Energy · Oil & Gas Exploration & Production · US stock · price as of 22 Oct 2026
Key indicators
Price
$145.63
52-week range
$85.57 – $147.55
Market cap
$176.8B
P/E (trailing)
19.4×
EV / EBITDA
7.3×
Free-cash-flow yield
12.4%
Dividend yield
2.3%
Revenue (last 12 months)
$63.3B
Revenue growth (3y a year)
−9.1%
Operating margin
23.1%
Return on invested capital
12.6%
Net debt / EBITDA
0.6×
Fair value
Fair value (average of valid models)$179.31 middle half of models $136 – $223
Versus priceUndervalued+23% to fair value
P/E multiple
$138.23
P/B multiple
$135.60
P/S multiple
$134.66
EV/EBITDA multiple
$135.81
EV/EBIT multiple
$127.02
EV/revenue multiple
$138.47
10-year DCF, EBITDA exit
$233.78
5-year DCF, EBITDA exit
$192.32
10-year DCF, revenue exit
$233.21
5-year DCF, revenue exit
$192.24
10-year DCF, growth exit
$251.64
5-year DCF, growth exit
$213.07
Dividend discount, stable
$132.36
Dividend discount, multi-stage
$174.16
Earnings power value
$257.16
Model uncertainty
Medium
X-Ray Score
58/ 100 · Medium confidence · ahead of 75% of sector peers
Valuation68
Growth39
Profitability66
Financial health66
Dividends36
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
ConocoPhillips is an independent exploration and production company that finds, develops and produces crude oil, natural gas, natural gas liquids and bitumen. It operates in the United States, Canada and several other regions, and it does not run a large retail fuel business. Revenue is earned by selling these commodities at market-related prices, so earnings depend closely on energy prices and production volumes.
Revenue of $63.3 billion was recorded for the latest twelve months; sales fell 9.1% a year over the past three years. Conocophillips converts that into an operating margin of 23.1%. Return on invested capital comes to 13%. Net debt to EBITDA is 0.6 times.
StocksXray gives Conocophillips an X-Ray Score of 58 out of 100 (medium confidence), ahead of 75% of the S&P 500 stocks in its sector. Its strongest lens is valuation (68) and its weakest is dividends (36).
Our fair value (the average of the valid models) is $179.31 (range $135.71 to $223.14). At $145.63 the stock trades 19% below that value, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Conocophillips (COP)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$61.35
$105.25
$107.35
$93.79
$91.59
$145.63
Market cap
$81.5B
$134.5B
$129.4B
$110.8B
$114.8B
$176.8B
P/E
10.1×
7.2×
11.8×
12.0×
14.4×
19.4×
EV / revenue
2.1×
1.8×
2.5×
2.4×
2.2×
3.0×
EV / EBITDA
4.6×
3.9×
5.6×
5.3×
5.2×
7.3×
Price / free cash flow
7.0×
7.4×
6.5×
5.5×
5.8×
8.1×
Free-cash-flow yield
14.3%
13.5%
15.4%
18.2%
17.2%
12.4%
Price / book
1.8×
2.8×
2.6×
1.7×
1.8×
2.7×
Dividend yield
2.85%
1.80%
1.97%
2.69%
3.47%
2.31%
Fundamentals checklist ● 5 Good · ● 8 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−10.2%Good
Risk models
Altman Z score4.2×Average
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−24.2%Average
Revenue growth (3y)−9.1%Bad
Growth consistency50%Average
Balance sheet
Current ratio1.5×Good
Net debt / EBITDA0.6×Average
Interest coverno interest costGood
Valuation
Fair value vs price1.2×Good
EBIT / EV yield7.6%Average
Profitability
Return on invested capital12.6%Average
Operating margin23.1%Average
Gross profitability31.6%Good
Red flags
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Conocophillips (COP)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
45,828
78,494
56,141
54,745
58,944
63,345
Gross profit
27,670
44,523
34,166
34,733
36,619
39,298
Operating income
13,599
29,019
17,112
14,613
13,832
14,618
Net income
8,079
18,680
10,957
9,245
7,988
9,282
Diluted EPS ($)
6.07
14.57
9.06
7.81
6.35
7.52
Free cash flow
11,672
18,155
19,965
20,124
19,796
21,925
Gross margin
60.4%
56.7%
60.9%
63.4%
62.1%
62.0%
Operating margin
29.7%
37.0%
30.5%
26.7%
23.5%
23.1%
Net margin
17.6%
23.8%
19.5%
16.9%
13.6%
14.7%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
90,661
93,829
95,924
122,780
121,939
124,261
Cash
5,028
6,458
5,635
5,607
6,497
6,574
Total debt
19,934
16,643
18,937
24,324
23,444
23,290
Equity
45,406
48,003
49,279
64,796
64,487
65,349
Dividend per share ($)
1.75
1.89
2.11
2.52
3.18
3.30
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
