Phillips 66 (PSX) - Net Assets
Based on the latest financial reports, Phillips 66 (PSX) has net assets worth $29.68 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($84.08 Billion) and total liabilities ($54.40 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible equity quality of Phillips 66 to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $29.68 Billion |
| % of Total Assets | 35.3% |
| Annual Growth Rate | 0.73% |
| 5-Year Change | 39.77% |
| 10-Year Change | 27.46% |
| Growth Volatility | 16.78 |
Phillips 66 - Net Assets Trend (2009–2025)
This chart illustrates how Phillips 66's net assets have evolved over time, based on quarterly financial data. See Phillips 66 defensive interval ratio to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Phillips 66 (2009–2025)
The table below shows the annual net assets of Phillips 66 from 2009 to 2025. For live valuation and market cap data, see Phillips 66 market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $30.24 Billion | +6.25% |
| 2024-12-31 | $28.46 Billion | -10.07% |
| 2023-12-31 | $31.65 Billion | -7.20% |
| 2022-12-31 | $34.11 Billion | +57.63% |
| 2021-12-31 | $21.64 Billion | +0.53% |
| 2020-12-31 | $21.52 Billion | -20.78% |
| 2019-12-31 | $27.17 Billion | +0.06% |
| 2018-12-31 | $27.15 Billion | -1.00% |
| 2017-12-31 | $27.43 Billion | +15.61% |
| 2016-12-31 | $23.73 Billion | -0.89% |
| 2015-12-31 | $23.94 Billion | +8.63% |
| 2014-12-31 | $22.04 Billion | -1.59% |
| 2013-12-31 | $22.39 Billion | +7.62% |
| 2012-12-31 | $20.81 Billion | -10.68% |
| 2011-12-31 | $23.29 Billion | -10.50% |
| 2010-12-31 | $26.03 Billion | -3.39% |
| 2009-12-31 | $26.94 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Phillips 66's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 3323900000000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $33.24 Billion | 114.25% |
| Common Stock | $7.00 Million | 0.02% |
| Other Comprehensive Income | $-167.00 Million | -0.57% |
| Total Equity | $29.09 Billion | 100.00% |
Phillips 66 Competitors by Market Cap
The table below lists competitors of Phillips 66 ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Barclays PLC
F:BCY2
|
$66.81 Billion |
|
Suncor Energy Inc
TO:SU
|
$66.90 Billion |
|
Xiaomi Corporation
F:3CP
|
$66.93 Billion |
|
China Petroleum & Chemical Corp Class A
SHG:600028
|
$66.95 Billion |
|
Aon PLC
NYSE:AON
|
$66.19 Billion |
|
Lumentum Holdings Inc
NASDAQ:LITE
|
$66.13 Billion |
|
Digital Realty Trust Inc
NYSE:DLR
|
$66.12 Billion |
|
Natwest Group PLC
NYSE:NWG
|
$65.95 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Phillips 66's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 27,408,000,000 to 29,093,000,000, a change of 1,685,000,000 (6.1%).
- Net income of 4,403,000,000 contributed positively to equity growth.
- Dividend payments of 1,922,000,000 reduced retained earnings.
- Share repurchases of 1,207,000,000 reduced equity.
- New share issuances of 107,000,000 increased equity.
- Other comprehensive income increased equity by 240,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $4.40 Billion | +15.13% |
| Dividends Paid | $1.92 Billion | -6.61% |
| Share Repurchases | $1.21 Billion | -4.15% |
| Share Issuances | $107.00 Million | +0.37% |
| Other Comprehensive Income | $240.00 Million | +0.82% |
| Other Changes | $64.00 Million | +0.22% |
| Total Change | $- | 6.15% |
Book Value vs Market Value Analysis
This analysis compares Phillips 66's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.33x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 3.95x to 2.33x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2009-12-31 | $42.06 | $166.14 | x |
| 2010-12-31 | $40.63 | $166.14 | x |
| 2011-12-31 | $36.35 | $166.14 | x |
| 2012-12-31 | $32.63 | $166.14 | x |
| 2013-12-31 | $35.46 | $166.14 | x |
| 2014-12-31 | $37.78 | $166.14 | x |
| 2015-12-31 | $42.23 | $166.14 | x |
| 2016-12-31 | $42.24 | $166.14 | x |
| 2017-12-31 | $48.38 | $166.14 | x |
| 2018-12-31 | $52.01 | $166.14 | x |
| 2019-12-31 | $54.88 | $166.14 | x |
| 2020-12-31 | $43.19 | $166.14 | x |
| 2021-12-31 | $43.52 | $166.14 | x |
| 2022-12-31 | $62.26 | $166.14 | x |
| 2023-12-31 | $67.48 | $166.14 | x |
| 2024-12-31 | $64.97 | $166.14 | x |
| 2025-12-31 | $71.30 | $166.14 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Phillips 66 utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 15.13%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 3.33%
- • Asset Turnover: 1.79x
- • Equity Multiplier: 2.53x
- Recent ROE (15.13%) is above the historical average (13.74%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2009 | 1.77% | 0.42% | 2.63x | 1.59x | $-2.22 Billion |
| 2010 | 2.83% | 0.50% | 3.27x | 1.73x | $-1.87 Billion |
| 2011 | 20.53% | 2.43% | 4.55x | 1.86x | $2.45 Billion |
| 2012 | 19.85% | 2.48% | 3.45x | 2.31x | $2.05 Billion |
| 2013 | 16.97% | 2.36% | 3.17x | 2.27x | $1.53 Billion |
| 2014 | 22.06% | 3.26% | 2.99x | 2.26x | $2.60 Billion |
| 2015 | 18.30% | 4.97% | 1.75x | 2.10x | $1.92 Billion |
| 2016 | 6.95% | 2.18% | 1.38x | 2.31x | $-684.00 Million |
| 2017 | 20.35% | 5.70% | 1.65x | 2.17x | $2.60 Billion |
| 2018 | 22.70% | 5.03% | 2.05x | 2.20x | $3.13 Billion |
| 2019 | 12.35% | 2.86% | 1.83x | 2.36x | $585.00 Million |
| 2020 | -20.98% | -6.25% | 1.16x | 2.88x | $-5.88 Billion |
| 2021 | 6.86% | 1.17% | 2.01x | 2.90x | $-601.60 Million |
| 2022 | 37.38% | 6.48% | 2.23x | 2.59x | $8.07 Billion |
| 2023 | 22.90% | 4.76% | 1.95x | 2.47x | $3.95 Billion |
| 2024 | 7.72% | 1.48% | 1.97x | 2.65x | $-623.80 Million |
| 2025 | 15.13% | 3.33% | 1.79x | 2.53x | $1.49 Billion |
Industry Comparison
This section compares Phillips 66's net assets metrics with peer companies in the Oil & Gas Refining & Marketing industry.
Industry Context
- Industry: Oil & Gas Refining & Marketing
- Average net assets among peers: $-1,648,836,048
- Average return on equity (ROE) among peers: 142.50%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Phillips 66 (PSX) | $29.68 Billion | 1.77% | 1.83x | $66.61 Billion |
| ARKO Petroleum Corp. (APC) | $-41.27 Billion | 0.00% | 0.00x | $231.17 Million |
| Crossamerica Partners LP (CAPL) | $3.01 Million | 1333.69% | 391.98x | $840.16 Million |
| Clean Energy Fuels Corp (CLNE) | $241.01 Million | -16.95% | 0.20x | $409.62 Million |
| Cosan SA ADR (CSAN) | $12.53 Billion | 5.32% | 1.42x | $3.96 Billion |
| CVR Energy Inc (CVI) | $898.00 Million | 3.01% | 3.22x | $2.75 Billion |
| HF Sinclair Corp (DINO) | $219.20 Million | 33.51% | 1.07x | $11.63 Billion |
| Delek US Energy Inc (DK) | $959.70 Million | 2.06% | 6.47x | $2.54 Billion |
| Delek Logistics Partners LP (DKL) | $-108.30 Million | 0.00% | 0.00x | $2.68 Billion |
| Delixy Holdings Limited Ordinary Shares (DLXY) | $1.35 Million | 75.98% | 16.48x | $2.76 Million |
| Icahn Enterprises LP (IEP) | $10.03 Billion | -11.66% | 2.63x | $4.38 Billion |
About Phillips 66
Phillips 66 operates as an integrated downstream energy provider in the United States, the United Kingdom, Germany, and internationally. It operates through five segments: Midstream, Chemicals, Refining, Marketing and Specialties (M&S), and Renewable Fuels. The Midstream segment provides crude oil and refined petroleum product transportation, terminaling, and storage services, as well as natural … Read more