Marathon Petroleum Corporation (MPC) Key Metrics
MPC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $134.25B
- Enterprise value
- $135.59B
- P/E (TTM)
- 16.6 10-yr median 11.2
- Forward P/E
- 5.5
- PEG ratio
- 0.90
- Price / sales
- 0.9 10-yr median 0.4
- Price / book
- 5.7 10-yr median 2.1
- EV / EBITDA
- 7.7 10-yr median 7.2
- Dividend yield
- 0.84% $4.00 a year
- Beta
- 0.54
MPC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMPC valuation Price multiples at each fiscal year-end price.
MPC returns How much profit the business earns on the capital it uses.
MPC per-share figures Results divided by the shares outstanding at year-end.
MPC financial health Debt, liquidity and how easily interest is covered.
MPC efficiency & capital use Working capital cycle and where the cash goes.
MPC valuation history
MPC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MPC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MPC cash returned to shareholders
MPC price vs earnings per share
MPC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $49.60B | $47.57B | $60.68B | $60.06B | $40.83B | $26.84B | $40.01B | $31.04B | $33.78B | $26.72B |
| Enterprise value | $80.29B | $73.12B | $78.96B | $76.20B | $56.89B | $59.52B | $69.15B | $56.88B | $43.72B | $36.41B |
| P/E ratio | 12.3 | 13.8 | 6.3 | 4.1 | 4.2 | — | 15.2 | 11.2 | 9.8 | 22.8 |
| Price / sales | 0.4 | 0.3 | 0.4 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.4 |
| Price / book | 2.9 | 2.7 | 2.5 | 2.2 | 1.6 | 1.2 | 1.2 | 0.9 | 2.4 | 2.0 |
| Price / free cash flow | 10.4 | 7.8 | 5.0 | 4.3 | 14.1 | — | 8.6 | 10.4 | 8.7 | 23.8 |
| Price / operating cash flow | 6.0 | 5.5 | 4.3 | 3.7 | 9.4 | 11.1 | 4.2 | 5.0 | 5.1 | 6.7 |
| EV / sales | 0.6 | 0.5 | 0.5 | 0.4 | 0.5 | 0.9 | 0.6 | 0.7 | 0.6 | 0.6 |
| EV / EBITDA | 6.9 | 6.9 | 4.3 | 3.1 | 7.6 | — | 9.0 | 8.3 | 7.2 | 8.3 |
| EV / free cash flow | 16.8 | 11.9 | 6.5 | 5.5 | 19.6 | — | 14.9 | 19.1 | 11.3 | 32.4 |
| Earnings yield | 8.2% | 7.2% | 16.0% | 24.2% | 23.9% | −36.6% | 6.6% | 9.0% | 10.2% | 4.4% |
| Free cash flow yield | 9.6% | 12.9% | 20.2% | 23.2% | 7.1% | −1.4% | 11.6% | 9.6% | 11.5% | 4.2% |
| Dividend yield | 2.3% | 2.4% | 2.1% | 2.1% | 3.6% | 5.6% | 3.5% | 3.1% | 2.3% | 2.7% |
| Shareholder yield (dividends + buybacks) | 9.3% | 21.7% | 21.1% | 22.0% | 15.0% | 5.6% | 8.4% | 13.7% | 9.3% | 3.4% |
| Share price at fiscal year-end | $162.63 | $139.50 | $148.36 | $116.39 | $63.99 | $41.36 | $60.25 | $59.01 | $65.98 | $50.35 |
| Per share | ||||||||||
| Revenue per share | $435.08 | $407.23 | $362.78 | $343.90 | $188.06 | $107.52 | $167.39 | $163.66 | $145.96 | $119.33 |
| Earnings per share | $13.27 | $10.10 | $23.67 | $28.13 | $15.26 | −$15.14 | $3.97 | $5.29 | $6.70 | $2.21 |
| Operating cash flow per share | $27.06 | $25.41 | $34.52 | $31.71 | $6.83 | $3.73 | $14.22 | $11.71 | $12.91 | $7.57 |
| Free cash flow per share | $15.63 | $17.98 | $29.89 | $27.02 | $4.54 | −$0.57 | $6.97 | $5.66 | $7.58 | $2.12 |
| Cash per share | $12.04 | $9.41 | $25.00 | $22.81 | $16.99 | $0.64 | $2.10 | $3.21 | $5.88 | $1.67 |
| Book value per share | $56.77 | $52.04 | $59.67 | $53.71 | $41.08 | $34.20 | $50.74 | $66.87 | $27.41 | $25.54 |
| Tangible book value per share | $17.20 | $22.66 | $35.20 | $18.12 | $24.79 | $17.85 | $22.95 | $22.20 | $19.17 | $10.66 |
| Dividends per share | $3.74 | $3.38 | $3.08 | $2.48 | $2.33 | $2.33 | $2.11 | $1.81 | $1.51 | $1.35 |
| Capex per share | $11.43 | $7.43 | $4.62 | $4.69 | $2.29 | $4.29 | $7.24 | $6.04 | $5.34 | $5.45 |
| Debt per share | $112.65 | $84.33 | $69.68 | $54.09 | $42.17 | $50.99 | $45.99 | $52.33 | $25.29 | $19.92 |
| Shares outstanding | 305.0M | 341.0M | 409.0M | 516.0M | 638.0M | 649.0M | 664.0M | 526.0M | 512.0M | 530.8M |
| Change in shares outstanding | −10.6% | −16.6% | −20.7% | −19.1% | −1.7% | −2.3% | +26.2% | +2.7% | −3.5% | −2.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 23.1% | 16.3% | 37.1% | 53.8% | 40.2% | −35.2% | 7.7% | 11.3% | 24.9% | 8.8% |
| Return on invested capital (ROIC) | 10.6% | 10.4% | 23.2% | 34.4% | 8.0% | −16.4% | 5.5% | 8.8% | 17.0% | 6.7% |
| Return on assets (ROA) | 4.9% | 4.2% | 11.0% | 16.6% | 11.4% | −10.7% | 2.8% | 3.9% | 7.3% | 2.7% |
| Return on tangible assets | 5.5% | 5.0% | 12.7% | 20.3% | 13.0% | −13.2% | 3.3% | 4.0% | 7.7% | 3.2% |
| Free cash flow margin | 3.6% | 4.4% | 8.2% | 7.9% | 2.4% | −0.5% | 4.2% | 3.5% | 5.2% | 1.8% |
| Income quality (OCF / net income) | 2.04 | 2.52 | 1.46 | 1.13 | 0.45 | — | 3.58 | 2.22 | 1.93 | 3.42 |
| Financial health | ||||||||||
| Total debt | $34.36B | $28.76B | $28.50B | $27.91B | $26.90B | $33.09B | $30.54B | $27.52B | $12.95B | $10.57B |
| Cash & short-term investments | $3.67B | $3.21B | $10.22B | $11.77B | $10.84B | $415.0M | $1.39B | $1.69B | $3.01B | $887.0M |
| Net debt | $30.69B | $25.55B | $18.28B | $16.14B | $16.07B | $32.68B | $29.14B | $25.84B | $9.94B | $9.69B |
| Debt / equity | 1.98 | 1.62 | 1.17 | 1.01 | 1.03 | 1.49 | 0.91 | 0.78 | 0.92 | 0.78 |
| Debt / assets | 0.40 | 0.36 | 0.33 | 0.31 | 0.32 | 0.39 | 0.31 | 0.30 | 0.26 | 0.24 |
| Net debt / EBITDA | 2.63 | 2.41 | 0.98 | 0.65 | 2.16 | — | 3.79 | 3.79 | 1.63 | 2.22 |
| Current ratio | 1.26 | 1.17 | 1.59 | 1.76 | 1.70 | 1.81 | 1.80 | 1.36 | 1.28 | 1.46 |
| Quick ratio | 0.74 | 0.71 | 1.13 | 1.32 | 1.25 | 1.30 | 1.22 | 0.62 | 0.75 | 0.66 |
| Interest coverage | 4.1 | 3.9 | 9.9 | 15.6 | 3.3 | -8.9 | 3.5 | 4.8 | 6.2 | 4.2 |
| Working capital | $5.10B | $3.62B | $11.98B | $15.22B | $12.60B | $12.62B | $13.51B | $4.81B | $2.92B | $3.25B |
| Invested capital | $48.00B | $43.29B | $42.68B | $43.85B | $42.27B | $54.88B | $62.84B | $61.01B | $23.97B | $23.24B |
| Tangible asset value | $12.02B | $14.49B | $21.39B | $16.72B | $23.19B | $19.60B | $24.65B | $21.55B | $17.61B | $13.30B |
| Net current asset value | −$36.69B | −$29.91B | −$22.46B | −$19.57B | −$21.30B | −$26.65B | −$24.99B | −$29.86B | −$13.82B | −$12.81B |
| Graham number | $130.18 | $108.76 | $178.26 | $184.38 | $118.77 | — | $67.34 | $89.18 | $64.29 | $35.65 |
| Graham net-net per share | −$147.54 | −$111.43 | −$74.73 | −$55.28 | −$44.91 | −$71.19 | −$65.86 | −$70.14 | −$34.98 | −$31.62 |
| Capital allocation | ||||||||||
| Dividends paid | $1.14B | $1.15B | $1.26B | $1.28B | $1.48B | $1.51B | $1.40B | $954.0M | $773.0M | $719.0M |
| Share buybacks (net) | $3.49B | $9.19B | $11.57B | $11.92B | $4.65B | $0 | $1.95B | $3.29B | $2.37B | $197.0M |
| Dividend payout ratio | 28.2% | 33.5% | 13.0% | 8.8% | 15.2% | — | 53.0% | 34.3% | 22.5% | 61.2% |
| Dividends + buybacks / free cash flow | 97.1% | 168.7% | 105.0% | 94.7% | 211.9% | — | 72.3% | 142.4% | 81.1% | 81.4% |
| Capex / revenue | 2.6% | 1.8% | 1.3% | 1.4% | 1.2% | 4.0% | 4.3% | 3.7% | 3.7% | 4.6% |
| Capex / operating cash flow | 42.2% | 29.2% | 13.4% | 14.8% | 33.6% | 115.2% | 50.9% | 51.6% | 41.3% | 72.0% |
| Capex / depreciation | 1.07 | 0.76 | 0.57 | 0.75 | 0.44 | 0.83 | 1.49 | 1.46 | 1.29 | 1.45 |
| Stock-based compensation / revenue | — | — | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| SG&A / revenue | 2.5% | 2.3% | 2.0% | 1.6% | 2.1% | 3.9% | 2.9% | 2.6% | 2.3% | 2.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 29.5 | 30.7 | 31.6 | 25.2 | 25.5 | 34.0 | 21.5 | 22.4 | 20.3 | 18.9 |
| Days of inventory on hand | 29.3 | 26.6 | 25.1 | 19.9 | 25.8 | 47.0 | 35.0 | 35.4 | 29.6 | 33.8 |
| Days payables outstanding | 40.0 | 39.0 | 40.2 | 34.2 | 34.6 | 50.2 | 36.7 | 40.7 | 36.6 | 32.1 |
| Cash conversion cycle (days) | 18.8 | 18.3 | 16.4 | 10.9 | 16.8 | 30.8 | 19.8 | 17.1 | 13.2 | 20.5 |
| Receivables turnover | 12.37 | 11.90 | 11.56 | 14.48 | 14.29 | 10.74 | 16.99 | 16.32 | 17.98 | 19.36 |
| Payables turnover | 9.13 | 9.37 | 9.07 | 10.68 | 10.54 | 7.26 | 9.95 | 8.97 | 9.96 | 11.38 |
| Inventory turnover | 12.46 | 13.72 | 14.54 | 18.35 | 14.12 | 7.76 | 10.43 | 10.30 | 12.35 | 10.81 |
| Asset turnover | 1.61 | 1.68 | 1.69 | 2.02 | 1.41 | 0.76 | 1.16 | 1.21 | 1.60 | 1.45 |
| Average receivables | $10.73B | $11.67B | $12.83B | $12.26B | $8.40B | $6.50B | $6.54B | $5.27B | $4.16B | $3.27B |
| Average payables | $13.44B | $13.83B | $14.54B | $14.51B | $10.75B | $9.51B | $10.29B | $8.83B | $6.95B | $5.17B |
| Average inventory | $9.85B | $9.44B | $9.07B | $8.44B | $8.03B | $8.90B | $9.82B | $7.69B | $5.60B | $5.44B |
| Intangibles / total assets | 14.1% | 12.7% | 11.6% | 20.4% | 12.2% | 12.5% | 18.7% | 25.3% | 8.6% | 17.8% |
Computed from MPC's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MPC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Marathon Petroleum traded at 12.3 times earnings, against a 10-year median of 11.2. Based on the latest twelve months, the trailing P/E is 16.6 and the forward P/E is 5.5. Marathon Petroleum earned a return on equity of 23.1% and a return on invested capital of 10.6% in fiscal 2025. It ended the year with $34.4 billion of debt and $3.7 billion in cash and short-term investments, net debt of $30.7 billion. It returned $4.6 billion to shareholders: $1.1 billion in dividends and $3.5 billion in share buybacks, 97% of free cash flow. The share count fell 42.5% from 530.8M to 305.0M over 9 years.
See the MPC income statement, the MPC chart for price history, or the MPC stock overview for the latest quote and news.
MPC key metrics FAQ
What is Marathon Petroleum's P/E ratio?
Marathon Petroleum's trailing P/E ratio is 16.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 5.5. At the end of fiscal 2025 it was 12.3, compared with a 10-year median of 11.2.
What is Marathon Petroleum's EV/EBITDA?
Marathon Petroleum's enterprise value was 6.9 times EBITDA at the end of fiscal 2025 (enterprise value $80.3 billion, EBITDA $11.7 billion); the current EV/EBITDA is 7.7.
What is Marathon Petroleum's return on equity?
Marathon Petroleum's return on equity (ROE) was 23.1% in fiscal 2025: net income of $4.0 billion on average shareholders' equity of $17.5 billion.
What is Marathon Petroleum's ROIC?
Marathon Petroleum's return on invested capital was 10.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Marathon Petroleum have?
Marathon Petroleum had total debt of $34.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.98 and $30.7 billion of net debt (2.63 times EBITDA).
What is Marathon Petroleum's dividend yield?
Marathon Petroleum's forward dividend yield is 0.84%. Marathon Petroleum paid $1.1 billion in dividends in fiscal 2025 ($3.74 per share), a payout ratio of 28.2%.
Does Marathon Petroleum buy back its shares?
Yes. Marathon Petroleum spent $3.5 billion on net share repurchases in fiscal 2025 Shares outstanding changed −10.6% over the year, to 305.0M..
What is Marathon Petroleum's free cash flow yield?
Marathon Petroleum generated $4.8 billion of free cash flow in fiscal 2025, a free cash flow yield of 9.6% on its market value at year-end ($49.6 billion).
What is Marathon Petroleum's current ratio?
Marathon Petroleum's current ratio was 1.26 at the end of fiscal 2025: current assets were 1.26 times current liabilities.