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Marathon Petroleum (MPC) USD

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.

At a glance: strengths & risks
✓Revenue growing (+54% y/y, Q2 2026)✓Profit growing (+323% y/y, Q2 2026)✓Margins improving (9%→16%, Q2 2026)✗Pricier than own history (EV/EBITDA 9.5 vs avg 5.8)

Sector: Oil refining

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

COMM_MPC

Price chart

457.22 USDDay -0.45%

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
457.22 USD · -0.45%
Market cap
139.9 bn USD

Growth

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

Multiples

P/E (LTM)
16.4x
3y avg: 9.8x
P/B (FY)
8.1x
P/E (ann.)
6.8x
EV/EBITDA (LTM)
9.5x
3y avg: 5.8x
EV/EBITDA (ann.)
5.1x

Cash return

Dividend yield
0.9%
FCF yield (LTM)
9.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-60.0%
↓ details

Liquidity

Daily turnover (listing)
667.6 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)OK52.0
y/y 53.8%
7.3
y/y 233.3%
0.8
y/y 6.2%
8.2
y/y 173.3%
5.1
y/y 322.5%
10.3-1.294.3
y/y 20.2%
25.7
y/y 54.7%
96.8%25.0stockanalysis.com
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

Operating and investing cash flow (OCF + ICF) ($ mln)

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

Net debt / cash ($ mln)

010 00020 00030 00040 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 2026-06-30): 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — US Gasoline Index (EIA)

Current 3spot vs LTM -3%

Commodity-player potential

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

Upside: -60.0% ▼ -36.2 pp 1d

Main driver: US Gasoline Index (EIA) -4% vs LTM; revenue ×1.28 vs costs ×1.38; EBITDA 17 458→8 962; at 10.9× EV/EBITDA → -60%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (cost)-54%103.6471.9676.70+44%+7%
US Gasoline Index (EIA) (rev)+45%3.043.173.35-4%+6%
US Diesel Index (EIA) (rev)+22%6.284.264.23+47%-1%
US Gulf Coast Kerosene-Type Jet Fuel (rev)+22%4.632.662.67+74%+0%
Bitumen (cost)-8%4 868.003 626.083 796.51+34%+5%
Ethanol (USD/Gal) (cost)-8%1.831.801.83+2%+2%
WTI Crude Oil (rev)+6%103.6471.9676.70+44%+7%
Henry Hub Gas (cost)-5%2.643.383.12-22%-8%
Electricity Spot (cost)-5%265.4077.9264.17+241%-18%
Pipeline Transportation of Crude Oil (rev)+1%355.13352.48354.14+1%+0%
Bitumen (rev)+1%4 868.003 626.083 796.51+34%+5%

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×1.281 (+28%)
= Spot revenue196 720
Revenue multiplier — 3y price×1.028 (+3%)
= 3-year-price revenue157 867
3 · Costs projection
Cost multiplier — spot×1.379 (+38%)
= Spot cash costs187 758
Cost multiplier — 3y price×1.036 (+4%)
= 3-year-price cash costs141 032
4 · EBITDA projection (revenue − costs)
= Spot EBITDA8 962
= 3-year-price EBITDA16 835
Conservative EBITDA = min(spot, avg)8 962
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)10.9x
Target EV = EV/EBITDA × conservative EBITDA98 050
Net debt25 048
Target market cap = EV − net debt51 385
Current market cap128 399

Upside = target market cap ÷ current − 1 = -60.0%

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 394+3.8%
2023 Q436 25536 414-0.4%3 1964 201-23.9%
2024 Q132 70634 802-6.0%2 6113 411-23.5%
2024 Q237 91436 310+4.4%3 3603 373-0.4%
2024 Q335 10734 159+2.8%2 1951 781+23.2%
2024 Q433 13731 577+4.9%1 980576—
2025 Q131 51733 513-6.0%1 480393—
2025 Q233 79934 181-1.1%2 9863 643-18.0%
2025 Q334 80933 812+2.9%3 5543 264+8.9%
2025 Q432 57432 214+1.1%3 5313 030+16.5%
2026 Q134 20034 440-0.7%2 2131 073+106.2%
2026 Q251 99443 079+20.7%8 1604 513+80.8%

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 8.1x · target 75th pct (3y) 10.9x · LTM avg 10.9x

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

Peer comparison

Group: Oil refining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Par Pacificglobal4.13.9x3.9x
PBF Energyglobal9.14.1x4.1x
REX American Resourcesglobal1.35.3x5.3x
S-OilKorea11.56.3x6.7x
Valero Energyglobal131.76.8x6.8x
Delek USglobal4.67.1x7.1x
Sunoco LPglobal10.08.2x8.2x
CVR Energyglobal5.98.5x8.5x
CrossAmerica Partnersglobal0.88.9x8.9x
Valvolineglobal4.114.3x14.3x
Phillips 66global114.217.6x17.6x
Calumetglobal4.330.2x30.2x
Group median7.7x7.7x
Group average10.1x10.1x
This companyglobal140.59.5x9.5x

Group median 7.7x as traded, 7.7x adjusted; this company 9.5x — a 23% premium.

Group average 10.1x as traded, 10.1x adjusted; against the average this company is at a 7% discount. The average sits 32% above the median: Calumet (30.2x) skews the group.

At the adjusted group median the market cap would be -23% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-191 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
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)

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.

Frequently asked questions

What is Marathon Petroleum (MPC)'s P/E ratio?
Marathon Petroleum (MPC) trades at a P/E of 16.4x (price to trailing 12-month earnings).
What is Marathon Petroleum (MPC)'s EV/EBITDA?
Marathon Petroleum (MPC) trades at 9.5x EV/EBITDA.
What is Marathon Petroleum (MPC)'s P/B ratio?
Marathon Petroleum (MPC) trades at a P/B of 8.1x.
What is Marathon Petroleum (MPC)'s dividend yield?
Marathon Petroleum (MPC)'s trailing 12-month dividend yield is 0.9%.
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 139.9 bn USD.

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