A Business at a Glance
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Marathon Petroleum Corp
MPC
$94.6B
Mkt Cap
$309.24
-0.97%
Marathon Petroleum Corp (MPC) has a current P/E ratio of 23.4, compared to its historical median P/E of 8.8. The stock is currently considered Expensive based on its historical valuation range.
Marathon Petroleum Corp (MPC) has a 5-year average return on invested capital (ROIC) of 19.8%. This indicates strong capital allocation and a potential competitive advantage.
Marathon Petroleum Corp (MPC) has a market capitalization of $91.2B. It is classified as a large-cap stock.
Yes, Marathon Petroleum Corp (MPC) pays a dividend with a trailing twelve-month yield of 1.26%. The company also returns capital through share buybacks, with a buyback yield of 3.49%.
Based on historical P/E analysis, Marathon Petroleum Corp (MPC) appears expensive. The current P/E of 23.4 is 167% above its historical median of 8.8. The estimated fair value CAGR (P/E method) is 30.6%.
Marathon Petroleum Corp (MPC) operates in the Petroleum Refining industry, within the Energy sector.
Marathon Petroleum Corp (MPC) reported annual revenue of $132.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Marathon Petroleum Corporation is a leading integrated downstream and midstream energy company with nearly 140 years of history in the energy sector. The company operates three reportable segments: Refining & Marketing, which refines crude oil at approximately 3.0 million barrels per day of capacity across Gulf Coast, Mid-Continent, and West Coast regions and sells refined products including gasoline, distillates, propane, NGLs, petrochemicals, and asphalt to wholesale customers, branded jobbers, direct dealers, and spot markets; Midstream, which gathers, transports, stores, and distributes crude oil, refined products, natural gas, and NGLs principally through MPLX, a diversified master limited partnership in which MPC owns approximately 64 percent of outstanding common units; and Renewable Diesel, which processes renewable feedstocks into renewable diesel for wholesale and branded distribution. The company's business model is capital-intensive and vertically integrated, with refineries linked through pipelines, terminals, and barges to maximize operating efficiency and optimize product yields, while its midstream operations provide logistics and distribution services that support the refining segment and generate durable cash flows. MPC distributes refined products through one of the largest terminal operations and private domestic fleets of inland petroleum product barges in the United States, and maintains approximately 7,882 brand jobber outlets in 40 states and Mexico under the Marathon brand, plus 1,162 direct dealer locations primarily under the ARCO brand in Southern California. The company's competitive advantages include geographic diversification across three major U.S. refining regions, a fully integrated value chain linking production to end-markets, and scale in wholesale supply of gasoline and distillates to resellers.
【Constructive refining fundamentals ahead】 Management expects demand growth to exceed the net impact of capacity additions and rationalizations through the end of the decade, with the U.S. refining industry remaining structurally advantaged globally. The company is executing targeted capital investments in high-return projects designed to enhance operational flexibility and yield optimization, including jet production expansion at Robinson refinery and distillate hydrotreater construction at Galveston Bay, with completion expected by year-end 2027. MPLX is targeting 12.5% distribution growth over the next two years underpinned by mid-single-digit adjusted EBITDA growth, with approximately 90% of 2026 growth capital focused on natural gas and NGL opportunities, including processing plant expansions in the Permian and Northeast regions expected to ramp through 2026. Management remains focused on operational excellence and commercial execution to strengthen sustainability and competitive positioning, while maintaining commitment to industry-leading capital returns through dividends and share repurchases supported by growing cash flows from the integrated system.
| Metric | Target | Period |
|---|---|---|
| MPLX Annual Cash Distributions to MPC | Over $3.5 billion | Following 12.5% distribution growth over next couple of years |
| Full-Year Turnaround Expenses | $1.35 billion | Full year 2025 |
| MPLX Growth Capital Investment | Over $2.4 billion | 2026 |
MPLX Annual Cash Distributions to MPC (Following 12.5% distribution growth over next couple of years): “MPLX continues to target a distribution growth rate of 12.5% over the next couple of years, which would imply annual cash distributions to MPC of over $3.5 billion.”
Full-Year Turnaround Expenses (Full year 2025): “Our full-year outlook remains unchanged at $1.35 billion.”
MPLX Growth Capital Investment (2026): “The business is investing over $2.4 billion with multiple investments anticipated to transition from construction to cash generation in the second half of the year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 135.4B | 132.7B | 138.9B | 148.4B | 177.5B | 120.0B |
| Net Income | 4.6B | 4.0B | 3.4B | 9.7B | 14.5B | 9.7B |
| EPS | $15.11 | $13.22 | $10.08 | $23.63 | $28.12 | $15.24 |
| Free Cash Flow | 5.7B | 4.8B | 6.1B | 12.2B | 13.9B | 2.9B |
| ROIC | 13.8% | 14.6% | 13.6% | 27.2% | 36.4% | 7.4% |
| Gross Margin | - | 10.0% | 9.1% | 13.4% | 14.5% | 8.3% |
| Debt/Equity | 2.19 | 2.28 | 1.62 | 1.17 | 1.01 | 1.31 |
| Dividends/Share | $3.90 | $3.73 | $3.39 | $3.08 | $2.49 | $2.32 |
| Operating Income | 9.0B | 8.3B | 6.8B | 14.5B | 21.5B | 4.3B |
| Operating Margin | 6.7% | 6.2% | 4.9% | 9.8% | 12.1% | 3.6% |
| ROE | 27.6% | 23.1% | 16.3% | 37.1% | 53.8% | 40.2% |
| Shares Outstanding | 295M | 306M | 341M | 409M | 516M | 639M |
Marathon Petroleum Corp passes 4 of 9 quality checks, suggesting mixed fundamentals.
Marathon Petroleum Corp trades at 23.4x trailing earnings, compared to its 15-year median P/E of 8.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 19.1x vs a median of 7.4x. The company's 5-year average ROIC is 19.8% with a gross margin of 11.1%. Total shareholder yield (dividends + buybacks) is 4.7%. At current prices, the estimated annualized return to fair value is +47.2%.
Marathon Petroleum Corp (MPC) has a net profit margin of 3.0%. This is a modest margin.
Marathon Petroleum Corp (MPC) generated $4.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Marathon Petroleum Corp (MPC) has a debt-to-equity ratio of 2.28. This indicates higher leverage, which may increase financial risk.
Marathon Petroleum Corp (MPC) reported earnings per share (EPS) of $13.22 in its most recent fiscal year.
Marathon Petroleum Corp (MPC) has a return on equity (ROE) of 23.1%. This indicates the company generates strong returns for shareholders.
Marathon Petroleum Corp (MPC) has a 5-year average gross margin of 11.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for Marathon Petroleum Corp (MPC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Marathon Petroleum Corp (MPC) has a book value per share of $56.61, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects demand growth to exceed the net impact of capacity additions and rationalizations through the end of the decade, with the U.S. refining industry remaining structurally advantaged globally. The company is executing targeted capital investments in high-return projects designed to enhance operational flexibility and yield optimization, including jet production expansion at Robinson refinery and distillate hydrotreater construction at Galveston Bay, with completion expected by year-end 2027. MPLX is targeting 12.5% distribution growth over the next two years underpinned by mid-single-digit adjusted EBITDA growth, with approximately 90% of 2026 growth capital focused on natural gas and NGL opportunities, including processing plant expansions in the Permian and Northeast regions expected to ramp through 2026. Management remains focused on operational excellence and commercial execution to strengthen sustainability and competitive positioning, while maintaining commitment to industry-leading capital returns through dividends and share repurchases supported by growing cash flows from the integrated system.
Based on recent SEC filings and earnings calls, Marathon Petroleum Corp (MPC) has provided the following forward guidance: MPLX Annual Cash Distributions to MPC: Over $3.5 billion (Following 12.5% distribution growth over next couple of years); Full-Year Turnaround Expenses: $1.35 billion (Full year 2025); MPLX Growth Capital Investment: Over $2.4 billion (2026).