Murphy USA Inc. (MUSA) 10-Year Financial Performance & Capital Metrics

MUSA • • Industrial / General

Consumer CyclicalSpecialty RetailConvenience & Fuel RetailConvenience Store Chains

AboutMurphy USA Inc. engages in marketing of retail motor fuel products and convenience merchandise. The company operates retail stores under the Murphy USA, Murphy Express, and QuickChek brands. As of December 31, 2021, it operated 1,679 retail gasoline stores principally in the Southeast, Southwest, and Midwest United States. The company was founded in 1996 and is headquartered in El Dorado, Arkansas.Show more

Revenue $20.24B -6.0%
EBITDA $991M -6.3%
Net Income $503M -9.8%
EPS (Diluted) 24.11 -5.4%
Gross Margin 11.39% +6.0%
EBITDA Margin 4.89% -0.4%
Operating Margin 3.67% -4.4%
Net Margin 2.48% -4.0%
ROE 60.22% -20.5%
ROIC 18.14% -14.6%
Debt/Equity 2.82 +2.8%
Interest Coverage 7.65 -8.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 76.3%
✓Strong 5Y profit CAGR of 26.6%
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 4.6% through buybacks
✓Efficient asset utilization: 4.5x turnover

✗Weaknesses

✗High debt to equity ratio of 2.8x
✗Expensive at 11.2x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.77%

5Y7.6%

3Y5.26%

TTM-6.08%

Profit (Net Income) CAGR

10Y7.5%

5Y26.55%

3Y8.18%

TTM-7.61%

EPS CAGR

10Y16.45%

5Y37.76%

3Y17.35%

TTM-2.19%

ROCE

10Y Avg20.64%

5Y Avg24.47%

3Y Avg24.91%

Latest21.04%

Peer Comparison

Convenience Store Chains

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CASYCasey's General Stores, Inc.	23.63B	637.37	43.54	7.25%	3.58%	15.94%	2.47%	0.84
ARKOArko Corp.	569.41M	5.11	39.31	-7.23%	0.24%	4.98%	18.96%	6.86
MUSAMurphy USA Inc.	8.48B	452.64	18.77	-5.97%	2.44%	86.3%	4.59%	2.82

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	12.7B	11.59B	12.83B	14.36B	14.03B	11.26B	17.36B	23.45B	21.53B	20.24B
Revenue Growth %	-0.25%	-0.09%	0.11%	0.12%	-0.02%	-0.2%	0.54%	0.35%	-0.08%	-0.06%
Cost of Goods Sold+	11.74B	10.58B	11.76B	13.27B	12.91B	9.82B	15.51B	21.05B	19.22B	17.94B
COGS % of Revenue	0.92%	0.91%	0.92%	0.92%	0.92%	0.87%	0.89%	0.9%	0.89%	0.89%
Gross Profit+	958.51M	1.02B	1.06B	1.09B	1.13B	1.44B	1.85B	2.4B	2.31B	2.31B
Gross Margin %	0.08%	0.09%	0.08%	0.08%	0.08%	0.13%	0.11%	0.1%	0.11%	0.11%
Gross Profit Growth %	-0.09%	0.06%	0.05%	0.03%	0.03%	0.28%	0.28%	0.3%	-0.04%	-0%
Operating Expenses+	703.75M	716.25M	774.8M	813.5M	858.2M	883.9M	1.24B	1.43B	1.49B	1.56B
OpEx % of Revenue	0.06%	0.06%	0.06%	0.06%	0.06%	0.08%	0.07%	0.06%	0.07%	0.08%
Selling, General & Admin	129.28M	122.67M	141.17M	136.2M	144.6M	171.1M	193.6M	232.5M	240.5M	235.4M
SG&A % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	574.47M	593.58M	633.6M	677.3M	713.6M	712.8M	1.05B	1.2B	1.25B	1.33B
Operating Income+	254.76M	299.87M	283.3M	325.1M	268.5M	559M	604M	968.4M	826M	742.9M
Operating Margin %	0.02%	0.03%	0.02%	0.02%	0.02%	0.05%	0.03%	0.04%	0.04%	0.04%
Operating Income Growth %	-0.3%	0.18%	-0.06%	0.15%	-0.17%	1.08%	0.08%	0.6%	-0.15%	-0.1%
EBITDA+	341.33M	400.13M	402.05M	461.1M	422.8M	722.3M	819.1M	1.19B	1.06B	990.9M
EBITDA Margin %	0.03%	0.03%	0.03%	0.03%	0.03%	0.06%	0.05%	0.05%	0.05%	0.05%
EBITDA Growth %	-0.23%	0.17%	0%	0.15%	-0.08%	0.71%	0.13%	0.45%	-0.11%	-0.06%
D&A (Non-Cash Add-back)	86.57M	100.26M	118.75M	136M	154.3M	163.3M	215.1M	223.1M	231.7M	248M
EBIT	251.82M	391.74M	286.68M	326.8M	257.3M	559.4M	604.3M	969.1M	832.9M	748.7M
Net Interest Income+	-31.35M	-39.1M	-45.4M	-51.4M	-51.7M	-50.2M	-82.4M	-83.2M	-98.5M	-97.1M
Interest Income	2.18M	578K	1.31M	1.5M	3.2M	1M	0	3M	0	0
Interest Expense	33.53M	39.7M	46.7M	52.9M	54.9M	51.2M	82.4M	86.2M	98.5M	97.1M
Other Income/Expense	-36.48M	52.17M	-43.28M	-51.2M	-66.1M	-49.9M	-82.1M	-84.6M	-91.6M	-91.3M
Pretax Income+	218.29M	352.03M	240.02M	273.9M	202.4M	509.1M	521.9M	883.8M	734.4M	651.6M
Pretax Margin %	0.02%	0.03%	0.02%	0.02%	0.01%	0.05%	0.03%	0.04%	0.03%	0.03%
Income Tax+	80.7M	130.54M	-5.24M	60.3M	47.6M	123M	125M	210.9M	177.6M	149.1M
Effective Tax Rate %	0.81%	0.63%	1.02%	0.78%	0.76%	0.76%	0.76%	0.76%	0.76%	0.77%
Net Income+	176.34M	221.49M	245.26M	213.6M	154.8M	386.1M	396.9M	672.9M	556.8M	502.5M
Net Margin %	0.01%	0.02%	0.02%	0.01%	0.01%	0.03%	0.02%	0.03%	0.03%	0.02%
Net Income Growth %	-0.28%	0.26%	0.11%	-0.13%	-0.28%	1.49%	0.03%	0.7%	-0.17%	-0.1%
Net Income (Continuing)	137.59M	221.49M	245.26M	213.6M	154.8M	386.1M	396.9M	672.9M	556.8M	502.5M
Discontinued Operations	38.75M	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.02	5.59	6.78	6.48	4.86	13.08	14.92	28.10	25.49	24.11
EPS Growth %	-0.24%	0.39%	0.21%	-0.04%	-0.25%	1.69%	0.14%	0.88%	-0.09%	-0.05%
EPS (Basic)	4.06	5.64	6.85	6.54	4.90	13.25	15.14	28.63	25.91	24.47
Diluted Shares Outstanding	43.79M	39.65M	36.16M	32.98M	31.86M	29.53M	26.6M	23.95M	21.84M	20.84M
Basic Shares Outstanding	43.43M	39.27M	35.82M	32.67M	31.59M	29.13M	26.21M	23.51M	21.49M	20.53M
Dividend Payout Ratio	-	-	-	-	-	0.02%	0.07%	0.04%	0.06%	0.07%

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+	435.67M	515.55M	614.29M	570.1M	710.8M	625.2M	767.8M	726.8M	826.5M	748.1M
Cash & Short-Term Investments	102.33M	153.81M	170M	184.5M	280.3M	163.6M	256.4M	78.4M	124.9M	47M
Cash Only	102.33M	153.81M	170.03M	184.5M	280.3M	163.6M	256.4M	60.5M	117.8M	47M
Short-Term Investments	0	0	-28K	0	0	0	0	17.9M	7.1M	0
Accounts Receivable	136.25M	183.52M	225.27M	138.8M	172.9M	168.8M	195.7M	281.7M	336.7M	268.5M
Days Sales Outstanding	3.92	5.78	6.41	3.53	4.5	5.47	4.11	4.39	5.71	4.84
Inventory	155.91M	153.35M	182.48M	221.5M	227.6M	279.1M	292.3M	319.1M	341.2M	401.6M
Days Inventory Outstanding	4.85	5.29	5.66	6.09	6.44	10.37	6.88	5.53	6.48	8.17
Other Current Assets	1.6M	1.8M	2.7M	1M	1M	13.7M	23.4M	47.6M	23.7M	31M
Total Non-Current Assets+	1.45B	1.57B	1.72B	1.79B	1.98B	2.06B	3.28B	3.4B	3.51B	3.79B
Property, Plant & Equipment	1.37B	1.53B	1.68B	1.75B	1.93B	2.02B	2.8B	2.91B	3.02B	3.31B
Fixed Asset Turnover	9.27x	7.57x	7.64x	8.22x	7.27x	5.59x	6.21x	8.06x	7.12x	6.12x
Goodwill	0	0	0	0	0	0	328M	328M	328M	328M
Intangible Assets	0	0	0	0	0	34.6M	140.7M	140.4M	139.8M	139.5M
Long-Term Investments	0	0	0	0	0	0	0	4.4M	4.4M	0
Other Non-Current Assets	81.26M	40.53M	38.5M	42.5M	44.9M	10.6M	14.1M	14.7M	17.5M	19.9M
Total Assets+	1.89B	2.09B	2.33B	2.36B	2.69B	2.69B	4.05B	4.12B	4.34B	4.54B
Asset Turnover	6.73x	5.55x	5.50x	6.08x	5.22x	4.19x	4.29x	5.69x	4.96x	4.46x
Asset Growth %	-0.03%	0.11%	0.12%	0.01%	0.14%	-0%	0.51%	0.02%	0.05%	0.05%
Total Current Liabilities+	392.29M	514.56M	533.3M	478.1M	505M	531.1M	675.3M	854.2M	872.8M	947.9M
Accounts Payable	226.77M	309.99M	339.6M	274.9M	280.8M	261M	392.5M	547.6M	505.4M	518M
Days Payables Outstanding	7.05	10.7	10.54	7.56	7.94	9.7	9.24	9.5	9.6	10.54
Short-Term Debt	222K	40.6M	19.89M	21.2M	37.6M	51.2M	15M	15M	15M	15.7M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	39.62M	0	114.71M	116.3M	15.9M	32.5M	32M	34.9M	50.1M	39.9M
Current Ratio	1.11x	1.00x	1.15x	1.19x	1.41x	1.18x	1.14x	0.85x	0.95x	0.79x
Quick Ratio	0.71x	0.70x	0.81x	0.73x	0.96x	0.65x	0.70x	0.48x	0.56x	0.37x
Cash Conversion Cycle	1.71	0.37	1.54	2.06	2.99	6.14	1.76	0.42	2.59	2.47
Total Non-Current Liabilities+	701.66M	877.1M	1.06B	1.08B	1.38B	1.37B	2.57B	2.63B	2.64B	2.75B
Long-Term Debt	490.16M	629.62M	860.86M	842.1M	998.1M	951.2M	1.8B	1.79B	1.78B	1.83B
Capital Lease Obligations	0	0	0	0	119.7M	143.4M	408.9M	444.2M	450.3M	496.3M
Deferred Tax Liabilities	0	204.66M	0	192.2M	0	0	295.9M	327.4M	329.5M	343.4M
Other Non-Current Liabilities	50.26M	42.83M	198.44M	41.1M	261.4M	275.9M	60.8M	64.8M	73.9M	81.2M
Total Liabilities	1.09B	1.39B	1.6B	1.55B	1.88B	1.9B	3.24B	3.48B	3.51B	3.7B
Total Debt+	490.38M	670.22M	880.75M	863.3M	1.16B	1.14B	2.24B	2.27B	2.27B	2.37B
Net Debt	388.05M	516.4M	710.8M	678.8M	883.1M	981.3M	1.99B	2.21B	2.15B	2.32B
Debt / Equity	0.62x	0.96x	1.19x	1.07x	1.45x	1.46x	2.78x	3.55x	2.74x	2.82x
Debt / EBITDA	1.44x	1.68x	2.19x	1.87x	2.75x	1.59x	2.74x	1.91x	2.15x	2.39x
Net Debt / EBITDA	1.14x	1.29x	1.77x	1.47x	2.09x	1.36x	2.42x	1.86x	2.04x	2.34x
Interest Coverage	7.60x	7.55x	6.07x	6.15x	4.89x	10.92x	7.33x	11.23x	8.39x	7.65x
Total Equity+	792.29M	697.08M	738.4M	807.3M	803M	784.1M	807.2M	640.7M	828.9M	840.1M
Equity Growth %	-0.08%	-0.12%	0.06%	0.09%	-0.01%	-0.02%	0.03%	-0.21%	0.29%	0.01%
Book Value per Share	18.09	17.58	20.42	24.48	25.21	26.56	30.34	26.75	37.95	40.31
Total Shareholders' Equity	792.29M	697.08M	738.4M	807.3M	803M	784.1M	807.2M	640.7M	828.9M	840.1M
Common Stock	468K	468K	500K	500K	500K	500K	500K	500K	500K	500K
Retained Earnings	527.78M	749.27M	994.53M	1.21B	1.36B	1.74B	2.11B	2.76B	3.28B	3.74B
Treasury Stock	-294.14M	-608M	-806.5M	-940.3M	-1.1B	-1.49B	-1.84B	-2.63B	-2.96B	-3.39B
Accumulated OCI	0	0	0	0	700K	-1.9M	-1.2M	-500K	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	215.84M	337.4M	283.63M	398.7M	313.3M	563.7M	737.4M	994.7M	784M	847.6M
Operating CF Margin %	0.02%	0.03%	0.02%	0.03%	0.02%	0.05%	0.04%	0.04%	0.04%	0.04%
Operating CF Growth %	-0.29%	0.56%	-0.16%	0.41%	-0.21%	0.8%	0.31%	0.35%	-0.21%	0.08%
Net Income	137.59M	221.49M	245.26M	213.6M	154.8M	386.1M	396.9M	672.9M	556.8M	502.5M
Depreciation & Amortization	86.57M	100.26M	118.75M	134M	152.2M	161M	212.6M	220.4M	231.7M	251.2M
Stock-Based Compensation	0	-4.16M	0	-9.4M	0	0	0	-19.8M	0	0
Deferred Taxes	40.56M	40.4M	-50.4M	37.9M	23.7M	2.5M	19M	31.5M	2M	14M
Other Non-Cash Items	-2.29M	-74.29M	6.96M	20.3M	25.4M	1M	26.1M	44.9M	400K	12.5M
Working Capital Changes	-46.59M	53.7M	-36.95M	2.3M	-42.8M	13.1M	82.8M	44.8M	-6.9M	67.4M
Change in Receivables	2.86M	0	0	86.6M	0	4.9M	0	0	0	65.4M
Change in Inventory	1.12M	0	0	0	0	-51.7M	11.1M	0	0	-60.2M
Change in Payables	1.04M	0	0	-56.7M	-5.9M	8.3M	102.9M	180.1M	-12M	-3.9M
Cash from Investing+	-189.63M	-134.85M	-262.11M	-209.1M	-203.1M	-224.3M	-914.2M	-319.3M	-323.6M	-445.8M
Capital Expenditures	-205.22M	-262.1M	-258.26M	-204.3M	-204.8M	-230.7M	-274.7M	-305.3M	-335.6M	-458.1M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.01%	0.01%	0.02%	0.02%	0.01%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	14.86M	127.25M	-3.85M	-4.8M	1.7M	6.4M	1.6M	8.2M	800K	-1.2M
Cash from Financing+	-251.97M	-151.11M	-5.3M	-175.1M	-14.4M	-456.1M	269.6M	-871.3M	-403.1M	-472.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	-6.9M	-27.3M	-29.9M	-33.4M	-36.8M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-3.13M	-7.41M	-6.7M	-9.4M	-19M	-10.7M	-16.6M	-19.8M	-21.1M	-30.4M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	10.61M	75.3M	25.3M	194.4M	108.5M	333M	462.7M	689.4M	448.4M	389.5M
FCF Margin %	0%	0.01%	0%	0.01%	0.01%	0.03%	0.03%	0.03%	0.02%	0.02%
FCF Growth %	-0.94%	6.09%	-0.66%	6.68%	-0.44%	2.07%	0.39%	0.49%	-0.35%	-0.13%
FCF per Share	0.24	1.90	0.70	5.89	3.41	11.28	17.39	28.78	20.53	18.69
FCF Conversion (FCF/Net Income)	1.22x	1.52x	1.16x	1.87x	2.02x	1.46x	1.86x	1.48x	1.41x	1.69x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	21.36%	29.74%	34.17%	27.64%	19.23%	48.65%	49.88%	92.95%	75.78%	60.22%
Return on Invested Capital (ROIC)	17.37%	18.79%	15.96%	16.61%	12.7%	24.29%	19.88%	25.73%	21.23%	18.14%
Gross Margin	7.55%	8.76%	8.28%	7.58%	8.03%	12.81%	10.65%	10.24%	10.75%	11.39%
Net Margin	1.39%	1.91%	1.91%	1.49%	1.1%	3.43%	2.29%	2.87%	2.59%	2.48%
Debt / Equity	0.62x	0.96x	1.19x	1.07x	1.45x	1.46x	2.78x	3.55x	2.74x	2.82x
Interest Coverage	7.60x	7.55x	6.07x	6.15x	4.89x	10.92x	7.33x	11.23x	8.39x	7.65x
FCF Conversion	1.22x	1.52x	1.16x	1.87x	2.02x	1.46x	1.86x	1.48x	1.41x	1.69x
Revenue Growth	-25.24%	-8.7%	10.63%	11.98%	-2.29%	-19.74%	54.12%	35.05%	-8.17%	-5.97%

Revenue by Segment

	2012	2013	2014	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	11.86B	11.37B	8.21B	13.41B	19.23B	17.1B	15.89B
Product Growth	-	-	-	-	-4.09%	-27.83%	63.37%	43.39%	-11.05%	-7.09%
Merchandise	-	-	-	2.42B	2.62B	2.96B	3.68B	3.9B	4.09B	4.21B
Merchandise Growth	-	-	-	-	8.13%	12.79%	24.45%	6.13%	4.77%	3.07%
Product and Service, Other	-	-	-	81.5M	40.7M	100.6M	272M	312.8M	335.7M	137.7M
Product and Service, Other Growth	-	-	-	-	-50.06%	147.17%	170.38%	15.00%	7.32%	-58.98%
Product Sales, Petroleum	-	-	-	11.86B	11.37B	-	-	-	-	-
Product Sales, Petroleum Growth	-	-	-	-	-4.09%	-	-	-	-	-
Product Sales, Petroleum, Retail	-	-	-	10.46B	10.18B	-	-	-	-	-
Product Sales, Petroleum, Retail Growth	-	-	-	-	-2.63%	-	-	-	-	-
Product Sales, Petroleum, Wholesale	-	-	-	1.4B	1.19B	-	-	-	-	-
Product Sales, Petroleum, Wholesale Growth	-	-	-	-	-14.97%	-	-	-	-	-
Renewable Identification Numbers	-	-	-	75.2M	34.8M	-	-	-	-	-
Renewable Identification Numbers Growth	-	-	-	-	-53.72%	-	-	-	-	-
Revenue, Other	-	-	-	5.7M	5.6M	-	-	-	-	-
Revenue, Other Growth	-	-	-	-	-1.75%	-	-	-	-	-
Product Sales, Petroleum, Other	-	-	-	-	-	-	-	-	-	-
Product Sales, Petroleum, Other Growth	-	-	-	-	-	-	-	-	-	-
Marketing	-	17.81B	16.99B	-	-	-	-	-	-	-
Marketing Growth	-	-	-4.65%	-	-	-	-	-	-	-
Corporate And Other	-11M	-	224.02M	-	-	-	-	-	-	-
Corporate And Other Growth	-	-	-	-	-	-	-	-	-	-
Corporate	-	269.25M	-	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-
Flat Rolled And Non Ferrous	1.12B	-	-	-	-	-	-	-	-	-
Flat Rolled And Non Ferrous Growth	-	-	-	-	-	-	-	-	-	-
Plates And Shapes	787.1M	-	-	-	-	-	-	-	-	-
Plates And Shapes Growth	-	-	-	-	-	-	-	-	-	-
Building Products	82.8M	-	-	-	-	-	-	-	-	-
Building Products Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Murphy USA Inc. (MUSA) has a price-to-earnings (P/E) ratio of 18.8x. This is roughly in line with market averages.

Growth & Financials

Murphy USA Inc. (MUSA) reported $19.35B in revenue for fiscal year 2024. This represents a 2% increase from $18.92B in 2011.

Murphy USA Inc. (MUSA) saw revenue decline by 6.0% over the past year.

Yes, Murphy USA Inc. (MUSA) is profitable, generating $471.2M in net income for fiscal year 2024 (2.5% net margin).

Dividend & Returns

Yes, Murphy USA Inc. (MUSA) pays a dividend with a yield of 0.39%. This makes it attractive for income-focused investors.

Murphy USA Inc. (MUSA) has a return on equity (ROE) of 60.2%. This is excellent, indicating efficient use of shareholder capital.

Murphy USA Inc. (MUSA) generated $367.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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