Is the business good?
How good a business is MPC?
Marathon Petroleum earns 25% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
25%
Return on invested capital · cost of capital 9.0% · 16 points above what the capital costs: growth creates value
- Operating margin
- 9.2%
Operating margin · Oil & Gas Refining & Marketing median 5.8% · 12 months to Q2 2026
- Cash conversion
- 1.51×
Cash conversion · 1.71× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −5.5%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −18% |
| FY2021 | 3.6% |
| FY2022 | 12% |
| FY2023 | 9.8% |
| FY2024 | 4.9% |
| FY2025 | 6.3% |
Details›
- Gross margin12 months to Q2 2026
- 13%
- Operating margin12 months to Q2 2026
- 9.2%
- Net margin12 months to Q2 2026
- 5.6%
- Free cash flow margin
- 8.4%
- Revenue, trailing twelve months
- $153.6B
- Free cash flow, trailing twelve months
- $12.9B
- Net income, trailing twelve months
- $8.55B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 25%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Oil & Gas Refining & Marketing
Ranks #6 of 11 by Smart Score