Petroleum Refining stocks: intrinsic value, ROIC & growth
12 U.S. petroleum refining companies with at least three years of SEC filings, ranked by size. 2 of the 9 with a current price trade below their Graham intrinsic value. The median company earned a 10.4% average return on invested capital and grew revenue 5.4% a year.
Updated October 18, 2026
12companies
2below Graham value
10.4%median 10-yr ROIC
5.4%median revenue CAGR
Most undervalued petroleum refining stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| XOM | ExxonMobil | +24% | $178.98 | $222.55 | 20% below | $770.5B | 10.0% | 4.8% |
| PSX | Phillips 66 | +22% | $293.17 | $358.40 | 18% below | $119.6B | 10.4% | 5.1% |
Highest-ROIC petroleum refining stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| CVI | CVR ENERGY INC | 16.0% | $61.42 | $1.79 | 3331% above | $6.2B | 16.0% | 4.6% |
| VLO | Valero Energy | 14.5% | $444.71 | $118.99 | 274% above | $137.4B | 14.5% | 5.5% |
| MPC | Marathon Petroleum | 12.1% | $478.07 | $439.11 | 9% above | $146.3B | 12.1% | 8.6% |
| COP | ConocoPhillips | 10.6% | $146.51 | $68.37 | 114% above | $183.6B | 10.6% | 9.1% |
| PSX | Phillips 66 | 10.4% | $293.17 | $358.40 | 18% below | $119.6B | 10.4% | 5.1% |
| XOM | ExxonMobil | 10.0% | $178.98 | $222.55 | 20% below | $770.5B | 10.0% | 4.8% |
| CVX | Chevron Corporation | 7.2% | $224.99 | $94.27 | 139% above | $417.6B | 7.2% | 5.9% |
| IEP | ICAHN ENTERPRISES L.P. | 4.0% | $6.65 | — | — | — | 4.0% | -5.7% |
| DK | Delek US Holdings, Inc. | 3.2% | $76.59 | $6.34 | 1108% above | $4.6B | 3.2% | 11.9% |
All petroleum refining stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| XOM | ExxonMobil | $178.98 | $222.55 | 20% below | $770.5B | 10.0% | 4.8% |
| CVX | Chevron Corporation | $224.99 | $94.27 | 139% above | $417.6B | 7.2% | 5.9% |
| COP | ConocoPhillips | $146.51 | $68.37 | 114% above | $183.6B | 10.6% | 9.1% |
| MPC | Marathon Petroleum | $478.07 | $439.11 | 9% above | $146.3B | 12.1% | 8.6% |
| VLO | Valero Energy | $444.71 | $118.99 | 274% above | $137.4B | 14.5% | 5.5% |
| PSX | Phillips 66 | $293.17 | $358.40 | 18% below | $119.6B | 10.4% | 5.1% |
| SUN | Sunoco LP | $73.26 | — | — | — | — | 5.4% |
| IEP | ICAHN ENTERPRISES L.P. | $6.65 | — | — | — | 4.0% | -5.7% |
| CVI | CVR ENERGY INC | $61.42 | $1.79 | 3331% above | $6.2B | 16.0% | 4.6% |
| CLMT | Calumet, Inc. /DE | $57.75 | $0.19 | 30295% above | $5.0B | -1.1% | -4.1% |
| DK | Delek US Holdings, Inc. | $76.59 | $6.34 | 1108% above | $4.6B | 3.2% | 11.9% |
| SUNC | SunocoCorp LLC | $72.35 | — | — | $3.7B | — | 4.5% |
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue