Forensic Analysis · Energy / Oil & Gas · as of Aug 10, 2026

Phillips 66 (PSX)

A forensic read on Phillips 66 built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

3.5

Distress distance

Clean

Earnings quality

Forensic signals

11.6

P / E (ttm)

15.1%

ROE

$85.4B

Market cap

2.47%

Dividend yield

-7.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Phillips 66 earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.5, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-8.0%

FY2020

Return on invested capital. Return on invested capital is -8.0% in the latest fiscal year and slipping from 9% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.

63% of OCF

FY2025

Shareholder returns. Returned $3.1B to shareholders (buybacks + dividends) in FY2025 — 63% of operating cash flow. Capex isn't disclosed for FY2025, so this is the ceiling on coverage, not the free-cash-flow payout — actual free-cash coverage is tighter than this reads.

$1.8B

FY2020–FY2020

Goodwill impairments. Took $1.8B of goodwill writedowns across 1 year (FY2020 ($1.8B)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$132.38B

Revenue Growth YoY-7.5%

Revenue CAGR (3yr)-8.0%

Net Margin3.3%

Return on Equity15.1%

Debt / Equity0.67x

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.