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US independent petroleum refiner and fuel marketer, also holding a majority stake in midstream MLP MPLX.
US independent petroleum refiner and fuel marketer, also holding a majority stake in midstream MLP MPLX.
Earns the gap between what it pays for crude oil and what it sells gasoline and diesel for, the refining margin, plus fee-based pipelines and terminals through MPLX, whose cash flow is steadier. It sold its Speedway stores to 7-Eleven's owner in 2021 to focus on refining and midstream.
Moat: narrow (scale, cost advantage). Large refining scale plus captive midstream logistics (MPLX) lower delivered cost versus smaller refiners.
Headquarters: Findlay, Ohio, US · Founded: 2011 · Employees: 18,500
Size Marathon Petroleum (MPC) is a United States Energy company (Oil Refining/Marketing) with a market value of $101B, the 121st largest of 3,117 United States companies the cockpit tracks. Shares closed at $372.74 on 6 Nov 2026.
Performance Over six months the shares gained 52.8%, against +6.5% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 8 in its peer set.
Growth Revenue grew 31.8% over the last twelve months (peer median +7.2%); the operating margin is 12.4% (peer median 9.6%).
Valuation It trades at 5.1× forward earnings against a peer median of 8.4× (cheapest of 8).
Price implies For today's price to make sense, revenue must grow about -17% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 23.0 points above its cost of capital (7.0% WACC).
Credit Marathon Petroleum has 8 bonds outstanding ($5.39B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 92 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $175B | $133B | $139B | $148B | $177B |
| Revenue growth | — | -4% | -7% | -16% | — |
| Gross profit | $25.5B | $9.87B | $9.03B | $16.6B | $22.6B |
| EBITDA | $25.1B | $9.87B | $9.23B | $16.9B | $23.0B |
| Net income | $14.6B | $4.04B | $3.44B | $9.67B | $14.5B |
| Free cash flow | $20.8B | $4.77B | $6.13B | $12.2B | $13.9B |
| Capital expenditure | $4.41B | $3.49B | $2.53B | $1.89B | $2.42B |
| Total debt | $34.5B | $34.4B | $28.8B | $28.5B | $27.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Marathon Petroleum MPC | $101B | +53% | +32% | 12% | 5.1× | -16.8% |
| Valero Energy VLO | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% |
| Phillips 66 PSX | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% |
| HF Sinclair DINO | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% |
| PBF Energy PBF | $8.16B | +65% | +32% | 8% | 2.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MPC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.6% | +0.7% | 2nd lowest of 8 |
| 6-month return | +52.8% | +6.5% | highest of 8 |
| Distance from 52-week high | -24.5% | -18.1% | 3rd lowest of 8 |
| Revenue growth (TTM) | +31.8% | +7.2% | highest of 8 |
| Operating margin | 12.4% | 9.6% | 2nd highest of 8 |
| Forward P/E | 5.1× | 8.4× | cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | -16.8% | 0.8% | least demanding of 8 |
| Growth delivered (Del g) | +13.9% | +13.6% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | -30.7 pp | -12.5 pp | 2nd least demanding of 8 |
| ROIC minus cost of capital | +23.0 pp | +0.4 pp | 2nd highest of 8 |
| EV / EBITDA | 5.1× | 6.3× | 3rd cheapest of 7 |
| Net debt / EBITDA | 0.8× | 0.8× | 4th most indebted of 8 |
| Bond spread | 92 bp | 88 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Marathon Petroleum MPC | United States | $101B | +53% | +32% | 12% | 5.1× | -16.8% | +13.9% |
| China Petroleum & Chemical 600028.SS | China | $99.2B | +8% | -10% | 2% | 15.8× | 9.0% | +6.3% |
| Sinopec 0386.HK | Hong Kong | $97.3B | +7% | +7% | 0% | 11.1× | 31.5% | +5.8% |
| Valero Energy VLO | United States | $96.6B | +44% | +25% | 12% | 5.6× | -16.1% | +13.6% |
| Phillips 66 PSX | United States | $95.8B | +44% | +29% | 10% | 6.6× | -11.3% | +15.7% |
| Eni ENI.MI | Italy | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% | +13.3% |
| Reliance Industries RELIANCE.NS | India | $189B | -8% | +20% | 11% | 19.3× | 19.1% | +17.8% |
| ORLEN Spolka Akcyjna PKN.WA | Poland | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% | +25.5% |
Marathon Petroleum has 8 bonds outstanding with $5.39B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.79%, a spread of 92 bp over government bonds.