Latest Ratios: P/E Ratio 23.9x · EV/EBITDA 13.6x · ROE 64.3%. (2011–2025 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 | $10.6B | $7.9B | $10.5B | $7.8B | $6.7B | $5.3B | $3.9B | $3.7B | $2.5B | $2.9B | $2.4B |
| Enterprise Value | $13.9B | $11.1B | $12.8B | $9.9B | $8.9B | $7.3B | $4.8B | $4.6B | $3.2B | $3.6B | $3.0B |
| P/E Ratio → | 23.89 | 16.74 | 20.81 | 13.99 | 9.95 | 13.35 | 10.01 | 24.07 | 11.83 | 11.85 | 11.00 |
| P/S Ratio | 0.55 | 0.41 | 0.52 | 0.36 | 0.29 | 0.31 | 0.34 | 0.27 | 0.18 | 0.23 | 0.21 |
| P/B Ratio | 18.03 | 12.64 | 12.45 | 9.40 | 10.45 | 6.57 | 4.93 | 4.64 | 3.13 | 3.93 | 3.50 |
| P/FCF | 28.45 | 21.05 | 26.85 | 17.37 | 9.71 | 11.46 | 11.60 | 34.35 | 13.00 | 114.84 | 32.37 |
| P/OCF | 13.08 | 9.68 | 12.34 | 9.93 | 6.73 | 7.19 | 6.85 | 11.90 | 6.34 | 10.25 | 7.22 |
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 | — | 0.57 | 0.63 | 0.46 | 0.38 | 0.42 | 0.43 | 0.33 | 0.22 | 0.28 | 0.25 |
| EV / EBITDA | 13.61 | 10.89 | 12.90 | 9.40 | 7.47 | 8.90 | 6.71 | 10.90 | 6.95 | 8.99 | 7.38 |
| EV / EBIT | 18.77 | 15.02 | 17.07 | 11.94 | 9.19 | 12.06 | 8.66 | 17.92 | 9.81 | 12.61 | 7.54 |
| EV / FCF | — | 29.66 | 32.81 | 22.17 | 12.92 | 15.75 | 14.55 | 42.49 | 16.49 | 142.94 | 39.22 |
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 | 5.0% | 5.0% | 11.4% | 10.7% | 10.2% | 10.7% | 12.8% | 8.0% | 7.6% | 8.3% | 8.8% |
| Operating Margin | 3.8% | 3.8% | 3.7% | 3.8% | 4.1% | 3.5% | 5.0% | 1.9% | 2.3% | 2.2% | 2.6% |
| Net Profit Margin | 2.4% | 2.4% | 2.5% | 2.6% | 2.9% | 2.3% | 3.4% | 1.1% | 1.5% | 1.9% | 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 | 64.3% | 64.3% | 60.2% | 75.8% | 92.9% | 49.9% | 48.7% | 19.2% | 27.6% | 34.2% | 29.7% |
| ROA | 10.2% | 10.2% | 11.3% | 13.2% | 16.5% | 11.8% | 14.4% | 6.1% | 9.1% | 11.1% | 11.1% |
| ROIC | 15.8% | 15.8% | 18.1% | 21.2% | 25.7% | 19.9% | 24.3% | 12.7% | 16.6% | 16.0% | 18.8% |
| ROCE | 20.0% | 20.0% | 21.0% | 24.5% | 29.2% | 21.9% | 25.8% | 13.2% | 17.7% | 16.8% | 19.5% |
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 | 5.22 | 5.22 | 2.82 | 2.74 | 3.55 | 2.78 | 1.46 | 1.45 | 1.07 | 1.19 | 0.96 |
| Debt / EBITDA | 3.19 | 3.19 | 2.39 | 2.15 | 1.91 | 2.74 | 1.59 | 2.75 | 1.87 | 2.19 | 1.68 |
| Net Debt / Equity | — | 5.17 | 2.76 | 2.60 | 3.45 | 2.46 | 1.25 | 1.10 | 0.84 | 0.96 | 0.74 |
| Net Debt / EBITDA | 3.16 | 3.16 | 2.34 | 2.04 | 1.86 | 2.42 | 1.36 | 2.09 | 1.47 | 1.77 | 1.29 |
| Debt / FCF | — | 8.61 | 5.96 | 4.80 | 3.21 | 4.29 | 2.95 | 8.14 | 3.49 | 28.09 | 6.86 |
| Interest Coverage | 6.67 | 6.67 | 7.71 | 8.46 | 11.24 | 7.33 | 10.93 | 4.69 | 6.18 | 6.14 | 9.87 |
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 | 0.80 | 0.80 | 0.79 | 0.95 | 0.85 | 1.14 | 1.18 | 1.41 | 1.19 | 1.15 | 1.00 |
| Quick Ratio | 0.36 | 0.36 | 0.37 | 0.56 | 0.48 | 0.70 | 0.65 | 0.96 | 0.73 | 0.81 | 0.70 |
| Cash Ratio | 0.03 | 0.03 | 0.05 | 0.14 | 0.09 | 0.38 | 0.31 | 0.56 | 0.39 | 0.32 | 0.30 |
| Asset Turnover | — | 4.10 | 4.46 | 4.96 | 5.69 | 4.29 | 4.19 | 5.22 | 6.08 | 5.50 | 5.55 |
| Inventory Turnover | 44.58 | 44.58 | 44.67 | 56.32 | 65.95 | 53.07 | 35.19 | 56.71 | 59.93 | 64.47 | 68.98 |
| Days Sales Outstanding | — | 5.20 | 4.84 | 5.71 | 4.39 | 4.11 | 5.47 | 4.50 | 3.53 | 6.41 | 5.78 |
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 | 0.4% | 0.5% | 0.4% | 0.4% | 0.4% | 0.5% | 0.2% | — | — | — | — |
| Payout Ratio | 8.8% | 8.8% | 7.3% | 6.0% | 4.4% | 6.9% | 1.8% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 6.0% | 4.8% | 7.1% | 10.1% | 7.5% | 10.0% | 4.2% | 8.5% | 8.4% | 9.1% |
| FCF Yield | 3.5% | 4.8% | 3.7% | 5.8% | 10.3% | 8.7% | 8.6% | 2.9% | 7.7% | 0.9% | 3.1% |
| Buyback Yield | 6.1% | 8.2% | 4.3% | 4.3% | 12.0% | 6.7% | 10.3% | 4.4% | 5.7% | 7.1% | 13.3% |
| Total Shareholder Yield | 6.5% | 8.8% | 4.6% | 4.7% | 12.5% | 7.2% | 10.5% | 4.4% | 5.7% | 7.1% | 13.3% |
| Shares Outstanding | — | $20M | $21M | $22M | $24M | $27M | $30M | $32M | $33M | $36M | $40M |
Elevated debt-to-equity leverage
According to recent market data, MUSA trades at a forward P/E of 16.56, which appears to incorporate a premium for its consistent share repurchase history compared to more acquisition-heavy peers like ARKO, despite the inherent volatility of its fuel-centric business model and thin operating margins.
The current valuation multiple suggests that investors are pricing in the company's ability to return capital rather than pure organic growth, as the PEG ratio of 1.68 indicates a moderate valuation relative to expected earnings expansion. However, this premium warrants caution, as the reliance on debt-funded buybacks may become less sustainable if interest rates remain elevated and pressure the company's net income.
Based on reported financial figures, MUSA's ROIC has fluctuated between 2.1% and 5.5% over the last ten quarters, suggesting that the company's ability to compound returns on invested capital is structurally limited by its thin-margin retail model and the significant debt load required to maintain operations.
The modest ROIC levels indicate that the company is barely generating returns above its likely cost of capital, which is a concern for long-term value creation. Investors should monitor whether the integration of the QuickChek fresh food program can drive higher margins and improve capital efficiency, as current returns appear insufficient to justify the high leverage employed.
As reported in recent quarterly filings, MUSA maintains a negative cash conversion cycle, consistently ranging between -1 and -5 days, which highlights the company's ability to leverage its high-velocity retail model to collect cash from customers well before paying its fuel suppliers.
This negative CCC is a critical structural advantage that provides a modest liquidity buffer, effectively allowing the company to operate with minimal working capital investment. While this efficiency is impressive, it remains secondary to the broader risks posed by the company's high debt-to-equity ratio and the commodity-driven nature of its primary revenue stream.
According to the latest balance sheet data, MUSA's debt-to-equity ratio reached 5.22 in 2025Q4 before moderating to 4.08 in 2026Q1, signaling a volatile capital structure that remains highly sensitive to the company's aggressive approach to shareholder returns and ongoing network expansion in a high-interest environment.
The elevated leverage profile suggests that the company's financial flexibility is constrained, leaving little room for error should fuel margins compress further or refinancing costs rise. Investors should monitor the interest coverage ratio, which has shown volatility, as it serves as a primary indicator of the company's ability to service its debt obligations under stress.
As indicated by industry analysis, the P/E ratio is frequently misapplied to MUSA because it fails to account for the significant distortion caused by volatile fuel prices and the company's aggressive use of debt to fund share repurchases, which artificially inflates earnings per share metrics.
Analysts should instead prioritize EV/EBITDA or free cash flow yield to better understand the company's underlying operational performance and true enterprise value. Relying on P/E ignores the capital structure risks and the commodity-driven nature of the business, potentially leading to an overestimation of the company's long-term earnings stability.
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Quick answers to the most common questions about buying MUSA stock.
Murphy USA Inc.'s current P/E ratio is 23.9x. The historical average is 13.9x. This places it at the 92th percentile of its historical range.
Murphy USA Inc.'s current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.7x.
Murphy USA Inc.'s return on equity (ROE) is 64.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 41.3%.
Based on historical data, Murphy USA Inc. is trading at a P/E of 23.9x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Murphy USA Inc.'s current dividend yield is 0.37% with a payout ratio of 8.8%.
Murphy USA Inc. has 5.0% gross margin and 3.8% operating margin.
Murphy USA Inc.'s Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.