Latest Ratios: P/E Ratio 14.4x · EV/EBITDA 10.0x · ROE 64.3%. (2011–2025 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 | $9.6B | $7.9B | $10.5B | $7.8B | $6.7B | $5.3B | $3.9B | $3.7B | $2.5B | $2.9B | $2.4B |
| Enterprise Value | $12.9B | $11.1B | $12.8B | $9.9B | $8.9B | $7.3B | $4.8B | $4.6B | $3.2B | $3.6B | $3.0B |
| P/E Ratio → | 14.45 | 16.74 | 20.81 | 13.99 | 9.95 | 13.35 | 10.01 | 24.07 | 11.83 | 11.85 | 11.00 |
| P/S Ratio | 0.41 | 0.41 | 0.52 | 0.36 | 0.29 | 0.31 | 0.34 | 0.27 | 0.18 | 0.23 | 0.21 |
| P/B Ratio | 16.34 | 12.64 | 12.45 | 9.40 | 10.45 | 6.57 | 4.93 | 4.64 | 3.13 | 3.93 | 3.50 |
| P/FCF | 14.44 | 21.05 | 26.85 | 17.37 | 9.71 | 11.46 | 11.60 | 34.35 | 13.00 | 114.84 | 32.37 |
| P/OCF | 11.84 | 9.68 | 12.34 | 9.93 | 6.73 | 7.19 | 6.85 | 11.90 | 6.34 | 10.25 | 7.22 |
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 | — | 0.57 | 0.63 | 0.46 | 0.38 | 0.42 | 0.43 | 0.33 | 0.22 | 0.28 | 0.25 |
| EV / EBITDA | 10.04 | 10.89 | 12.90 | 9.40 | 7.47 | 8.90 | 6.71 | 10.90 | 6.95 | 8.99 | 7.38 |
| EV / EBIT | 17.40 | 15.42 | 17.07 | 11.94 | 9.19 | 12.06 | 8.66 | 17.92 | 9.81 | 12.61 | 7.54 |
| EV / FCF | — | 29.66 | 32.81 | 22.17 | 12.92 | 15.75 | 14.55 | 42.49 | 16.49 | 142.94 | 39.22 |
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 | 5.0% | 5.0% | 11.4% | 10.7% | 10.2% | 10.7% | 12.8% | 8.0% | 7.6% | 8.3% | 8.8% |
| Operating Margin | 3.8% | 3.8% | 3.7% | 3.8% | 4.1% | 3.5% | 5.0% | 1.9% | 2.3% | 2.2% | 2.6% |
| Net Profit Margin | 2.4% | 2.4% | 2.5% | 2.6% | 2.9% | 2.3% | 3.4% | 1.1% | 1.5% | 1.9% | 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 | 64.3% | 64.3% | 60.2% | 75.8% | 92.9% | 49.9% | 48.7% | 19.2% | 27.6% | 34.2% | 29.7% |
| ROA | 10.2% | 10.2% | 11.3% | 13.2% | 16.5% | 11.8% | 14.4% | 6.1% | 9.1% | 11.1% | 11.1% |
| ROIC | 15.8% | 15.8% | 18.1% | 21.2% | 25.7% | 19.9% | 24.3% | 12.7% | 16.6% | 16.0% | 18.8% |
| ROCE | 20.0% | 20.0% | 21.0% | 24.5% | 29.2% | 21.9% | 25.8% | 13.2% | 17.7% | 16.8% | 19.5% |
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 | 5.22 | 5.22 | 2.82 | 2.74 | 3.55 | 2.78 | 1.46 | 1.45 | 1.07 | 1.19 | 0.96 |
| Debt / EBITDA | 3.19 | 3.19 | 2.39 | 2.15 | 1.91 | 2.74 | 1.59 | 2.75 | 1.87 | 2.19 | 1.68 |
| Net Debt / Equity | — | 5.17 | 2.76 | 2.60 | 3.45 | 2.46 | 1.25 | 1.10 | 0.84 | 0.96 | 0.74 |
| Net Debt / EBITDA | 3.16 | 3.16 | 2.34 | 2.04 | 1.86 | 2.42 | 1.36 | 2.09 | 1.47 | 1.77 | 1.29 |
| Debt / FCF | — | 8.61 | 5.96 | 4.80 | 3.21 | 4.29 | 2.95 | 8.14 | 3.49 | 28.09 | 6.86 |
| Interest Coverage | 6.49 | 6.49 | 7.71 | 8.46 | 11.24 | 7.33 | 10.93 | 4.69 | 6.18 | 6.14 | 9.87 |
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 | 0.80 | 0.80 | 0.79 | 0.95 | 0.85 | 1.14 | 1.18 | 1.41 | 1.19 | 1.15 | 1.00 |
| Quick Ratio | 0.36 | 0.36 | 0.37 | 0.56 | 0.48 | 0.70 | 0.65 | 0.96 | 0.73 | 0.81 | 0.70 |
| Cash Ratio | 0.03 | 0.03 | 0.05 | 0.14 | 0.09 | 0.38 | 0.31 | 0.56 | 0.39 | 0.32 | 0.30 |
| Asset Turnover | — | 4.10 | 4.46 | 4.96 | 5.69 | 4.29 | 4.19 | 5.22 | 6.08 | 5.50 | 5.55 |
| Inventory Turnover | 44.58 | 44.58 | 44.67 | 56.32 | 65.95 | 53.07 | 35.19 | 56.71 | 59.93 | 64.47 | 68.98 |
| Days Sales Outstanding | — | 5.20 | 4.84 | 5.71 | 4.39 | 4.11 | 5.47 | 4.50 | 3.53 | 6.41 | 5.78 |
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 | 0.4% | 0.5% | 0.4% | 0.4% | 0.4% | 0.5% | 0.2% | — | — | — | — |
| Payout Ratio | 8.8% | 8.8% | 7.3% | 6.0% | 4.4% | 6.9% | 1.8% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.9% | 6.0% | 4.8% | 7.1% | 10.1% | 7.5% | 10.0% | 4.2% | 8.5% | 8.4% | 9.1% |
| FCF Yield | 6.9% | 4.8% | 3.7% | 5.8% | 10.3% | 8.7% | 8.6% | 2.9% | 7.7% | 0.9% | 3.1% |
| Buyback Yield | 6.7% | 8.2% | 4.3% | 4.3% | 12.0% | 6.7% | 10.3% | 4.4% | 5.7% | 7.1% | 13.3% |
| Total Shareholder Yield | 7.1% | 8.8% | 4.6% | 4.7% | 12.5% | 7.2% | 10.5% | 4.4% | 5.7% | 7.1% | 13.3% |
| Shares Outstanding | — | $20M | $21M | $22M | $24M | $27M | $30M | $32M | $33M | $36M | $40M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying MUSA stock.
Murphy USA Inc.'s current P/E ratio is 14.4x. The historical average is 13.9x. This places it at the 69th percentile of its historical range.
Murphy USA Inc.'s current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.7x.
Murphy USA Inc.'s return on equity (ROE) is 64.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 41.3%.
Based on historical data, Murphy USA Inc. is trading at a P/E of 14.4x. This is at the 69th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Murphy USA Inc.'s current dividend yield is 0.41% with a payout ratio of 8.8%.
Murphy USA Inc. has 5.0% gross margin and 3.8% operating margin.
Murphy USA Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Leverage amid volatile fuel margins
Metrics are mathematically derived from official filings.
Earnings Multiple Discounts Growth Expectations
MUSA trades at 21.35 trailing P/E and 14.68 forward P/E against a PEG of 1.64, which according to reported figures sits below CASY's 35.99 P/E and 2.00 PEG, suggesting the market prices its recent earnings surge with caution. The forward compression implies analysts expect sustained EPS growth, though the multiple still embeds cyclical fuel-margin risk. Investors should weigh the EV/EBITDA of 12.48 against peer ARKO at 17.23 to judge whether the discount is structural or temporary.
The gap between trailing and forward P/E suggests the market is treating the Q2 2026 EPS beat as partially durable rather than fully repeatable. A PEG near 1.6 indicates the price is not expensive relative to projected growth, yet that growth is heavily dependent on fuel spreads that management does not control. The P/B of 16.11 is elevated but largely reflects a thin, buyback-reduced equity base rather than a premium on asset quality.
Debt Load Easing but Still Elevated
Based on MUSA's reported ratios, debt-to-equity fell from a peak of 5.22 in Q4 2025 to 3.47 in Q3 2026, while interest coverage recovered to 9.23 from 6.96 a year earlier, indicating debt service has become more comfortable. The leverage level remains high relative to the 2024 range near 2.8 and CASY's 0.84.
The improvement in coverage is driven primarily by operating income growth rather than deleveraging, since total debt remains around $2.8B. Debt-to-EBITDA of 8.20 is still high for a business with a 4-5% operating margin, which leaves little cushion if fuel spreads compress. Refinancing risk appears manageable on current figures but warrants monitoring given the elevated base.
Thin Liquidity Buffer Against Obligations
As reported in financial statements, MUSA's current ratio stood at 0.87 and quick ratio at 0.53 in Q3 2026, both below the 1.0 threshold typically viewed as adequate, with cash of only $161.8M against substantial current liabilities. The position is structurally tight relative to the 0.80 current ratio that has persisted since 2024.
A current ratio below 1.0 is common in fuel retail where payables to suppliers fund inventory, and the negative cash conversion cycle of -4 days supports this funding model. Under severe stress, however, the reliance on short-term supplier credit and revolving access would become the binding constraint rather than inventory liquidity. The quick ratio of 0.53 suggests dependence on continued operating cash inflows to meet near-term obligations.
Equity Returns Inflated by Thin Base
Based on reported figures, ROE rose to 22.3% in Q3 2026 and 29.0% in Q2 2026 from 6.8% a year earlier, while ROIC of 5.8% and 7.0% in those quarters remained far lower, indicating equity returns are amplified by leverage rather than by operating capital efficiency.
The gap between ROE and ROIC of roughly 16 to 22 percentage points reflects the high debt-to-equity structure, meaning shareholder returns are magnified by financial leverage. ROIC of 5.8% sits well below CASY's 12.0% and NTB's 14.9%, suggesting MUSA's invested capital generates weaker operating returns than higher-quality peers. Sustained equity returns will depend on whether ROIC can rise meaningfully, since further leverage would only widen the ROE-ROIC gap.
Misapplied Ratio: Gross Margin Obscures Fuel Risk
The gross margin, reported at 10.4% in Q3 2026 after swinging from 3.3% in Q1 2025, is the ratio most commonly misapplied to MUSA, as it is dominated by volatile wholesale fuel spreads rather than merchandise economics that analysts often assume drive stability.
Because fuel is commodity-priced, gross margin movements largely reflect crude price timing and RIN credit recognition rather than pricing power, so a high margin quarter can reverse without any change in operating quality. Gross profit per gallon and same-store merchandise margin are better measures of underlying performance. Investors should treat the recent margin recovery as conditional on fuel spread stability until the sustainability of RIN and merchandise contributions is better understood.