Phillips 66 vs Valero Energy
Add, change or remove companies; up to four.
The short version
- Phillips 66 is the larger business, with $132.4B of revenue in fiscal 2025 against $122.7B for Valero Energy.
- Valero Energy grew revenue faster (−5.5%, against −7.5%).
- Phillips 66 earned a higher return on the capital invested in it (11.2%, against 7.2%).
- Investors pay more for each dollar of Valero Energy’s earnings: a P/E of 17.4x against 16.2x for Phillips 66.
| Latest fiscal year | PSX · FY25 | VLO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $114.0B | $123.3B |
| Revenue | $132.4B | $122.7B |
| Free cash flow | — | — |
| Net income | $4.4B | $2.3B |
| Growth | ||
| Revenue growth | −7.5% | −5.5% |
| 5-year growth | 15.6% | 13.6% |
| Share count change | −3.3% | −4.0% |
| Profitability | ||
| Gross margin | 12.3% | 4.4% |
| Operating margin | — | 2.6% |
| Net margin | 3.3% | 1.9% |
| FCF margin | — | — |
| Return on capital | 11.2% | 7.2% |
| Return on equity | 15.6% | 9.7% |
| Balance sheet | ||
| Net debt | $18.6B | $5.9B |
| Net debt / EBITDA | 1.9x | 0.9x |
| Dividends and buybacks | $3.1B | $4.0B |
| Valuation & quality | ||
| P/E | 16.2x | 17.4x |
| Piotroski F-score | 8 | 6 |
Revenue
FY16
PSX $84.3B
VLO $75.7B
FY17
PSX $102.4B
VLO $94.0B
FY18
PSX $111.5B
VLO $117.0B
FY19
PSX $107.3B
VLO $108.3B
FY20
PSX $64.1B
VLO $64.9B
FY21
PSX $111.5B
VLO $114.0B
FY22
PSX $170.0B
VLO $176.4B
FY23
PSX $147.4B
VLO $144.8B
FY24
PSX $143.2B
VLO $129.9B
FY25
PSX $132.4B
VLO $122.7B
PSX
VLO
Operating margin
FY16
PSX —
VLO 4.7%
FY17
PSX —
VLO 3.8%
FY18
PSX —
VLO 3.9%
FY19
PSX —
VLO 3.5%
FY20
PSX —
VLO −2.4%
FY21
PSX —
VLO 1.9%
FY22
PSX —
VLO 8.9%
FY23
PSX —
VLO 8.2%
FY24
PSX —
VLO 2.9%
FY25
PSX —
VLO 2.6%
PSX
VLO
Free cash flow
FY16
PSX —
VLO $2.8B
FY17
PSX —
VLO $3.5B
FY18
PSX —
VLO $995M
FY19
PSX —
VLO $2.7B
FY20
PSX —
VLO −$1.5B
FY21
PSX —
VLO $3.4B
FY22
PSX —
VLO $9.8B
FY23
PSX —
VLO $7.3B
FY24
PSX —
VLO $4.6B
FY25
PSX —
VLO —
PSX
VLO
Return on capital
FY16
PSX 6.2%
VLO 11.1%
FY17
PSX 12.2%
VLO 14.5%
FY18
PSX 18.0%
VLO 13.5%
FY19
PSX 10.4%
VLO 10.6%
FY20
PSX −9.7%
VLO −4.1%
FY21
PSX 6.2%
VLO 5.9%
FY22
PSX 30.4%
VLO 39.4%
FY23
PSX 17.0%
VLO 27.6%
FY24
PSX 6.2%
VLO 9.0%
FY25
PSX 11.2%
VLO 7.2%
PSX
VLO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.