Phillips 66
PSXDCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.
Price and model value
What the marks mean
Valuation models
DCF · Perpetuity growth · 5y leads for a cyclical company — positive operating income and three years of positive free cash flow. How we value a stock walks through every input. The price is 154% above the model value: the models see only the filed business, and a company priced on businesses with no revenue line yet is better taken apart, as Tesla is.
Dividends
- Coverage
- —
- Raised
- 4 years in a row
- Growth, 5 yrs
- 7.2% a year
- Last change
- +5.8% · Feb 2026
Research on PSX
How it is valued
Key figures
Superinvestors
Analyst actions
Recent
Comparable companies
The weekly
One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just PSX. No account.
About Phillips 66
Phillips 66 operates as a diversified energy company, specializing in both manufacturing and logistics. Its comprehensive business model is structured across four primary segments: Midstream, Chemicals, Refining, and Marketing & Specialties (M&S). The Midstream division manages the vital infrastructure for transporting and processing various energy commodities. This includes moving crude oil and other feedstocks, delivering refined petroleum products to market, offering terminaling and storage solutions, and handling natural gas liquids (NGLs) through processes like transportation, storage, fractionation, export, and marketing. It also provides fee-based processing services and oversees the gathering, processing, transportation, and marketing of natural gas. The Chemicals segment is dedicated to the production and distribution of a broad spectrum of chemical products. This encompasses olefins like ethylene, aromatics and styrenics such as benzene, cyclohexane, styrene, and polystyrene, alongside various specialty chemicals. These specialty products include organosulfur compounds, solvents, catalysts, and chemicals utilized in drilling and mining operations. Through its Refining segment, Phillips 66 transforms crude oil and other feedstocks into essential petroleum products. These include different grades of gasoline, distillates, aviation fuels, and renewable fuels, processed at its network of 12 refineries located in the United States and Europe. The Marketing & Specialties (M&S) segment focuses on the procurement, resale, and marketing of refined petroleum products like gasolines, distillates, and aviation fuels, primarily serving markets in the United States and Europe. This segment also manufactures and distributes specialized products, including base oils and lubricants. Phillips 66, founded in 1875, is headquartered in Houston, Texas.
- CEO
- Mark E. Lashier
- Headquarters
- Houston, TX
- Employees
- 12,600
- IPO
- 2012-04-12
Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.