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Murphy USA (MUSA) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NYSE•Consumer Cyclical•Specialty Retail
C
AverageMetricSide Score: 49/100
ProfitabilityProfit16/30
GrowthGrowth17/25
Balance SheetBalance3/25
Cash QualityCash13/20
Price & Volume
Market Cap $10.38B

Murphy USA Inc., together with subsidiaries, engages in marketing of retail motor fuel products and convenience merchandise. The company operates retail stores under the Murphy USA, Murphy Express, and QuickChek brands, as well as operates non-fuel convenience stores. It operates retail gasoline stores principally in the Southeast, Southwest, and Midwest areas of the United States. Murphy USA Inc. was founded in 1996 and is headquartered in El Dorado, Arkansas.

Moat Signals

Competitive analysis based on 51 quarters of fundamental data

Pricing Power

Moderate Moat

Operating margins are positive at ~3.9% on average, but show some variability — pricing power may be sensitive to market conditions.

Competitive Advantage

Strong Moat

Consistently high ROE averaging 72.0% suggests a durable competitive advantage and efficient capital allocation.

Cash Generation

Strong Moat

Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.

Demand Durability

Weak Moat

Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.

Risk Signals

Data-driven red flags and warnings across 51 quarters

Some Concerns

Margin Pressure

Healthy

Margins are stable or improving at ~4.3% — no sign of cost or pricing stress.

Earnings Quality

Healthy

FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.

Leverage Risk

Red Flag

D/E ratio is 3.2 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.

Revenue Decline

Red Flag

Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.

Cash Burn

Healthy

Free cash flow is consistently positive — the business self-funds without external capital reliance.

Share Dilution

Healthy

Shares decreased 10.3% — net buybacks are reducing shares outstanding and boosting per-share value.

Metrics at a Glance

as of March 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$19.68B
1.2%
Q. Revenue
$4.82B
TTM EBITDA
$1.12B
13.5%
TTM Op. Income
$835.70M
15.2%
Q. Op. Income
$205.20M
TTM Net Income
$553.70M
13.1%
Q. Net Income
$136.30M
EPS
$7.36
Shares Out.
$18.52M
7.1%
$19.68B in TTM revenue declined 1.2% YoY, reaching $4.82B last quarter. TTM EBITDA of $1.12B and TTM operating income of $835.70M shows growth is flowing through. Net income of $553.70M TTM confirms the company is converting revenue into profit. Revenue is contracting — assess whether this is cyclical or structural.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin
30.2%
6.0%
EBITDA Margin
5.8%
Op. Margin
4.3%
119.0%
Net Margin
2.8%
140.6%
Op. margin of 4.3% is up 2.3% YoY — cost efficiency is improving. Net margin at 2.8% and gross margin of 30.2% — earnings take a bigger bite when COGS stays lean..

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
18.8x
P/S Ratio
0.5x
P/B Ratio
15.8x
At 18.8x P/E, the stock trades in line with market averages — fairly valued. P/S of 0.5x and P/B of 15.8x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$4.87B
Cash
$118.60M
Long-Term Debt
$2.14B
Book Value
$658.70M
D/E Ratio
3.2
Debt/EBITDA
7.7
With $4.87B in assets and $2.14B in long-term debt, the D/E of 3.2and book value of $658.70M — indicates elevated leverage — the company has significant financial risk and may struggle in a downturn.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$320.00M
Free Cash Flow
$221.70M
444.7%
FCF Margin
1.1%
FCF / Net Income
1.6
FCF of $221.70M on $320.00M in operating cash flow. The FCF / Net Income ratio of 0.4x indicates partial cash conversion — earnings quality needs attention.

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