ConocoPhillips key statistics and ratios

In fiscal 2025, ConocoPhillips had return on equity of 12.4%, a net margin of 13.6%, debt equal to 36.4% of equity and a current ratio of 1.30. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

ConocoPhillips: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	—	—	—	—	59.0%	61.7%	63.1%	67.7%	57.0%	60.4%	56.7%	60.9%	63.4%	62.1%	62.0%
Net margin	3.0%	17.9%	18.8%	13.6%	15.7%	12.4%	−14.3%	−14.8%	−2.6%	16.2%	19.6%	−14.4%	17.6%	23.8%	19.5%	16.9%	13.6%	14.7%
Free-cash-flow margin	—	—	—	−0.4%	1.0%	−0.9%	−8.0%	−1.9%	7.6%	16.0%	12.2%	0.5%	25.5%	23.1%	35.6%	36.8%	33.6%	34.6%
Return on equity	7.1%	17.4%	18.6%	14.9%	18.3%	13.2%	−9.7%	−9.7%	−2.6%	20.0%	21.5%	−8.3%	21.5%	40.0%	22.5%	16.2%	12.4%	14.3%
Return on assets	2.9%	7.4%	8.0%	6.2%	7.8%	5.9%	−4.1%	−3.9%	−1.0%	8.7%	10.2%	−4.1%	10.5%	20.3%	11.5%	8.5%	6.5%	7.5%
Asset turnover	0.98	0.41	0.43	0.46	0.50	0.47	0.29	0.26	0.40	0.54	0.52	0.28	0.60	0.85	0.59	0.50	0.48	0.51
Current ratio	0.89	1.26	1.08	1.38	1.26	1.31	0.95	1.25	1.76	1.79	2.40	2.25	1.34	1.46	1.43	1.29	1.30	1.54
Debt to equity	46.2%	34.8%	34.9%	45.5%	42.3%	43.5%	62.6%	78.0%	73.3%	50.6%	51.8%	64.0%	43.9%	34.7%	38.4%	37.5%	36.4%	35.7%
Effective tax rate	—	—	—	—	—	—	—	—	—	36.8%	23.8%	—	36.4%	33.8%	32.7%	32.4%	36.9%	36.5%
R&D as % of revenue	0.1%	0.3%	0.3%	0.4%	0.4%	0.5%	0.7%	0.5%	0.3%	0.2%	0.2%	0.4%	0.1%	0.1%	0.1%	0.1%	0.1%	—
SG&A as % of revenue	1.2%	1.3%	1.3%	1.8%	1.5%	1.3%	3.1%	1.9%	1.3%	1.0%	1.5%	2.3%	1.6%	0.8%	1.3%	2.1%	1.5%	1.3%
Capital spending as % of revenue	—	—	—	22.9%	26.7%	30.8%	32.5%	20.0%	14.1%	17.4%	18.1%	25.1%	11.6%	12.9%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	—	—	−3.0%	6.6%	−7.5%	—	—	—	98.8%	62.2%	—	144.5%	97.2%	182.2%	217.7%	247.8%	236.2%
Dividends ÷ net income	64.2%	28.0%	29.2%	38.9%	36.4%	51.3%	—	—	—	21.8%	20.9%	—	29.2%	30.7%	51.0%	39.4%	50.0%	43.8%
Dividends and buybacks ÷ free cash flow	—	—	—	—	552.0%	—	—	—	173.2%	70.5%	111.9%	>999%	51.3%	82.6%	55.0%	45.3%	45.5%	42.7%

US$ thousands unless shown otherwise. Fiscal quarters.

ConocoPhillips: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	63.6%	64.4%	62.5%	63.7%	61.0%	61.2%	60.1%	65.0%
Net margin	15.8%	16.2%	17.2%	14.1%	11.5%	10.8%	13.9%	20.5%
Free-cash-flow margin	44.2%	31.3%	37.0%	24.9%	39.1%	32.2%	27.3%	38.8%
Current ratio	1.30	1.29	1.27	1.27	1.32	1.30	1.29	1.54
Debt to equity	36.7%	37.5%	36.5%	35.9%	36.2%	36.4%	36.1%	35.6%
SG&A as % of revenue	1.4%	4.4%	1.2%	1.8%	1.8%	1.4%	1.2%	1.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · June 30, 2026

What it owns · $124.3bn

Short-term assets $19.2bnLonger-term assets $105.1bn

What it owes, and who funded it · $124.3bn

Short-term liabilities $12.5bnLonger-term liabilities $46.5bnShareholders' equity $65.3bn

Short-term assets cover short-term liabilities $19.2bn of assets due within a year against $12.5bn of liabilities due within a year.
Short-term assets cover long-term liabilities $19.2bn short-term assets against $46.5bn of longer-dated liabilities.
More cash than debt $6.6bn of cash against $23.3bn of debt.
Debt below 40% of shareholders' equity Debt is 36% of equity.
Debt burden no higher than five years ago Debt to equity moved from 41% to 36% over five years.
A year's operating cash flow covers at least 20% of debt $21.9bn of operating cash flow against $23.3bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From ConocoPhillips's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

62 /100

Moderate moat

How hard ConocoPhillips's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 11 / 20

Net income has been a median 7.5% of total assets over 10 years.
Pricing power 19 / 20

Gross margin has been a median 62.0%, moving by 2.6 percentage points (standard deviation) across 9 years.
Durability 4 / 20

Net margin has been a median 15.3%; its worst year was -12.9%.
Cash conversion 18 / 20

Free cash flow was positive in 10 of 10 years, at a median 15.9% of revenue.
Discipline 9 / 20

The diluted share count rose 6.7% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from ConocoPhillips's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to ConocoPhillips.