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Debt-to-equity climbed to 3.49 in 2026Q2, with total debt of $2.7B against equity of $782.7M, reflecting aggressive buybacks that have thinned the equity base and intensified leverage risk.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 1.01B | 747.8M | 748.1M | 826.5M | 726.8M | 767.8M | 625.2M | 710.8M | 570.1M | 614.29M | 515.55M | 435.67M | 690.71M | 682.42M | 821.96M | 588.35M |
| Cash & Short-Term Investments | 175.4M | 28.9M | 47M | 124.9M | 78.4M | 256.4M | 163.6M | 280.3M | 184.5M | 170M | 153.81M | 102.33M | 327.16M | 294.74M | 57.37M | 36.89M |
| Cash Only | 175.4M | 28.9M | 47M | 117.8M | 60.5M | 256.4M | 163.6M | 280.3M | 184.5M | 170.03M | 153.81M | 102.33M | 327.16M | 294.74M | 57.37M | 36.89M |
| Short-Term Investments | 0 | 0 | 0 | 7.1M | 17.9M | 0 | 0 | 0 | 0 | -28K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 379.2M | 276.2M | 268.5M | 336.7M | 281.7M | 195.7M | 168.8M | 172.9M | 138.8M | 225.27M | 183.52M | 136.25M | 138.47M | 193.18M | 529.02M | 356.68M |
| Days Sales Outstanding | 5.58 | 5.2 | 4.84 | 5.71 | 4.39 | 4.11 | 5.47 | 4.5 | 3.53 | 6.41 | 5.78 | 3.92 | 2.98 | 3.9 | 10 | 6.88 |
| Inventory | 417.4M | 413M | 401.6M | 341.2M | 319.1M | 292.3M | 279.1M | 227.6M | 221.5M | 182.48M | 153.35M | 155.91M | 157.05M | 179.06M | 217.39M | 184.1M |
| Days Inventory Outstanding | 7.24 | 8.19 | 8.17 | 6.48 | 5.53 | 6.88 | 10.37 | 6.44 | 6.09 | 5.66 | 5.29 | 4.85 | 3.6 | 3.82 | 4.31 | 3.74 |
| Other Current Assets | 0 | 29.7M | 31M | 23.7M | 47.6M | 23.4M | 13.7M | 1M | 1M | 2.7M | 1.8M | 1.6M | 59.13M | 2.9M | 0 | 0 |
| Total Non-Current Assets | 4.08B | 3.98B | 3.79B | 3.51B | 3.4B | 3.28B | 2.06B | 1.98B | 1.79B | 1.72B | 1.57B | 1.45B | 1.26B | 1.2B | 1.17B | 1.2B |
| Property, Plant & Equipment | 3.58B | 3.49B | 3.31B | 3.02B | 2.91B | 2.8B | 2.02B | 1.93B | 1.75B | 1.68B | 1.53B | 1.37B | 1.25B | 1.19B | 1.17B | 1.2B |
| Fixed Asset Turnover | 6.14x | 5.56x | 6.12x | 7.12x | 8.06x | 6.21x | 5.59x | 7.27x | 8.22x | 7.64x | 7.57x | 9.27x | 13.61x | 15.19x | 16.50x | 15.81x |
| Goodwill | 328M | 328M | 328M | 328M | 328M | 328M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 139.2M | 139.3M | 139.5M | 139.8M | 140.4M | 140.7M | 34.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 4.4M | 4.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 33.9M | 21.6M | 19.9M | 17.5M | 14.7M | 14.1M | 10.6M | 44.9M | 42.5M | 38.5M | 40.53M | 81.26M | 10.54M | 8.1M | 543K | 307K |
| Total Assets | 5.08B | 4.73B | 4.54B | 4.34B | 4.12B | 4.05B | 2.69B | 2.69B | 2.36B | 2.33B | 2.09B | 1.89B | 1.95B | 1.88B | 1.99B | 1.78B |
| Asset Turnover | 4.44x | 4.10x | 4.46x | 4.96x | 5.69x | 4.29x | 4.19x | 5.22x | 6.08x | 5.50x | 5.55x | 6.73x | 8.71x | 9.61x | 9.69x | 10.60x |
| Asset Growth % | 28.38% | 4.06% | 4.64% | 5.26% | 1.85% | 50.73% | -0.06% | 13.83% | 1.28% | 11.6% | 10.74% | -3.24% | 3.62% | -5.58% | 11.62% | - |
| Total Current Liabilities | 1.09B | 929.1M | 947.9M | 872.8M | 854.2M | 675.3M | 531.1M | 505M | 478.1M | 533.3M | 514.56M | 392.29M | 413.08M | 526.52M | 733.91M | 492.55M |
| Accounts Payable | 1.01B | 865.2M | 518M | 505.4M | 547.6M | 392.5M | 261M | 280.8M | 274.9M | 339.6M | 309.99M | 226.77M | 227.11M | 311.4M | 612.75M | 375.49M |
| Days Payables Outstanding | 17.14 | 17.15 | 10.54 | 9.6 | 9.5 | 9.24 | 9.7 | 7.94 | 7.56 | 10.54 | 10.7 | 7.05 | 5.2 | 6.64 | 12.14 | 7.62 |
| Short-Term Debt | 19.1M | 19M | 15.7M | 15M | 15M | 15M | 51.2M | 37.6M | 21.2M | 19.89M | 40.6M | 222K | 0 | 14M | 46K | 43K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 39.9M | 50.1M | 34.9M | 32M | 32.5M | 15.9M | 116.3M | 114.71M | 0 | 39.62M | 95.41M | 135.17M | 12.77M | 11.23M |
| Current Ratio | 0.92x | 0.80x | 0.79x | 0.95x | 0.85x | 1.14x | 1.18x | 1.41x | 1.19x | 1.15x | 1.00x | 1.11x | 1.67x | 1.30x | 1.12x | 1.19x |
| Quick Ratio | 0.54x | 0.36x | 0.37x | 0.56x | 0.48x | 0.70x | 0.65x | 0.96x | 0.73x | 0.81x | 0.70x | 0.71x | 1.29x | 0.96x | 0.82x | 0.82x |
| Cash Conversion Cycle | -4.32 | -3.76 | 2.47 | 2.59 | 0.42 | 1.76 | 6.14 | 2.99 | 2.06 | 1.54 | 0.37 | 1.71 | 1.37 | 1.08 | 2.17 | 3 |
| Total Non-Current Liabilities | 3.21B | 3.17B | 2.75B | 2.64B | 2.63B | 2.57B | 1.37B | 1.38B | 1.08B | 1.06B | 877.1M | 701.66M | 677.55M | 698.39M | 154.1M | 173.48M |
| Long-Term Debt | 2.17B | 2.7B | 1.83B | 1.78B | 1.79B | 1.8B | 951.2M | 998.1M | 842.1M | 860.86M | 629.62M | 490.16M | 488.25M | 547.58M | 1.12M | 1.17M |
| Capital Lease Obligations | 2.23B | 534.6M | 496.3M | 450.3M | 444.2M | 408.9M | 143.4M | 119.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.56B | 388.5M | 343.4M | 329.5M | 327.4M | 295.9M | 0 | 0 | 192.2M | 0 | 204.66M | 0 | 0 | 114.93M | 129.82M | 150.38M |
| Other Non-Current Liabilities | 92M | -448.1M | 81.2M | 73.9M | 64.8M | 60.8M | 275.9M | 261.4M | 41.1M | 198.44M | 42.83M | 50.26M | 189.3M | 35.88M | 23.16M | 21.94M |
| Total Liabilities | 4.3B | 4.1B | 3.7B | 3.51B | 3.48B | 3.24B | 1.9B | 1.88B | 1.55B | 1.6B | 1.39B | 1.09B | 1.09B | 1.22B | 888.01M | 666.04M |
| Total Debt | 2.74B | 3.25B | 2.37B | 2.27B | 2.27B | 2.24B | 1.14B | 1.16B | 863.3M | 880.75M | 670.22M | 490.38M | 488.25M | 561.58M | 1.17M | 1.21M |
| Net Debt | 2.56B | 3.22B | 2.32B | 2.15B | 2.21B | 1.99B | 981.3M | 883.1M | 678.8M | 710.8M | 516.4M | 388.05M | 161.09M | 266.84M | -56.2M | -35.67M |
| Debt / Equity | 3.49x | 5.22x | 2.82x | 2.74x | 3.55x | 2.78x | 1.46x | 1.45x | 1.07x | 1.19x | 0.96x | 0.62x | 0.57x | 0.86x | 0.00x | 0.00x |
| Debt / EBITDA | 2.36x | 3.19x | 2.39x | 2.15x | 1.91x | 2.74x | 1.59x | 2.75x | 1.87x | 2.19x | 1.68x | 1.44x | 1.10x | 1.66x | 0.01x | 0.00x |
| Net Debt / EBITDA | 2.21x | 3.16x | 2.34x | 2.04x | 1.86x | 2.42x | 1.36x | 2.09x | 1.47x | 1.77x | 1.29x | 1.14x | 0.36x | 0.79x | -0.25x | -0.09x |
| Interest Coverage | 7.97x | 6.49x | 7.71x | 8.46x | 11.24x | 7.33x | 10.93x | 4.69x | 6.18x | 6.14x | 9.87x | 7.51x | 10.26x | 18.52x | 380.85x | 762.80x |
| Total Equity | 782.7M | 623.5M | 840.1M | 828.9M | 640.7M | 807.2M | 784.1M | 803M | 807.3M | 738.4M | 697.08M | 792.29M | 858.71M | 656.34M | 1.1B | 1.12B |
| Equity Growth % | -47.33% | -25.78% | 1.35% | 29.37% | -20.63% | 2.95% | -2.35% | -0.53% | 9.33% | 5.93% | -12.02% | -7.73% | 30.83% | -40.57% | -1.3% | - |
| Book Value per Share | 42.19 | 31.93 | 40.31 | 37.95 | 26.75 | 30.34 | 26.56 | 25.21 | 24.48 | 20.42 | 17.58 | 18.09 | 18.50 | 14.01 | 23.52 | 23.94 |
| Total Shareholders' Equity | 782.7M | 623.5M | 840.1M | 828.9M | 640.7M | 807.2M | 784.1M | 803M | 807.3M | 738.4M | 697.08M | 792.29M | 858.71M | 656.34M | 1.1B | 1.12B |
| Common Stock | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 468K | 468K | 468K | 467K | 1.1B | 0 |
| Retained Earnings | 4.49B | 4.17B | 3.74B | 3.28B | 2.76B | 2.11B | 1.74B | 1.36B | 1.21B | 994.53M | 749.27M | 527.78M | 351.44M | 107.58M | 0 | 0 |
| Treasury Stock | -4.16B | -4.03B | -3.39B | -2.96B | -2.63B | -1.84B | -1.49B | -1.1B | -940.3M | -806.5M | -608M | -294.14M | -51.07M | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -500K | -1.2M | -1.9M | 700K | 0 | 0 | 0 | 0 | -730.2M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and fuel margin volatility
MUSA's debt-to-equity ratio climbed from 2.88 in 2024Q1 to 3.49 by 2026Q2, while equity fell from $781.6M to $782.7M, indicating a balance sheet increasingly reliant on debt. According to the latest balance sheet data, total liabilities grew to $4.3B.
The trajectory shows a clear pattern of rising leverage, with total debt increasing from $2.3B to $2.7B over the period, while equity remained relatively flat. This suggests that the company has been funding growth and shareholder returns through debt rather than retained earnings. The recent EPS beat and raised guidance may provide some cushion, but the trend warrants monitoring as interest expenses could pressure future margins.
Total debt rose to $2.7B in 2026Q2, with D/E at 3.49, up from 2.88 a year earlier, reflecting aggressive leverage. As reported in the balance sheet, this leverage is nearly double that of peer Casey's (D/E 0.84), exposing MUSA to higher refinancing risk.
The debt-to-equity ratio of 3.49 is significantly higher than the peer average, indicating a strategic choice to use leverage to amplify returns. However, in a higher-for-longer rate environment, this could strain cash flows, especially if fuel margins normalize. The company's ability to service this debt is currently supported by robust cash generation, but investors should monitor interest coverage ratios closely.
PP&E grew steadily to $3.6B in 2026Q2, representing over 70% of total assets, while goodwill remained flat at $328M, indicating an asset-heavy model with limited intangible risk. Based on the balance sheet data, this tangible base supports the low-cost kiosk strategy.
The asset mix is dominated by property, plant, and equipment, which is consistent with a retail fuel and convenience store operator. The stable goodwill suggests that acquisitions, like QuickChek, have not led to significant impairment risk. However, the heavy investment in PP&E implies high fixed costs, which could be a drag if fuel volumes decline due to EV adoption or economic downturns.
Retained earnings grew to $4.5B, but total equity only reached $782.7M in 2026Q2, reflecting aggressive share repurchases that have reduced the equity base. As reported in the cash flow statement, cumulative buybacks exceeded $1.2B over ten quarters.
The equity section reveals a company that is returning substantial capital to shareholders, which has kept equity levels low relative to earnings. While this can enhance ROE, it also increases financial risk. The reliance on debt to fund buybacks suggests management is confident in future cash flows, but any downturn could leave the balance sheet vulnerable.
Current ratio improved to 0.92 in 2026Q2 from 0.80 a year earlier, but remains below 1.0, indicating potential short-term liquidity strain. According to the balance sheet, cash rose to $175.4M, yet total debt of $2.7B dwarfs this buffer.
The current ratio below 1.0 suggests that current liabilities exceed current assets, which is typical for fuel retailers due to inventory and payables. However, the improvement in the ratio and the increase in cash provide some comfort. The company's ability to generate strong operating cash flow (as seen in prior quarters) mitigates the risk, but a sudden margin compression could expose liquidity gaps.
The balance sheet shows a D/E of 3.49, but the true risk lies in the combination of high leverage and aggressive share repurchases, which may be unsustainable if fuel margins revert. Based on the cash flow statement, buybacks have been a primary use of cash, exceeding $1.2B.
While the headline numbers show a strong earnings beat, the balance sheet reveals a company that is increasingly levered, with debt funding both growth and shareholder returns. If fuel margins normalize to historical levels, the cash flow generation may not be sufficient to service debt and maintain buybacks, potentially leading to a de-rating. Investors should monitor the sustainability of the margin expansion and the company's commitment to deleveraging.
Quick answers to the most common questions about buying MUSA stock.
As of 2025, Murphy USA Inc. (MUSA) had total assets of $4.73B including $747.8M in current assets.
Murphy USA Inc. (MUSA) carries total debt of $3.25B, offset by $28.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Murphy USA Inc. (MUSA) has total shareholders' equity (book value) of $623.5M ($31.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Murphy USA Inc. (MUSA) reported a current ratio of 0.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.