Phillips 66
PSXHIGH VELOCITYFILING INTENSITYPhillips 66 reads as an High Velocity (composite 78/100); Consistent Strategic Buyer deploying $4B across 5 disclosed transactions, up 987% vs the prior cycle · primary market Marketing & Data, ranked #9 on disclosed spend.
Lens
Disclosed M&A capital (2023–2025)
$4.4B
vs $404M in 2020–2022
Disclosed transactions
5
3/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
78
High Velocity dominates · Filing Intensity
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $5.5B disclosed buyer spend
- Filed within 27d
Buyer Cadence
Buyer-side companies with recent filing activity
- Filed within 27d
- 149 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 11 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 4 spin pre-registrations
- Latest event 14y ago; heavily discounted
- 11 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 11 activism filings
- Latest activism 2.9y ago; discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 11 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 149 8-Ks
- Filed within 27d
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $90.8B
- 10-Q 27d ago
- 3 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $3,498M · Peak count: 2
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 2 | $3.5B | $1.7B | N/A |
| 2024 | 2 | $625M | $313M | N/A |
| 2023 | 1 | $269M | $269M | N/A |
| 2022 | N/A | $404M | N/A | N/A |
| 2021 | 1 | N/A | N/A | N/A |
| 2020 | N/A | N/A | N/A | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On25%
- Horizontal Consolidation25%
- Geographic Expansion25%
- Platform25%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- bolt_on
- horizontal_consolidation
- geographic_expansion
- platform
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“See Note 5—Business Combinations and Note 27—Phillips 66 Partners LP, in the Notes to Consolidated Financial Statements, for additional information on the consolidation of MSLP in February 2017 and the subsequent contribution of our ownership interest in MSLP to Phillips 66 Partners in October 2017, respectively.”
“Our financial targets through 2027 reflect our plans to organically grow our Midstream and Chemicals businesses, as well as maintain total annual capital expenditures and investments of approximately $2.5 billion, including capital related to WRB following the consolidation on October 1, 2025.”
“Effective August 18, 2022, forward, in connection with the merger of DCP Midstream and Gray Oak Holdings we began consolidating the results of DCP Midstream Class A Segment, DCP Sand Hills and DCP Southern Hills.”
“As a result of this transaction, we began presenting the results of DCP Midstream Class A Segment within the results of our NGL and Other business.”
“We recognized a noncash, pre-tax gain of $423 million in February 2017 related to the consolidation of MSLP.”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
Marketing & Data
- Market spend (2023–2025)
- $51.4B
- Market spend (2020–2022)
- $63.5B
- Recent vs prior
- −19%
- Issuer rank in market
- #9 of 167
- Share of market capital
- 2.1%
Valuation positioning
PSX trades at a -14.5-turn discount to the Marketing & Data peer median of 22.4×.
- EV / Revenue
- 0.7×
- Net debt / EBITDA
- 0.3×
- Peer median EV / EBITDA
- 22.4×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
Alphabet Inc.GOOG | 22.4× | 11.6× | -0.2× | $422.6B | $3.2B |
Phillips 66PSX | 7.9× | 0.7× | 0.3× | $135.8B | $4.4B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Marketing & Data. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)142026-02-20
- 10-Q (quarterly)432026-04-29
- 8-K (event)1492026-04-29
- Proxy / DEF 14A1082026-04-02
- Activism (13D / DFAN / PREC)112023-06-15
Signals on file
- elevated
Spin registration
2012-04-054 Form 10-12 filings on file; pre-spin registration.
- elevated
Activism on file
2023-06-1511 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Serial acquisition history
- info
Signal
10-K strategy themes
- info
Signal
Spin/Carve candidate
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.