PSX vs VLO: Phillips 66 and Valero Energy compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Valero Energy is the larger company, worth $138.6B, close to Phillips 66's $118.4B.
- Phillips 66 grew revenue faster over the last year (+53.1% vs +48.8%).
- On earnings, Phillips 66 is the cheaper stock (29.2x vs 34.1x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | PSX | VLO |
|---|---|---|
| Market cap | $118.4B | $138.6B |
| Share price | $278.18 | $433.75 |
| Revenue (last fiscal year) | $132.4B | $122.7B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +53.1% | +48.8% |
| Revenue growth per year, last 5 fiscal years | +4.4% | +1.9% |
| Operating margin | — | 7.2% |
| Net margin | 4.7% | 5.2% |
| Return on equity | 22.5% | 28.9% |
| P/E (trailing) | 29.2x | 34.1x |
| Price / free cash flow | 43.4x | 27.5x |
| EV / EBITDA | 9.86x | 10.1x |
| FCF growth the price implies | — | — |
| Dividend yield | 1.7% | 1.0% |
| Debt / equity | 1.56x | 1.46x |
| Fundamental grade | C | B |
| Superinvestors holding it | 7 | 4 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Phillips 66
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $111.5B | — | — |
| 2022 | $170.0B | — | — |
| 2023 | $147.4B | — | — |
| 2024 | $143.2B | — | — |
| 2025 | $132.4B | — | — |
Valero Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $114.0B | $3.4B | 1.9% |
| 2022 | $176.4B | $9.8B | 8.9% |
| 2023 | $144.8B | $7.3B | 8.2% |
| 2024 | $129.9B | $4.6B | 2.9% |
| 2025 | $122.7B | — | 2.6% |
Where the revenue comes from
Phillips 66 · by segments, 2025
M&S$85.9B46%
Refining$74.9B40%
Midstream$21.2B11%
Renewable Fuels$6.2B3%
Valero Energy · by segments, 2025
Refining$116.2B95%
Ethanol$4.0B3%
Renewable Diesel$2.5B2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open PSX in InvestinglyQuestions
Which is bigger, Phillips 66 or Valero Energy?
Valero Energy (VLO), at $138.6B against $118.4B.
Is PSX or VLO cheaper?
By trailing P/E, Phillips 66 (29.2x) is cheaper than Valero Energy (34.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, PSX or VLO?
Phillips 66: revenue grew +53.1% over the last year, against +48.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.