Latest Ratios: P/E Ratio 29.3x · EV/EBITDA 16.0x · ROE 16.7%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $113.4B | $49.6B | $47.6B | $60.7B | $60.1B | $40.8B | $26.8B | $40.0B | $31.0B | $33.8B | $26.7B |
| Enterprise Value | $144.1B | $80.3B | $73.1B | $83.7B | $79.3B | $62.4B | $59.5B | $69.2B | $56.9B | $43.7B | $36.4B |
| P/E Ratio → | 29.27 | 12.26 | 13.83 | 6.27 | 4.14 | 23.79 | — | 15.18 | 11.17 | 9.85 | 22.78 |
| P/S Ratio | 0.85 | 0.37 | 0.34 | 0.41 | 0.34 | 0.34 | 0.38 | 0.36 | 0.36 | 0.45 | 0.42 |
| P/B Ratio | 4.92 | 2.06 | 1.94 | 1.93 | 1.71 | 1.22 | 0.89 | 0.93 | 0.69 | 1.55 | 1.26 |
| P/FCF | 23.78 | 10.41 | 7.76 | 4.96 | 4.31 | 14.10 | — | 8.64 | 10.42 | 8.71 | 23.75 |
| P/OCF | 13.74 | 6.01 | 5.49 | 4.30 | 3.67 | 9.36 | 11.10 | 4.24 | 5.04 | 5.11 | 6.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.61 | 0.53 | 0.56 | 0.45 | 0.52 | 0.85 | 0.62 | 0.66 | 0.58 | 0.57 |
| EV / EBITDA | 15.97 | 8.90 | 8.52 | 5.27 | 3.58 | 8.15 | — | 9.00 | 8.29 | 7.13 | 8.30 |
| EV / EBIT | 24.98 | 9.53 | 10.06 | 5.49 | 3.66 | 15.29 | — | 15.49 | 12.25 | 11.01 | 15.43 |
| EV / FCF | — | 16.84 | 11.92 | 6.85 | 5.69 | 21.56 | — | 14.93 | 19.09 | 11.27 | 32.36 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.5% | 7.5% | 6.7% | 11.1% | 12.7% | 5.5% | 1.0% | 7.8% | 8.0% | 7.4% | 7.1% |
| Operating Margin | 4.3% | 4.3% | 3.8% | 8.5% | 10.7% | 3.6% | -17.6% | 4.0% | 5.4% | 5.4% | 3.8% |
| Net Profit Margin | 3.0% | 3.0% | 2.5% | 6.5% | 8.2% | 8.1% | -14.1% | 2.4% | 3.2% | 4.6% | 1.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.7% | 16.7% | 12.3% | 29.1% | 42.3% | 30.5% | -26.8% | 6.0% | 8.3% | 16.0% | 5.7% |
| ROA | 4.9% | 4.9% | 4.2% | 11.0% | 16.6% | 11.4% | -10.7% | 2.8% | 3.9% | 7.3% | 2.7% |
| ROIC | 8.3% | 8.3% | 7.5% | 17.3% | 26.0% | 5.5% | -13.6% | 4.7% | 6.9% | 9.6% | 5.8% |
| ROCE | 9.3% | 9.3% | 8.5% | 18.5% | 27.6% | 6.3% | -16.2% | 5.5% | 7.9% | 10.6% | 6.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.43 | 1.43 | 1.17 | 0.91 | 0.80 | 0.80 | 1.10 | 0.71 | 0.61 | 0.59 | 0.50 |
| Debt / EBITDA | 3.81 | 3.81 | 3.35 | 1.79 | 1.26 | 3.51 | — | 3.97 | 4.01 | 2.11 | 2.41 |
| Net Debt / Equity | — | 1.27 | 1.04 | 0.73 | 0.55 | 0.64 | 1.08 | 0.68 | 0.57 | 0.46 | 0.46 |
| Net Debt / EBITDA | 3.40 | 3.40 | 2.98 | 1.45 | 0.87 | 2.82 | — | 3.79 | 3.77 | 1.62 | 2.21 |
| Debt / FCF | — | 6.44 | 4.17 | 1.89 | 1.38 | 7.46 | — | 6.29 | 8.67 | 2.56 | 8.61 |
| Interest Coverage | 5.97 | 5.97 | 5.41 | 11.95 | 17.82 | 3.14 | -8.95 | 3.53 | 4.77 | 6.09 | 4.20 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.26 | 1.26 | 1.17 | 1.59 | 1.76 | 1.70 | 1.81 | 1.80 | 1.36 | 1.28 | 1.46 |
| Quick Ratio | 0.74 | 0.74 | 0.71 | 1.13 | 1.32 | 1.25 | 1.30 | 1.22 | 0.62 | 0.75 | 0.66 |
| Cash Ratio | 0.19 | 0.19 | 0.15 | 0.51 | 0.59 | 0.61 | 0.03 | 0.08 | 0.13 | 0.29 | 0.12 |
| Asset Turnover | — | 1.55 | 1.76 | 1.73 | 1.97 | 1.41 | 0.82 | 1.13 | 0.93 | 1.52 | 1.43 |
| Inventory Turnover | 12.11 | 12.11 | 13.54 | 14.15 | 17.55 | 14.07 | 8.64 | 10.45 | 8.05 | 12.47 | 10.40 |
| Days Sales Outstanding | — | 28.38 | 29.29 | 29.98 | 27.72 | 33.57 | 30.13 | 23.75 | 24.82 | 22.93 | 20.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 2.3% | 2.4% | 2.1% | 2.1% | 3.6% | 5.6% | 3.5% | 3.1% | 2.3% | 2.7% |
| Payout Ratio | 28.2% | 28.2% | 33.5% | 13.0% | 8.8% | 15.2% | — | 53.0% | 34.3% | 22.5% | 61.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 8.2% | 7.2% | 15.9% | 24.2% | 4.2% | — | 6.6% | 9.0% | 10.2% | 4.4% |
| FCF Yield | 4.2% | 9.6% | 12.9% | 20.2% | 23.2% | 7.1% | — | 11.6% | 9.6% | 11.5% | 4.2% |
| Buyback Yield | 3.1% | 7.0% | 19.3% | 19.1% | 19.9% | 11.4% | 0.0% | 4.9% | 10.6% | 7.0% | 0.7% |
| Total Shareholder Yield | 4.0% | 9.3% | 21.7% | 21.1% | 22.0% | 15.0% | 5.6% | 8.4% | 13.7% | 9.3% | 3.4% |
| Shares Outstanding | — | $305M | $341M | $409M | $516M | $638M | $649M | $664M | $526M | $512M | $531M |
Includes 30+ ratios · 18 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MPC stock.
Marathon Petroleum Corporation's current P/E ratio is 29.3x. The historical average is 11.8x. This places it at the 100th percentile of its historical range.
Marathon Petroleum Corporation's current EV/EBITDA is 16.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.5x.
Marathon Petroleum Corporation's return on equity (ROE) is 16.7%. The historical average is 15.7%.
Based on historical data, Marathon Petroleum Corporation is trading at a P/E of 29.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Marathon Petroleum Corporation's current dividend yield is 0.96% with a payout ratio of 28.2%.
Marathon Petroleum Corporation has 7.5% gross margin and 4.3% operating margin.
Marathon Petroleum Corporation's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Refining margin volatility
Metrics are mathematically derived from official filings.
Cyclical Margin Spike Distorts Earnings Power
According to reported financials, MPC's gross margin surged to 17.2% in 2026Q2, more than triple the 8.4% average of the prior nine quarters, suggesting a cyclical peak rather than a sustainable shift.
The 2026Q2 operating margin of 14.1% and net margin of 9.9% are outliers relative to the trailing nine-quarter averages of 4.4% and 2.6%, respectively. This dramatic expansion appears driven by a temporary crack-spread environment, not structural cost improvements, as SG&A remained flat. Investors should normalize margins over a full cycle to assess true earning power, as the current figures likely overstate profitability.
ROIC Volatility Masks Underlying Value Creation
Based on reported figures, MPC's ROIC swung from 0.5% in 2025Q1 to 10.2% in 2026Q2, with a ten-quarter average near 2.9%, indicating returns are highly sensitive to refining margins rather than steady compounding.
The 2026Q2 ROIC of 10.2% is nearly four times the average of the prior nine quarters, reflecting the same cyclical margin spike. ROE of 20.9% in the same quarter is similarly elevated, but the ten-quarter average ROE of 5.2% suggests that capital returns are not consistently strong. This volatility implies that MPC's returns on capital are driven by external price dynamics, not durable competitive advantages, and investors should focus on mid-cycle returns rather than peak figures.
Working Capital Efficiency Improves with Inventory Turnover
As reported in financial statements, MPC's cash conversion cycle shortened to 10 days in 2026Q2 from 20 days a year earlier, driven by a drop in days inventory outstanding to 22, indicating improved inventory management.
The reduction in DIO from 30 to 22 days suggests that MPC is holding less inventory relative to sales, which may reflect optimized supply chains or a drawdown in response to price expectations. DSO also improved to 27 days from 31, while DPO remained stable near 39 days, allowing MPC to collect receivables faster without stretching payables. These efficiency gains contributed to the $2.6B working capital release in 2026Q2, but they may not be sustainable if inventory levels normalize.
Leverage Creeps Higher Despite Strong Coverage
According to recent SEC filings, MPC's debt-to-equity rose to 1.33 in 2026Q2 from 0.96 in 2024Q1, while interest coverage improved to 17.1x, suggesting increased leverage but comfortable debt service at current margins.
Total debt increased from $28.8B to $34.3B over the period, yet the D/EBITDA ratio fell to 4.2x in 2026Q2 from 10.9x in 2024Q1, reflecting the surge in EBITDA. However, the ten-quarter average D/EBITDA of 13.5x indicates that leverage is highly sensitive to margin cycles, and coverage could deteriorate sharply if crack spreads normalize. The consolidated figures include MPLX debt, which may overstate the leverage attributable to MPC shareholders, but the trend warrants monitoring.
Liquidity Buffer Strengthens but Remains Thin
Based on reported figures, MPC's current ratio improved to 1.25 in 2026Q2 from 1.17 in 2024Q4, while cash jumped to $7.8B, yet the quick ratio of 0.89 indicates reliance on inventory for short-term obligations.
The current ratio remains modest for an industrial company, and the quick ratio below 1.0 suggests that inventory is a significant component of current assets. In a severe margin downturn, inventory values could decline, pressuring liquidity. However, the $7.8B cash balance provides a buffer, and the strong operating cash flow in 2026Q2 offers near-term support. Investors should monitor whether the cash build is sustainable or a result of working capital timing.
P/E Misleads in Cyclical Refining
The most commonly misapplied ratio for MPC is the trailing P/E, which at 22.47 appears expensive but is distorted by depressed earnings; the forward P/E of 6.50 better reflects normalized earnings power.
Trailing P/E uses the last twelve months of earnings, which include the weak quarters of 2025, making MPC look overvalued. Conversely, the forward P/E of 6.50 relies on consensus estimates that may embed peak-cycle margins, potentially understating risk. Analysts should use mid-cycle earnings or EV/EBITDA adjusted for MPLX non-controlling interests to value MPC, as the current multiples are heavily influenced by the cyclicality of refining margins.