COP
CONOCOPHILLIPS
Energy • CIK: 0001163165
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Market Cap
$163.63B
P/E (TTM)
22.4x
Rev Growth (TTM)
+1.3%
Net Margin (TTM)
12.5%
FCF Yield (TTM)
11.0%
FCF Margin (TTM)
30.9%
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...
Cash Flow Health
Free Cash Flow8/8 positive
TTM$18.0B
Q1 '26
$4.3B-1%
Q4 '25
$4.3B-27%
FCF Margin
TTM30.9%
Q1 '2627.3%-15%
Sector: 7.6%Above Avg
OCF Margin30.9%
OCF/NI2.46x
CapEx Coverage–
FCF Yield11.0%
FCF Growth (2Y)-14%
Cash Conversion Cycle
-47 days
DSO: 30+DIO: 30−DPO: 106
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM5.2%
Div Yield2.5%
+Buyback (TTM)2.8%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)2.5%
FCF Payout Ratio22.4%
Free Cash Flow (TTM)$18.0B
Stock Repurchases (TTM)$4.5B
Capital Return / FCF47.6%
Est. Dividends Paid (TTM)$4.0B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
31.2%
Moderate
-0.1% YoY-14.5%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
52.4%
8Q: 53.4%
Asset Turnover
0.47x
8Q: 0.52x
Leverage (1+D/E)
1.36x
D/E: 0.36x
DuPont: 33.8% ≈ 31.2% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
0.62x
8Q:0.68x
-15.1%
Invested Cap Turn
0.60x
8Q:0.65x
-13.9%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $58.2B | $15.8B↑17.7% | $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 |
Operating Income | $48.1B | $13.5B↑25.2% | $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 |
Net Income | $7.3B | $2.2B↑51.5% | $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 |
Operating Cash Flow | $18.0B | $4.3B↓0.5% | $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 |
Free Cash Flow | $18.0B | $4.3B↓0.5% | $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 |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
22.4x
Volatile
8Q: 58.5x+2334%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
22.4x
vs – sector
Cash Flow
10.0x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
0.7P/E per %ROIC
ROIC: 31.2%
Shareholder Returns
Dividend
2.5%
Buyback
2.8%
Total Yield
5.2%
Market Cap$163.63B
EV$180.44B
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
11.2%
8Q:–
Return on Invested Capital (ROIC)Top 25%
31.2%
8Q:–
-14.5%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 52.4%
Asset Turnover: 0.47x
Earnings Quality
Cash Conversion
2.46x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin61.5%
Capital Efficiency
Invested Capital Turnover0.60x
Working Capital
Cash Conversion Cycle-47 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
44/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
1.3%
OpInc Growth YoY
-3.8%
EPS Growth YoY
-25.6%
FCF 3Y CAGR
-14.4%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 15.7%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
61.5%
Operating
82.6%
Top 25% in sector
Net
12.5%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+18.4 pts
FCF: 30.9% | Net: 12.5%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $16.59B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.36x
Balance sheet risk & solvency analysis