COP
CONOCOPHILLIPS
Energy • CIK: 0001163165
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Market Cap
$117.18B
P/E (TTM)
14.7x
Rev Growth (TTM)
+7.7%
Net Margin (TTM)
13.5%
FCF Yield (TTM)
16.9%
FCF Margin (TTM)
33.6%
What Changed
10-K FY 2025 vs 10-K FY 2024
Material Weaknessnone→ASC 606: transaction price allocated to unsatisfied...
ROIC~45.0% (FY 2024, derived from 31.3% current and -30.4%...→31.3% (FY 2025)
Net Margin16.9% (FY 2024: $9.245B net income / $54.745B revenue)→13.5% (FY 2025: $7.961B net income / $58.944B revenue)
FCF Margin36.8% (FY 2024: $20.124B FCF / $54.745B revenue)→33.6% (FY 2025: $19.796B FCF / $58.944B revenue)
Revenue$54.745B (FY 2024)→$58.944B (FY 2025)
ASC 606 material weakness remediation — watch for management's remediation plan...·Average realized price per BOE — FY2025 $47.01/BOE vs FY2024 $54.83/BOE...·Proved reserves replacement ratio — FY2025 RRR 80% (below 100% replacement...
Filing Intelligence
6.0/10
10-K filed Feb 17, 2026 • FY 2025
Executive Summary
Operating cash flow remained robust at $19.8 billion, demonstrating resilience and the benefits of strategic acquisitions.. Company has significant contractual obligations totaling approximately $45...
Key Concerns
- ●Omission of specific revenue recognition disclosures per ASC 606.
- ●Company has significant contractual obligations totaling approximately $45 billion for goods and services, with a substantial portion...
- ●Regulatory and Climate Change Policies (high)
Key Strengths
- ●Production increased by 20% in 2025, primarily driven by the Marathon Oil acquisition and new well completions, offsetting some impact from...
- ●Despite lower crude oil prices, overall revenue increased due to higher natural gas prices and increased production volumes.
- ●The company returned $9.0 billion to shareholders through dividends and share repurchases, indicating a strong commitment to capital...
Cash Flow Health
Free Cash Flow8/8 positive
TTM$19.8B
Q4 '25
$4.3B-27%
Q3 '25
$5.9B+69%
FCF Margin
TTM33.6%
Q4 '2532.2%-18%
Sector: 8.8%Above Avg
OCF Margin33.6%
OCF/NI2.49x
CapEx Coverage–
FCF Yield16.9%
FCF Growth (2Y)-11%
Cash Conversion Cycle
-48 days
DSO: 30+DIO: 30−DPO: 107
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM7.7%
Div Yield3.4%
+Buyback (TTM)4.3%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)3.4%
FCF Payout Ratio20.1%
Free Cash Flow (TTM)$19.8B
Stock Repurchases (TTM)$5.0B
Capital Return / FCF45.5%
Est. Dividends Paid (TTM)$4.0B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
31.3%
Moderate
-0.3% YoY-16.3%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
52.1%
8Q: 53.4%
Asset Turnover
0.48x
8Q: 0.53x
Leverage (1+D/E)
1.36x
D/E: 0.36x
DuPont: 34.0% ≈ 31.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.63x
8Q:0.70x
-22.2%
Invested Cap Turn
0.60x
8Q:0.67x
-20.0%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $58.9B | $13.4B↓10.9% | $15.0B↑7.3% | $14.0B↓15.2% | $16.5B↑16.0% | $14.2B↑9.2% | $13.0B↓4.3% | $13.6B↓1.6% | $13.8B |
Operating Income | $48.6B | $10.8B↓13.1% | $12.4B↑8.5% | $11.4B↓18.4% | $14.0B↑17.5% | $11.9B↑10.6% | $10.8B↓5.9% | $11.5B↓3.2% | $11.8B |
Net Income | $8.0B | $1.4B↓16.5% | $1.7B↓12.4% | $2.0B↓30.8% | $2.8B↑23.5% | $2.3B↑12.1% | $2.1B↓11.6% | $2.3B↓8.7% | $2.5B |
Operating Cash Flow | $19.8B | $4.3B↓26.5% | $5.9B↑68.7% | $3.5B↓43.0% | $6.1B↑37.2% | $4.5B↓22.7% | $5.8B↑17.2% | $4.9B↓1.3% | $5.0B |
Free Cash Flow | $19.8B | $4.3B↓26.5% | $5.9B↑68.7% | $3.5B↓43.0% | $6.1B↑37.2% | $4.5B↓22.7% | $5.8B↑17.2% | $4.9B↓1.3% | $5.0B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
14.7x
Volatile
8Q: 58.2x+1560%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
14.7x
vs – sector
Cash Flow
6.8x
EV/FCF vs –
Growth-Adj
1.9xPEG
Fair for growth
Quality-Adj
0.5P/E per %ROIC
ROIC: 31.3%
Shareholder Returns
Dividend
3.4%
Buyback
4.3%
Total Yield
7.7%
Market Cap$117.18B
EV$134.17B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
84/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
12.2%
8Q:–
Return on Invested Capital (ROIC)Top 25%
31.3%
8Q:–
-16.3%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 52.1%
Asset Turnover: 0.48x
Earnings Quality
Cash Conversion
2.49x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin62.1%
Capital Efficiency
Invested Capital Turnover0.60x
Working Capital
Cash Conversion Cycle-48 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
52/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
7.7%
OpInc Growth YoY
-9.7%
EPS Growth YoY
-18.6%
FCF 3Y CAGR
-11.2%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 18.9%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
62.1%
Operating
82.5%
Top 25% in sector
Net
13.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+20.1 pts
FCF: 33.6% | Net: 13.5%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $16.04B
Interest Coverage
–
Balance sheet risk & solvency analysis