Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Marathon Petroleum Corp., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to MPC	9,681)	14,516)	9,738)	(9,826)	2,637)
Add: Net income attributable to noncontrolling interest	1,491)	1,534)	1,263)	(151)	618)
Less: Income from discontinued operations, net of tax	—)	72)	8,448)	1,205)	—)
Add: Income tax expense	2,817)	4,491)	264)	(2,430)	1,074)
Earnings before tax (EBT)	13,989)	20,469)	2,817)	(13,612)	4,329)
Add: Interest expense, net of interest capitalized	1,265)	1,195)	1,267)	1,333)	1,238)
Earnings before interest and tax (EBIT)	15,254)	21,664)	4,084)	(12,279)	5,567)
Add: Depreciation and amortization	3,307)	3,215)	3,364)	3,375)	3,638)
Earnings before interest, tax, depreciation and amortization (EBITDA)	18,561)	24,879)	7,448)	(8,904)	9,205)

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).

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Enterprise Value to EBITDA Ratio, Current

Marathon Petroleum Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	71,226)
Earnings before interest, tax, depreciation and amortization (EBITDA)	18,561)
Valuation Ratio
EV/EBITDA	3.84
Benchmarks
EV/EBITDA, Competitors¹
Chevron Corp.	10.86
ConocoPhillips	6.81
Exxon Mobil Corp.	10.36
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	8.62
EV/EBITDA, Industry
Energy	8.72

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Marathon Petroleum Corp., historical EV/EBITDA 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)
Enterprise value (EV)¹	83,564)	77,259)	63,196)	73,795)	66,555)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	18,561)	24,879)	7,448)	(8,904)	9,205)
Valuation Ratio
EV/EBITDA³	4.50	3.11	8.48	—	7.23
Benchmarks
EV/EBITDA, Competitors⁴
Chevron Corp.	6.34	4.74	7.18	—	—
ConocoPhillips	5.64	3.82	6.34	—	—
Exxon Mobil Corp.	5.81	4.54	7.07	—	—
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	5.95	4.47	6.97	—	—
EV/EBITDA, Industry
Energy	6.18	4.75	7.24	—	—