PSXPhillips 66
Petroleum Refining
- Revenue
- $132.4B
- 7.5% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $110.3B
- Employees
- 12,600
- $11M revenue each
- Net debt / EBITDA
- —
- $13.7B net debt
- AI in 10-K
- 0.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo113% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo63% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$11M · 89th pctBottom quartile of its SIC industry
- Quiet on AIYes0.2 per 10K words · 12th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$110.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$7.5B netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $111.5B | $170.0B | $147.4B | $143.2B | $132.4B | 7.5% |
| Net income | $1.3B | $11.0B | $7.0B | $2.1B | $4.4B | 108% |
| Operating cash flow | $6.0B | $10.8B | $7.0B | $4.2B | $5.0B | 18% |
| Stock-based comp | $144M | $210M | $297M | $210M | $220M | 4.8% |
| Buybacks | $0 | $1.5B | $4.0B | $3.5B | $1.2B | 65% |
| Dividends | $1.6B | $1.8B | $1.9B | $1.9B | $1.9B | 2.1% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 3, 2026 | Link Co | SCHEDULE 13D | 10.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $61K · 2
- Open-market sells, 12 mo
- $7.5B · 28
- Net
- −$7.5B
Pay vs performance
No pay-versus-performance disclosure yet.