Marathon Petroleum Corporation (MPC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1.7%

$427.21

vs $434.62 price

Levered DCF

$381.45

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.97

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.26×	13.78×	6.24×	4.11×	23.61×	-2.73×	15.06×	11×
P/B	2.86×	2.68×	2.47×	2.15×	1.55×	1.21×	1.18×	0.87×
P/S	0.37×	0.34×	0.41×	0.34×	0.34×	0.38×	0.36×	0.36×
EV / EBITDA	6.88×	6.9×	4.5×	3.17×	8.35×	-6.68×	8.95×	8.28×
Gross margin	7.5%	6.7%	11.1%	12.7%	5.5%	1.0%	7.8%	8.0%
Operating margin	4.3%	3.8%	8.5%	10.7%	3.6%	-17.6%	4.0%	5.4%
Net margin	3.0%	2.5%	6.5%	8.2%	8.1%	-14.1%	2.4%	3.2%
Current ratio	1.26×	1.17×	1.59×	1.76×	1.7×	1.81×	1.8×	1.36×
Debt / equity	1.98×	1.62×	1.17×	1.01×	1.03×	1.49×	0.91×	0.78×
Interest coverage	4.08×	3.9×	9.86×	15.6×	3.31×	-8.93×	3.53×	4.82×
Dividend yield	2.3%	2.4%	2.1%	2.1%	3.7%	5.6%	3.5%	3.1%
Payout ratio	28.2%	33.5%	13.0%	8.8%	15.2%	-15.4%	53.0%	34.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.4%	19.4%	39.7%	52.4%	37.2%	-44.3%	7.8%	7.9%
Return on invested capital	7.0%	7.3%	14.7%	20.8%	5.7%	-13.8%	4.1%	4.6%
Return on assets	4.7%	4.4%	11.3%	16.1%	11.4%	-11.5%	2.7%	3.0%
Free cash flow yield	9.6%	12.9%	20.2%	23.4%	7.1%	-1.4%	11.7%	9.7%
Earnings yield	8.2%	7.2%	16.0%	24.4%	24.0%	-36.6%	6.6%	9.1%
Enterprise value	$80.3B	$73.1B	$83.4B	$78.9B	$62.2B	$59.5B	$68.8B	$56.4B
Net debt / EBITDA	2.63×	2.41×	1.24×	0.78×	2.9×	-3.67×	3.79×	3.79×
Cash conversion cycle (days)	20	17	18	12	15	31	19	27