Murphy USA Inc. (MUSA) Key Metrics
MUSA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $10.07B
- Enterprise value
- $11.86B
- P/E (TTM)
- 16.7 10-yr median 12.6
- Forward P/E
- 17.1
- PEG ratio
- 1.51
- Price / sales
- 0.5 10-yr median 0.3
- Price / book
- 11.9 10-yr median 5.7
- EV / EBITDA
- 9.8 10-yr median 8.9
- Dividend yield
- 0.47% $2.60 a year
- Beta
- 0.29
MUSA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMUSA valuation Price multiples at each fiscal year-end price.
MUSA returns How much profit the business earns on the capital it uses.
MUSA per-share figures Results divided by the shares outstanding at year-end.
MUSA financial health Debt, liquidity and how easily interest is covered.
MUSA efficiency & capital use Working capital cycle and where the cash goes.
MUSA valuation history
MUSA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MUSA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MUSA cash returned to shareholders
MUSA price vs earnings per share
MUSA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $7.88B | $10.46B | $7.79B | $6.69B | $5.30B | $3.86B | $3.73B | $2.53B | $2.91B | $2.44B |
| Enterprise value | $11.10B | $12.78B | $9.94B | $8.89B | $7.29B | $4.85B | $4.61B | $3.21B | $3.62B | $2.95B |
| P/E ratio | 16.7 | 20.8 | 14.0 | 9.9 | 13.4 | 10.0 | 24.1 | 11.8 | 11.8 | 11.0 |
| Price / sales | 0.4 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 |
| Price / book | 12.6 | 12.4 | 9.4 | 10.4 | 6.6 | 4.9 | 4.6 | 3.1 | 3.9 | 3.5 |
| Price / free cash flow | 21.1 | 26.8 | 17.4 | 9.7 | 11.5 | 11.6 | 34.4 | 13.0 | 114.8 | 32.4 |
| Price / operating cash flow | 9.7 | 12.3 | 9.9 | 6.7 | 7.2 | 6.9 | 11.9 | 6.3 | 10.2 | 7.2 |
| EV / sales | 0.6 | 0.6 | 0.5 | 0.4 | 0.4 | 0.4 | 0.3 | 0.2 | 0.3 | 0.3 |
| EV / EBITDA | 11.1 | 12.8 | 9.3 | 7.5 | 8.9 | 6.7 | 11.2 | 6.9 | 8.9 | 6.0 |
| EV / free cash flow | 29.7 | 32.8 | 22.2 | 12.9 | 15.7 | 14.6 | 42.5 | 16.5 | 142.9 | 39.2 |
| Earnings yield | 6.0% | 4.8% | 7.1% | 10.1% | 7.5% | 10.0% | 4.2% | 8.4% | 8.4% | 9.1% |
| Free cash flow yield | 4.8% | 3.7% | 5.8% | 10.3% | 8.7% | 8.6% | 2.9% | 7.7% | 0.9% | 3.1% |
| Dividend yield | 0.5% | 0.4% | 0.4% | 0.4% | 0.5% | 0.2% | 0.2% | 0.3% | 0.2% | 0.0% |
| Shareholder yield (dividends + buybacks) | 8.8% | 4.6% | 4.7% | 12.5% | 7.2% | 10.5% | 4.6% | 6.0% | 7.3% | 13.3% |
| Share price at fiscal year-end | $403.52 | $501.75 | $356.56 | $279.54 | $199.24 | $130.87 | $117.00 | $76.64 | $80.36 | $61.47 |
| Per share | ||||||||||
| Revenue per share | $992.73 | $971.32 | $985.64 | $978.96 | $652.55 | $381.50 | $440.54 | $435.46 | $354.76 | $292.45 |
| Earnings per share | $24.10 | $24.11 | $25.49 | $28.10 | $14.92 | $13.08 | $4.86 | $6.48 | $6.78 | $5.59 |
| Operating cash flow per share | $41.68 | $40.67 | $35.89 | $41.53 | $27.72 | $19.09 | $9.83 | $12.09 | $7.84 | $8.51 |
| Free cash flow per share | $19.17 | $18.69 | $20.53 | $28.78 | $17.39 | $11.28 | $3.41 | $5.89 | $0.70 | $1.90 |
| Cash per share | $1.48 | $2.26 | $5.72 | $3.27 | $9.64 | $5.54 | $8.80 | $5.59 | $4.70 | $3.88 |
| Book value per share | $31.93 | $40.31 | $37.95 | $26.75 | $30.34 | $26.56 | $25.21 | $24.48 | $20.42 | $17.58 |
| Tangible book value per share | $8.00 | $17.88 | $16.53 | $7.19 | $12.72 | $25.38 | $25.21 | $24.48 | $20.42 | $17.58 |
| Dividends per share | $2.13 | $1.77 | $1.53 | $1.25 | $1.03 | $0.23 | $0.22 | $0.21 | $0.19 | $0.00 |
| Capex per share | $22.51 | $21.98 | $15.36 | $12.75 | $10.33 | $7.81 | $6.43 | $6.19 | $7.14 | $6.61 |
| Debt per share | $166.54 | $113.64 | $104.02 | $94.85 | $84.28 | $38.78 | $36.52 | $26.17 | $24.36 | $16.91 |
| Shares outstanding | 19.5M | 20.8M | 21.8M | 23.9M | 26.6M | 29.5M | 31.9M | 33.0M | 36.2M | 39.6M |
| Change in shares outstanding | −6.3% | −4.6% | −8.8% | −10.0% | −9.9% | −7.3% | −3.4% | −8.8% | −8.8% | −9.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 64.3% | 60.2% | 75.8% | 92.9% | 49.9% | 48.7% | 19.2% | 27.6% | 34.2% | 29.7% |
| Return on invested capital (ROIC) | 16.3% | 18.7% | 21.6% | 26.2% | 20.2% | 24.6% | 12.9% | 17.3% | 21.3% | 15.8% |
| Return on assets (ROA) | 10.2% | 11.3% | 13.2% | 16.5% | 11.8% | 14.4% | 6.1% | 9.1% | 11.1% | 11.1% |
| Return on tangible assets | 11.1% | 12.3% | 14.4% | 18.4% | 11.1% | 14.6% | 5.8% | 9.0% | 10.5% | 10.6% |
| Free cash flow margin | 1.9% | 1.9% | 2.1% | 2.9% | 2.7% | 3.0% | 0.8% | 1.4% | 0.2% | 0.6% |
| Income quality (OCF / net income) | 1.73 | 1.69 | 1.41 | 1.48 | 1.86 | 1.46 | 2.02 | 1.87 | 1.16 | 1.52 |
| Financial health | ||||||||||
| Total debt | $3.25B | $2.37B | $2.27B | $2.27B | $2.24B | $1.14B | $1.16B | $863.3M | $880.8M | $670.2M |
| Cash & short-term investments | $28.9M | $47.0M | $124.9M | $78.4M | $256.4M | $163.6M | $280.3M | $184.5M | $170.0M | $153.8M |
| Net debt | $3.22B | $2.32B | $2.15B | $2.19B | $1.99B | $981.3M | $883.1M | $678.8M | $710.8M | $516.4M |
| Debt / equity | 5.22 | 2.82 | 2.74 | 3.55 | 2.78 | 1.46 | 1.45 | 1.07 | 1.19 | 0.96 |
| Debt / assets | 0.69 | 0.52 | 0.52 | 0.55 | 0.55 | 0.43 | 0.43 | 0.37 | 0.38 | 0.32 |
| Net debt / EBITDA | 3.22 | 2.33 | 2.02 | 1.84 | 2.42 | 1.36 | 2.15 | 1.47 | 1.75 | 1.05 |
| Current ratio | 0.80 | 0.79 | 0.95 | 0.85 | 1.14 | 1.18 | 1.41 | 1.19 | 1.15 | 1.00 |
| Quick ratio | 0.36 | 0.37 | 0.56 | 0.48 | 0.70 | 0.65 | 0.96 | 0.73 | 0.81 | 0.70 |
| Interest coverage | 6.7 | 7.7 | 8.4 | 11.2 | 7.3 | 10.9 | 4.9 | 6.1 | 6.1 | 7.6 |
| Working capital | −$181.3M | −$199.8M | −$46.3M | −$127.4M | $92.5M | $94.1M | $205.8M | $92.0M | $81.0M | $994,000 |
| Invested capital | $3.85B | $3.16B | $2.98B | $2.83B | $2.79B | $1.77B | $1.69B | $1.49B | $1.45B | $1.21B |
| Tangible asset value | $156.2M | $372.6M | $361.1M | $172.3M | $338.5M | $749.5M | $803.0M | $807.3M | $727.8M | $697.1M |
| Net current asset value | −$3.35B | −$2.95B | −$2.68B | −$2.76B | −$2.47B | −$1.28B | −$1.17B | −$983.4M | −$989.0M | −$876.1M |
| Graham number | $131.59 | $147.87 | $147.53 | $130.04 | $100.92 | $88.39 | $52.49 | $59.72 | $55.83 | $47.01 |
| Graham net-net per share | −$187.43 | −$156.05 | −$135.66 | −$126.65 | −$101.18 | −$49.85 | −$42.70 | −$34.99 | −$32.45 | −$25.82 |
| Capital allocation | ||||||||||
| Dividends paid | $41.5M | $36.8M | $33.4M | $29.9M | $27.3M | $6.9M | $6.9M | $6.9M | $6.9M | $0 |
| Share buybacks (net) | $649.9M | $445.7M | $333.2M | $806.4M | $355.0M | $399.6M | $165.8M | $144.4M | $206.0M | $323.3M |
| Dividend payout ratio | 8.8% | 7.3% | 6.0% | 4.4% | 6.9% | 1.8% | 4.5% | 3.2% | 2.8% | 0.0% |
| Dividends + buybacks / free cash flow | 184.7% | 123.9% | 81.8% | 121.3% | 82.6% | 122.1% | 159.2% | 77.8% | 841.5% | 429.4% |
| Capex / revenue | 2.3% | 2.3% | 1.6% | 1.3% | 1.6% | 2.0% | 1.5% | 1.4% | 2.0% | 2.3% |
| Capex / operating cash flow | 54.0% | 54.0% | 42.8% | 30.7% | 37.3% | 40.9% | 65.4% | 51.2% | 91.1% | 77.7% |
| Capex / depreciation | 1.57 | 1.85 | 1.45 | 1.39 | 1.29 | 1.43 | 1.33 | 1.50 | 2.17 | 2.61 |
| Stock-based compensation / revenue | −0.1% | −0.2% | 0.1% | −0.1% | −0.0% | −0.0% | 0.1% | −0.1% | 0.1% | −0.0% |
| SG&A / revenue | 1.2% | 1.2% | 1.2% | 1.0% | 1.1% | 1.5% | 1.0% | 0.9% | 1.1% | 1.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 5.1 | 5.5 | 5.2 | 3.7 | 3.8 | 5.5 | 4.1 | 4.6 | 5.8 | 5.0 |
| Days of inventory on hand | 8.1 | 7.6 | 6.3 | 5.3 | 6.7 | 9.4 | 6.3 | 5.6 | 5.2 | 5.3 |
| Days payables outstanding | 13.7 | 10.4 | 10.0 | 8.2 | 7.7 | 10.1 | 7.9 | 8.4 | 10.1 | 9.3 |
| Cash conversion cycle (days) | -0.5 | 2.6 | 1.5 | 0.9 | 2.9 | 4.9 | 2.5 | 1.7 | 0.9 | 1.1 |
| Receivables turnover | 71.17 | 66.90 | 69.63 | 98.22 | 95.26 | 65.93 | 90.05 | 78.90 | 62.75 | 72.52 |
| Payables turnover | 26.62 | 35.05 | 36.50 | 44.77 | 47.47 | 36.25 | 46.46 | 43.20 | 36.22 | 39.42 |
| Inventory turnover | 45.21 | 48.30 | 58.20 | 68.85 | 54.29 | 38.77 | 57.48 | 65.71 | 70.06 | 68.41 |
| Asset turnover | 4.18 | 4.56 | 5.09 | 5.74 | 5.16 | 4.19 | 5.56 | 6.12 | 5.80 | 5.83 |
| Average receivables | $272.4M | $302.6M | $309.2M | $238.7M | $182.2M | $170.8M | $155.8M | $182.0M | $204.4M | $159.9M |
| Average payables | $691.6M | $511.7M | $526.5M | $470.1M | $326.8M | $270.9M | $277.9M | $307.2M | $324.8M | $268.4M |
| Average inventory | $407.3M | $371.4M | $330.1M | $305.7M | $285.7M | $253.3M | $224.6M | $202.0M | $167.9M | $154.6M |
| Intangibles / total assets | 9.9% | 10.3% | 10.8% | 11.4% | 11.6% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from MUSA's annual financial statements (latest annual report filed February 18, 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.
MUSA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Murphy USA traded at 16.7 times earnings, against a 10-year median of 12.6. Based on the latest twelve months, the trailing P/E is 16.7 and the forward P/E is 17.1. Murphy USA earned a return on equity of 64.3% and a return on invested capital of 16.3% in fiscal 2025. It ended the year with $3.3 billion of debt and $28.9 million in cash and short-term investments, net debt of $3.2 billion. It returned $691.4 million to shareholders: $41.5 million in dividends and $649.9 million in share buybacks, 185% of free cash flow. The share count fell 50.7% from 39.6M to 19.5M over 9 years.
See the MUSA income statement, the MUSA chart for price history, or the MUSA stock overview for the latest quote and news.
MUSA key metrics FAQ
What is Murphy USA's P/E ratio?
Murphy USA's trailing P/E ratio is 16.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.1. At the end of fiscal 2025 it was 16.7, compared with a 10-year median of 12.6.
What is Murphy USA's EV/EBITDA?
Murphy USA's enterprise value was 11.1 times EBITDA at the end of fiscal 2025 (enterprise value $11.1 billion, EBITDA $1.0 billion); the current EV/EBITDA is 9.8.
What is Murphy USA's return on equity?
Murphy USA's return on equity (ROE) was 64.3% in fiscal 2025: net income of $470.6 million on average shareholders' equity of $731.8 million.
What is Murphy USA's ROIC?
Murphy USA's return on invested capital was 16.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Murphy USA have?
Murphy USA had total debt of $3.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 5.22 and $3.2 billion of net debt (3.22 times EBITDA).
What is Murphy USA's dividend yield?
Murphy USA's forward dividend yield is 0.47%. Murphy USA paid $41.5 million in dividends in fiscal 2025 ($2.13 per share), a payout ratio of 8.8%.
Does Murphy USA buy back its shares?
Yes. Murphy USA spent $649.9 million on net share repurchases in fiscal 2025 Shares outstanding changed −6.3% over the year, to 19.5M..
What is Murphy USA's free cash flow yield?
Murphy USA generated $374.3 million of free cash flow in fiscal 2025, a free cash flow yield of 4.8% on its market value at year-end ($7.9 billion).
What is Murphy USA's current ratio?
Murphy USA's current ratio was 0.80 at the end of fiscal 2025: current assets were 0.80 times current liabilities.