Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Income Statement
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2011
- Price to Operating Profit (P/OP) since 2011
- Price to Sales (P/S) since 2011
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Solvency Ratios (Summary)
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).
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Marathon Petroleum Corp. debt to equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Marathon Petroleum Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Marathon Petroleum Corp. debt to capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Marathon Petroleum Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Marathon Petroleum Corp. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Marathon Petroleum Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Marathon Petroleum Corp. financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Marathon Petroleum Corp. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Marathon Petroleum Corp. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Debt to Equity
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Debt due within one year | ||||||
Long-term debt due after one year | ||||||
Total debt | ||||||
Total MPC stockholders’ equity | ||||||
Solvency Ratio | ||||||
Debt to equity1 | ||||||
Benchmarks | ||||||
Debt to Equity, Competitors2 | ||||||
Chevron Corp. | ||||||
ConocoPhillips | ||||||
Exxon Mobil Corp. | ||||||
Occidental Petroleum Corp. | ||||||
Valero Energy Corp. | ||||||
Debt to Equity, Sector | ||||||
Oil, Gas & Consumable Fuels | ||||||
Debt to Equity, Industry | ||||||
Energy |
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
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Marathon Petroleum Corp. debt to equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Equity (including Operating Lease Liability)
Marathon Petroleum Corp., debt to equity (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Debt due within one year | ||||||
Long-term debt due after one year | ||||||
Total debt | ||||||
Current operating lease liabilities | ||||||
Long-term operating lease liabilities | ||||||
Total debt (including operating lease liability) | ||||||
Total MPC stockholders’ equity | ||||||
Solvency Ratio | ||||||
Debt to equity (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
Chevron Corp. | ||||||
ConocoPhillips | ||||||
Exxon Mobil Corp. | ||||||
Occidental Petroleum Corp. | ||||||
Valero Energy Corp. | ||||||
Debt to Equity (including Operating Lease Liability), Sector | ||||||
Oil, Gas & Consumable Fuels | ||||||
Debt to Equity (including Operating Lease Liability), Industry | ||||||
Energy |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total MPC stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Marathon Petroleum Corp. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Capital
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Debt due within one year | ||||||
Long-term debt due after one year | ||||||
Total debt | ||||||
Total MPC stockholders’ equity | ||||||
Total capital | ||||||
Solvency Ratio | ||||||
Debt to capital1 | ||||||
Benchmarks | ||||||
Debt to Capital, Competitors2 | ||||||
Chevron Corp. | ||||||
ConocoPhillips | ||||||
Exxon Mobil Corp. | ||||||
Occidental Petroleum Corp. | ||||||
Valero Energy Corp. | ||||||
Debt to Capital, Sector | ||||||
Oil, Gas & Consumable Fuels | ||||||
Debt to Capital, Industry | ||||||
Energy |
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
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Marathon Petroleum Corp. debt to capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
Marathon Petroleum Corp., debt to capital (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Debt due within one year | ||||||
Long-term debt due after one year | ||||||
Total debt | ||||||
Current operating lease liabilities | ||||||
Long-term operating lease liabilities | ||||||
Total debt (including operating lease liability) | ||||||
Total MPC stockholders’ equity | ||||||
Total capital (including operating lease liability) | ||||||
Solvency Ratio | ||||||
Debt to capital (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
Chevron Corp. | ||||||
ConocoPhillips | ||||||
Exxon Mobil Corp. | ||||||
Occidental Petroleum Corp. | ||||||
Valero Energy Corp. | ||||||
Debt to Capital (including Operating Lease Liability), Sector | ||||||
Oil, Gas & Consumable Fuels | ||||||
Debt to Capital (including Operating Lease Liability), Industry | ||||||
Energy |
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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Marathon Petroleum Corp. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Assets
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Debt due within one year | ||||||
Long-term debt due after one year | ||||||
Total debt | ||||||
Total assets | ||||||
Solvency Ratio | ||||||
Debt to assets1 | ||||||
Benchmarks | ||||||
Debt to Assets, Competitors2 | ||||||
Chevron Corp. | ||||||
ConocoPhillips | ||||||
Exxon Mobil Corp. | ||||||
Occidental Petroleum Corp. | ||||||
Valero Energy Corp. | ||||||
Debt to Assets, Sector | ||||||
Oil, Gas & Consumable Fuels | ||||||
Debt to Assets, Industry | ||||||
Energy |
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 assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Marathon Petroleum Corp. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Assets (including Operating Lease Liability)
Marathon Petroleum Corp., debt to assets (including operating lease liability) calculation, comparison to benchmarks
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Debt due within one year | ||||||
Long-term debt due after one year | ||||||
Total debt | ||||||
Current operating lease liabilities | ||||||
Long-term operating lease liabilities | ||||||
Total debt (including operating lease liability) | ||||||
Total assets | ||||||
Solvency Ratio | ||||||
Debt to assets (including operating lease liability)1 | ||||||
Benchmarks | ||||||
Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
Chevron Corp. | ||||||
ConocoPhillips | ||||||
Exxon Mobil Corp. | ||||||
Occidental Petroleum Corp. | ||||||
Valero Energy Corp. | ||||||
Debt to Assets (including Operating Lease Liability), Sector | ||||||
Oil, Gas & Consumable Fuels | ||||||
Debt to Assets (including Operating Lease Liability), Industry | ||||||
Energy |
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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Marathon Petroleum Corp. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Financial Leverage
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Total assets | ||||||
Total MPC stockholders’ equity | ||||||
Solvency Ratio | ||||||
Financial leverage1 | ||||||
Benchmarks | ||||||
Financial Leverage, Competitors2 | ||||||
Chevron Corp. | ||||||
ConocoPhillips | ||||||
Exxon Mobil Corp. | ||||||
Occidental Petroleum Corp. | ||||||
Valero Energy Corp. | ||||||
Financial Leverage, Sector | ||||||
Oil, Gas & Consumable Fuels | ||||||
Financial Leverage, Industry | ||||||
Energy |
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
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Marathon Petroleum Corp. financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
Interest Coverage
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net income (loss) attributable to MPC | ||||||
Add: Net income attributable to noncontrolling interest | ||||||
Less: Income from discontinued operations, net of tax | ||||||
Add: Income tax expense | ||||||
Add: Interest expense, net of interest capitalized | ||||||
Earnings before interest and tax (EBIT) | ||||||
Solvency Ratio | ||||||
Interest coverage1 | ||||||
Benchmarks | ||||||
Interest Coverage, Competitors2 | ||||||
Chevron Corp. | ||||||
ConocoPhillips | ||||||
Exxon Mobil Corp. | ||||||
Occidental Petroleum Corp. | ||||||
Valero Energy Corp. | ||||||
Interest Coverage, Sector | ||||||
Oil, Gas & Consumable Fuels | ||||||
Interest Coverage, Industry | ||||||
Energy |
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
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Marathon Petroleum Corp. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Fixed Charge Coverage
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net income (loss) attributable to MPC | ||||||
Add: Net income attributable to noncontrolling interest | ||||||
Less: Income from discontinued operations, net of tax | ||||||
Add: Income tax expense | ||||||
Add: Interest expense, net of interest capitalized | ||||||
Earnings before interest and tax (EBIT) | ||||||
Add: Operating lease cost | ||||||
Earnings before fixed charges and tax | ||||||
Interest expense, net of interest capitalized | ||||||
Operating lease cost | ||||||
Fixed charges | ||||||
Solvency Ratio | ||||||
Fixed charge coverage1 | ||||||
Benchmarks | ||||||
Fixed Charge Coverage, Competitors2 | ||||||
Chevron Corp. | ||||||
ConocoPhillips | ||||||
Exxon Mobil Corp. | ||||||
Occidental Petroleum Corp. | ||||||
Valero Energy Corp. | ||||||
Fixed Charge Coverage, Sector | ||||||
Oil, Gas & Consumable Fuels | ||||||
Fixed Charge Coverage, Industry | ||||||
Energy |
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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
2 Click competitor name to see calculations.
Solvency ratio | Description | The company |
---|---|---|
Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Marathon Petroleum Corp. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |