Murphy USA Inc.MUSA
NYSE•Consumer Cyclical•Specialty Retail
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.
Murphy USA Inc. (MUSA) reported trailing twelve months revenue of $19.68B as of March 2026, a 1.2% decline year-over-year. Quarterly revenue reached $4.82B, reflecting a contraction in sales.
Murphy USA Inc. generated $553.70M in TTM net income, with quarterly EBITDA of $277.30M. The operating margin expanded from 1.9% to 4.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (4.3%) and net margin (2.8%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 1.2% a year ago, signaling stronger bottom-line efficiency.
MUSA trades at a P/E of 19.6x (in line with broad market averages) and a P/S of 0.6x. The price-to-book ratio of 16.5x indicates a significant premium over book value.
The company generated $221.70M in free cash flow over the trailing twelve months, a 444.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $4.87B in total assets with $2.14B in long-term debt against $658.70M in stockholders equity for a debt-to-equity ratio of 3.2, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~3.9% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 72.0% suggests a durable competitive advantage and efficient capital allocation.
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 ~4.3% — no sign of cost or pricing stress.
FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.
D/E ratio is 3.2 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue declined in 5 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 10.3% — 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