Phillips 66 vs VALERO ENERGY CORP/TX, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The margin lines run thin at both, Phillips 66's 3.1% net against Valero's 3.4%, refining economics in a soft-crack year, but the returns nearly tie too, 13.9% on equity against 15.6%, Valero ahead. The two are close peers, big independent-adjacent refiners (Phillips with more chemicals and midstream, Valero purer refining). The multiples sit at 17 and 19 times; dividends at 2.8% and 1.7%; both near-zero debt. Free cash favors Valero, 7% against 3.6%. The pair prices two downstream franchises within a couple of turns; Phillips diversifies its crack-spread exposure with chemicals and pipelines, Valero concentrates on refining, and the market charges Valero a small premium for the focus its returns partly earn.
Comparison updated 2026-07-11.
| Metric | PSX | VLO |
|---|---|---|
| Price | $171.67 | $259.41 |
| Market cap | $69.2B | $77.3B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +0.1% | +9.4% |
| P/E | 17.0 | 18.9 |
| P/B | 2.33 | 2.87 |
| P/S | 0.51 | 0.62 |
| EV/EBITDA | 24.0 | 8.9 |
| Revenue growth | -1.8% | -2.4% |
| Operating margin | — | 5.3% |
| Net margin | 3.1% | 3.4% |
| Return on equity | 13.9% | 15.6% |
| Return on assets | 4.9% | 6.8% |
| Return on invested capital | — | 15.9% |
| FCF yield | 3.6% | 7.0% |
| Dividend yield | 2.8% | 1.7% |
| Debt / equity | 0.28 | 0.04 |
| Current ratio | 1.13 | 1.58 |
| Altman Z (solvency) | 2.96 | 9.40 |
| Piotroski F (quality) | 5 / 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.