Marathon Petroleum CorporationMPC
NYSE•Energy•Oil & Gas Refining & Marketing
Marathon Petroleum Corporation, together with its subsidiaries, operates as an integrated downstream energy company in the United States. The company operates through three segments: Refining & Marketing; Midstream; and Renewable Diesel. The Refining & Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States; and purchases refined products and ethanol for resale and distributes refined products through transportation, storage, distribution, and marketing services. Its refined products include transportation fuels, such as reformulated gasolines and blend-grade gasolines; heavy fuel oil; and asphalt. This segment also manufactures propane and petrochemicals. The company sells refined products to wholesale marketing customers in the United States and internationally, buyers on the spot market, and independent entrepreneurs who operate primarily Marathon branded outlets, as well as through long-term fuel supply contracts to direct dealer locations primarily under the ARCO brand. The Midstream segment gathers, transports, stores, distributes, and markets crude oil and refined products, including renewable diesel and other hydrocarbon-based products through refining logistics assets, pipelines, terminals, towboats, and barges; gathers, processes, and transports natural gas; and transports, fractionates, stores, and markets natural gas liquids. The Renewable Diesel segment processes renewable feedstocks into renewable diesel, markets, and distributes renewable diesel through its Midstream segment and third parties. It sells renewable diesel to wholesale marketing customers, buyers on the spot market, and through long-term supply contracts to direct dealers under the ARCO brand. Marathon Petroleum Corporation was founded in 1887 and is headquartered in Findlay, Ohio.
Marathon Petroleum Corporation (MPC) reported trailing twelve months revenue of $135.38B as of March 2026, a 1.7% decline year-over-year. Quarterly revenue reached $34.20B, reflecting a contraction in sales.
Marathon Petroleum Corporation generated $4.63B in TTM net income, with quarterly EBITDA of $2.21B. The operating margin expanded from 2.2% to 4.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (4.1%) and net margin (1.5%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -0.2% a year ago, signaling stronger bottom-line efficiency.
MPC trades at a P/E of 15.6x (in line with broad market averages) and a P/S of 0.5x. The price-to-book ratio of 4.3x reflects a moderate premium to book value.
The company generated $208.00M in free cash flow over the trailing twelve months, a 128.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $88.19B in total assets with $30.71B in long-term debt against $16.75B in stockholders equity for a debt-to-equity ratio of 1.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~5.3% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 21.6% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~6.7% — no sign of cost or pricing stress.
FCF covers net income by 2.7x on average — earnings are well-supported by cash generation.
D/E ratio is 1.8 — conservative capital structure with low financial risk.
Revenue declined in 6 of the last 7 quarters — persistent contraction signals a fundamental problem.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 15.5% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation