ConocoPhillips vs SUNOCO LP, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
What is priced in: ConocoPhillips at 17.9 times earnings is priced for upstream oil economics and a 3% dividend; Sunoco, an MLP with no clean P/E, is priced for its distribution, its 28.5% free-cash figure the mechanics of a pass-through fuel-distribution vehicle rather than a value signal. The businesses barely touch, exploration-and-production against terminal-and-pipeline fuel logistics. Conoco earns 11.3% on equity and 6% on assets, real integrated-quality returns; Sunoco earns a thin 3.1% net margin on a toll model. Conoco is near-debt-free; Sunoco's leverage is MLP-standard. The pair prices a crude producer against a fuel distributor, one on its reserves and dividend, the other on its distribution yield; different vehicles for different investors, adjacent only on the org chart.
Comparison updated 2026-07-11.
| Metric | COP | SUN |
|---|---|---|
| Price | $105.80 | $66.32 |
| Market cap | $129.6B | $3.4B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | — | +2.7% |
| P/E | 17.9 | — |
| P/B | 2.01 | — |
| P/S | 2.23 | 0.11 |
| EV/EBITDA | 10.7 | 2.3 |
| Revenue growth | +1.9% | +40.5% |
| Operating margin | — | 8.1% |
| Net margin | 12.6% | 3.1% |
| Return on equity | 11.3% | — |
| Return on assets | 6.0% | 3.2% |
| Return on invested capital | — | 9907.9% |
| FCF yield | 13.9% | 28.5% |
| Dividend yield | 3.0% | — |
| Debt / equity | 0.02 | — |
| Current ratio | 1.29 | 1.40 |
| Altman Z (solvency) | 2.64 | 1.28 |
| Piotroski F (quality) | 8 / 9 | 7 / 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.