Marathon Petroleum (MPC)
Energy · $113B market cap · SEC CIK 0001510295
fundamentals score out of 100
Next reports on Nov 3, 2026, before the open, with analysts expecting $21.74 in earnings per share.
The case for MPC
- Earns 49% back on shareholder equity.
- Revenue growing 15.8% year over year.
- Earnings per share up 330.2%.
- Reasonably priced at 13.2× earnings.
- Has compounded revenue at 14.4% a year over five years.
- Moves less than the market (beta 0.56).
The case against
- Stability is weak (33/100): beta 0.56, a 62% swing over the year.
- Net margin of 5% is thinner than 85% of Energy companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Energy companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 65 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 81 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 48 |
| Momentumhow the price has behaved lately | 91 |
| Stabilityhow violently it moves, what it owes and what it pays you | 33 |
- Each factor except momentum is half fixed thresholds, half rank among the 21 Energy companies.
Key numbers
| Price / earnings | 13.2× |
|---|---|
| Price / book | 3.91× |
| Price / sales | 0.7× |
| Revenue growth (YoY) | +15.8% |
| EPS growth (YoY) | +330.2% |
| Gross margin | 14% |
| Operating margin | 9% |
| Net margin | 5% |
| Return on equity | 49% |
| Debt / equity | 1.72× |
| Current ratio | 1.25 |
| Dividend yield | 2.21% |
| Beta | 0.56 |
| 52-week range | $161.93 – $431.08 |
| Position in that range | 85% of the way up |
| 3-month return | +65.6% |
| 1-year return | +117.0% |
Five years of financials, as filed
Pulled from Marathon Petroleum's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $133B | $139B | $148B | $177B | $120B |
| Operating income | $8.3B | $6.8B | $14.5B | $21.5B | $4.3B |
| Net income | $4.0B | $3.4B | $9.7B | $14.5B | $9.7B |
| Operating cash flow | $8.3B | $8.7B | $14.1B | $16.4B | $4.4B |
| Capital expenditure | $3.5B | $2.5B | $1.9B | $2.4B | $1.5B |
| Total assets | $84.0B | $78.9B | $86.0B | $89.9B | $85.4B |
| Total liabilities | $59.9B | $54.4B | $54.6B | $54.8B | $51.8B |
| Shareholder equity | $17.3B | $17.7B | $24.4B | $27.7B | $26.2B |
| Cash | $3.7B | $3.2B | $5.4B | $8.6B | $5.3B |
| Free cash flow | $4.8B | $6.1B | $12.2B | $13.9B | $2.9B |
| Operating margin | 6.2% | 4.9% | 9.8% | 12.1% | 3.6% |
| Net margin | 3.0% | 2.5% | 6.5% | 8.2% | 8.1% |
| Diluted shares | 306M | 341M | 409M | 516M | 638M |
Share count is down 52.0% over 4 years. Buybacks have been shrinking the pie.
What Marathon Petroleum says it does
– Regulatory Matters for additional information on these and other regulatory compliance matters. Competitors that produce their own supply of feedstocks, own their own retail sites, or have greater financial resources may have a competitive advantage. The refining and marketing industry is highly competitive with respect to both feedstock supply and refined petroleum products. We compete with many companies for available supplies of crude oil and other feedstocks, and we do not produce any of our crude oil feedstocks. Our competitors include multinational, integrated major oil companies that can obtain a significant portion of their feedstocks from company-owned production. Competitors that produce crude oil are at times better positioned to withstand periods of depressed refining margins or feedstock shortages. We also compete with other companies for customers for our refined petroleum products. The independent entrepreneurs who…
Risk factors MPC lists in its 10-K
- Commitment to Safety, Reliability and Sustainability
- Integrated Value Chain Optimization
- Sale of Interest in Ethanol Joint Venture
- Segment adjusted EBITDA for reportable segments
- Reconciliation of segment adjusted EBITDA for reportable segments to income before income taxes
- Supplemental Refining & Marketing Statistics
- Reconciliation of Refining & Marketing segment adjusted EBITDA to Refining & Marketing gross margin and Refining & Marketing margin
- Reconciliation of Renewable Diesel segment adjusted EBITDA to Renewable Diesel gross margin and Renewable Diesel margin
- (In millions, except per share data)
- (In millions, except per unit data)
- Impairment Assessments of Long-Lived Assets, Intangible Assets, Goodwill and Equity Method Investments
- Discount rate commensurate with the risks involved
- Long-lived Asset Impairment Assessments
- Equity Method Investment Impairment Assessment