Stock Analysis on Net

Marathon Petroleum Corp. (NYSE:MPC)

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Marathon Petroleum Corp., historical price multiples (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 10.62 7.96 8.11 6.24 4.97 4.23 3.03 3.85 4.67 5.70 4.63 4.32 4.30 4.53 11.68
Price to operating profit (P/OP) 5.97 4.99 5.23 4.16 3.41 2.87 2.08 2.60 3.02 3.55 8.64 9.79 13.66 67.39 310.45 5.52
Price to sales (P/S) 0.34 0.39 0.44 0.41 0.38 0.34 0.28 0.32 0.32 0.29 0.37 0.35 0.39 0.40 0.55 0.51 0.25 0.26 0.17 0.25
Price to book value (P/BV) 2.54 2.68 2.79 2.48 2.22 2.10 1.85 2.02 2.12 1.77 2.09 1.61 1.41 1.20 1.80 1.60 0.92 1.06 0.83 0.91 1.31 0.98 1.03

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Marathon Petroleum Corp. P/E ratio decreased from Q1 2024 to Q2 2024 but then increased from Q2 2024 to Q3 2024 exceeding Q1 2024 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Marathon Petroleum Corp. P/OP ratio decreased from Q1 2024 to Q2 2024 but then increased from Q2 2024 to Q3 2024 exceeding Q1 2024 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Marathon Petroleum Corp. P/S ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Marathon Petroleum Corp. P/BV ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Price to Earnings (P/E)

Marathon Petroleum Corp., historical P/E calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 321,388,952 334,684,050 352,330,482 361,358,732 379,697,277 399,844,048 424,282,812 445,546,907 468,660,833 498,624,055 540,994,934 565,212,958 615,587,681 638,202,178 652,649,795 651,274,842 650,650,746 650,695,467 650,260,897 649,503,967 649,321,709 658,319,324 662,618,001
Selected Financial Data (US$)
Net income (loss) attributable to MPC (in millions) 622 1,515 937 1,451 3,280 2,226 2,724 3,321 4,477 5,873 845 774 694 8,512 (242) 285 (886) 9 (9,234) 443 1,095 1,106 (7)
Earnings per share (EPS)2 14.08 21.46 22.41 26.79 30.42 31.88 38.64 32.58 25.54 16.42 20.01 17.23 15.02 12.02 -1.28 -15.09 -14.86 -11.81 -10.13 4.06 0.00 0.00 0.00
Share price1, 3 149.56 170.89 181.72 167.16 151.25 134.94 116.97 125.52 119.20 93.62 92.65 74.46 64.64 54.38 59.46 54.62 31.58 38.57 30.78 47.42 67.94 50.67 52.96
Valuation Ratio
P/E ratio4 10.62 7.96 8.11 6.24 4.97 4.23 3.03 3.85 4.67 5.70 4.63 4.32 4.30 4.53 11.68
Benchmarks
P/E Ratio, Competitors5
Chevron Corp. 16.89 13.91 14.63 13.42 11.03 9.88 8.27 8.71 10.25 10.19 16.06 16.81 22.09 54.58 43.40 70.06
ConocoPhillips 12.68 11.78 13.50 11.92 12.94 10.65 7.44 7.07 9.23 7.19 10.35 14.66 20.66 40.48 3,758.13 17.58 12.13 8.77
Exxon Mobil Corp. 15.47 14.93 14.38 11.49 11.00 8.76 7.58 8.47 8.70 9.74 14.98 14.11 42.32 25.86 16.34 15.64
Occidental Petroleum Corp. 12.74 13.05 16.45 13.36 11.85 9.28 5.97 4.24 5.61 5.94 8.51 23.89
Valero Energy Corp. 11.04 8.46 7.79 5.26 3.97 4.05 3.03 4.26 5.18 6.10 18.57 37.78 21.41 62.84 12.12

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
EPS = (Net income (loss) attributable to MPCQ3 2024 + Net income (loss) attributable to MPCQ2 2024 + Net income (loss) attributable to MPCQ1 2024 + Net income (loss) attributable to MPCQ4 2023) ÷ No. shares of common stock outstanding
= (622,000,000 + 1,515,000,000 + 937,000,000 + 1,451,000,000) ÷ 321,388,952 = 14.08

3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= 149.56 ÷ 14.08 = 10.62

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Marathon Petroleum Corp. P/E ratio decreased from Q1 2024 to Q2 2024 but then increased from Q2 2024 to Q3 2024 exceeding Q1 2024 level.

Price to Operating Profit (P/OP)

Marathon Petroleum Corp., historical P/OP calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 321,388,952 334,684,050 352,330,482 361,358,732 379,697,277 399,844,048 424,282,812 445,546,907 468,660,833 498,624,055 540,994,934 565,212,958 615,587,681 638,202,178 652,649,795 651,274,842 650,650,746 650,695,467 650,260,897 649,503,967 649,321,709 658,319,324 662,618,001
Selected Financial Data (US$)
Income (loss) from operations (in millions) 1,349 2,522 1,784 2,395 4,753 3,305 4,061 4,739 6,686 8,328 1,716 1,778 1,340 965 217 390 (1,057) 575 (12,155) 841 2,024 2,042 669
Operating profit per share2 25.05 34.22 34.73 40.17 44.40 47.00 56.13 48.19 39.49 26.40 10.72 7.61 4.73 0.81 0.19 -18.80 -18.13 -13.39 -11.15 8.59 0.00 0.00 0.00
Share price1, 3 149.56 170.89 181.72 167.16 151.25 134.94 116.97 125.52 119.20 93.62 92.65 74.46 64.64 54.38 59.46 54.62 31.58 38.57 30.78 47.42 67.94 50.67 52.96
Valuation Ratio
P/OP ratio4 5.97 4.99 5.23 4.16 3.41 2.87 2.08 2.60 3.02 3.55 8.64 9.79 13.66 67.39 310.45 5.52
Benchmarks
P/OP Ratio, Competitors5
Chevron Corp. 10.99 9.34 10.35 9.48 7.68 6.97 5.81 6.12 7.34 7.23 11.13 11.40 14.10 26.00 24.46 30.35
ConocoPhillips 7.96 7.49 8.70 7.61 8.04 6.49 4.60 4.57 5.96 4.72 6.75 8.66 11.68 17.96 71.79 6,288.41 10.11 7.27 6.04
Exxon Mobil Corp. 10.23 9.86 9.47 7.62 7.06 6.00 5.28 5.88 6.28 6.76 10.28 9.86 22.63 16.35 10.60 10.14
Occidental Petroleum Corp. 7.81 8.15 9.68 7.37 6.93 5.80 4.11 3.78 4.91 5.18 7.42 7.96 33.61 45.37
Valero Energy Corp. 8.22 6.32 5.76 3.92 2.92 2.98 2.26 3.13 3.76 4.36 11.28 16.50 487.32 944.75 23.43 10.75 21.60 7.65

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
Operating profit per share = (Income (loss) from operationsQ3 2024 + Income (loss) from operationsQ2 2024 + Income (loss) from operationsQ1 2024 + Income (loss) from operationsQ4 2023) ÷ No. shares of common stock outstanding
= (1,349,000,000 + 2,522,000,000 + 1,784,000,000 + 2,395,000,000) ÷ 321,388,952 = 25.05

3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 149.56 ÷ 25.05 = 5.97

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Marathon Petroleum Corp. P/OP ratio decreased from Q1 2024 to Q2 2024 but then increased from Q2 2024 to Q3 2024 exceeding Q1 2024 level.

Price to Sales (P/S)

Marathon Petroleum Corp., historical P/S calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 321,388,952 334,684,050 352,330,482 361,358,732 379,697,277 399,844,048 424,282,812 445,546,907 468,660,833 498,624,055 540,994,934 565,212,958 615,587,681 638,202,178 652,649,795 651,274,842 650,650,746 650,695,467 650,260,897 649,503,967 649,321,709 658,319,324 662,618,001
Selected Financial Data (US$)
Sales and other operating revenues (in millions) 35,107 37,914 32,706 36,255 40,917 36,343 34,864 39,813 45,787 53,795 38,058 35,336 32,321 29,615 22,711 17,972 17,408 12,195 22,204 31,092 31,043 33,547 28,267
Sales per share2 441.78 441.59 415.01 410.61 400.15 392.17 410.71 398.28 369.09 319.90 250.15 212.28 166.70 137.43 107.69 107.14 127.41 148.36 181.29 190.84 0.00 0.00 0.00
Share price1, 3 149.56 170.89 181.72 167.16 151.25 134.94 116.97 125.52 119.20 93.62 92.65 74.46 64.64 54.38 59.46 54.62 31.58 38.57 30.78 47.42 67.94 50.67 52.96
Valuation Ratio
P/S ratio4 0.34 0.39 0.44 0.41 0.38 0.34 0.28 0.32 0.32 0.29 0.37 0.35 0.39 0.40 0.55 0.51 0.25 0.26 0.17 0.25
Benchmarks
P/S Ratio, Competitors5
Chevron Corp. 1.45 1.32 1.53 1.46 1.39 1.39 1.27 1.31 1.54 1.44 1.86 1.69 1.63 1.69 2.19 2.09 1.29 1.42 1.24 1.46
ConocoPhillips 2.28 2.23 2.59 2.33 2.42 2.06 1.56 1.68 2.22 1.75 2.47 2.58 2.67 2.56 3.35 3.52 1.50 1.66 1.48 1.94
Exxon Mobil Corp. 1.53 1.50 1.42 1.24 1.21 1.17 1.13 1.12 1.17 1.08 1.26 1.17 1.12 1.12 1.43 1.34 0.72 0.87 0.75 0.88
Occidental Petroleum Corp. 1.74 1.87 2.14 1.78 1.81 1.72 1.48 1.45 1.87 1.80 1.92 1.40 1.42 1.26 1.51 1.39 0.57 0.71 0.52 1.44
Valero Energy Corp. 0.30 0.36 0.39 0.32 0.28 0.28 0.24 0.28 0.29 0.28 0.36 0.31 0.34 0.34 0.48 0.48 0.19 0.26 0.25 0.27

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
Sales per share = (Sales and other operating revenuesQ3 2024 + Sales and other operating revenuesQ2 2024 + Sales and other operating revenuesQ1 2024 + Sales and other operating revenuesQ4 2023) ÷ No. shares of common stock outstanding
= (35,107,000,000 + 37,914,000,000 + 32,706,000,000 + 36,255,000,000) ÷ 321,388,952 = 441.78

3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 149.56 ÷ 441.78 = 0.34

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Marathon Petroleum Corp. P/S ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Price to Book Value (P/BV)

Marathon Petroleum Corp., historical P/BV calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 321,388,952 334,684,050 352,330,482 361,358,732 379,697,277 399,844,048 424,282,812 445,546,907 468,660,833 498,624,055 540,994,934 565,212,958 615,587,681 638,202,178 652,649,795 651,274,842 650,650,746 650,695,467 650,260,897 649,503,967 649,321,709 658,319,324 662,618,001
Selected Financial Data (US$)
Total MPC stockholders’ equity (in millions) 18,933 21,324 22,922 24,404 25,862 25,714 26,858 27,715 26,304 26,306 23,972 26,206 28,280 28,921 21,592 22,199 22,453 23,741 24,088 33,694 33,738 34,207 33,951
Book value per share (BVPS)2 58.91 63.71 65.06 67.53 68.11 64.31 63.30 62.20 56.13 52.76 44.31 46.36 45.94 45.32 33.08 34.09 34.51 36.49 37.04 51.88 51.96 51.96 51.24
Share price1, 3 149.56 170.89 181.72 167.16 151.25 134.94 116.97 125.52 119.20 93.62 92.65 74.46 64.64 54.38 59.46 54.62 31.58 38.57 30.78 47.42 67.94 50.67 52.96
Valuation Ratio
P/BV ratio4 2.54 2.68 2.79 2.48 2.22 2.10 1.85 2.02 2.12 1.77 2.09 1.61 1.41 1.20 1.80 1.60 0.92 1.06 0.83 0.91 1.31 0.98 1.03
Benchmarks
P/BV Ratio, Competitors5
Chevron Corp. 1.80 1.64 1.85 1.78 1.70 1.88 1.86 1.94 2.21 1.93 2.25 1.89 1.61 1.47 1.59 1.50 1.02 1.21 1.17 1.42 1.48 1.45 1.43
ConocoPhillips 2.53 2.53 2.90 2.65 3.03 2.90 2.47 2.75 3.40 2.28 2.70 2.61 2.19 1.69 1.74 2.22 1.02 1.28 1.40 1.80 1.72 1.98 2.11
Exxon Mobil Corp. 1.94 1.90 2.30 2.02 2.10 2.14 2.24 2.29 2.43 2.14 2.28 1.93 1.69 1.52 1.64 1.53 0.79 1.03 1.02 1.17 1.59 1.56 1.71
Occidental Petroleum Corp. 1.36 1.59 1.87 1.67 1.81 1.87 1.78 1.76 2.37 2.18 2.24 1.79 1.67 1.35 1.36 1.33 0.57 0.66 0.39 0.86 1.10 1.80 2.07
Valero Energy Corp. 1.61 1.98 2.10 1.76 1.64 1.71 1.66 2.09 2.23 2.06 2.51 1.91 1.84 1.57 1.70 1.65 0.77 1.16 1.43 1.35 1.97 1.49 1.65

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
BVPS = Total MPC stockholders’ equity ÷ No. shares of common stock outstanding
= 18,933,000,000 ÷ 321,388,952 = 58.91

3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 149.56 ÷ 58.91 = 2.54

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Marathon Petroleum Corp. P/BV ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.