Chevron Corp vs Phillips 66, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Chevron carries 0.03 turns of debt, Phillips 66 a still-modest 0.28, both conservative sheets that free the pair to be about scope: Chevron is an integrated supermajor, Phillips a downstream-and-chemicals specialist spun out of it in 2012. The specialist earns the better returns this cycle, 13.9% on equity against 5.8%, refining and midstream out-earning the integrated average in a soft upstream year. Chevron's defense is its 4% dividend and $339B scale against Phillips' 2.8% and $69B. The multiples split, 29.8 times Chevron against 17 Phillips, the market paying a heavy premium for integrated durability. The parent trades dear on depressed earnings; the child trades fair on better ones.
Comparison updated 2026-07-11.
| Metric | CVX | PSX |
|---|---|---|
| Price | $170.89 | $171.67 |
| Market cap | $339.4B | $69.2B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +7.3% | +0.1% |
| P/E | 29.8 | 17.0 |
| P/B | 1.79 | 2.33 |
| P/S | 1.79 | 0.51 |
| EV/EBITDA | 15.8 | 24.0 |
| Revenue growth | -5.6% | -1.8% |
| Net margin | 5.8% | 3.1% |
| Return on equity | 5.8% | 13.9% |
| Return on assets | 3.3% | 4.9% |
| FCF yield | 4.1% | 3.6% |
| Dividend yield | 4.0% | 2.8% |
| Debt / equity | 0.03 | 0.28 |
| Current ratio | 1.09 | 1.13 |
| Altman Z (solvency) | 2.91 | 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.