ConocoPhillips (COP) is a publicly traded company in the Energy — Oil & Gas Exploration & Production industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
ConocoPhillips is an energy company that engages in the global exploration, production, transportation, and marketing of various resources, including crude petroleum, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids (NGLs). Its primary operations are centered on both conventional and tight oil formations, shale gas, heavy crude, LNG developments, and oil sands projects.
Is ConocoPhillips stock overvalued or undervalued in 2026?
ConocoPhillips (COP) trades at 20.4× earnings (P/E), against a median of 17.3× across the 140 energy companies above $2bn in Kaplio's universe. It trades at 31.0 times its average earnings over ten years; above 25 times, Graham's limit for the defensive investor, but that average is dragged down by one-off losses: on the median of its years it trades at 24.7 times, we keep it at fairly priced.
Kaplio overview: ConocoPhillips
Market cap $185B · 52 weeks $86 – $154 (0 % below the high) · P/E 20.4× · 2027 expected P/E 14.6× · Dividend 2.2 % · Next earnings November 5, 2026 · expected EPS $3.05 · Closing price, Oct 30 · accounts published Aug 6.
- Valuation: P/E 20.4× (fairly priced).
- Business: 5-year ROIC 11.3 % (solid).
- Balance sheet: Net debt/EBITDA 0.7× (solid).
- Earnings: 7 of 8 (uneven).
It trades at 31.0 times its average earnings over ten years; above 25 times, Graham's limit for the defensive investor, but that average is dragged down by one-off losses: on the median of its years it trades at 24.7 times, we keep it at fairly priced.
What matters in energy: 6 of 7 pass
- Capex / Revenue 5.1 %, fails.
- FCF yield 10.7 %, passes.
- 5y avg ROIC 11.3 %, passes.
- Positive FCF through the cycle 9 de 10 ejercicios, passes.
- Dividend coverage (FCF / div) 4.2×, passes.
- Net debt / EBITDA 0.7×, passes.
- EV/EBITDA vs own 10y 7.3×, passes.
- P/E read in reverse (cyclicals) 20.4×, info.
Against its peers (reference peers) — ConocoPhillips: P/E 20.4×; EV/EBITDA 7.3×; ROIC 7.8 %; $185B. TotalEnergies SE (P/E 9.6×; EV/EBITDA 4.5×; ROIC 9.4 %; $213B), Petróleo Brasileiro S.A. - Petrobras (P/E 5.5×; EV/EBITDA 3.9×; ROIC 12.2 %; $142B), BP p.l.c. (P/E 15.0×; EV/EBITDA 3.4×; ROIC 7.4 %; $132B).
Expensive or cheap against its last 8 years?
P/E at each close: today 20.4× · median 11.6× · minimum 4.2× · maximum 22.0× · cheap below 8.8× · expensive above 15.5×. It has been cheaper than today 99% of the time over its last 8 years.
Dividend
tight (only raised recently) · Yield 2.2 % ($3.19 per share in 2025) · Years raising it 1 · 5-year growth +13 % a year · Free cash flow coverage 2.5× · With $1,000 invested today you'd collect $21.80 a year ($1.82 a month).
Kaplio's reading: ConocoPhillips
Updated on November 1, 2026 · accounts published on August 6, 2026
An energy business with strong cash generation and low debt
ConocoPhillips trades at a P/E of 20.4 over the last 12 months, 77 % above its ten-year median of 11.6, with a 10.7 % free cash flow yield.
- Is ConocoPhillips expensive or cheap? At a P/E of 20.4, ConocoPhillips trades 77 % above its ten-year median and higher than 99 % of the last decade.
- How is the business doing? Operating margin over the last 12 months is 21.9 %, well above the 13.1 % average of fiscal 2014-2025.
- How strong is the balance sheet? Net debt was $14.13 per share in fiscal 2025, just 9.2 % of the current price and 0.7× EBITDA.
- What to expect from the next earnings? Analysts expect EPS of $3.05 when ConocoPhillips reports on November 5, 2026, after the 2026 consensus rose 10.1 % in 30 days.
- Does it generate cash through the cycle and cover the dividend? Free cash flow covered the fiscal 2025 dividend 4.2 times, against a 1.2× healthy threshold for energy.
Is ConocoPhillips expensive or cheap?
Over the last 12 months ConocoPhillips trades at a P/E of 20.4. Its ten-year median is 11.6 and its decade range runs from 4.2 to 22.0. The P/E is also 18 % above the energy sector median of 17.3. The stock has risen 79 % in a year and sits within 1 % of its 52-week high of $154.03. Other measures look calmer: EV/EBITDA of 7.3 is slightly below its ten-year average of 7.5, and the free cash flow yield is 10.7 %. In a cyclical sector a high P/E can mean either earnings depressed by the cycle or expensive optimism, and EPS fell 18.7 % over the last 12 months.
How is the business doing?
Revenue grew 7.7 % over the last 12 months, but EPS fell 18.7 %, so the company is selling more while earning less per share. Margins are still strong by its own history: the 21.9 % operating margin beats both fiscal 2025 (19.6 %) and the 2014-2025 average of 13.1 %, and the net margin is 14.7 %. Returns on capital are more ordinary. ROIC of 7.9 % over the last 12 months is only 0.4 points above the sector median of 7.5 %, and it topped 10 % in just 2 of the last 10 fiscal years, with a low of −3.4 % in 2016. ROE stands at 14.3 %.
How strong is the balance sheet?
ConocoPhillips carries little leverage. Debt to equity is 0.36 over the last 12 months and the current ratio is 1.54, so short-term obligations are comfortably covered. Net debt of $14.13 per share in fiscal 2025 ($19.71 of debt less $5.58 of cash) equals 0.7× EBITDA, far below the 2.0× ceiling considered healthy in energy. The Altman Z of 2.8 sits in the grey zone and the Piotroski score is 6 of 9: solid, without being outstanding. The dividend yields 2.2 % over the last 12 months, with a payout of 50 % of fiscal 2025 earnings.
What to expect from the next earnings?
Expectations are rising into the report. Over the last 30 days the 2026 EPS consensus climbed 10.1 %, from $10.40 to $11.45 across 15 analysts, and the revenue consensus rose 3.8 %. The $3.05 expected for the coming quarter is below the $3.24 delivered on August 6, 2026, when ConocoPhillips beat the $2.90 estimate by 11.7 %. It has beaten EPS estimates in 7 of the last 8 quarters. Of 52 analysts, 38 recommend buying, 10 holding and 3 selling. With the stock near its 52-week high, the result will be judged against a higher bar.
Does it generate cash through the cycle and cover the dividend?
Oil and gas earnings follow commodity prices, so one good year proves little; the real test is cash across the whole cycle and whether the dividend holds in a downturn. ConocoPhillips posted positive free cash flow in 9 of the last 10 fiscal years (2016-2025), above the 8-in-10 discipline bar for the sector. Average ROIC of 11.3 % over 2021-2025 clears the 10 % threshold, and the 10.7 % free cash flow yield beats the 8 % mark. The one miss is capex at 5.1 % of revenue in fiscal 2025, below the 10-20 % healthy range, which raises the question of whether investment is enough to sustain the business.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Profitability
| Return on Equity | 14.32% |
| Return on Invested Capital | 7.85% |
| Return on Assets | 7.47% |
| Gross Margin | 27.68% |
| Operating Margin | 21.92% |
| Net Margin | 14.65% |
Financial Health
| Debt / Equity | 0.36 |
| Current Ratio | 1.54 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.84 |
Price Performance
| 1 month | +21.52% |
| 3 months | +29.26% |
| Year-to-date | +64.54% |
| 1 year | +73.34% |
| 3 years | +26.23% |
| 5 years | +110.91% |
| 10 years | +253.28% |
Dividend History
Paid in the last 12 months: $3.3600 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-08-17 | $0.8400 |
| 2026-05-11 | $0.8400 |
| 2026-02-18 | $0.8400 |
| 2025-11-17 | $0.8400 |
| 2025-08-18 | $0.7800 |
| 2025-05-19 | $0.7800 |
| 2025-02-14 | $0.7800 |
| 2024-11-08 | $0.7800 |
| 2024-08-12 | $0.7800 |
| 2024-05-10 | $0.7800 |
Amounts adjusted for stock splits.
Related companies: XOM · CVX · TTE · PBR · BP · EQNR · E · CVE
Explore sector: Energy · Oil & Gas Exploration & Production
More sections of COP: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks