ConocoPhillips vs Phillips 66, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both balance sheets are conservative for the oil patch, ConocoPhillips at 0.02 turns of debt and Phillips 66 at 0.28, which frees the pair to be about position on the barrel: Conoco is upstream exploration and production, Phillips downstream refining, chemicals, and midstream. The returns favor the refiner on equity, 13.9% against 11.3%, though Conoco leads on assets, 6% against 4.9%. Conoco pays 3% in dividends, Phillips 2.8%, both defended. Free cash favors Conoco heavily, 13.9% against 3.6%, the upstream cash machine in a decent price environment. The multiples nearly touch, 17.9 and 17 times. Two ends of one industry priced as near-equals; the choice is which half of the barrel a buyer wants exposure to.
Comparison updated 2026-07-11.
| Metric | COP | PSX |
|---|---|---|
| Price | $105.80 | $171.67 |
| Market cap | $129.6B | $69.2B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | — | +0.1% |
| P/E | 17.9 | 17.0 |
| P/B | 2.01 | 2.33 |
| P/S | 2.23 | 0.51 |
| EV/EBITDA | 10.7 | 24.0 |
| Revenue growth | +1.9% | -1.8% |
| Net margin | 12.6% | 3.1% |
| Return on equity | 11.3% | 13.9% |
| Return on assets | 6.0% | 4.9% |
| FCF yield | 13.9% | 3.6% |
| Dividend yield | 3.0% | 2.8% |
| Debt / equity | 0.02 | 0.28 |
| Current ratio | 1.29 | 1.13 |
| Altman Z (solvency) | 2.64 | 2.96 |
| Piotroski F (quality) | 8 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.