Stock Analysis on Net
Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Marathon Petroleum Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 1.73 1.97 1.41 0.82 1.26
Adjusted 1.67 1.89 1.36 0.82 1.25
Liquidity Ratio
Current Ratio
Reported 1.59 1.76 1.70 1.81 1.25
Adjusted 1.73 1.95 1.86 1.81 1.30
Solvency Ratios
Debt to Equity
Reported 1.12 0.96 0.97 1.42 0.86
Adjusted 0.71 0.62 0.64 0.90 0.62
Debt to Capital
Reported 0.53 0.49 0.49 0.59 0.46
Adjusted 0.42 0.38 0.39 0.47 0.38
Financial Leverage
Reported 3.52 3.24 3.26 3.84 2.93
Adjusted 2.22 2.09 2.09 2.33 1.97
Profitability Ratios
Net Profit Margin
Reported 6.52% 8.18% 8.12% -14.08% 2.13%
Adjusted 6.76% 9.69% 4.67% -17.57% 4.02%
Return on Equity (ROE)
Reported 39.67% 52.38% 37.16% -44.26% 7.83%
Adjusted 25.05% 38.39% 13.31% -33.52% 9.89%
Return on Assets (ROA)
Reported 11.26% 16.15% 11.41% -11.54% 2.68%
Adjusted 11.30% 18.36% 6.36% -14.39% 5.01%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Marathon Petroleum Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Marathon Petroleum Corp. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Marathon Petroleum Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Marathon Petroleum Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Marathon Petroleum Corp. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Marathon Petroleum Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Marathon Petroleum Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Marathon Petroleum Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Marathon Petroleum Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenues 148,379 177,453 119,983 69,779 123,949
Total assets 85,987 89,904 85,373 85,158 98,556
Activity Ratio
Total asset turnover1 1.73 1.97 1.41 0.82 1.26
Adjusted
Selected Financial Data (US$ in millions)
Sales and other operating revenues 148,379 177,453 119,983 69,779 123,949
Adjusted total assets2 88,800 93,652 88,251 85,173 99,424
Activity Ratio
Adjusted total asset turnover3 1.67 1.89 1.36 0.82 1.25

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Sales and other operating revenues ÷ Total assets
= 148,379 ÷ 85,987 = 1.73

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Sales and other operating revenues ÷ Adjusted total assets
= 148,379 ÷ 88,800 = 1.67

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Marathon Petroleum Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 32,131 35,242 30,496 28,287 20,170
Current liabilities 20,150 20,020 17,898 15,663 16,147
Liquidity Ratio
Current ratio1 1.59 1.76 1.70 1.81 1.25
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 34,945 38,991 33,376 28,305 21,058
Current liabilities 20,150 20,020 17,898 15,663 16,147
Liquidity Ratio
Adjusted current ratio3 1.73 1.95 1.86 1.81 1.30

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 32,131 ÷ 20,150 = 1.59

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 34,945 ÷ 20,150 = 1.73

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Marathon Petroleum Corp. adjusted current ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 27,283 26,700 25,539 31,584 28,838
Total MPC stockholders’ equity 24,404 27,715 26,206 22,199 33,694
Solvency Ratio
Debt to equity1 1.12 0.96 0.97 1.42 0.86
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 28,501 27,909 26,904 33,095 31,317
Adjusted total equity3 40,046 44,785 42,156 36,579 50,367
Solvency Ratio
Adjusted debt to equity4 0.71 0.62 0.64 0.90 0.62

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total MPC stockholders’ equity
= 27,283 ÷ 24,404 = 1.12

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 28,501 ÷ 40,046 = 0.71

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Marathon Petroleum Corp. adjusted debt-to-equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 27,283 26,700 25,539 31,584 28,838
Total capital 51,687 54,415 51,745 53,783 62,532
Solvency Ratio
Debt to capital1 0.53 0.49 0.49 0.59 0.46
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 28,501 27,909 26,904 33,095 31,317
Adjusted total capital3 68,547 72,694 69,060 69,674 81,684
Solvency Ratio
Adjusted debt to capital4 0.42 0.38 0.39 0.47 0.38

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 27,283 ÷ 51,687 = 0.53

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 28,501 ÷ 68,547 = 0.42

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Marathon Petroleum Corp. adjusted debt-to-capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 85,987 89,904 85,373 85,158 98,556
Total MPC stockholders’ equity 24,404 27,715 26,206 22,199 33,694
Solvency Ratio
Financial leverage1 3.52 3.24 3.26 3.84 2.93
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 88,800 93,652 88,251 85,173 99,424
Adjusted total equity3 40,046 44,785 42,156 36,579 50,367
Solvency Ratio
Adjusted financial leverage4 2.22 2.09 2.09 2.33 1.97

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total MPC stockholders’ equity
= 85,987 ÷ 24,404 = 3.52

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 88,800 ÷ 40,046 = 2.22

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Marathon Petroleum Corp. adjusted financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to MPC 9,681 14,516 9,738 (9,826) 2,637
Sales and other operating revenues 148,379 177,453 119,983 69,779 123,949
Profitability Ratio
Net profit margin1 6.52% 8.18% 8.12% -14.08% 2.13%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 10,030 17,193 5,609 (12,260) 4,981
Sales and other operating revenues 148,379 177,453 119,983 69,779 123,949
Profitability Ratio
Adjusted net profit margin3 6.76% 9.69% 4.67% -17.57% 4.02%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) attributable to MPC ÷ Sales and other operating revenues
= 100 × 9,681 ÷ 148,379 = 6.52%

2 Adjusted net income (loss). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Sales and other operating revenues
= 100 × 10,030 ÷ 148,379 = 6.76%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Marathon Petroleum Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to MPC 9,681 14,516 9,738 (9,826) 2,637
Total MPC stockholders’ equity 24,404 27,715 26,206 22,199 33,694
Profitability Ratio
ROE1 39.67% 52.38% 37.16% -44.26% 7.83%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 10,030 17,193 5,609 (12,260) 4,981
Adjusted total equity3 40,046 44,785 42,156 36,579 50,367
Profitability Ratio
Adjusted ROE4 25.05% 38.39% 13.31% -33.52% 9.89%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income (loss) attributable to MPC ÷ Total MPC stockholders’ equity
= 100 × 9,681 ÷ 24,404 = 39.67%

2 Adjusted net income (loss). See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted total equity
= 100 × 10,030 ÷ 40,046 = 25.05%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Marathon Petroleum Corp. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to MPC 9,681 14,516 9,738 (9,826) 2,637
Total assets 85,987 89,904 85,373 85,158 98,556
Profitability Ratio
ROA1 11.26% 16.15% 11.41% -11.54% 2.68%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 10,030 17,193 5,609 (12,260) 4,981
Adjusted total assets3 88,800 93,652 88,251 85,173 99,424
Profitability Ratio
Adjusted ROA4 11.30% 18.36% 6.36% -14.39% 5.01%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income (loss) attributable to MPC ÷ Total assets
= 100 × 9,681 ÷ 85,987 = 11.26%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 10,030 ÷ 88,800 = 11.30%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Marathon Petroleum Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.