Latest Ratios: P/E Ratio 20.3x · EV/EBITDA 12.1x · ROE 16.7%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $78.5B | $49.6B | $47.6B | $60.7B | $60.1B | $40.8B | $26.8B | $40.0B | $31.0B | $33.8B | $26.7B |
| Enterprise Value | $109.2B | $80.3B | $73.1B | $83.7B | $79.3B | $62.4B | $59.5B | $69.2B | $56.9B | $43.7B | $36.4B |
| P/E Ratio → | 20.27 | 12.26 | 13.83 | 6.27 | 4.14 | 23.79 | — | 15.18 | 11.17 | 9.85 | 22.78 |
| P/S Ratio | 0.59 | 0.37 | 0.34 | 0.41 | 0.34 | 0.34 | 0.38 | 0.36 | 0.36 | 0.45 | 0.42 |
| P/B Ratio | 3.41 | 2.06 | 1.94 | 1.93 | 1.71 | 1.22 | 0.89 | 0.93 | 0.69 | 1.55 | 1.26 |
| P/FCF | 16.47 | 10.41 | 7.76 | 4.96 | 4.31 | 14.10 | — | 8.64 | 10.42 | 8.71 | 23.75 |
| P/OCF | 9.52 | 6.01 | 5.49 | 4.30 | 3.67 | 9.36 | 11.10 | 4.24 | 5.04 | 5.11 | 6.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.61 | 0.53 | 0.56 | 0.45 | 0.52 | 0.85 | 0.62 | 0.66 | 0.58 | 0.57 |
| EV / EBITDA | 12.11 | 8.90 | 8.52 | 5.27 | 3.58 | 8.15 | — | 9.00 | 8.29 | 7.13 | 8.30 |
| EV / EBIT | 18.93 | 9.53 | 10.06 | 5.49 | 3.66 | 15.29 | — | 15.49 | 12.25 | 11.01 | 15.43 |
| EV / FCF | — | 16.84 | 11.92 | 6.85 | 5.69 | 21.56 | — | 14.93 | 19.09 | 11.27 | 32.36 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.5% | 7.5% | 6.7% | 11.1% | 12.7% | 5.5% | 1.0% | 7.8% | 8.0% | 7.4% | 7.1% |
| Operating Margin | 4.3% | 4.3% | 3.8% | 8.5% | 10.7% | 3.6% | -17.6% | 4.0% | 5.4% | 5.4% | 3.8% |
| Net Profit Margin | 3.0% | 3.0% | 2.5% | 6.5% | 8.2% | 8.1% | -14.1% | 2.4% | 3.2% | 4.6% | 1.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.7% | 16.7% | 12.3% | 29.1% | 42.3% | 30.5% | -26.8% | 6.0% | 8.3% | 16.0% | 5.7% |
| ROA | 4.9% | 4.9% | 4.2% | 11.0% | 16.6% | 11.4% | -10.7% | 2.8% | 3.9% | 7.3% | 2.7% |
| ROIC | 8.3% | 8.3% | 7.5% | 17.3% | 26.0% | 5.5% | -13.6% | 4.7% | 6.9% | 9.6% | 5.8% |
| ROCE | 9.3% | 9.3% | 8.5% | 18.5% | 27.6% | 6.3% | -16.2% | 5.5% | 7.9% | 10.6% | 6.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.43 | 1.43 | 1.17 | 0.91 | 0.80 | 0.80 | 1.10 | 0.71 | 0.61 | 0.59 | 0.50 |
| Debt / EBITDA | 3.81 | 3.81 | 3.35 | 1.79 | 1.26 | 3.51 | — | 3.97 | 4.01 | 2.11 | 2.41 |
| Net Debt / Equity | — | 1.27 | 1.04 | 0.73 | 0.55 | 0.64 | 1.08 | 0.68 | 0.57 | 0.46 | 0.46 |
| Net Debt / EBITDA | 3.40 | 3.40 | 2.98 | 1.45 | 0.87 | 2.82 | — | 3.79 | 3.77 | 1.62 | 2.21 |
| Debt / FCF | — | 6.44 | 4.17 | 1.89 | 1.38 | 7.46 | — | 6.29 | 8.67 | 2.56 | 8.61 |
| Interest Coverage | 5.97 | 5.97 | 5.41 | 11.95 | 17.82 | 3.14 | -8.95 | 3.53 | 4.77 | 6.09 | 4.20 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.26 | 1.26 | 1.17 | 1.59 | 1.76 | 1.70 | 1.81 | 1.80 | 1.36 | 1.28 | 1.46 |
| Quick Ratio | 0.74 | 0.74 | 0.71 | 1.13 | 1.32 | 1.25 | 1.30 | 1.22 | 0.62 | 0.75 | 0.66 |
| Cash Ratio | 0.19 | 0.19 | 0.15 | 0.51 | 0.59 | 0.61 | 0.03 | 0.08 | 0.13 | 0.29 | 0.12 |
| Asset Turnover | — | 1.55 | 1.76 | 1.73 | 1.97 | 1.41 | 0.82 | 1.13 | 0.93 | 1.52 | 1.43 |
| Inventory Turnover | 12.11 | 12.11 | 13.54 | 14.15 | 17.55 | 14.07 | 8.64 | 10.45 | 8.05 | 12.47 | 10.40 |
| Days Sales Outstanding | — | 28.38 | 29.29 | 29.98 | 27.72 | 33.57 | 30.13 | 23.75 | 24.82 | 22.93 | 20.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | 2.3% | 2.4% | 2.1% | 2.1% | 3.6% | 5.6% | 3.5% | 3.1% | 2.3% | 2.7% |
| Payout Ratio | 28.2% | 28.2% | 33.5% | 13.0% | 8.8% | 15.2% | — | 53.0% | 34.3% | 22.5% | 61.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 8.2% | 7.2% | 15.9% | 24.2% | 4.2% | — | 6.6% | 9.0% | 10.2% | 4.4% |
| FCF Yield | 6.1% | 9.6% | 12.9% | 20.2% | 23.2% | 7.1% | — | 11.6% | 9.6% | 11.5% | 4.2% |
| Buyback Yield | 4.4% | 7.0% | 19.3% | 19.1% | 19.9% | 11.4% | 0.0% | 4.9% | 10.6% | 7.0% | 0.7% |
| Total Shareholder Yield | 5.8% | 9.3% | 21.7% | 21.1% | 22.0% | 15.0% | 5.6% | 8.4% | 13.7% | 9.3% | 3.4% |
| Shares Outstanding | — | $305M | $341M | $409M | $516M | $638M | $649M | $664M | $526M | $512M | $531M |
Refining Margin Volatility
Based on current market data, MPC trades at a forward P/E of 8.37, which suggests that investors are pricing in significant earnings volatility rather than sustained growth, especially when compared to the TTM P/E of 19.15 reported in recent financial statements.
The wide gap between trailing and forward multiples indicates that the market anticipates a normalization of refining margins from recent peaks. Investors should monitor whether this discount is a reflection of the company's aggressive capital return program or a broader market skepticism regarding the long-term terminal value of traditional refining assets.
According to quarterly performance data, MPC's ROIC has struggled to maintain momentum, fluctuating between a low of 0.5% in 2025Q1 and a peak of 3.5% in 2024Q2, which indicates that the company is currently failing to consistently compound returns on its invested capital.
The inability to sustain higher ROIC levels suggests that the capital-intensive nature of refinery turnarounds and renewable conversions is weighing heavily on efficiency. This trend warrants further investigation into whether the current asset base can generate returns above the cost of capital during periods of compressed crack spreads.
As reported in financial statements, MPC's cash conversion cycle has remained relatively stable, yet the asset turnover ratio of 0.40 in 2026Q1 highlights the inherent difficulty in driving high revenue velocity through a massive, fixed-asset-heavy refining and midstream infrastructure footprint.
The reliance on inventory management, with DIO hovering around 30 days, suggests that the company is effectively managing its feedstock pipeline despite market volatility. However, the low asset turnover ratio implies that any future revenue growth must come from margin expansion rather than significant improvements in operational throughput efficiency.
Based on reported figures, MPC's debt-to-equity ratio has deteriorated significantly from 0.91 in 2023Q4 to 1.47 in 2026Q1, signaling that the company is increasingly reliant on debt to fund its operations and aggressive share repurchase programs during a period of cyclical margin pressure.
This upward trend in leverage, coupled with an interest coverage ratio that has compressed to 3.79 in 2026Q1, suggests that the balance sheet is becoming more vulnerable to interest rate shocks. Investors should monitor whether management will prioritize debt reduction over further equity buybacks to restore a more conservative capital structure.
The P/E ratio is frequently misapplied to MPC, as reported in financial statements, because it fails to account for the non-cash LIFO inventory charges and the consolidation of MPLX, which significantly distort net income and obscure the company's true underlying cash-generating capacity.
Analysts should instead focus on EV/EBITDA or P/FCF to better capture the operational performance of the refining and midstream segments. Relying on P/E in a commodity-linked business model often leads to erroneous conclusions about valuation, as it ignores the capital-intensive nature of the business and the impact of non-recurring maintenance expenses.
Includes 30+ ratios · 18 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MPC stock.
Marathon Petroleum Corporation's current P/E ratio is 20.3x. The historical average is 11.8x. This places it at the 86th percentile of its historical range.
Marathon Petroleum Corporation's current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.5x.
Marathon Petroleum Corporation's return on equity (ROE) is 16.7%. The historical average is 15.7%.
Based on historical data, Marathon Petroleum Corporation is trading at a P/E of 20.3x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Marathon Petroleum Corporation's current dividend yield is 1.39% with a payout ratio of 28.2%.
Marathon Petroleum Corporation has 7.5% gross margin and 4.3% operating margin.
Marathon Petroleum Corporation's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.