ConocoPhillips (COP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+142.1%

$356.71

vs $147.33 price

Levered DCF

$385.33

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

3.7

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	14.72×	12.68×	12.78×	8.07×	11.83×	-15.93×	10.11×	11.63×
P/B	1.82×	1.8×	2.83×	3.13×	2.11×	1.44×	2.08×	2.28×
P/S	1.99×	2.14×	2.49×	1.92×	2.09×	2.3×	2.23×	2×
EV / EBITDA	5.28×	5.61×	6×	4.38×	5.25×	12.27×	4.98×	4.81×
Gross margin	25.1%	29.9%	32.4%	38.2%	32.2%	4.5%	28.6%	30.1%
Operating margin	19.2%	23.4%	26.8%	32.4%	26.3%	-9.6%	21.7%	25.1%
Net margin	13.6%	16.9%	19.5%	23.8%	17.6%	-14.4%	22.1%	17.2%
Current ratio	1.3×	1.29×	1.43×	1.46×	1.34×	2.25×	2.4×	1.79×
Debt / equity	0.36×	0.39×	0.4×	0.36×	0.44×	0.51×	0.45×	0.47×
Interest coverage	9.2×	11.54×	14.14×	24.13×	10.72×	-1.7×	6.4×	8.4×
Dividend yield	3.4%	3.1%	4.0%	3.8%	2.5%	4.2%	2.1%	1.9%
Payout ratio	50.0%	39.4%	51.0%	30.7%	29.2%	-67.8%	20.9%	21.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.4%	14.3%	22.2%	38.9%	17.8%	-9.0%	20.6%	19.6%
Return on invested capital	6.4%	7.7%	11.6%	20.7%	9.6%	-2.6%	8.4%	9.2%
Return on assets	6.6%	7.5%	11.4%	19.9%	8.9%	-4.3%	10.2%	8.9%
Free cash flow yield	6.2%	6.8%	6.2%	12.1%	12.2%	0.2%	6.1%	8.5%
Earnings yield	6.8%	7.9%	7.8%	12.4%	8.5%	-6.3%	9.9%	8.6%
Enterprise value	$134.2B	$136.7B	$153.6B	$161.1B	$110.5B	$55.5B	$83.3B	$81.8B
Net debt / EBITDA	0.67×	0.81×	0.55×	0.29×	0.71×	2.74×	0.64×	0.53×
Cash conversion cycle (days)	0	4	-0	-4	8	19	4	-1