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Marathon Petroleum (MPC) USD

At a glance: strengths & risks
✓Profit growing (+17%)✗Pricier than own history (EV/EBITDA 8.8 vs avg 5.8)

Sector: Oil refining

Geography: USA (Midwest, Gulf Coast, West Coast)

COMM_MPC

Price chart

356.37 USDDay 2.33%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
356.37 USD · 2.33%
Market cap
109.0 bn USD

Growth

Δ revenue y/y
53.8%
Δ EBITDA y/y
173.3%

Multiples

P/E (LTM)
13.6x
3y avg: 9.8x
P/B (FY)
6.3x
P/E (ann.)
5.3x
EV/EBITDA (LTM)
8.8x
3y avg: 5.8x
EV/EBITDA (ann.)
4.1x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
7.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+46.1%
↓ details

Liquidity

Daily turnover (listing)
795.1 mln USD

Shares: yahoo_fundamentals_timeseries/MPC

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK17.8
y/y 53.8%
5.9
y/y 233.3%
0.8
y/y 6.2%
5.9
y/y 173.3%
4.6
y/y 322.5%
9.2-0.394.3
y/y 20.2%
25.7
y/y 54.7%
96.8%25.0Link
2026-03-31Q1 2026 (3M)OK34.2
y/y 8.5%
1.4
y/y 104.4%
0.8
y/y 2.0%
2.2
y/y 49.5%
0.5
y/y —
1.1-0.988.2
y/y 8.0%
16.8
y/y 2.2%
12.0%32.2Link
2025-12-31Q4 2025 (3M)OK32.6
y/y -1.7%
2.7
y/y 136.1%
0.8
y/y 0.2%
3.5
y/y 79.1%
1.5
y/y 313.7%
3.1-1.284.0
y/y 6.5%
17.3
y/y -2.4%
23.5%30.7Link
2025-09-30Q3 2025 (3M)OK34.8
y/y -0.8%
2.7
y/y 101.1%
0.8
y/y -0.6%
3.6
y/y 61.9%
1.4
y/y 120.3%
2.6-0.983.2
y/y 4.3%
17.1
y/y -9.7%
10.8%31.5Link
2025-06-30Q2 2025 (3M)OK33.8
y/y -10.9%
2.2
y/y -12.9%
0.8
y/y -5.8%
3.0
y/y -11.1%
1.2
y/y -19.7%
2.6-0.778.5
y/y -7.9%
16.6
y/y -22.0%
29.5%28.4Link
2025-03-31Q1 2025 (3M)OK31.5
y/y -3.6%
0.7
y/y -61.5%
0.8
y/y -4.1%
1.5
y/y -43.3%
-0.1
y/y -107.9%
-0.1-0.781.6
y/y -4.6%
16.4
y/y -28.5%
-1.7%28.3Link
2024-12-31Q4 2024 (3M)OK33.1
y/y -8.6%
1.1
y/y -52.4%
0.8
y/y -0.2%
2.0
y/y -39.0%
0.4
y/y -74.4%
2.2-0.878.9
y/y -8.3%
17.7
y/y -27.3%
18.8%25.5Link
2024-09-30Q3 2024 (3M)OK35.1
y/y -14.2%
1.3
y/y -71.6%
0.8
y/y 0.1%
2.2
y/y -60.8%
0.6
y/y -81.0%
1.7-0.779.8
y/y -11.3%
18.9
y/y -26.8%
4.1%24.3Link
2024-06-30Q2 2024 (3M)OK37.9
y/y 4.3%
2.5
y/y -23.7%
0.8
y/y 0.5%
3.4
y/y -18.8%
1.5
y/y -31.9%
3.2-0.585.2
y/y -1.4%
21.3
y/y -17.1%
27.4%21.6Link
2024-03-31Q1 2024 (3M)OK32.7
y/y -6.2%
1.8
y/y -56.1%
0.8
y/y 3.4%
2.6
y/y -46.3%
0.9
y/y -65.6%
1.5-0.685.5
y/y -1.7%
22.9
y/y -14.7%
15.8%21.0Link
2023-12-31Q4 2023 (3M)OK36.3
y/y —
2.4
y/y —
0.8
y/y —
3.2
y/y —
1.5
y/y —
1.1-0.586.0
y/y —
24.4
y/y —
38.5%18.3Link
2023-09-30Q3 2023 (3M)OK40.9
y/y —
4.8
y/y —
0.8
y/y —
5.6
y/y —
3.3
y/y —
5.0-0.490.0
y/y —
25.9
y/y —
17.0%15.5Link
2023-06-30Q2 2023 (3M)OK36.3
y/y —
3.3
y/y —
0.8
y/y —
4.1
y/y —
2.2
y/y —
4.0-0.586.4
y/y —
25.7
y/y —
33.9%17.1Link
2023-03-31Q1 2023 (3M)OK34.9
y/y —
4.1
y/y —
0.8
y/y —
4.9
y/y —
2.7
y/y —
4.1-0.587.0
y/y —
26.9
y/y —
—17.1Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)2 120
Long-term debt (incl. LT leases)30 696
− Cash & equivalents7 768
Net debt25 048

Net debt / LTM EBITDA: 1.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

020 00040 00060 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-2 50002 5005 0007 50010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.46x of reported net profit; after capex, 1.18x.
year20212022202320242025
cash flow / profit0.45x1.13x1.46x2.52x2.04x
accruals, % of assets6.3%-2.1%-5.2%-6.6%-5.0%
Last twelve months (to 2025-Q3): 2.00x of profit came back as operating cash flow.
net debt / EBITDA 2.7x · EBIT covers interest 5.6x · capex 0.7x of depreciation · dividends 16% of free cash flow · share count -16.8% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — US Gasoline Index (EIA)

Current 3spot vs LTM -1%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +46.1% ▲ +4.8 pp 1d

Main driver: US Gasoline Index (EIA) -1% vs LTM; revenue ×1.16 vs costs ×1.08; EBITDA 17 458→23 979; at 7.5× EV/EBITDA → +46%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (cost)-54%81.2571.9676.27+13%+6%
US Gasoline Index (EIA) (rev)+45%3.123.173.40-1%+7%
US Diesel Index (EIA) (rev)+22%5.264.214.13+25%-2%
US Gulf Coast Kerosene-Type Jet Fuel (rev)+22%3.812.612.58+46%-1%
Bitumen (cost)-8%4 171.003 617.553 736.20+15%+3%
Ethanol (USD/Gal) (cost)-8%1.991.801.84+10%+2%
WTI Crude Oil (rev)+6%81.2571.9676.27+13%+6%
Henry Hub Gas (cost)-5%2.733.383.11-19%-8%
Electricity Spot (cost)-5%57.8062.1952.40-7%-16%
Pipeline Transportation of Crude Oil (rev)+1%354.43352.48351.28+1%-0%
Bitumen (rev)+1%4 171.003 617.553 736.20+15%+3%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue153 577
LTM EBITDA17 458
LTM cash costs (revenue − EBITDA)136 119
2 · Revenue projection
Revenue multiplier — spot×1.161 (+16%)
= Spot revenue178 302
Revenue multiplier — 3y price×1.028 (+3%)
= 3-year-price revenue157 924
3 · Costs projection
Cost multiplier — spot×1.085 (+8%)
= Spot cash costs147 631
Cost multiplier — 3y price×1.033 (+3%)
= 3-year-price cash costs140 638
4 · EBITDA projection (revenue − costs)
= Spot EBITDA30 672
= 3-year-price EBITDA17 287
Conservative EBITDA = min(spot, avg)23 979
5 · Valuation → target market cap
Target EV/EBITDA (capped at current — trough guard)7.5x
Target EV = EV/EBITDA × conservative EBITDA180 760
Net debt25 048
Target market cap = EV − net debt155 712
Current market cap106 555

Upside = target market cap ÷ current − 1 = +46.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q340 91738 039+7.6%5 5985 646-0.8%
2023 Q436 25536 414-0.4%3 1964 293-25.6%
2024 Q132 70634 802-6.0%2 6113 529-26.0%
2024 Q237 91436 310+4.4%3 3603 214+4.6%
2024 Q335 10734 159+2.8%2 1952 154+1.9%
2024 Q433 13731 577+4.9%1 980268—
2025 Q131 51733 513-6.0%1 480803+84.3%
2025 Q233 79934 181-1.1%2 9863 623-17.6%
2025 Q334 80933 812+2.9%3 5543 414+4.1%
2025 Q432 57432 214+1.1%3 5313 003+17.6%
2026 Q134 20034 440-0.7%2 2132 102+5.3%
2026 Q251 99443 079+20.7%8 1604 472+82.5%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth -4% vs -6% the year before — a +2.0 pp move. 3-year CAGR -9%.
revenue growth by year: 2023 -16% · 2024 -6% · 2025 -4%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.8x · target 75th pct (3y) 9.2x · LTM avg 9.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-201 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2026-02-181 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2025-11-191 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2025-08-200.91 USDEx-dividend: 0.91 USD per sharePaidYahoo Finance (ex-div)
2025-05-210.91 USDEx-dividend: 0.91 USD per sharePaidYahoo Finance (ex-div)
2025-02-190.91 USDEx-dividend: 0.91 USD per sharePaidYahoo Finance (ex-div)
2024-11-200.91 USDEx-dividend: 0.91 USD per sharePaidYahoo Finance (ex-div)
2024-08-210.825 USDEx-dividend: 0.825 USD per sharePaidYahoo Finance (ex-div)
2024-05-150.825 USDEx-dividend: 0.825 USD per sharePaidYahoo Finance (ex-div)
2024-02-200.825 USDEx-dividend: 0.825 USD per sharePaidYahoo Finance (ex-div)
2023-11-150.825 USDEx-dividend: 0.825 USD per sharePaidYahoo Finance (ex-div)
2023-08-150.75 USDEx-dividend: 0.75 USD per sharePaidYahoo Finance (ex-div)
2023-05-160.75 USDEx-dividend: 0.75 USD per sharePaidYahoo Finance (ex-div)
2023-02-150.75 USDEx-dividend: 0.75 USD per sharePaidYahoo Finance (ex-div)
2022-11-150.75 USDEx-dividend: 0.75 USD per sharePaidYahoo Finance (ex-div)
2022-08-160.58 USDEx-dividend: 0.58 USD per sharePaidYahoo Finance (ex-div)
2022-05-170.58 USDEx-dividend: 0.58 USD per sharePaidYahoo Finance (ex-div)
2022-02-150.58 USDEx-dividend: 0.58 USD per sharePaidYahoo Finance (ex-div)
2021-11-160.58 USDEx-dividend: 0.58 USD per sharePaidYahoo Finance (ex-div)
2021-08-170.58 USDEx-dividend: 0.58 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Marathon Petroleum (MPC) — from primary filings.

Marathon Petroleum Corporation is an integrated downstream energy company that refines crude oil into transportation fuels and other products, and operates midstream services for gathering, transporting, and storing crude oil and refined products.

Frequently asked questions

What is Marathon Petroleum (MPC)'s P/E ratio?
Marathon Petroleum (MPC) trades at a P/E of 13.6x (price to trailing 12-month earnings).
What is Marathon Petroleum (MPC)'s EV/EBITDA?
Marathon Petroleum (MPC) trades at 8.8x EV/EBITDA.
What is Marathon Petroleum (MPC)'s P/B ratio?
Marathon Petroleum (MPC) trades at a P/B of 6.3x.
What is Marathon Petroleum (MPC)'s dividend yield?
Marathon Petroleum (MPC)'s trailing 12-month dividend yield is 1.1%.
What is Marathon Petroleum (MPC)'s return on equity (ROE)?
Marathon Petroleum (MPC)'s ROE is 96.8%.
What is Marathon Petroleum (MPC)'s market capitalization?
Marathon Petroleum (MPC)'s market cap is 109.0 bn USD.

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