Marathon Petroleum Corporation MPC

EnergyOil & GasUnited States of America

Last close 444.73 USD on Nov 1, 2026, +176.7% year to date

Quant rating

Quant rating A Rank 7 of 167 in Energy

Growth B 47 of 167
Valuation B 59 of 167
Quality A 13 of 167
Revisions B 37 of 167
Momentum A 2 of 167

Wall Street consensus Buy (2.45)Average target 425.11 USD −4.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 124.9B
Enterprise value: 156.6B
52-week range: 162.00 – 493.11
3-year range: 118.55 – 493.11
Dividend yield: 0.99%
Beta (5 years): 0.54
Shares outstanding: 281M
Next earnings: Nov 3, 2026

About the company

Marathon Petroleum Corporation is an integrated, downstream, and midstream energy company. The Company's segment includes Refining & Marketing, Midstream and Renewable Diesel. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States. The Midstream segment gathers, transports, stores and distributes crude oil, refined products, including renewable diesel, and other hydrocarbon-based products principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, and others. The Renewable Diesel segment processes renewable feedstocks into renewable diesel, markets renewable diesel and distributes renewable products through its Midstream segment and third parties. It sells renewable diesel to wholesale marketing customers, to buyers on the spot market and through long-term supply contracts with dealers who operate locations under the ARCO brand.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	135,049	140,384	150,090	178,891	120,922	–
Revenue growth	−3.8%	−6.5%	−16.1%	47.9%	72.1%	14.0%
EPS (basic, normalized)	10.70	9.51	23.63	26.16	2.45	–
EPS growth	12.5%	−59.8%	−9.7%	967.8%	–	–
Gross margin	11.6%	10.1%	14.3%	15.2%	9.0%	12.0%
Net margin	3.0%	2.5%	6.4%	8.1%	1.1%	4.2%
ROE	23.1%	16.3%	37.1%	53.6%	5.3%	27.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	7,768
Current ratio	1.25x
Long-term debt (mil)	30,696
Net debt (mil)	31,691
Total equity (mil)	19,077
Net debt / equity	1.66x
Net debt / EBITDA	2.65x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	135,049	−3.8%	1.2x	11,956	+17.5%	13.1x	10.70	+12.5%	41.6x
2026	176,473	+30.7%	0.9x	29,950	+150.5%	5.2x	62.40	+483.1%	7.1x
2027	161,763	−8.3%	1.0x	25,319	−15.5%	6.2x	52.06	−16.6%	8.5x
2028	156,067	−3.5%	1.0x	16,008	−36.8%	9.8x	23.97	−54.0%	18.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	176,473	+2.7%	+13.3%	+19.5%	62.40	+12.8%	+55.5%	+180.9%
2027	161,763	+4.1%	+12.6%	+16.1%	52.06	+17.9%	+81.8%	+170.8%
2028	156,067	+0.8%	+10.4%	+14.3%	23.97	−7.5%	+8.3%	+33.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	33,211	38,362	35,373	33,466	31,850	34,101	35,849	33,422	34,568	52,337
Sales mean (mil)	32,011	35,083	32,835	31,115	29,584	30,900	32,552	31,981	32,745	42,078
Surprise	+3.7%	+9.3%	+7.7%	+7.6%	+7.7%	+10.4%	+10.1%	+4.5%	+5.6%	+24.4%
EPS reported	2.58	4.12	1.87	0.77	−0.24	3.96	3.01	4.07	1.65	17.73
EPS mean	2.42	3.09	0.98	0.02	−0.53	3.29	3.15	2.88	0.75	13.74
Surprise	+6.7%	+33.5%	+90.0%	+4,410.8%	+54.6%	+20.4%	−4.4%	+41.4%	+120.8%	+29.0%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MPC Marathon Petroleum Corporation	124.9B	2.65x	3.0%	6.60x	7.1x	8.5x	5.2x	6.2x
XOM Exxonmobil Holdings Corp	770.0B	0.43x	8.9%	2.97x	14.2x	15.2x	8.0x	8.1x
CVX Chevron Corporation	465.3B	0.85x	6.7%	2.45x	13.3x	14.9x	6.9x	7.5x
SHEL Shell plc	308.3B	0.73x	6.7%	1.67x	8.5x	10.6x	4.2x	4.7x
COP ConocoPhillips	185.0B	0.62x	12.8%	2.83x	13.8x	14.8x	5.9x	6.2x
BP BP PLC	131.8B	1.17x	0.4%	2.26x	6.5x	9.5x	3.5x	4.2x
Mean		1.07x	6.4%	3.13x	10.6x	12.3x	5.6x	6.2x
Median		0.79x	6.7%	2.64x	10.9x	12.7x	5.6x	6.2x

Technical analysis

1M+14.2%
3M+45.7%
1Y+135.3%
3Y+223.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Marathon Petroleum Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	135,049	140,384	150,090	178,891	120,922	70,277
Cost of revenue	119,446	126,240	128,566	151,671	110,008	65,733
Gross profit	15,603	14,144	21,524	27,220	10,914	4,544
Selling, general & administrative expenses	4,234	4,039	3,920	3,597	3,258	3,378
Research & development	–	–	–	–	–	–
Depreciation/amortization	3,251	3,337	3,307	3,215	3,308	3,375
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−173	−28.0	−208	−1,059	181	10,029
Other operating expenses	0	0	0	0	0	0
Operating income	8,291	6,796	14,505	21,467	4,167	−12,238
Net interest income (expense)	−1,230	−841	−593	−974	−1,253	−1,324
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−46.0	2.0	77.0	−24.0	−97.0	−50.0
Net income before taxes	7,015	5,957	13,989	20,469	2,817	−13,612
Provision for taxes	1,137	890	2,817	4,491	264	−2,430
Minority interest	−1,831	−1,622	−1,491	−1,534	−1,263	151
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,047	3,445	9,681	14,444	1,290	−11,031
Extraordinary items	–	0	0	72.0	8,448	1,205
Net income	4,047	3,445	9,681	14,516	9,738	−9,826
EBIT, normalized	6,907	6,456	14,115	20,381	4,360	−2,351
EBITDA, normalized	10,158	9,793	17,422	23,596	7,668	1,024
Basic EPS, normalized	10.70	9.51	23.63	26.16	2.45	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Marathon Petroleum Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,672	3,210	10,224	11,770	10,839	415
Receivables	10,317	11,145	11,619	13,477	11,034	5,760
Total inventory	10,129	9,568	9,317	8,827	8,055	7,999
Prepaid expenses	–	–	–	–	–	–
Other current assets	662	524	971	1,168	568	14,113
Total current assets	24,780	24,447	32,131	35,242	30,496	28,287
Property, plant & equipment	38,890	36,328	36,345	36,871	38,812	40,556
Goodwill	9,354	8,244	8,244	8,244	8,256	8,256
Intangibles	2,714	–	–	–	–	–
Long-term investments	6,795	6,857	6,260	6,466	5,409	5,422
Note receivable	–	–	–	–	–	–
Other long-term assets	1,422	2,982	3,007	3,081	2,400	2,637
Total assets	83,955	78,858	85,987	89,904	85,373	85,158
Liabilities
Accounts payable	12,974	13,906	13,761	15,312	13,700	7,803
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,045	1,827	1,885	1,335	1,349	1,229
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	2,371	3,049	1,954	1,066	571	2,854
Other current liabilities	2,288	2,045	2,550	2,307	2,278	3,777
Total current liabilities	19,678	20,827	20,150	20,020	17,898	15,663
Long-term debt	30,505	24,432	25,329	25,634	24,968	28,730
Minority interest	6,772	6,761	6,995	7,372	7,375	8,021
Other liabilities	9,686	9,093	9,109	9,163	8,926	10,545
Total liabilities	66,641	61,113	61,583	62,189	59,167	62,959
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	10.0	10.0	10.0	10.0	10.0	10.0
Additional paid-in capital	33,685	33,624	33,465	33,402	33,262	33,208
Retained earnings (accumulated deficit)	39,751	36,848	34,562	26,142	12,905	4,650
Treasury stock	−56,027	−52,623	−43,502	−31,841	−19,904	−15,157
Other equity	−105	−114	−131	2.0	−67.0	−512
Total equity	17,314	17,745	24,404	27,715	26,206	22,199
Total liabilities & shareholders' equity	83,955	78,858	85,987	89,904	85,373	85,158

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Marathon Petroleum Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	5,878	5,067	11,172	16,050	11,001	−9,977
Depreciation, depletion & amortization	3,251	3,337	3,307	3,215	3,364	3,375
Deferred taxes	282	−124	−28.0	290	−169	−241
Non-cash items	−1,756	−977	−1,158	−1,671	−13,355	10,032
Changes in working capital	598	1,362	824	−1,523	3,519	−770
Cash from operations	8,253	8,665	14,117	16,361	4,360	2,419
Investing activities
Capital expenditures	−3,486	−2,533	−1,890	−2,420	−1,464	−2,787
Other investing cash flows	−2,381	4,067	−1,205	3,043	16,261	−470
Cash from investing	−5,867	1,534	−3,095	623	14,797	−3,257
Financing activities
Financing cash flow items	−2,023	−1,763	−1,946	−1,788	−2,114	−1,362
Cash dividends paid	−1,140	−1,154	−1,261	−1,279	−1,484	−1,510
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,239	−9,517	−11,000	−10,580	−10,821	2,737
Cash from financing	−1,924	−12,434	−14,207	−13,647	−14,419	−135
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	462	−2,235	−3,185	3,337	4,738	−973
Free cash flow	4,767	6,132	12,227	13,941	2,896	−368

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.