The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Phillips 66's Beneish M-Score or its related term are showing as below:
MEX:PSX'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.54 Max: -1.29
Current: -2.62
During the past 13 years, the highest Beneish M-Score of Phillips 66 was -1.29. The lowest was -3.21. And the median was -2.54.
Phillips 66 Beneish M-Score Related Terms
Phillips 66 Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Phillips 66's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:PSX vs MPC, VLO, DINO: Beneish M-Score Comparison
For the Oil & Gas Refining & Marketing subindustry, Phillips 66's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Phillips 66 Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Phillips 66's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Phillips 66's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Phillips 66 for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.1363
+
0.528 * 0.6953
+
0.404 * 0.8059
+
0.892 * 0.9039
+
0.115 * 0.9505
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9062
+
4.679 * -0.006593
-
0.327 * 1.1226
=
-2.74
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(53060.178 / (53060.178 + 715341.422))
/
(55307.846 / (55307.846 + 705962.173))
=
0.069053
/
0.072652
=
0.9505
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(75010.32 - 38760.691
-
46245.795)
/
1516261.548
=
-0.006593
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Phillips 66 has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.
Phillips 66 (MEX:PSX) has a Beneish M-Score of -2.62 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Phillips 66 and its competitors. According to the industry distribution chart, Phillips 66 ranks #442 out of 822 companies in the Oil & Gas industry, placing it in the top 53.8%.
Is Phillips 66's Beneish M-Score too high?
Phillips 66's current Beneish M-Score is -2.62. Based on the distribution chart, Phillips 66 ranks #442 out of 822 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Phillips 66 has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Phillips 66's Beneish M-Score compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, Phillips 66 ranks #442 out of 822 companies for Beneish M-Score. This places Phillips 66 in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Phillips 66 and its competitors. Phillips 66's current Beneish M-Score is -2.62. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Phillips 66 stock overvalued right now?
Based on GuruFocus' analysis, Phillips 66 (MEX:PSX) is currently considered Significantly Overvalued. The stock's GF Value™ is MXN2,552.07, compared to a current price of MXN3,169.00 — trading 24.2% above its estimated fair value. The current Beneish M-Score is -2.62. Phillips 66's overall GF Score™ is 66/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Phillips 66 (MEX:PSX), the current Beneish M-Score is -2.62 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Phillips 66 (MEX:PSX) Overvalued in 2026?
Based on GuruFocus' analysis, Phillips 66 stock appears to be overvalued.
The current stock price of MXN3,169.00 is trading 24.2% above its estimated GF Value™ of MXN2,552.07.
GuruFocus considers Phillips 66 to be Significantly Overvalued.
Key valuation signals for MEX:PSX:
Beneish M-Score: -2.62
GF Value™: MXN2,552.07 vs. price of MXN3,169.00 (24.2% above fair value)
No single metric tells the full story. See the MEX:PSX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Phillips 66 is an independent refiner that owns or holds interest in 10 refineries with a total crude throughput capacity of 2.0 million barrels per day, or mmb/d, at the end of 2025. The midstream segment comprises extensive transportation and NGL processing assets. It includes 70,000 miles of crude oil, refined petroleum product, NGL and natural gas pipeline systems, and a comprehensive set of refined petroleum product, NGL and crude oil terminals, gathering and processing plants and fractionation facilities and various other storage and loading facilities. Its CPChem chemical joint venture operates facilities primarily in the United States and the Middle East and produces olefins and polyolefins.
66GF Score
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