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Phillips 66 key statistics and ratios

In fiscal 2025, Phillips 66 had return on equity of 15.6%, a net margin of 3.3%, debt equal to 67.8% 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.

Fiscal year2010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin——————25.9%22.4%12.1%11.0%10.0%8.4%11.8%13.1%9.2%12.3%15.1%
Net margin0.5%2.4%2.3%2.2%3.0%4.3%1.8%5.0%5.0%2.9%−6.2%1.2%6.5%4.8%1.5%3.3%7.5%
Return on equity2.8%19.4%18.7%17.4%21.9%18.9%6.8%21.5%22.5%12.4%−18.1%6.9%45.3%23.4%7.3%15.6%39.7%
Return on assets1.6%10.8%9.0%7.6%9.7%8.7%3.1%9.6%10.3%5.4%−7.0%2.4%16.7%9.2%2.9%6.0%15.8%
Asset turnover3.264.443.933.513.272.041.681.932.051.901.132.022.571.941.931.812.11
Current ratio—1.131.441.491.501.631.341.421.481.241.391.151.381.261.191.301.34
Debt to equity0.0%1.7%33.6%28.0%40.0%38.5%47.3%40.3%45.3%47.2%83.7%75.4%58.3%63.3%73.2%67.8%54.0%
Effective tax rate43.9%27.8%37.7%33.4%28.8%29.2%25.0%−47.6%21.1%19.2%———————
R&D as % of revenue0.0%0.0%0.0%0.0%0.0%0.1%0.1%0.1%0.0%0.1%0.1%0.0%0.0%0.0%0.0%0.0%—
SG&A as % of revenue0.9%0.7%0.9%0.9%1.0%1.7%1.9%1.7%1.5%1.6%2.4%1.6%1.3%1.7%2.0%1.8%1.3%
Dividends ÷ net income0.0%0.0%6.8%21.7%22.3%27.7%82.4%27.3%25.7%51.0%—120.3%16.3%26.8%88.9%43.7%15.9%

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

3 of 6 checks passed · September 30, 2026
What it owns · $86.0bn
Short-term assets $27.9bnLonger-term assets $58.0bn
What it owes, and who funded it · $84.8bn
Short-term liabilities $20.8bnLonger-term liabilities $29.7bnShareholders' equity $34.3bn
  • Short-term assets cover short-term liabilities $27.9bn of assets due within a year against $20.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $27.9bn short-term assets against $29.7bn of longer-dated liabilities.
  • More cash than debt $5.8bn of cash against $18.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 54% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 59% to 54% over five years.
  • A year's operating cash flow covers at least 20% of debt $15.0bn of operating cash flow against $18.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Phillips 66'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

42 /100

Weak moat

How hard Phillips 66'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 8 / 20

    Net income has been a median 6.1% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 11.2%, moving by 2.1 percentage points (standard deviation) across 9 years.

  • Durability 0 / 20

    Net margin has been a median 3.2%; its worst year was -3.5%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.6% of revenue.

  • Discipline 14 / 20

    The diluted share count fell 8.3% 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.

Compare with peers

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Figures from Phillips 66's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Phillips 66.