Explain this page
Arphra AIPlain-English read on Marathon Petroleum Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +5.51% | +12.72% | +11.12% | +6.69% | +7.54% | +8.31% | +8.44% | +8.53% | +8.34% |
| Operating margin | +3.58% | +10.69% | +8.48% | +3.78% | +4.35% | +5.45% | +5.60% | +5.63% | +5.46% |
| EBITDA margin | +6.21% | +14.02% | +12.51% | +7.63% | +8.80% | +9.53% | +9.80% | +9.44% | +9.86% |
| EBIT margin | +3.40% | +12.21% | +10.28% | +5.23% | +6.35% | +7.27% | +7.42% | +7.37% | +7.08% |
| Pre-tax margin | +2.35% | +11.53% | +9.43% | +4.29% | +5.29% | +6.49% | +6.26% | +6.44% | +6.41% |
| Net margin | +8.12% | +8.18% | +6.52% | +2.48% | +3.05% | +3.95% | +3.90% | +3.93% | +3.96% |
| Cost structure | |||||||||
| Cost of revenue / sales | +94.49% | +87.28% | +88.88% | +93.31% | +92.46% | +92.34% | +93.09% | +92.84% | +89.04% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +2.11% | +1.56% | +2.05% | +2.32% | +2.52% | +2.25% | +2.27% | +2.32% | +2.24% |
| Effective tax rate | +9.37% | +21.94% | +20.14% | +14.94% | +16.21% | +16.97% | +17.17% | +17.10% | +16.83% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +29.00% | +41.37% | +30.83% | +14.06% | +16.80% | +20.67% | +20.86% | +20.11% | +20.24% |
| Return on assets (ROA) | +11.41% | +16.15% | +11.26% | +4.37% | +4.73% | +6.77% | +6.43% | +6.61% | +6.59% |
| Return on capital (ROC) | +7.11% | +30.11% | +21.01% | +9.85% | +9.87% | +13.46% | +13.89% | +13.52% | +13.23% |
| Return on invested capital (ROIC) | +16.10% | +23.04% | +16.16% | +6.47% | +6.92% | +9.75% | +9.68% | +9.44% | +9.61% |
| Asset turnover | +140.54% | +197.38% | +172.56% | +176.09% | +155.09% | +171.35% | +164.89% | +168.38% | +166.44% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +8.12% | +8.18% | +6.52% | +2.48% | +3.05% | +3.95% | +3.90% | +3.93% | +3.96% |
| Asset turnover (× revenue / assets) | +140.54% | +197.38% | +172.56% | +176.09% | +155.09% | +171.35% | +164.89% | +168.38% | +166.44% |
| Equity multiplier (× assets / equity) | +254.23% | +256.23% | +273.85% | +321.79% | +355.23% | +305.24% | +324.40% | +304.09% | +306.99% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.41 | 1.97 | 1.73 | 1.76 | 1.55 | 1.71 | 1.65 | 1.68 | 1.66 |
| Fixed-asset turnover | 3.09 | 4.81 | 4.08 | 3.82 | 3.41 | — | — | — | — |
| Inventory turnover | 14.07 | 17.55 | 14.15 | 13.54 | 12.11 | — | — | — | — |
| Receivables turnover | 10.87 | 13.17 | 12.18 | 12.46 | 12.86 | — | — | — | — |
| Payables turnover | 8.28 | 10.12 | 9.58 | 9.32 | 9.46 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 33.57 | 27.72 | 29.98 | 29.29 | 28.38 | — | — | — | — |
| Days inventory outstanding (DIO) | 25.93 | 20.80 | 25.79 | 26.95 | 30.13 | — | — | — | — |
| Days payables outstanding (DPO) | 44.11 | 36.08 | 38.09 | 39.17 | 38.60 | — | — | — | — |
| Cash conversion cycle | 15.39 | 12.44 | 17.68 | 17.07 | 19.91 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.45 | 1.13 | 1.46 | 2.52 | 2.04 | 1.86 | 1.93 | 1.83 | 1.86 |
| FCF / Net income | 0.30 | 0.96 | 1.26 | 1.78 | 1.18 | 1.35 | 1.36 | 1.34 | 1.38 |
| FCF margin | +2.41% | +7.86% | +8.24% | +4.42% | +3.59% | +5.32% | +5.30% | +5.27% | +5.47% |
| OCF margin | +3.63% | +9.22% | +9.51% | +6.24% | +6.22% | +7.35% | +7.54% | +7.20% | +7.38% |
| CapEx / Revenue | +1.22% | +1.36% | +1.27% | +1.82% | +2.63% | +1.94% | +1.89% | +1.86% | +1.85% |
| CapEx / D&A | 0.44 | 0.75 | 0.57 | 0.76 | 1.04 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.69 | 28.12 | 23.65 | 10.09 | 13.27 | 29.08 | 23.22 | 19.64 | 37.75 |
| EPS · basic | 2.71 | 28.34 | 23.76 | 10.12 | 13.27 | 28.88 | 22.95 | 19.49 | 38.10 |
| Book value / share | 52.63 | 68.00 | 76.77 | 71.87 | 78.97 | 100.15 | 90.39 | 91.26 | 103.43 |
| Tangible BV / share | 39.69 | 52.02 | 56.61 | 47.69 | 39.40 | 100.15 | 90.39 | 91.26 | 103.43 |
| Sales / share | 188.06 | 343.90 | 362.78 | 407.23 | 435.08 | 523.83 | 483.50 | 467.25 | 528.48 |
| Operating CF / share | 6.83 | 31.71 | 34.52 | 25.41 | 27.06 | 38.49 | 36.47 | 33.62 | 38.98 |
| Free cash flow / share | 4.54 | 27.02 | 29.89 | 17.98 | 15.63 | 27.88 | 25.63 | 24.63 | 28.90 |
| Dividends / share | 2.33 | 2.48 | 3.08 | 3.38 | 3.74 | 4.37 | 4.17 | 3.97 | 4.60 |
| Payout ratio | +15.24% | +8.81% | +13.03% | +33.50% | +28.17% | +21.12% | +22.11% | +21.66% | +21.96% |
| Retention ratio | +84.76% | +91.19% | +86.97% | +66.50% | +71.83% | +78.88% | +77.89% | +78.34% | +78.04% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +47.90% | -16.38% | -6.41% | -4.44% | +20.09% | -7.55% | -3.37% | +14.01% | +3.85% |
| Gross profit · YoY | — | +241.36% | -26.86% | -43.74% | +7.70% | +32.47% | -6.17% | -2.31% | +11.50% | +9.38% |
| Profit | ||||||||||
| Operating income · YoY | — | +341.16% | -33.65% | -58.30% | +9.91% | +50.63% | -5.05% | -2.87% | +10.52% | +9.45% |
| EBITDA · YoY | — | +234.08% | -25.40% | -42.88% | +10.15% | +30.00% | -4.85% | -6.91% | +18.99% | +10.03% |
| Net income · YoY | — | +49.07% | -33.31% | -64.41% | +17.47% | +55.61% | -8.75% | -2.70% | +15.01% | -5.05% |
| Operating | ||||||||||
| EBIT · YoY | — | +430.53% | -29.60% | -52.37% | +15.99% | +37.55% | -5.67% | -4.03% | +9.54% | +13.81% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +945.33% | -15.89% | -57.33% | +31.52% | +119.11% | -20.14% | -15.44% | +92.26% | +39.12% |
| EPS · basic · YoY | — | +946.92% | -16.13% | -57.41% | +31.13% | +117.66% | -20.54% | -15.08% | +95.49% | +39.18% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $26.9B | $27.91B | $28.5B | $28.76B | $34.36B | $34.09B | $31.85B | $31.45B | $35.16B |
| Net debt | $21.61B | $19.28B | $23.06B | $25.55B | $30.69B | $29.5B | $27.63B | $27.28B | $30.31B |
| Net debt / EBITDA | 2.90 | 0.78 | 1.24 | 2.41 | 2.63 | 1.94 | 1.91 | 2.03 | 1.89 |
| Debt / equity | 0.80 | 0.80 | 0.91 | 1.17 | 1.43 | 1.12 | 1.16 | 1.13 | 1.11 |
| Debt / assets | +31.51% | +31.04% | +33.15% | +36.47% | +40.16% | +36.65% | +35.64% | +37.20% | +36.05% |
| Equity / assets | +39.33% | +39.03% | +36.52% | +31.08% | +28.15% | +32.76% | +30.83% | +32.88% | +32.57% |
| Coverage | |||||||||
| EBITDA / interest expense | 5.73 | 20.46 | 14.53 | 7.89 | 8.27 | 9.94 | 9.95 | 9.66 | 10.29 |
| Operating income / interest | 3.31 | 15.60 | 9.86 | 3.90 | 4.08 | 5.69 | 5.68 | 5.76 | 5.69 |
| Interest expense | $1.3B | $1.22B | $1.28B | $1.34B | $1.41B | $1.53B | $1.45B | $1.39B | $1.56B |
| Liquidity | |||||||||
| Current ratio | 1.70 | 1.76 | 1.59 | 1.17 | 1.26 | — | — | — | — |
| Quick ratio | 1.22 | 1.26 | 1.11 | 0.69 | 0.71 | — | — | — | — |
| Cash ratio | 0.30 | 0.43 | 0.27 | 0.15 | 0.19 | — | — | — | — |
| Working capital | $12.6B | $15.22B | $11.98B | $3.62B | $5.1B | — | — | — | — |
| Working capital / revenue | +10.50% | +8.58% | +8.07% | +2.61% | +3.84% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).