The company maintains a precarious capital structure characterized by a debt-to-equity ratio of 4.08 and a current ratio of 0.83, suggesting limited liquidity buffers for its $2.7 billion debt load.
| 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 | 871.1M | 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 | 118.6M | 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 | 118.6M | 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 | 354.1M | 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 | 5.71 | 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 | 363.3M | 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 | 7.66 | 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 | 35.1M | 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 | 4B | 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 | 3.5B | 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 | 5.71x | 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 | 139.3M | 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 | 23.1M | 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 | 4.87B | 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 | 4.17x | 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 % | 22.71% | 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 | 1.05B | 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 | 1.02B | 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 | 17.88 | 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 | 19.2M | 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 | 0.83x | 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 | 0.48x | 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 | -4.51 | -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 | 3.16B | 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 | 2.14B | 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 | 2.19B | 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 | 1.5B | 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 | 90.1M | -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 | 4.21B | 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 | 2.69B | 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 | 2.57B | 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 | 4.08x | 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 | 2.26x | 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 | 7.47x | 6.67x | 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 | 658.7M | 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 % | -88.83% | -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 | 35.21 | 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 | 658.7M | 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 | 4.3B | 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 | -4.09B | -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 |
Elevated debt-to-equity leverage
As reported in recent financial statements, MUSA's debt-to-equity ratio has fluctuated significantly, peaking at 5.22 in 2025Q4 before moderating to 4.08 in 2026Q1, signaling a volatile capital structure that remains highly sensitive to the company's aggressive approach to shareholder returns and ongoing network expansion.
The trajectory of the balance sheet appears increasingly tethered to debt-funded growth and buybacks rather than organic equity accumulation. Investors should monitor whether the recent reduction in leverage is a sustainable shift or merely a temporary pause in a long-term strategy of aggressive capital deployment.
Based on the provided quarterly data, MUSA carries a substantial debt load of $2.7 billion as of 2026Q1, which, when viewed alongside a debt-to-equity ratio that has frequently exceeded 4.0, suggests that the firm's financial flexibility may be constrained in a higher-for-longer interest rate environment.
The reliance on debt to fuel both store expansion and share repurchases creates a structural vulnerability that warrants further investigation. This leverage profile implies that any sustained compression in fuel margins could rapidly limit the company's ability to service its obligations without curtailing its capital return program.
According to historical balance sheet figures, MUSA maintains a heavy asset base with $3.5 billion in net PPE as of 2026Q1, reflecting the capital-intensive nature of its kiosk-based retail model and the ongoing integration of the QuickChek fresh food program across its footprint.
The concentration of assets in physical infrastructure suggests that the company's competitive advantage is deeply tied to its real estate legacy. While this provides a barrier to entry, it also necessitates consistent, high-level capital expenditure to maintain the efficiency of the store network.
As indicated by the company's reported financial data, the current ratio has remained consistently below 1.0 over the last ten quarters, reaching 0.83 in 2026Q1, which suggests a limited margin of safety for meeting short-term obligations without relying on external financing or operational cash flow.
This persistent liquidity constraint appears to be a deliberate feature of the company's capital-light working capital management, yet it leaves little room for error during periods of commodity price volatility. Investors should monitor whether this tight liquidity profile could force a change in the company's historical capital allocation priorities.
Based on the provided financial disclosures, the company's equity base has been periodically eroded by aggressive share repurchases, which, when combined with a debt-to-equity ratio of 4.08, may mask the true underlying risk profile of the balance sheet from a traditional solvency perspective.
The persistent use of retained earnings for buybacks rather than debt reduction suggests a management preference for shareholder returns that may come at the expense of long-term balance sheet resilience. This strategy warrants close scrutiny, as it effectively prioritizes current equity value over the potential need for a stronger capital buffer.
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.