NYSE · Energy

Marathon Petroleum Corporation

MPC · Oil & Gas Refining & Marketing

$251.53

▲ 5.38 (2.19%)

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Mr. Market is currently offering Marathon Petroleum Corporation at $251.53.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability F

Gross Profit Margin 7.5%

Operating Margin 4.3%

Net Income Margin 3.0%

Fin. Health D

Years to Pay Off Debt 8.5 yrs

Working Capital vs Long-Term Debt -$25.4B

Working Capital $5.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 4.28x

Cash Flow C

Free Cash Flow $4.8B

CapEx % of Net Income 86.1%

Owner Earnings $10.8B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $74.1B

Enterprise Value $110.0B

P/E (TTM) 19.03

Dividend Yield 1.55%

Exchange NYSE

Key Margins

Gross Profit 7.5%

Operating Margin 4.3%

Net Margin 3.0%

Company Info

Sector Energy

Industry Oil & Gas Refining & Marketing

Employees 18500

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Marathon Petroleum Corporation at $251.53.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $251.53, the stock trades at a 90% premium to its Graham Number of $132.24. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Marathon Petroleum Corporation

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	7.5% ▲	6.7%	11.1%	12.7%	N/A
Operating Margin %	4.3% ▲	3.8%	8.5%	10.7%	N/A
Net Income %	3.0% ▲	2.5%	6.5%	8.2%	N/A
Diluted EPS	13.22 ▲	10.08	23.63	28.12	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$84.0B	$78.9B	$86.0B	$89.9B	N/A
Total Debt	$34.4B ↑	$28.8B	$28.5B	$27.9B	N/A
Working Capital	$5.1B ▲	$3.6B	$12.0B	$15.2B	N/A
Years to Pay Debt	8.49	8.35	2.94	1.92	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$4.8B ▼	$6.1B	$12.2B	$13.9B	N/A
Owner Earnings	$10.8B	$9.3B	$14.9B	$20.2B	N/A
CapEx % of Net Income	86.1%	73.5%	19.5%	16.7%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	28,026	4,172	43,617	232,980
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	11,505,000	10,574,000	18,344,000	23,823,000
Total Unusual Items	173,000	28,000	217,000	1,059,000
Total Unusual Items Excluding Goodwill	173,000	28,000	217,000	1,059,000
Net Income From Continuing Operation Net Minority Interest	4,047,000	3,445,000	9,681,000	14,444,000
Reconciled Depreciation	3,251,000	3,337,000	3,307,000	3,215,000
Reconciled Cost Of Revenue	122,697,000	129,577,000	131,873,000	154,886,000
EBITDA	11,678,000	10,602,000	18,561,000	24,882,000
EBIT	8,427,000	7,265,000	15,254,000	21,667,000
Net Interest Income	-1,276,000	-839,000	-525,000	-998,000
Interest Expense	1,412,000	1,308,000	1,265,000	1,198,000
Interest Income	159,000	505,000	761,000	221,000
Normalized Income	3,902,026	3,421,172	9,507,617	13,617,980
Net Income From Continuing And Discontinued Operation	4,047,000	3,445,000	9,681,000	14,516,000
Total Expenses	126,931,000	133,616,000	135,793,000	158,483,000
Total Operating Income As Reported				21,469,000	4,300,000
Diluted Average Shares	306,000	341,000	409,000	516,000
Basic Average Shares	305,000	340,000	407,000	512,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,043,000	3,442,000	9,672,000	14,508,000
Net Income Common Stockholders	4,043,000	3,442,000	9,672,000	14,508,000
Otherunder Preferred Stock Dividend	4,000	3,000	9,000	8,000
Net Income	4,047,000	3,445,000	9,681,000	14,516,000
Minority Interests	-1,831,000	-1,622,000	-1,491,000	-1,534,000
Net Income Including Noncontrolling Interests	5,878,000	5,067,000	11,172,000	16,050,000
Net Income Discontinuous Operations		0	0	72,000	8,448,000
Net Income Continuous Operations	5,878,000	5,067,000	11,172,000	15,978,000
Tax Provision	1,137,000	890,000	2,817,000	4,491,000
Pretax Income	7,015,000	5,957,000	13,989,000	20,469,000
Other Income Expense	2,523,000	1,548,000	1,928,000	2,497,000
Other Non Operating Income Expenses	728,000	472,000	969,000	783,000
Special Income Charges	173,000	28,000	217,000	1,059,000
Gain On Sale Of Ppe	173,000	28,000	217,000	1,061,000
Other Special Charges			9,000	2,000	133,000
Earnings From Equity Interest	1,622,000	1,048,000	742,000	655,000
Net Non Operating Interest Income Expense	-1,276,000	-839,000	-525,000	-998,000
Total Other Finance Cost	23,000	36,000	21,000	21,000
Interest Expense Non Operating	1,412,000	1,308,000	1,265,000	1,198,000
Interest Income Non Operating	159,000	505,000	761,000	221,000
Operating Income	5,768,000	5,248,000	12,586,000	18,970,000
Operating Expense	4,234,000	4,039,000	3,920,000	3,597,000
Other Operating Expenses				-783,000	-468,000
Other Taxes	885,000	818,000	881,000	825,000
Selling General And Administration	3,349,000	3,221,000	3,039,000	2,772,000
General And Administrative Expense	3,349,000	3,221,000	3,039,000	2,772,000
Other Gand A	3,349,000	3,221,000	3,039,000	2,772,000
Salaries And Wages			-89,000
Gross Profit	10,002,000	9,287,000	16,506,000	22,567,000
Cost Of Revenue	122,697,000	129,577,000	131,873,000	154,886,000
Total Revenue	132,699,000	138,864,000	148,379,000	177,453,000
Operating Revenue	132,699,000	138,864,000	148,379,000	177,453,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	699,000	678,000	625,000	536,000
Ordinary Shares Number	294,602	316,000	368,000	454,000
Share Issued	993,602	994,000	993,000	990,000
Net Debt	29,204,000	24,271,000	21,840,000	18,075,000
Total Debt	34,358,000	28,758,000	28,501,000	27,909,000
Tangible Book Value	5,246,000	7,727,000	16,160,000	19,471,000
Invested Capital	50,190,000	45,226,000	51,687,000	54,415,000
Working Capital	5,102,000	3,620,000	11,981,000	15,222,000
Net Tangible Assets	5,246,000	7,727,000	16,160,000	19,471,000
Capital Lease Obligations	1,482,000	1,277,000	1,218,000	1,209,000
Common Stock Equity	17,314,000	17,745,000	24,404,000	27,715,000
Total Capitalization	47,819,000	42,177,000	49,733,000	53,349,000
Total Equity Gross Minority Interest	24,086,000	24,506,000	31,399,000	35,087,000
Minority Interest	6,772,000	6,761,000	6,995,000	7,372,000
Stockholders Equity	17,314,000	17,745,000	24,404,000	27,715,000
Gains Losses Not Affecting Retained Earnings	-105,000	-114,000	-131,000	2,000
Other Equity Adjustments	-105,000	-114,000	-131,000	2,000
Treasury Stock	56,027,000	52,623,000	43,502,000	31,841,000
Retained Earnings	39,751,000	36,848,000	34,562,000	26,142,000
Additional Paid In Capital	33,685,000	33,624,000	33,465,000	33,402,000
Capital Stock	10,000	10,000	10,000	10,000
Common Stock	10,000	10,000	10,000	10,000
Total Liabilities Net Minority Interest	59,869,000	54,352,000	54,588,000	54,817,000
Total Non Current Liabilities Net Minority Interest	40,191,000	33,525,000	34,438,000	34,797,000
Other Non Current Liabilities	1,536,000	1,305,000	1,409,000	1,304,000
Employee Benefits	1,173,000	1,157,000	1,102,000	1,114,000
Non Current Pension And Other Postretirement Benefit Plans	1,173,000	1,157,000	1,102,000	1,114,000
Non Current Deferred Liabilities	5,984,000	5,771,000	5,834,000	5,904,000
Non Current Deferred Taxes Liabilities	5,984,000	5,771,000	5,834,000	5,904,000
Long Term Debt And Capital Lease Obligation	31,498,000	25,292,000	26,093,000	26,475,000
Long Term Capital Lease Obligation	993,000	860,000	764,000	841,000
Long Term Debt	30,505,000	24,432,000	25,329,000	25,634,000
Current Liabilities	19,678,000	20,827,000	20,150,000	20,020,000
Other Current Liabilities	804,000	841,000	1,329,000	852,000
Current Debt And Capital Lease Obligation	2,860,000	3,466,000	2,408,000	1,434,000
Current Capital Lease Obligation	489,000	417,000	454,000	368,000
Current Debt	2,371,000	3,049,000	1,954,000	1,066,000
Other Current Borrowings	2,371,000	3,049,000	1,954,000	1,066,000
Payables And Accrued Expenses	16,014,000	16,520,000	16,413,000	17,734,000
Current Accrued Expenses	449,000	314,000	316,000	315,000
Interest Payable	449,000	314,000	316,000	315,000
Payables	15,565,000	16,206,000	16,097,000	17,419,000
Other Payable	1,107,000	1,096,000	1,115,000	967,000
Total Tax Payable	1,484,000	1,204,000	1,221,000	1,140,000
Accounts Payable	12,974,000	13,906,000	13,761,000	15,312,000
Total Assets	83,955,000	78,858,000	85,987,000	89,904,000
Total Non Current Assets	59,175,000	54,411,000	53,856,000	54,662,000
Other Non Current Assets	1,422,000	1,208,000	3,007,000	3,081,000
Investments And Advances	6,795,000	6,857,000	6,260,000	6,466,000
Long Term Equity Investment	6,795,000	6,857,000	6,260,000	6,466,000
Goodwill And Other Intangible Assets	12,068,000	10,018,000	8,244,000	8,244,000
Other Intangible Assets	2,714,000	1,774,000			2,135,000
Goodwill	9,354,000	8,244,000	8,244,000	8,244,000
Net PPE	38,890,000	36,328,000	36,345,000	36,871,000
Accumulated Depreciation	-33,612,000	-31,289,000	-28,636,000	-25,844,000
Gross PPE	72,502,000	67,617,000	64,981,000	62,715,000
Other Properties	72,502,000	67,617,000	64,981,000	62,715,000
Current Assets	24,780,000	24,447,000	32,131,000	35,242,000
Other Current Assets	662,000	524,000	403,000	1,168,000
Inventory	10,129,000	9,568,000	9,317,000	8,827,000
Finished Goods	5,350,000	5,137,000	4,940,000	4,748,000
Raw Materials	4,779,000	4,431,000	4,377,000	4,079,000
Receivables	10,317,000	11,145,000	12,187,000	13,477,000
Accounts Receivable	10,317,000	11,145,000	12,187,000	13,477,000
Allowance For Doubtful Accounts Receivable	-20,000	-73,000	-44,000	-29,000
Gross Accounts Receivable	10,337,000	11,218,000	12,231,000	13,506,000
Cash Cash Equivalents And Short Term Investments	3,672,000	3,210,000	10,224,000	11,770,000
Other Short Term Investments		0	4,781,000	3,145,000	5,548,000
Cash And Cash Equivalents	3,672,000	3,210,000	5,443,000	8,625,000
Cash Equivalents			1,081,000	3,158,000	1,679,000
Cash Financial			4,362,000	5,467,000	3,612,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	4,767,000	6,132,000	12,227,000	13,941,000
Repurchase Of Capital Stock	-3,488,000	-9,189,000	-11,572,000	-11,922,000
Repayment Of Debt	-11,518,000	-1,984,000	-1,079,000	-2,280,000
Issuance Of Debt	16,221,000	1,631,000	1,589,000	3,379,000
Issuance Of Capital Stock	24,000	25,000	62,000	243,000
Capital Expenditure	-3,486,000	-2,533,000	-1,890,000	-2,420,000
Interest Paid Supplemental Data	1,252,000	1,272,000	1,225,000	1,084,000
Income Tax Paid Supplemental Data	406,000	732,000	2,751,000	4,869,000
End Cash Position	3,673,000	3,211,000	5,446,000	8,631,000
Beginning Cash Position	3,211,000	5,446,000	8,631,000	5,294,000
Changes In Cash	462,000	-2,235,000	-3,185,000	3,337,000
Cash Flow From Discontinued Operation			0	0	140,000
Financing Cash Flow	-1,924,000	-12,434,000	-14,207,000	-13,647,000
Cash Flow From Continuing Financing Activities	-1,924,000	-12,434,000	-14,207,000	-13,647,000
Net Other Financing Charges	-2,023,000	-1,763,000	-1,946,000	-1,788,000
Cash Dividends Paid	-1,140,000	-1,154,000	-1,261,000	-1,279,000
Common Stock Dividend Paid	-1,140,000	-1,154,000	-1,261,000	-1,279,000
Net Common Stock Issuance	-3,464,000	-9,164,000	-11,510,000	-11,679,000
Common Stock Payments	-3,488,000	-9,189,000	-11,572,000	-11,922,000
Common Stock Issuance	24,000	25,000	62,000	243,000
Net Issuance Payments Of Debt	4,703,000	-353,000	510,000	1,099,000
Short Term Debt Payments	-5,055,000	0	0	0
Short Term Debt Issuance	5,055,000	0	0	0
Net Long Term Debt Issuance	4,703,000	-353,000	510,000	1,099,000
Long Term Debt Payments	-6,463,000	-1,984,000	-1,079,000	-2,280,000
Long Term Debt Issuance	11,166,000	1,631,000	1,589,000	3,379,000
Investing Cash Flow	-5,867,000	1,534,000	-3,095,000	623,000
Cash From Discontinued Investing Activities			0	0	21,314,000
Cash Flow From Continuing Investing Activities	-5,867,000	1,534,000	-3,095,000	623,000
Net Other Investing Changes	1,278,000	231,000	738,000	914,000
Net Investment Purchase And Sale	721,000	5,033,000	-1,217,000	2,947,000
Sale Of Investment	721,000	7,982,000	7,405,000	8,970,000
Purchase Of Investment	0	-2,949,000	-8,622,000	-6,023,000
Net Business Purchase And Sale	-4,380,000	-1,197,000	-726,000	-818,000
Purchase Of Business	-4,380,000	-1,197,000	-726,000	-818,000
Net PPE Purchase And Sale	-3,486,000	-2,533,000	-1,890,000	-2,420,000
Purchase Of PPE	-3,486,000	-2,533,000	-1,890,000	-2,420,000
Operating Cash Flow	8,253,000	8,665,000	14,117,000	16,361,000
Cash From Discontinued Operating Activities		0	0	42,000	-4,024,000
Cash Flow From Continuing Operating Activities	8,253,000	8,665,000	14,117,000	16,319,000
Dividend Received Cfo	1,255,000	1,215,000	941,000	772,000
Change In Working Capital	-469,000	399,000	295,000	-1,673,000
Change In Other Working Capital	-763,000	-448,000	-1,325,000	1,972,000
Change In Payables And Accrued Expense			-1,316,000	1,909,000	6,260,000
Change In Inventory	-596,000	-270,000	-489,000	-787,000
Change In Receivables	890,000	1,117,000	2,109,000	-2,858,000
Other Non Cash Items	-149,000	-283,000	-490,000	-644,000
Deferred Tax	282,000	-124,000	-28,000	290,000
Deferred Income Tax	282,000	-124,000	-28,000	290,000
Depreciation Amortization Depletion	3,251,000	3,337,000	3,307,000	3,215,000
Depreciation And Amortization	3,251,000	3,337,000	3,307,000	3,215,000
Operating Gains Losses	-1,795,000	-946,000	-1,080,000	-1,691,000
Pension And Employee Benefit Expense	16,000	59,000	-191,000	172,000
Earnings Losses From Equity Investments	-1,622,000	-1,048,000	-742,000	-655,000
Gain Loss On Investment Securities	-16,000	71,000	70,000	-147,000
Net Income From Continuing Operations	5,878,000	5,067,000	11,172,000	16,050,000

These metrics estimate what Marathon Petroleum Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$132.24

Margin of Safety

Market Cap ÷ Company Value

1.99

P/B Ratio

4.28

Warren's Owner Earnings

$10.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$132.7B

vs > $1.5B revenue

❌ Strong Financial Condition

1.26x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.55%

vs Uninterrupted dividends

❌ Earnings Growth

-53.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

19.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.28x P/B (P/E×P/B: 81.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-119.15

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$217.62

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	86.1%	73.5%	19.5%	16.7%	N/A
Repurchase of Capital Stock	-$3.5B	-$9.2B	-$11.6B	-$11.9B	N/A
Free Cash Flow	$4.8B ▼	$6.1B ▼	$12.2B ▼	$13.9B •	N/A •
Warren's Owner Earnings	$10.8B	$9.3B	$14.9B	$20.2B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas Refining & Marketing. You can manually compare MPC against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.32%

Low — management has little skin in the game

Return on Equity (ROE)

23.4%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

4.8%

Fair — average asset utilization

Share Buybacks (Latest Year)

$3.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+19.5% YoY

Debt is growing — management is leveraging up

Leadership Team

Maryann Mannen

President, CEO & Chairman of the Board

Age 61

Pay: $5,157,481

0.127% of net income

Maria Khoury

Executive VP & CFO

Age 54

Kristina Anna Kazarian

Vice President of Finance & Investor Relations

Age 42

James Wilkins

Senior Vice President of Health, Environment, Safety & Security

Age 58

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	13.00%	38,291,917
Blackrock Inc.	7.61%	22,425,221
State Street Corporation	6.09%	17,934,327
Geode Capital Management, LLC	2.64%	7,769,469
Wellington Management Group, LLP	2.45%	7,203,536
Boston Partners	2.08%	6,119,715
Morgan Stanley	2.07%	6,083,885
Raymond James Financial, Inc.	1.97%	5,815,034

Risk Analysis

Beta (Market Risk)

0.53

Low volatility — more stable than the market

Short Interest

2.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.43x

Moderate leverage

Current Ratio