Phillips 66

Phillips 66

PSXยทNYSE

$184.68

+1.2%
EnergyOil & Gas Refining & Marketing

Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable fuels at 12 refineries in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels primarily in the United States and Europe. This segment also manufactures and markets specialty products, such as base oils and lubricants. The company was founded in 1875 and is headquartered in Houston, Texas.

At a Glance

Live Snapshot
Market Cap$74.04B
EPS10.8400
P/E Ratio17.04
Earnings Date07/24/2026
Phillips 66

Phillips 66 Fair Value Envelope

PSX ยท NYSE

Our analysis suggests that PSX has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $184.68, this represents a potential HIDDEN relative to our calculated worth for Phillips 66.

Intrinsic Value
Current Price: $184.68

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

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Projection Settings

Forecast period and terminal assumptions

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DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value$243.3B
+ Cash & Equivalents$1.1B
Firm Value$244.5B
- Debt$22.9B
Equity Value$221.6B
/ Shares Outstanding402,921,135B
DCF Value$550
UNDERVALUED BY 198%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
$5.8B
$6.8B
$8.0B
$9.3B
$10.9B
$12.7B
$14.9B
$17.5B
$20.4B
$23.9B
Maintenance CapEx
-$522.6M
-$611.6M
-$715.7M
-$837.6M
-$980.2M
-$1.1B
-$1.3B
-$1.6B
-$1.8B
-$2.2B
Owner Earnings
$5.3B
$6.2B
$7.2B
$8.5B
$9.9B
$11.6B
$13.6B
$15.9B
$18.6B
$21.7B
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
$4.9B
$5.3B
$5.7B
$6.2B
$6.7B
$7.3B
$7.9B
$8.6B
$9.3B
$10.1B
Terminal Value represents 70.4% of Enterprise Value