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).
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), 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio showed a significant increase starting from March 2016, rising from about 10 to a peak near 26 by the first quarter of 2017. Following this peak, there was a decline during 2018, reaching a low near 7 by the end of that year. After this trough, the ratio gradually increased again through 2019, ending around 12.75. This pattern indicates a period of growing market optimism through 2016 and early 2017, a subsequent decrease in investor confidence or earnings growth in 2018, and a mild recovery in valuation multiples in 2019.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio reflects a similar initial upward trajectory, climbing sharply from about 9.5 in early 2016 to a high exceeding 52 in mid-2017. This was followed by a consistent decline through 2018 and into early 2019, reaching approximately 8.5. Subsequently, the ratio showed a slight increase toward the end of 2019, rising to around 16.5. The elevated levels in 2017 suggest pricing that may have outpaced operating profit growth, indicating heightened market expectations at that time, with the later decline signaling a return to more conservative valuation relative to operating profit.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio remained relatively stable in comparison to other valuation metrics, fluctuating mostly between 0.39 and 0.51 over the entire period. The ratio showed minor cyclical variations, peaking slightly above 0.5 in the second quarter of 2018 before declining to around 0.37 by the end of 2019. This stability suggests that the market valuation relative to revenue was more consistent, with less pronounced volatility than earnings or operating profit-based metrics.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio exhibited moderate fluctuations across the examined quarters. Initially starting near 2.0 in early 2015, it declined to just below 1.75 in mid-2016, then rose to approximately 2.45 in mid-2018. Following this peak, the ratio declined again, ending near 1.57 by the last quarter of 2019. These movements indicate variations in market valuation relative to the company’s book equity, with a peak reflecting increased market confidence or asset revaluation around mid-2018, followed by a correction towards the end of the period.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 439,445,842 | 444,357,576 | 448,541,697 | 453,551,166 | 454,913,087 | 461,125,321 | 464,262,410 | 465,836,946 | 501,237,339 | 506,740,487 | 511,510,782 | 516,098,240 | 517,816,429 | 520,850,205 | 522,849,327 | 525,581,458 | 527,459,894 | 533,440,280 | 537,659,593 | 541,632,079 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income attributable to Phillips 66 (in millions) | 736) | 712) | 1,424) | 204) | 2,240) | 1,492) | 1,339) | 524) | 3,198) | 823) | 550) | 535) | 163) | 511) | 496) | 385) | 650) | 1,578) | 1,012) | 987) | ||||||
| Earnings per share (EPS)2 | 7.00 | 10.31 | 11.95 | 11.63 | 12.30 | 14.21 | 12.67 | 10.94 | 10.19 | 4.09 | 3.44 | 3.30 | 3.00 | 3.92 | 5.95 | 6.90 | 8.01 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 89.25 | 114.42 | 102.32 | 94.27 | 97.36 | 99.45 | 118.79 | 111.34 | 91.83 | 91.99 | 85.63 | 79.35 | 78.66 | 80.13 | 76.06 | 82.11 | 80.09 | 89.05 | 79.50 | 81.61 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | 12.75 | 11.10 | 8.56 | 8.11 | 7.92 | 7.00 | 9.37 | 10.18 | 9.01 | 22.51 | 24.90 | 24.02 | 26.19 | 20.44 | 12.79 | 11.90 | 9.99 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Occidental Petroleum 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), 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).
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
= (736,000,000 + 712,000,000 + 1,424,000,000 + 204,000,000)
÷ 439,445,842 = 7.00
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
= 89.25 ÷ 7.00 = 12.75
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited moderate fluctuations over the observed period. Initially, values oscillated within the 76 to 89 US$ range from early 2015 through the end of 2016. Starting in early 2017, the share price showed an upward trend, reaching a peak of 118.79 US$ by mid-2018. However, from the latter half of 2018 into 2019, the share price experienced a decline, dropping back to 89.25 US$ by the end of 2019. Overall, the share price demonstrated volatility with a notable peak in mid-2018 followed by a gradual decrease.
- Earnings Per Share (EPS)
- EPS data began to appear consistently from March 31, 2016. Initially, EPS showed a declining trend from 8.01 US$ in early 2016 to 3 US$ by March 2017. Following this low point, EPS steadily increased, peaking at 14.21 US$ by December 2018. After this peak, EPS decreased moderately throughout 2019, ending at 7 US$. The overall pattern indicates a strong recovery in profitability from 2017 through 2018, succeeded by a contraction in earnings in 2019.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio followed an inverse pattern relative to EPS, starting relatively low at 9.99 in March 2016 and increasing to a peak above 26 by December 2016. Following this peak, the ratio generally declined to a low of 7 in late 2018, coinciding with the rise in EPS. During 2019, the P/E ratio slightly increased again, finishing at approximately 12.75 by the end of the year. This indicates that the market's valuation of earnings shifted, with the stock becoming less expensive relative to earnings during the EPS growth period and becoming somewhat more expensive as EPS declined.
- Overall Trends and Insights
- The financial data suggest that the company experienced volatility in market valuation and earnings over the period analyzed. The notable EPS growth in 2017 and 2018 aligns with a decreasing P/E ratio, indicating improving earnings performance relative to share price. The peak in share price in mid-2018 reflects positive market sentiment corresponding to earnings growth. However, following this period, the decline in both EPS and share price through 2019 indicates a period of reduced profitability and weakening market valuation. The interplay between EPS and P/E ratio highlights changing investor expectations and earnings quality over the periods analyzed.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 439,445,842 | 444,357,576 | 448,541,697 | 453,551,166 | 454,913,087 | 461,125,321 | 464,262,410 | 465,836,946 | 501,237,339 | 506,740,487 | 511,510,782 | 516,098,240 | 517,816,429 | 520,850,205 | 522,849,327 | 525,581,458 | 527,459,894 | 533,440,280 | 537,659,593 | 541,632,079 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (loss) (in millions) | 694) | 490) | 1,282) | (91) | 2,293) | 1,296) | 1,200) | 373) | 385) | 796) | 461) | 83) | (120) | 467) | 345) | 324) | 769) | 1,806) | 979) | 875) | ||||||
| Operating profit per share2 | 5.40 | 8.94 | 10.66 | 10.36 | 11.35 | 7.06 | 5.93 | 4.33 | 3.44 | 2.41 | 1.74 | 1.50 | 1.96 | 3.66 | 6.20 | 7.38 | 8.40 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 89.25 | 114.42 | 102.32 | 94.27 | 97.36 | 99.45 | 118.79 | 111.34 | 91.83 | 91.99 | 85.63 | 79.35 | 78.66 | 80.13 | 76.06 | 82.11 | 80.09 | 89.05 | 79.50 | 81.61 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | 16.51 | 12.79 | 9.60 | 9.10 | 8.58 | 14.09 | 20.03 | 25.74 | 26.68 | 38.21 | 49.16 | 52.84 | 40.09 | 21.91 | 12.26 | 11.13 | 9.54 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Occidental Petroleum 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), 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).
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
= (694,000,000 + 490,000,000 + 1,282,000,000 + -91,000,000)
÷ 439,445,842 = 5.40
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
= 89.25 ÷ 5.40 = 16.51
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the examined periods.
- Share Price
- The share price exhibited fluctuations throughout the time frame. Initially, there is a moderate variability between $76 and $91 from early 2015 through the end of 2017. A notable upward trend begins in early 2018, with the share price reaching its peak at $118.79 by June 2018. Subsequently, it declines to $97.36 by December 2018 but then demonstrates recovery and growth, reaching $114.42 in September 2019. However, by the last quarter reported, the price decreases significantly to $89.25. The share price thus shows cyclical behavior with periods of increase followed by pullbacks.
- Operating Profit Per Share
- Operating profit per share data is available starting from March 2016. It initially decreases from $8.40 to $1.50 by June 2017, indicating weakening profitability or operational challenges. After this low point, a steady recovery is observed from the latter half of 2017 through mid-2019. The operating profit per share peaks at $11.35 in March 2019, marking a significant improvement. Toward the end of 2019, there is a decline to $5.40, which may suggest emerging operational pressures or market conditions impacting profitability.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio, available only from March 2016, reveals investor valuation relative to operating profit per share. Initially, the ratio increases sharply, moving from 9.54 to a high of 52.84 in June 2017, reflecting either a growing share price relative to profits or declining profits relative to share price. This elevated valuation suggests heightened investor expectations or market optimism despite lower operating profitability during that period. Following this peak, the ratio declines steadily to 8.58 by March 2019, coinciding with increased operating profit per share and reflecting a valuation more in line with earnings strength. After March 2019, the ratio rises again to 16.51 by December 2019, indicating a relative increase in share price compared to operating profits during the final quarters.
Overall, the data indicates that the company experienced significant volatility in its financial performance and market valuation. The operating profit per share shows a recovery phase after an initial decline, reflecting improving operational efficiency or market conditions up to early 2019, followed by some retracement. Meanwhile, the P/OP ratio’s fluctuation illustrates changing investor sentiment and valuation adjustments relative to profits throughout the period.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 439,445,842 | 444,357,576 | 448,541,697 | 453,551,166 | 454,913,087 | 461,125,321 | 464,262,410 | 465,836,946 | 501,237,339 | 506,740,487 | 511,510,782 | 516,098,240 | 517,816,429 | 520,850,205 | 522,849,327 | 525,581,458 | 527,459,894 | 533,440,280 | 537,659,593 | 541,632,079 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Sales and other operating revenues (in millions) | 29,125) | 27,218) | 27,847) | 23,103) | 29,098) | 29,788) | 28,980) | 23,595) | 29,746) | 25,627) | 24,087) | 22,894) | 23,397) | 21,624) | 21,849) | 17,409) | 21,893) | 25,792) | 28,512) | 22,778) | ||||||
| Sales per share2 | 244.16 | 241.40 | 244.87 | 244.67 | 245.02 | 243.12 | 232.52 | 221.23 | 204.20 | 189.46 | 179.86 | 173.93 | 162.76 | 158.92 | 166.29 | 178.10 | 187.64 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 89.25 | 114.42 | 102.32 | 94.27 | 97.36 | 99.45 | 118.79 | 111.34 | 91.83 | 91.99 | 85.63 | 79.35 | 78.66 | 80.13 | 76.06 | 82.11 | 80.09 | 89.05 | 79.50 | 81.61 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | 0.37 | 0.47 | 0.42 | 0.39 | 0.40 | 0.41 | 0.51 | 0.50 | 0.45 | 0.49 | 0.48 | 0.46 | 0.48 | 0.50 | 0.46 | 0.46 | 0.43 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Occidental Petroleum 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), 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).
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
= (29,125,000,000 + 27,218,000,000 + 27,847,000,000 + 23,103,000,000)
÷ 439,445,842 = 244.16
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
= 89.25 ÷ 244.16 = 0.37
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed fluctuations throughout the observed periods. Starting from 81.61 US$ at the end of Q1 2015, it dipped slightly in the following quarters, reaching lows around 76.06 US$ in mid-2016. From 2017 onwards, the share price generally exhibited an upward trend, peaking at 118.79 US$ in the second quarter of 2018. However, this peak was followed by a decline towards the end of 2018 and 2019, with the share price falling to 89.25 US$ by the last quarter of 2019. Overall, despite intermediate fluctuations, the share price demonstrated moderate growth from 2015 to mid-2018, then a downward correction through 2019.
- Sales Per Share
- Sales per share data, available from the first quarter of 2016, exhibited a steady and consistent increase over the entire period. The value rose from 187.64 US$ at the start of 2016 to a peak of 245.02 US$ by the third quarter of 2019. Minor fluctuations were observed but the overall trajectory remained upward, indicating improving sales strength on a per-share basis over four years.
- Price to Sales (P/S) Ratio
- The P/S ratio displayed variability without a clear upward or downward long-term trend. From 0.43 in early 2016, the ratio increased and peaked around 0.51 in the second quarter of 2018. Following this peak, a decline occurred, with the ratio falling as low as 0.37 by the last quarter of 2019. This pattern suggests that while sales per share increased steadily, the market valuation relative to sales fluctuated, potentially reflecting changing investor sentiment or variations in profit margins or growth expectations.
- Overall Patterns and Insights
- The share price and P/S ratio showed somewhat correlated but distinct trends. The share price's growth phase coincided with rising sales and increasing P/S ratios until mid-2018, after which both share price and P/S ratio declined, despite sales per share continuing to rise. This divergence might indicate market concerns regarding profitability or external factors impacting valuation norms. The persistent rise in sales per share represents solid operational performance, whereas the fluctuation and eventual decline in market valuation metrics warrant further investigation into cost structures, earnings, or macroeconomic influences during the latter periods.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 439,445,842 | 444,357,576 | 448,541,697 | 453,551,166 | 454,913,087 | 461,125,321 | 464,262,410 | 465,836,946 | 501,237,339 | 506,740,487 | 511,510,782 | 516,098,240 | 517,816,429 | 520,850,205 | 522,849,327 | 525,581,458 | 527,459,894 | 533,440,280 | 537,659,593 | 541,632,079 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 24,910) | 24,857) | 24,752) | 24,217) | 24,653) | 23,319) | 22,536) | 21,923) | 25,085) | 22,523) | 22,368) | 22,364) | 22,390) | 22,905) | 22,842) | 22,788) | 23,100) | 23,194) | 22,389) | 21,760) | ||||||
| Book value per share (BVPS)2 | 56.69 | 55.94 | 55.18 | 53.39 | 54.19 | 50.57 | 48.54 | 47.06 | 50.05 | 44.45 | 43.73 | 43.33 | 43.24 | 43.98 | 43.69 | 43.36 | 43.79 | 43.48 | 41.64 | 40.17 | ||||||
| Share price1, 3 | 89.25 | 114.42 | 102.32 | 94.27 | 97.36 | 99.45 | 118.79 | 111.34 | 91.83 | 91.99 | 85.63 | 79.35 | 78.66 | 80.13 | 76.06 | 82.11 | 80.09 | 89.05 | 79.50 | 81.61 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | 1.57 | 2.05 | 1.85 | 1.77 | 1.80 | 1.97 | 2.45 | 2.37 | 1.83 | 2.07 | 1.96 | 1.83 | 1.82 | 1.82 | 1.74 | 1.89 | 1.83 | 2.05 | 1.91 | 2.03 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Chevron Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Occidental Petroleum 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 24,910,000,000 ÷ 439,445,842 = 56.69
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
= 89.25 ÷ 56.69 = 1.57
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed moderate fluctuation throughout the periods analyzed. From March 2015 to December 2015, it oscillated between approximately 79.5 US$ and 89.05 US$. A mild decline was observed in 2016, with prices ranging from around 76.06 US$ to 82.11 US$. In 2017, the share price generally increased, reaching a peak of 91.99 US$ in September before stabilizing near 91.83 US$ at year-end. A notable surge appeared in early 2018, with the price reaching a high of 118.79 US$ in June, followed by a downward adjustment in the latter half of 2018. During 2019, the share price demonstrated volatility, peaking again at 114.42 US$ in September before dropping to 89.25 US$ in December.
- Book Value per Share (BVPS) Trend
- BVPS exhibited a generally upward trend over the examined periods. Starting at 40.17 US$ in March 2015, it steadily increased with minor fluctuations to approximately 43-44 US$ by the end of 2016. The growth continued more noticeably from 2017 onwards, crossing the 50 US$ threshold by December 2017 and reaching 56.69 US$ in December 2019. This consistent increase indicates an accumulation of equity value over time.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio fluctuated within a range but did not display a clear linear trend. Early on, the ratio moved between approximately 1.74 and 2.05, suggesting modest variation in market valuation relative to book value. Notably, peaks above 2.3 occurred in early and mid-2018, coinciding with the share price surge. Subsequently, the ratio declined in late 2018 and early 2019, reflecting either a relative undervaluation or adjustments in market sentiment. By December 2019, the ratio decreased to 1.57, the lowest observed in the dataset, indicating a lower market valuation relative to book value at that point.
- Key Insights
- The upward trend in book value per share suggests steady growth in the company’s equity base or retained earnings. Share price movements largely followed market dynamics with periods of both expansion and correction, notably peaking in mid-2018 and again in late 2019 before declining. The variability in the P/BV ratio highlights changing investor perceptions and potential market revaluations over time. The declining P/BV ratio towards the end of the period may imply an opportunity for value investors or indicate increased caution in market assessments.