) | |||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
EPS
= (Net income attributable to Phillips 66Q4 2019
+ Net income attributable to Phillips 66Q3 2019
+ Net income attributable to Phillips 66Q2 2019
+ Net income attributable to Phillips 66Q1 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Phillips 66 Quarterly or Annual Report.
4 Q4 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited fluctuations over the observed periods. Starting at $82.11 in March 2016, it initially declined to a low near $76.06 in June 2016, followed by a gradual increase that peaked at approximately $118.79 in June 2018. Subsequently, the price showed volatility with a downward trend towards the end of 2019, closing at $89.25 in December 2019. Notably, the share price hit its highest point in mid-2018 and generally remained higher in 2018 and 2019 compared to 2016 and 2017.
- Earnings Per Share (EPS) Patterns
- EPS started relatively high at $6.90 in March 2016 but experienced a decline over the course of that year, reaching a low of $3.00 by December 2016. From 2017 onwards, EPS demonstrated a strong and consistent upward trajectory, peaking at $14.21 in September 2018. Thereafter, EPS decreased somewhat but remained above the 2016 levels, ending at $7.00 in December 2019. This trend indicates significant earnings growth particularly between 2017 and 2018, followed by some normalization in 2019.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio displayed considerable variability inversely related to EPS and share price trends. It started at a relatively low 11.9 in March 2016, spiked notably to 26.19 by December 2016—corresponding to the period of declining EPS—and then declined sharply to 9.01 by December 2017 as earnings improved. From 2018 to 2019, the P/E ratio remained relatively stable, fluctuating between roughly 7.0 and 12.75. This pattern suggests the market valuation adjusted rapidly in response to changes in earnings, with elevated P/E ratios during periods of lower earnings and compression as earnings recovered.
- Overall Insights
- The data reveals a period of initial earnings pressure in 2016 leading to higher P/E valuation ratios despite declining share prices. Recovery and expansion in earnings from 2017 through 2018 corresponded with share price appreciation and P/E ratio normalization. Toward the end of the period, share price and EPS both displayed signs of moderation, potentially indicating market recalibrations or emerging headwinds. The interplay between earnings growth and share price movement highlights the sensitivity of market valuations to fundamental performance metrics throughout the observed quarters.
Price to Operating Profit (P/OP)
Phillips 66, historical P/OP calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
Operating profit per share
= (Operating income (loss)Q4 2019
+ Operating income (loss)Q3 2019
+ Operating income (loss)Q2 2019
+ Operating income (loss)Q1 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Phillips 66 Quarterly or Annual Report.
4 Q4 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals important trends in share price, operating profit per share, and the price-to-operating profit ratio over the examined period.
- Share Price
- The share price exhibited moderate fluctuations with an overall upward trajectory from early 2016 to the end of 2019. Starting at $82.11 in March 2016, the price experienced some volatility but generally increased, reaching a peak around $118.79 by mid-2018. A decline followed, with the price falling to $89.25 by the last quarter of 2019. The pattern indicates periods of growth interspersed with corrections, reflecting market responses to broader conditions and company performance.
- Operating Profit per Share
- The operating profit per share showed an overall increasing trend throughout the period. From a high of $7.38 in March 2016, there was a dip down to $1.5 by March 2017, signalling a phase of reduced profitability. Subsequently, the metric generally ascended, peaking at $11.35 in December 2018. After this peak, there was a downward trend to $5.4 by the final quarter of 2019, indicating some pressure on operating profitability towards the end of the period.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio underwent significant changes, initially rising sharply from 11.13 in March 2016 to 52.84 in March 2017, driven mainly by the combined effect of reduced operating profit per share and relatively stable to increasing share price. After this peak, the ratio steadily declined to 8.58 by December 2018, reflecting recovery and strengthening of operating profits relative to the share price. The ratio then rose again, reaching 16.51 by December 2019, signaling that share price gains outpaced operating profitability improvements during this later period.
Overall, the data depicts a cycle of initial profit contraction and elevated valuation multiples, followed by a strong recovery in operating profits and more balanced valuation ratios, before experiencing renewed volatility in late 2019. The interplay between share price and operating profitability suggests sensitivity to both internal company performance and external market factors.
Price to Sales (P/S)
Phillips 66, historical P/S calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Sales and other operating revenues (in millions) | |||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
Sales per share
= (Sales and other operating revenuesQ4 2019
+ Sales and other operating revenuesQ3 2019
+ Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Phillips 66 Quarterly or Annual Report.
4 Q4 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibited moderate volatility over the observed quarterly periods. Initially, the price experienced a slight decline in the first half of 2016, followed by a consistent upward movement through most of 2017 and into the first half of 2018, reaching a peak above $118. Subsequently, the share price declined with some fluctuations during the second half of 2018 and through 2019, ending at a lower level than its peak but still above the initial 2016 values.
Sales per share demonstrated a general upward trend throughout the period. Beginning at approximately $178 at the start of 2016, sales per share declined slightly in the first three quarters but then progressively increased from late 2016 onward. The growth continued steadily, reaching a plateau near $244 in late 2018 and sustaining similar levels through the end of 2019, indicating relatively stable revenue generation on a per-share basis towards the later periods.
The price-to-sales (P/S) ratio fluctuated between 0.37 and 0.51 during the timeframe, reflecting changes in market valuation relative to sales performance. Early quarters maintained a relatively stable ratio around 0.46 to 0.5, with a noticeable decrease around late 2018 and throughout 2019, dipping as low as 0.37. This decline in the P/S ratio, despite steady sales per share, suggests a shift in market sentiment or valuation metrics, potentially indicating that investors were attributing a lower value to each dollar of sales over time.
- Share Price
- Showed initial volatility but trended upward to a mid-period peak, followed by decline and variability towards the end.
- Sales per Share
- Displayed consistent growth with a slight early dip, stabilizing near higher levels in the later periods.
- Price-to-Sales (P/S) Ratio
- Varied moderately but generally declined in the final years, indicating changing market valuation relative to sales.
Price to Book Value (P/BV)
Phillips 66, historical P/BV calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Stockholders’ equity (in millions) | |||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Phillips 66 Quarterly or Annual Report.
4 Q4 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends concerning the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the examined periods.
- Share Price
- The share price demonstrates notable volatility throughout the quarters. Initially, it declined from $82.11 to $76.06 between March and June 2016, followed by fluctuations with a general upward trend through 2017, peaking near $92 towards the end of that year. A significant rise occurred during the first half of 2018, reaching a peak at $118.79 in June 2018. After this peak, the share price faced a downward trend with intermittent recoveries, ultimately declining to $89.25 by the end of 2019. In summary, while the share price showed periods of strength and growth, particularly in early 2018 and late 2019, it also experienced considerable declines, indicating a somewhat volatile market perception.
- Book Value per Share (BVPS)
- BVPS showed a more stable and consistent upward trajectory compared to the share price. Beginning around $43.36 in early 2016, it gradually increased with minor fluctuations, reaching $50.05 by the end of 2017. This steady increase continued through 2018 and 2019, with BVPS moving up to approximately $56.69 by the last quarter of the reviewed period. The growth in BVPS suggests a strengthening underlying equity base and value per share, reflecting improving net asset value or retained earnings growth over these quarters.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio experienced considerable variation, reflective of changes in both the share price and BVPS. Early in 2016, the ratio stood near 1.89 but dropped briefly to 1.74 in mid-2016. The ratio climbed again to values above 2 by late 2017, during the period when share prices increased more sharply relative to book value. In 2018, the P/BV ratio peaked at 2.45 in the middle of the year, coinciding with the highest share price. However, the ratio declined thereafter through the end of 2018 and into 2019, falling back below 2 and reaching 1.57 by December 2019. This pattern indicates that the market valuation relative to book value fluctuated widely, suggesting varying investor sentiment and potential changes in perceived growth prospects or market risks over the period.
Overall, the data exhibits a strong foundation of increasing book value, albeit coupled with significant share price fluctuations, which in turn impacted the valuation multiples such as the P/BV ratio. The decoupling of share price from steadily rising book value, especially evident in late 2018 and 2019, may imply market concerns or increased uncertainty despite improving intrinsic value per share.