Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026
Basics
Sector
Energy
Industry
Oil & Gas Refining & Marketing
Country
United States
Market cap
120.0B USD
Enterprise value
159.7B USD
Full-time employees
18,500
Overall health
Strength:growing faster than most peersgrowing faster than peers
Drawback:higher risk than most peers: more debt relative to equity (1.74× vs a peer median of 0.47×)higher risk: more debt vs equity (1.74× vs peers 0.47×)
Returning more cash than it generates. Paid out $27.8B vs $23.1B of free cash flow over the 3 fiscal years to 2025.
Marathon Petroleum returned $27.8B to shareholders over three years, 120% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.
Marathon Petroleum's fiscal-year revenue declined in each of the three years to 2025.
Profit below an unusually strong 2022.Since 2022 (an unusually strong year for operating profit): revenue −25%, operating profit −61%.Since 2022: revenue −25%, operating profit −61%.
Since 2022, Marathon Petroleum's revenue changed −25% while operating profit fell 61%: costs rose faster than sales.
Profit is backed by cash. Free cash flow is 151% of reported profit.
Marathon Petroleum's free cash flow is 151% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Valuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 60 → 59
Share price -2.0%+1
Peer companies moved-2
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Marathon Petroleum
Is Marathon Petroleum getting weaker?
Its latest SEC filing (Aug 4, 2026) got stronger: operating margin rose 2.5 points to 9.2%; share count down 3.8%. Its overall score is unchanged at 62/100 since Oct 28, 2026.
How is Marathon Petroleum valued vs its peers?
Priced about in line with its peers. Valuation scores 59/100 against 404 energy peers.Free cash flow yield 10.7% vs a peer median of 6.2% (stronger than 76% of peers).Free cash flow yield 10.7% vs peers 6.2% (stronger than 76% of peers).
Is Marathon Petroleum growing?
Yes, faster than most of its peers. Growth scores 94/100 against 404 energy peers.Earnings per share growth 333.7% vs a peer median of 1.1% (stronger than 96% of peers).Earnings per share growth 333.7% vs peers 1.1% (stronger than 96% of peers).
How profitable is Marathon Petroleum?
More profitable than most of its peers. Profitability scores 78/100 against 404 energy peers.Return on invested capital 25.1% vs a peer median of 9.3% (stronger than 87% of peers).Return on invested capital 25.1% vs peers 9.3% (stronger than 87% of peers).
How risky is Marathon Petroleum?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Debt / equity 1.74× vs a peer median of 0.47× (weaker than 86% of peers).Debt / equity 1.74× vs peers 0.47× (weaker than 86% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026
Got stronger
Operating margin rose 2.5 points to 9.2%
Share count down 3.8%
Previous quarter
Latest quarter
Change
Revenue (12 months)
135.4B USD
153.6B USD
+13.4%
Net income (12 months)
4.6B USD
8.6B USD
+84.7%
Operating margin
6.7%
9.2%
+2.5 pts
Free cash flow (12 months)
5.7B USD
12.9B USD
+126.2%
Debt
33.3B USD
33.3B USD
−0.1%
Cash
2.2B USD
7.8B USD
+261.1%
Shares outstanding
291.9M
280.8M
−3.8%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Oil & Gas Refining & Marketing companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
8.3%
14.5%
13.4%
9.1%
10.0%
▲ 0.9 pts
Operating margin
3.6%
12.1%
9.8%
4.9%
6.2%
▲ 1.4 pts
Net margin
8.1%
8.2%
6.5%
2.5%
3.0%
▲ 0.6 pts
Return on assets (ROA)
11.4%
16.1%
11.3%
4.4%
4.8%
▲ 0.5 pts
Return on equity (ROE)
37.2%
52.4%
39.7%
19.4%
23.4%
▲ 4.0 pts
Free cash flow margin
2.4%
7.9%
8.2%
4.4%
3.6%
▼ 0.8 pts
Current ratio
1.70×
1.76×
1.59×
1.17×
1.26×
▲ 7.3%
Quick ratio
1.25×
1.32×
1.13×
0.71×
0.74×
▲ 4.2%
Debt to equity
0.99×
0.98×
1.13×
1.57×
1.92×
▲ 23%
Interest coverage
3.21×
16.53×
10.95×
4.98×
5.57×
▲ 12%
MPC price history
Price history is added with the daily price update and will appear after the next one.