Marathon Petroleum Corporation (MPC) 10-Year Financial Performance & Capital Metrics

MPC • • Industrial / General

EnergyOil Refining & MarketingTraditional Petroleum Refining & MarketingIntegrated Refiners & Marketers

AboutMarathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company primarily in the United States. It operates in two segments, Refining & Marketing, and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale. Its refined products include transportation fuels, such as reformulated gasolines and blend-grade gasolines; heavy fuel oil; and asphalt. This segment also manufactures aromatics, propane, propylene, and sulfur. It sells refined products to wholesale marketing customers in the United States and internationally, buyers on the spot market, and independent entrepreneurs who operate primarily Marathon branded outlets, as well as through long-term fuel supply contracts to direct dealer locations primarily under the ARCO brand. The Midstream segment transports, stores, distributes, and markets crude oil and refined products through refining logistics assets, pipelines, terminals, towboats, and barges; gathers, processes, and transports natural gas; and gathers, transports, fractionates, stores, and markets natural gas liquids. As of December 31, 2021, the company operated 7,159 brand jobber outlets in 37 states, the District of Columbia, and Mexico through independent entrepreneurs. Marathon Petroleum Corporation was founded in 1887 and is headquartered in Findlay, Ohio.Show more

Revenue $138.86B -6.4%
EBITDA $8.59B -46.0%
Net Income $3.44B -64.4%
EPS (Diluted) 10.09 -57.3%
Gross Margin 6.69% -39.9%
EBITDA Margin 6.18% -42.3%
Operating Margin 3.78% -55.4%
Net Margin 2.48% -62.0%
ROE 12.32% -57.7%
ROIC 7.53% -56.6%
Debt/Equity 1.17 +29.3%
Interest Coverage 3.90 -60.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 27.9%
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 16.6% through buybacks
✓Efficient asset utilization: 1.8x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.57%

5Y4.55%

3Y4.99%

TTM-5.41%

Profit (Net Income) CAGR

10Y3.16%

5Y5.49%

3Y-29.27%

TTM-66.46%

EPS CAGR

10Y8.68%

5Y20.51%

3Y55.38%

TTM-61.24%

ROCE

10Y Avg9.49%

5Y Avg9.67%

3Y Avg19.43%

Latest8.47%

Peer Comparison

Integrated Refiners & Marketers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DINOHF Sinclair Corporation	9.16B	49.82	54.75	-10.59%	1.46%	4.14%	6.98%	0.33
PSXPhillips 66	56.41B	140.01	28.06	-2.81%	1.14%	5.36%	4.13%	0.70
VLOValero Energy Corporation	56.3B	184.58	21.51	-10.28%	0.62%	2.84%	10.26%	0.42
MPCMarathon Petroleum Corporation	53.38B	177.59	17.60	-6.41%	1.13%	6.35%	11.49%	1.17
CSANCosan S.A.	3.75B	3.79	-0.18	11.36%	-31.04%	-41.23%	100%	1.85
DKDelek US Holdings, Inc.	1.74B	29.01	-3.31	-29.94%	-4.83%	-115.76%		4.98
PARRPar Pacific Holdings, Inc.	1.94B	38.64	-65.49	-3.13%	3.15%	16.9%		1.32

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	72.05B	63.34B	74.73B	86.09B	111.15B	69.78B	119.98B	177.45B	148.38B	138.86B
Revenue Growth %	-0.26%	-0.12%	0.18%	0.15%	0.29%	-0.37%	0.72%	0.48%	-0.16%	-0.06%
Cost of Goods Sold+	57.76B	58.82B	69.2B	79.22B	102.45B	69.11B	113.37B	154.89B	131.87B	129.58B
COGS % of Revenue	0.8%	0.93%	0.93%	0.92%	0.92%	0.99%	0.94%	0.87%	0.89%	0.93%
Gross Profit+	14.29B	4.52B	5.53B	6.87B	8.7B	671M	6.61B	22.57B	16.51B	9.29B
Gross Margin %	0.2%	0.07%	0.07%	0.08%	0.08%	0.01%	0.06%	0.13%	0.11%	0.07%
Gross Profit Growth %	0.17%	-0.68%	0.22%	0.24%	0.27%	-0.92%	8.85%	2.41%	-0.27%	-0.44%
Operating Expenses+	9.6B	2.14B	1.51B	2.18B	4.23B	12.92B	2.31B	1.1B	3.92B	4.04B
OpEx % of Revenue	0.13%	0.03%	0.02%	0.03%	0.04%	0.19%	0.02%	0.01%	0.03%	0.03%
Selling, General & Admin	1.58B	1.6B	1.69B	2.28B	3.19B	2.71B	2.54B	2.77B	3.04B	3.22B
SG&A % of Revenue	0.02%	0.03%	0.02%	0.03%	0.03%	0.04%	0.02%	0.02%	0.02%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	8.02B	540M	-182M	-97M	1.04B	10.21B	-226M	-1.67B	881M	818M
Operating Income+	4.69B	2.39B	4.02B	4.69B	4.46B	-12.25B	4.3B	21.47B	12.59B	5.25B
Operating Margin %	0.07%	0.04%	0.05%	0.05%	0.04%	-0.18%	0.04%	0.12%	0.08%	0.04%
Operating Income Growth %	0.16%	-0.49%	0.68%	0.17%	-0.05%	-3.74%	1.35%	3.99%	-0.41%	-0.58%
EBITDA+	6.19B	4.39B	6.13B	6.86B	7.69B	-8.87B	7.66B	24.68B	15.89B	8.59B
EBITDA Margin %	0.09%	0.07%	0.08%	0.08%	0.07%	-0.13%	0.06%	0.14%	0.11%	0.06%
EBITDA Growth %	0.15%	-0.29%	0.4%	0.12%	0.12%	-2.15%	1.86%	2.22%	-0.36%	-0.46%
D&A (Non-Cash Add-back)	1.5B	2B	2.11B	2.17B	3.23B	3.38B	3.36B	3.21B	3.31B	3.34B
EBIT	4.66B	2.36B	3.97B	4.64B	4.46B	-12.28B	4.08B	21.67B	15.25B	7.26B
Net Interest Income+	-313M	-556M	-625M	-886M	-1.23B	-1.36B	-1.29B	-995M	-605M	-877M
Interest Income	6M	6M	27M	87M	40M	9M	14M	221M	672M	467M
Interest Expense	319M	562M	652M	973M	1.26B	1.37B	1.3B	1.22B	1.28B	1.34B
Other Income/Expense	-318M	-564M	-674M	-993M	-1.23B	-1.36B	-1.48B	-1B	1.4B	709M
Pretax Income+	4.37B	1.82B	3.34B	3.7B	3.23B	-13.61B	2.82B	20.47B	13.99B	5.96B
Pretax Margin %	0.06%	0.03%	0.04%	0.04%	0.03%	-0.2%	0.02%	0.12%	0.09%	0.04%
Income Tax+	1.51B	609M	-460M	764M	784M	-2.43B	264M	4.49B	2.82B	890M
Effective Tax Rate %	0.65%	0.64%	1.03%	0.75%	0.82%	0.72%	3.46%	0.71%	0.69%	0.58%
Net Income+	2.85B	1.17B	3.43B	2.78B	2.64B	-9.83B	9.74B	14.52B	9.68B	3.44B
Net Margin %	0.04%	0.02%	0.05%	0.03%	0.02%	-0.14%	0.08%	0.08%	0.07%	0.02%
Net Income Growth %	0.13%	-0.59%	1.92%	-0.19%	-0.05%	-4.73%	1.99%	0.49%	-0.33%	-0.64%
Net Income (Continuing)	2.87B	1.21B	3.8B	2.93B	2.45B	-11.18B	2.55B	15.98B	11.17B	5.07B
Discontinued Operations	0	0	0	673M	806M	1.21B	8.45B	72M	0	0
Minority Interest	6.44B	7.65B	7.79B	9.88B	9.41B	8.02B	7.38B	7.37B	7B	6.76B
EPS (Diluted)+	5.25	2.21	6.70	5.28	3.97	-15.14	2.69	28.12	23.65	10.09
EPS Growth %	0.2%	-0.58%	2.03%	-0.21%	-0.25%	-4.81%	1.18%	9.45%	-0.16%	-0.57%
EPS (Basic)	5.29	2.22	6.77	5.36	4.00	-15.14	2.71	28.34	23.76	10.12
Diluted Shares Outstanding	542M	530.77M	512M	526M	664M	649M	638M	516M	409M	341M
Basic Shares Outstanding	541.44M	530M	511.94M	518M	659M	649M	634M	512M	407M	341M
Dividend Payout Ratio	0.21%	0.61%	0.23%	0.34%	0.53%	-	0.15%	0.09%	0.13%	0.33%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	9.47B	10.4B	13.4B	18.02B	30.46B	28.29B	30.5B	35.24B	32.13B	24.45B
Cash & Short-Term Investments	1.13B	887M	3.01B	1.69B	1.39B	415M	10.84B	11.77B	10.22B	3.21B
Cash Only	1.13B	887M	3.01B	1.69B	1.39B	415M	5.29B	8.63B	5.44B	3.21B
Short-Term Investments	0	0	0	0	0	0	5.55B	3.15B	4.78B	0
Accounts Receivable	2.93B	3.62B	4.7B	5.85B	7.23B	5.76B	11.03B	13.48B	12.19B	11.14B
Days Sales Outstanding	14.83	20.84	22.93	24.82	23.75	30.13	33.57	27.72	29.98	29.29
Inventory	5.22B	5.66B	5.55B	9.84B	9.8B	8B	8.05B	8.83B	9.32B	9.57B
Days Inventory Outstanding	33.02	35.1	29.27	45.32	34.93	42.25	25.93	20.8	25.79	26.95
Other Current Assets	192M	241M	145M	646M	12.03B	14.11B	568M	1.17B	403M	524M
Total Non-Current Assets+	33.64B	34.01B	35.65B	74.92B	68.1B	56.87B	54.88B	54.66B	53.86B	54.41B
Property, Plant & Equipment	25.16B	25.77B	26.44B	45.06B	42.68B	40.56B	38.81B	36.87B	36.34B	36.33B
Fixed Asset Turnover	2.86x	2.46x	2.83x	1.91x	2.60x	1.72x	3.09x	4.81x	4.08x	3.82x
Goodwill	4.02B	3.59B	3.59B	20.18B	15.65B	8.26B	8.26B	8.24B	8.24B	8.24B
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	3.62B	3.83B	4.79B	5.9B	6.57B	5.42B	5.41B	6.47B	6.26B	6.86B
Other Non-Current Assets	839M	833M	830M	3.78B	3.2B	2.64B	2.4B	3.08B	3.01B	2.98B
Total Assets+	43.12B	44.41B	49.05B	92.94B	98.56B	85.16B	85.37B	89.9B	85.99B	78.86B
Asset Turnover	1.67x	1.43x	1.52x	0.93x	1.13x	0.82x	1.41x	1.97x	1.73x	1.76x
Asset Growth %	0.42%	0.03%	0.1%	0.89%	0.06%	-0.14%	0%	0.05%	-0.04%	-0.08%
Total Current Liabilities+	6.34B	7.15B	10.48B	13.22B	16.95B	15.66B	17.9B	20.02B	20.15B	20.83B
Accounts Payable	4.74B	5.59B	8.3B	9.37B	11.22B	7.8B	13.7B	15.31B	13.76B	13.91B
Days Payables Outstanding	29.97	34.71	43.76	43.15	39.98	41.21	44.11	36.08	38.09	39.17
Short-Term Debt	29M	28M	624M	544M	704M	2.85B	571M	1.07B	1.95B	3.05B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-77M	-152M	-295M	-444M	1.52B	1.94B	136M	852M	1.33B	841M
Current Ratio	1.49x	1.46x	1.28x	1.36x	1.80x	1.81x	1.70x	1.76x	1.59x	1.17x
Quick Ratio	0.67x	0.66x	0.75x	0.62x	1.22x	1.30x	1.25x	1.32x	1.13x	0.71x
Cash Conversion Cycle	17.87	21.23	8.44	26.99	18.7	31.16	15.39	12.44	17.68	17.07
Total Non-Current Liabilities+	17.09B	16.06B	16.74B	34.67B	38.5B	39.27B	33.89B	34.8B	34.44B	33.52B
Long-Term Debt	11.9B	10.54B	12.32B	26.98B	28.02B	28.73B	24.97B	25.63B	25.33B	24.43B
Capital Lease Obligations	0	0	0	0	1.3B	1.01B	927M	841M	764M	860M
Deferred Tax Liabilities	3.29B	3.86B	2.65B	4.86B	6.39B	6.2B	5.64B	5.9B	5.83B	5.77B
Other Non-Current Liabilities	1.91B	1.66B	1.76B	2.83B	2.79B	3.33B	2.36B	2.42B	2.51B	2.46B
Total Liabilities	23.44B	23.21B	27.22B	47.89B	55.45B	54.94B	51.79B	54.82B	54.59B	54.35B
Total Debt+	11.93B	10.57B	12.95B	27.52B	30.54B	33.09B	26.9B	27.91B	28.5B	28.76B
Net Debt	10.8B	9.69B	9.94B	25.84B	29.14B	32.68B	21.61B	19.28B	23.06B	25.55B
Debt / Equity	0.61x	0.50x	0.59x	0.61x	0.71x	1.10x	0.80x	0.80x	0.91x	1.17x
Debt / EBITDA	1.93x	2.41x	2.11x	4.01x	3.97x	-	3.51x	1.13x	1.79x	3.35x
Net Debt / EBITDA	1.74x	2.21x	1.62x	3.77x	3.79x	-	2.82x	0.78x	1.45x	2.98x
Interest Coverage	14.71x	4.25x	6.16x	4.82x	3.53x	-8.93x	3.31x	17.66x	9.86x	3.90x
Total Equity+	19.68B	21.2B	21.83B	45.05B	43.11B	30.22B	33.58B	35.09B	31.4B	24.51B
Equity Growth %	0.73%	0.08%	0.03%	1.06%	-0.04%	-0.3%	0.11%	0.04%	-0.11%	-0.22%
Book Value per Share	36.30	39.95	42.63	85.65	64.92	46.56	52.63	68.00	76.77	71.87
Total Shareholders' Equity	13.24B	13.56B	14.03B	35.17B	33.69B	22.2B	26.21B	27.71B	24.4B	17.75B
Common Stock	7M	7M	7M	10M	10M	10M	10M	10M	10M	10M
Retained Earnings	9.75B	10.21B	12.86B	14.76B	15.99B	4.65B	12.9B	26.14B	34.56B	36.85B
Treasury Stock	-7.28B	-7.48B	-9.87B	-13.18B	-15.14B	-15.16B	-19.9B	-31.84B	-43.5B	-52.62B
Accumulated OCI	-318M	-234M	-231M	-144M	-320M	-512M	-67M	2M	-131M	-114M
Minority Interest	6.44B	7.65B	7.79B	9.88B	9.41B	8.02B	7.38B	7.37B	7B	6.76B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.07B	4.02B	6.61B	6.16B	9.44B	2.42B	4.36B	16.36B	14.12B	8.66B
Operating CF Margin %	0.06%	0.06%	0.09%	0.07%	0.08%	0.03%	0.04%	0.09%	0.1%	0.06%
Operating CF Growth %	0.31%	-0.01%	0.65%	-0.07%	0.53%	-0.74%	0.8%	2.75%	-0.14%	-0.39%
Net Income	2.87B	1.21B	3.8B	3.61B	3.25B	-9.98B	11B	16.05B	11.17B	5.07B
Depreciation & Amortization	1.5B	2B	2.11B	2.17B	3.23B	3.38B	3.36B	3.21B	3.31B	3.34B
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	134M	394M	-1.23B	252M	449M	-2.05B	1.92B	290M	-28M	-124M
Other Non-Cash Items	597M	168M	100M	689M	2.15B	10.8B	-12.86B	-1.52B	-629M	-14M
Working Capital Changes	-1.03B	241M	1.83B	-559M	365M	269M	931M	-1.67B	295M	399M
Change in Receivables	1.29B	-674M	-1.09B	1.28B	-1.72B	1.47B	-5.3B	-2.86B	2.11B	1.12B
Change in Inventory	80M	-70M	106M	965M	-362M	1.75B	-33M	-787M	-489M	-270M
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-3.44B	-2.97B	-3.4B	-7.67B	-6.26B	-3.26B	14.8B	623M	-3.1B	1.53B
Capital Expenditures	-2B	-2.89B	-2.73B	-3.18B	-4.81B	-2.79B	-1.46B	-2.42B	-1.89B	-2.53B
CapEx % of Revenue	0.03%	0.05%	0.04%	0.04%	0.04%	0.04%	0.01%	0.01%	0.01%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	102M	213M	326M	-276M	-356M	-122M	21.98B	914M	738M	231M
Cash from Financing+	-999M	-1.29B	-1.09B	222M	-3.38B	-135M	-14.42B	-13.65B	-14.21B	-12.43B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-613M	-719M	-773M	-954M	-1.4B	-1.51B	-1.48B	-1.28B	-1.26B	-1.15B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-221M	-744M	-734M	-1B	-1.24B	-1.36B	-2.11B	-1.79B	-1.95B	-1.76B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.08B	1.13B	3.88B	2.98B	4.63B	-368M	2.9B	13.94B	12.23B	6.13B
FCF Margin %	0.03%	0.02%	0.05%	0.03%	0.04%	-0.01%	0.02%	0.08%	0.08%	0.04%
FCF Growth %	0.27%	-0.46%	2.45%	-0.23%	0.55%	-1.08%	8.87%	3.81%	-0.12%	-0.5%
FCF per Share	3.83	2.12	7.58	5.66	6.97	-0.57	4.54	27.02	29.89	17.98
FCF Conversion (FCF/Net Income)	1.43x	3.42x	1.93x	2.22x	3.58x	-0.25x	0.45x	1.13x	1.46x	2.52x
Interest Paid	272M	478M	525M	887M	1.17B	1.24B	1.25B	1.08B	1.23B	1.25B
Taxes Paid	1.6B	140M	904M	424M	491M	0	2.44B	4.87B	2.75B	732M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	18.36%	5.74%	15.95%	8.31%	5.98%	-26.8%	30.53%	42.28%	29.12%	12.32%
Return on Invested Capital (ROIC)	14.98%	5.83%	9.62%	6.85%	4.68%	-13.59%	5.46%	29.39%	17.35%	7.53%
Gross Margin	19.83%	7.14%	7.4%	7.98%	7.82%	0.96%	5.51%	12.72%	11.12%	6.69%
Net Margin	3.96%	1.85%	4.59%	3.23%	2.37%	-14.08%	8.12%	8.18%	6.52%	2.48%
Debt / Equity	0.61x	0.50x	0.59x	0.61x	0.71x	1.10x	0.80x	0.80x	0.91x	1.17x
Interest Coverage	14.71x	4.25x	6.16x	4.82x	3.53x	-8.93x	3.31x	17.66x	9.86x	3.90x
FCF Conversion	1.43x	3.42x	1.93x	2.22x	3.58x	-0.25x	0.45x	1.13x	1.46x	2.52x
Revenue Growth	-26.34%	-12.09%	17.99%	15.19%	29.11%	-37.22%	71.95%	47.9%	-16.38%	-6.41%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Refining And Marketing	64.19B	-	-	-	-	-	115.35B	172.09B	143.47B	131.59B
Refining And Marketing Growth	-	-	-	-	-	-	-	49.19%	-16.63%	-8.28%
Midstream	751M	1.83B	2.32B	3.27B	3.83B	3.6B	4.63B	5.37B	4.91B	5.2B
Midstream Growth	-	143.41%	27.02%	40.96%	17.14%	-6.13%	28.73%	15.82%	-8.48%	5.82%
Renewable Diesel	-	-	-	-	-	-	-	-	-	2.07B
Renewable Diesel Growth	-	-	-	-	-	-	-	-	-	-
Refining & Marketing	-	43.23B	52.76B	68.94B	87.06B	66.18B	-	-	-	-
Refining & Marketing Growth	-	-	22.05%	30.66%	26.28%	-23.98%	-	-	-	-
Retail	-	18.28B	19.02B	23.54B	33.06B	-	-	-	-	-
Retail Growth	-	-	4.04%	23.75%	40.45%	-	-	-	-	-
Speedway	19.69B	-	-	-	-	-	-	-	-	-
Speedway Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Marathon Petroleum Corporation (MPC) has a price-to-earnings (P/E) ratio of 17.6x. This is roughly in line with market averages.

Growth & Financials

Marathon Petroleum Corporation (MPC) reported $134.30B in revenue for fiscal year 2024. This represents a 71% increase from $78.64B in 2011.

Marathon Petroleum Corporation (MPC) saw revenue decline by 6.4% over the past year.

Yes, Marathon Petroleum Corporation (MPC) is profitable, generating $1.52B in net income for fiscal year 2024 (2.5% net margin).

Dividend & Returns

Yes, Marathon Petroleum Corporation (MPC) pays a dividend with a yield of 1.91%. This makes it attractive for income-focused investors.

Marathon Petroleum Corporation (MPC) has a return on equity (ROE) of 12.3%. This is reasonable for most industries.

Marathon Petroleum Corporation (MPC) generated $4.28B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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