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olivLaw · US equity research

Marathon Petroleum Corporation MPC

Petroleum Refining · SIC 2911 · Vertical: Petroleum Refining (SIC 2911)

427.34USD−0.71% · 1 dayClose 03 Nov 2026

Marathon Petroleum Corporation (MPC) is one of the largest integrated refining, distribution and midstream energy companies in the United States, operating a large refining system that processes crude oil at scale. It matters now because it reported strong second-quarter 2026 earnings, driven mainly by refining margins, while continuing to expand its midstream division through MPLX, which supports distributions to shareholders.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 03 Nov 2026, Marathon Petroleum Corporation (MPC) stock was 427.34 USD (−0.71% on the day), with market capitalisation 116.4 bn USD, P/E 8.4 on diluted EPS of 51.17 USD over the last 12 months, dividend yield 0.94%, beta 0.61, 52-week range 162.63–484.92 USD. Latest reported quarter (Q3 2026): revenue of 56.0 bn USD (+61.0% YoY), net income of 7.4 bn USD (+443.6% YoY), diluted EPS 26.59 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
116.4 bn USD
shares as of 29 Oct 2026
P/E (TTM)
8.4
Diluted EPS TTM 51.17 · TTM to 30 Sept 2026
E/P (TTM)
11.97%
TTM to 30 Sept 2026
Dividend yield
0.94%
DPS 12m 4.00
Beta (2y)
0.61
Volatility (1y) 37%
52-week range
162.63484.92

Price history

Loading chart…

Technical reading

RSI (14)
44.7
weak (30–45)
Bollinger (20, 2)
422.28 – 492.91
in the lower half of the band · %B 0.07 · band width 15.4%
SMA 50 / 200
420.50 / 293.01
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
4.15 / 11.44
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+1.2%−2.0%+3.2 pp—
3 months+36.7%−2.2%+38.9 pp—
6 months+64.0%+4.3%+59.8 pp—
Year to date+162.8%+10.6%+152.2 pp—
1 year+118.3%+10.5%+107.8 pp+62.8%
3 years+183.4%+73.7%+109.8 pp+111.0%
5 years+572.2%+61.7%+510.5 pp—
Max drawdown (1y)
−18.7%
11 Nov 2025 → 31 Dec 2025
Max drawdown (5y)
−45.9%
05 Apr 2024 → 08 Apr 2025
Compound annual growth (5y)
+46.4%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
56.0 bn USD
+61.0% YoY
Net income
7.4 bn USD
+443.6% YoY
Diluted EPS
26.59
+489.6% YoY
net / operating
13.3% / 18.7%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue33.1 bn31.5 bn33.8 bn34.8 bn32.6 bn34.2 bn52.0 bn56.0 bn
Cost of revenue30.6 bn29.4 bn30.0 bn31.2 bn28.9 bn31.3 bn43.1 bn43.8 bn
SG&A804.0 m783.0 m867.0 m863.0 m836.0 m867.0 m894.0 m1.1 bn
Operating income1.1 bn687.0 m2.2 bn2.7 bn2.7 bn1.4 bn7.3 bn10.5 bn
Depreciation & amortisation826.0 m793.0 m789.0 m841.0 m828.0 m809.0 m838.0 m836.0 m
Interest expense331.0 m304.0 m319.0 m310.0 m343.0 m420.0 m433.0 m287.0 m
Pre-tax income896.0 m383.0 m1.9 bn2.4 bn2.4 bn1.0 bn7.0 bn10.2 bn
Income tax111.0 m37.0 m268.0 m460.0 m372.0 m183.0 m1.4 bn2.3 bn
Net income371.0 m-74.0 m1.2 bn1.4 bn1.5 bn511.0 m5.1 bn7.4 bn
Diluted EPS1.16 ≈-0.243.964.515.12 ≈1.7317.7326.59
Operating cash flow2.2 bn-64.0 m2.6 bn ≈2.6 bn ≈3.1 bn1.1 bn10.3 bn ≈10.7 bn ≈
Capex810.0 m663.0 m695.0 m ≈947.0 m ≈1.2 bn913.0 m1.2 bn ≈1.1 bn ≈
Dividends paid292.0 m285.0 m279.0 m ≈276.0 m ≈300.0 m295.0 m290.0 m ≈279.0 m ≈
Share repurchases1.4 bn1.1 bn780.0 m ≈650.0 m ≈1.0 bn750.0 m2.5 bn ≈3.0 bn ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 31 percentile of its own 39-quarter history (min 4.1, median 10.3, max 31.0; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue86.1 bn111.1 bn69.8 bn120.0 bn177.5 bn148.4 bn138.9 bn132.7 bn
Revenue YoY+15.2%+29.1%−37.2%+71.9%+47.9%−16.4%−6.4%−4.4%
Net income2.8 bn2.6 bn-9.8 bn9.7 bn14.5 bn9.7 bn3.4 bn4.0 bn
Net income YoY−19.0%−5.1%−472.6%unavailable+49.1%−33.3%−64.4%+17.5%
Diluted EPS5.283.97-15.1315.2428.1223.6310.0813.22
Diluted EPS YoY−21.2%−24.8%−481.1%unavailable+84.5%−16.0%−57.3%+31.2%
net %3.2%2.4%-14.1%8.1%8.2%6.5%2.5%3.0%
Free cash flow3.0 bn4.6 bn-368.0 m2.9 bn13.9 bn12.2 bn6.1 bn4.8 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
3.7 bn USD
Financial debt
2.4 bn USD
Net debt
-1.3 bn USD
Equity
24.1 bn USD
Total assets
84.0 bn USD
Debt / equity
0.10x
Current ratio
1.26x
ROE
16.7%
ROA
5.0%
FCF margin
3.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
148.4 bn
2024
138.9 bn
2025
132.7 bn

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
128.6 bn
2024
126.2 bn
2025
119.4 bn

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
19.8 bn ≈
2024
12.6 bn ≈
2025
13.3 bn ≈

SEC (XBRL)· 26 Feb 2026derived

SG&A
2023
3.0 bn
2024
3.2 bn
2025
3.3 bn

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
14.5 bn
2024
6.8 bn
2025
8.3 bn

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
3.3 bn
2024
3.3 bn
2025
3.3 bn

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2023
17.8 bn ≈
2024
10.1 bn ≈
2025
11.5 bn ≈

SEC (XBRL)· 26 Feb 2026derived

Interest expense
2023
525.0 m
2024
839.0 m
2025
1.5 bn

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
14.0 bn
2024
6.0 bn
2025
7.0 bn

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
2.8 bn
2024
890.0 m
2025
1.1 bn

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
9.7 bn
2024
3.4 bn
2025
4.0 bn

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
23.63
2024
10.08
2025
13.22

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
409.0 m
2024
341.0 m
2025
306.0 m

SEC (XBRL)· 26 Feb 2026verified

Dividend per share
2023
3.08
2024
3.39
2025
3.73

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
5.4 bn
2024
3.2 bn
2025
3.7 bn

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
12.2 bn
2024
11.1 bn
2025
10.3 bn

SEC (XBRL)· 26 Feb 2026verified

Inventories
2023
9.3 bn
2024
9.6 bn
2025
10.1 bn

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
32.1 bn
2024
24.4 bn
2025
24.8 bn

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
—
2024
—
2025
—

SEC (XBRL)· 26 Feb 2021verified

Goodwill
2023
8.2 bn
2024
8.2 bn
2025
9.4 bn

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
1.8 bn
2024
1.8 bn
2025
2.7 bn

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
86.0 bn
2024
78.9 bn
2025
84.0 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
13.8 bn
2024
13.9 bn
2025
13.0 bn

SEC (XBRL)· 26 Feb 2026verified

Short-term debt
2023
2.0 bn
2024
3.0 bn
2025
2.4 bn

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
20.2 bn
2024
20.8 bn
2025
19.7 bn

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
54.6 bn
2024
54.4 bn
2025
59.9 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
30.5 bn
2024
24.3 bn
2025
24.1 bn

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
14.1 bn
2024
8.7 bn
2025
8.3 bn

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
1.9 bn
2024
2.5 bn
2025
3.5 bn

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
12.2 bn ≈
2024
6.1 bn ≈
2025
4.8 bn ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-3.1 bn
2024
1.5 bn
2025
-5.9 bn

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-14.2 bn
2024
-12.4 bn
2025
-1.9 bn

SEC (XBRL)· 26 Feb 2026verified

Dividends paid
2023
1.3 bn
2024
1.2 bn
2025
1.1 bn

SEC (XBRL)· 26 Feb 2026verified

Share repurchases
2023
11.6 bn
2024
9.2 bn
2025
3.5 bn

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-4.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-9.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
13.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
22.0%
computed by olivLawFY 2025
Net income growth (YoY)
17.5%
computed by olivLawFY 2025
Net income CAGR 3Y
-34.7%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
31.2%
computed by olivLawFY 2025
EPS CAGR 3Y
-22.2%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-22.3%
computed by olivLawFY 2025

Profitability

Gross margin
15.9%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
14.4%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
12.5%
computed by olivLawTTM to 30 Sept 2026
Net margin
8.4%
computed by olivLawTTM to 30 Sept 2026
FCF margin
11.9%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
72.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
15.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
86.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
29.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
7.8%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
5.6%
computed by olivLawTTM to 30 Sept 2026

Balance sheet

Net debt
-12.7 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
-0.5x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
14.7x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.4x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
25.2 bn USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
4.4 bn USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
20.8 bn USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
142.5%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
100.3%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
29 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
25 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
41 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
13 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
116.4 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
103.7 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
8.0x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
8.4x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
12.0%
computed by olivLawTTM to 30 Sept 2026
P/B
5.0x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
0.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
4.1x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBIT
4.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
0.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
5.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
17.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
0.9%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
7.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Risk

Altman Z
4.23
computed by olivLawbalance sheet at 30 Sept 2026

Valuation

olivLaw classification

Attractive profile

Score: 76 / 100

A scoring methodology on indicators and valuation, not investment advice.

score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']

Closing price

427.34 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 116.4 bn USD

Key indicators

Market capitalisation
116.4 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
8.4x
computed by olivLawTTM to 30 Sept 2026
P/B
5.0x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
4.1x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROE
72.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
8.4%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
-4.4%
computed by olivLawFY 2025
Dividend yield
0.9%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

34/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 29 Oct 2026
Source: SEC (XBRL)published 03 Nov 2026
verified 2690derived 203

Score by group

  • Balance sheet91
  • Growth0
  • Quality78
  • Returns100
  • Valuation99

Estimated value range

Low
672.52
USD per share
Mid
890.22
USD per share
High
1,171.34
USD per share
Price: 427.34 USD
The price is below the range
Potential to the central value: 108.3% (value / price − 1)
Margin of safety: 52.0% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 445.52 – 1,333.22 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)899.51 – 1,333.22 (Mid 1,068.90)
    WACC 9.3% · starting FCFF 22.0 bn USD · terminal value share of EV 72%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: no growth between −30% and +40% justifies the price
  • Peers: EV/EBITDAunavailable · not enough peers
  • Peers: P/E445.52 – 1,009.47 (Mid 711.54)
    4 companies used · median multiple 13.9x · quartiles 8.7x – 19.7x
    COP, CVX, PSX, VLO
  • Dividend discount (DDM)outside the aggregate49.02 – 65.92 (Mid 56.22)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Multiple comparisons use the SIC vertical: Petroleum Refining (SIC 2911)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Attractive profile · Score 76/100

FactorValueScoreWeight used
ROIC · Quality86.5%100 (on a fixed band)10%
Net margin · Quality8.4%20 (vs peers)6%
FCF conversion · Quality142.5%100 (on a fixed band)6%
Revenue CAGR 3Y · Growth-9.2%0 (on a fixed band)8%
EPS CAGR 3Y · Growth-22.2%0 (on a fixed band)8%
Net debt / EBITDA · Balance sheet-0.5x100 (on a fixed band)10%
Interest coverage · Balance sheet14.7x100 (on a fixed band)6%
Current ratio · Balance sheet1.4x54 (on a fixed band)4%
P/E (TTM) · Valuation8.4x98 (on a fixed band)10%
EV/EBITDA · Valuation4.1x99 (on a fixed band)10%
FCF yield · Valuation17.9%100 (on a fixed band)8%
Shareholder yield (distributions) · Returns7.3%100 (on a fixed band)6%
Payout ratio (FCF) · Returns5.6%100 (on a fixed band)4%

Score groups

  • Balance sheet91/100 · 3/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality78/100 · 3/3 factors with a value
  • Returns100/100 · 2/2 factors with a value
  • Valuation99/100 · 3/3 factors with a value

Memo

Marathon Petroleum Corporation (MPC). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 132.7 bn USD in 2025; YoY growth -4.4%; net margin 8.4%; ROE 72.6%; net debt/EBITDA -0.5x.

The estimated value range is 672.52–1,171.34 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 890.22 USD, the price of 427.34 USD leaves a potential of 108.3% (value / price − 1) and a margin of safety of 52.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 76/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 86.5%
  • FCF conversion: 142.5%
  • Net debt / EBITDA: -0.5x
  • Interest coverage: 14.7x
  • P/E (TTM): 8.4x
  • EV/EBITDA: 4.1x
  • FCF yield: 17.9%
  • Shareholder yield (distributions): 7.3%
  • Payout ratio (FCF): 5.6%
  • The price is below the estimated value range

What contradicts it

  • Net margin: 8.4%
  • Revenue CAGR 3Y: -9.2%
  • EPS CAGR 3Y: -22.2%

Versus the vertical median

Petroleum Refining (SIC 2911) · same industry (4-digit SIC) · compared with 5 companies

Only companies with a capitalisation between 16.1 bn and 1,031.8 bn (within 8× of the company's); 12 of the vertical were left out.

Multiples and returns vs the median

P/E
8.4x
vertical median 13.9x
below median (−39.9%)
EV/EBITDA
4.1x
vertical median —
P/S
0.7x
vertical median 1.4x
below median (−52.0%)
P/B
5.0x
vertical median 2.9x
above median (+74.6%)
ROE
72.6%
vertical median 25.2%
above median (+187.7%)
Net margin
8.4%
vertical median 9.6%
below median (−12.5%)
EBIT margin
12.5%
vertical median —
Revenue YoY
-4.4%
vertical median -6.8%
above median
Net debt/EBITDA
-0.5x
vertical median —
Dividend yield
0.9%
vertical median 2.1%
below median (−54.6%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CVXChevron Corp445.1 bn21.612.2%9.6%−6.8%+49% / +57%
COPConocoPhillips173.5 bn19.114.2%14.7%+7.7%+63% / +25%
MPCMarathon Petroleum Corporation116.4 bn8.472.6%8.4%−4.4%+118% / +183%
VLOValero Energy Corp108.1 bn8.750.1%8.4%−5.5%+119% / +209%
PSXPhillips 66106.1 bn8.741.1%7.5%−7.5%+99% / +111%
IMOImperial Oil Limited——25.2%10.9%−8.6%+36% / +138%

1- and 3-year price returns: for MPC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
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Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
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Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
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Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
239.95
Total return -43% · Per year -43%
426.36
Total return 1% · Per year 1%
645.15
Total return 52% · Per year 52%
3 years
190.53
Total return -54% · Per year -23%
384.79
Total return -7% · Per year -2%
645.15
Total return 54% · Per year 16%
5 years
151.29
Total return -62% · Per year -17%
347.27
Total return -15% · Per year -3%
645.15
Total return 57% · Per year 9%
What moves the 3-year price the most
  • Exit P/E± 96.20
  • Net margin± 67.34
  • Annual revenue growth± 60.81
  • Annual dilution± 5.66

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (03 Nov 2026 · results).

In brief

Marathon Petroleum Corporation (MPC) is one of the largest integrated refining, distribution and midstream energy companies in the United States, operating a large refining system that processes crude oil at scale. It matters now because it reported strong second-quarter 2026 earnings, driven mainly by refining margins, while continuing to expand its midstream division through MPLX, which supports distributions to shareholders.

SWOT

Strengths

  • Refining scale and integration with midstream through MPLX give the company a strong position in the US market, supported by terminals and a private barge fleet.
  • Recent results show an ability to generate cash and return capital to shareholders, reinforcing financial flexibility.
  • The branded outlet network and long-term dealer contracts provide stable distribution channels across several regions.

Weaknesses

  • Results depend heavily on refining margins, which are volatile and influenced by factors outside the company's control.
  • Activities are concentrated in liquid fuels, which leaves the company exposed to lower long-term demand.
  • Operations carry risks of accidents, outages and environmental incidents that can generate high costs and legal liabilities.

Opportunities

  • Yield-enhancing and product-flexibility projects, including jet fuel output, could raise refinery value.
  • Developing natural gas and NGL value chains in the Permian and Marcellus basins could support MPLX growth.
  • Expanding renewable diesel output could diversify revenue if margins and supportive policies remain favorable.

Threats

  • Emissions rules and faster adoption of electric vehicles could reduce demand for traditional fuels.
  • Geopolitical tensions and tariffs on imported feedstocks could disrupt supply and increase price volatility.
  • Competitors expanding refining or gas processing capacity could intensify pressure on margins and market share.

Risks

  • Volatile refining marginshigh

    Margins depend on global and regional factors, and rapid changes in crude and product prices can directly affect results and shareholder distributions.

  • Operational interruptions and incidentshigh

    Planned and unplanned shutdowns, explosions or pipeline releases can cause serious damage, legal liability and production losses.

  • Cybersecurity exposuremedium

    The company's systems and those of its partners may be targeted by attacks that could compromise operations and confidential data.

  • Environmental and climate regulationmedium

    Emissions and electric vehicle policies can raise compliance costs and reduce demand for traditional fuels.

  • Artificial intelligence riskslow

    Adopting AI technologies may create compliance, reputational and confidentiality risks if outputs are inaccurate or data is mishandled.

Investment thesis

What would need to be true (bull case)

  • If refining margins stay elevated, quarterly results could keep improving and the company could sustain capital returns to shareholders.
  • An integrated position across refining, terminals and midstream through MPLX could produce steadier cash flows than peers more exposed to one segment.
  • Yield-enhancing projects and the expansion of gas and NGL value chains could add value over the medium term if executed as planned.

What would break the thesis

  • If refining margins weaken, earnings could fall quickly, and the company might need to reduce investment or capital returns.
  • Faster adoption of electric vehicles could cut demand for traditional fuels over the long run, potentially affecting the refining earnings base.
  • Reliance on a limited number of large refineries means a major outage could have a significant impact on results.

What to watch

  • Trend in crack spreads and refining margin per barrelQ3 2026
  • Execution of the Gulf Coast fractionation and Permian pipeline projects on the MPLX schedule2027
  • Regulatory developments on emissions and electric vehicles, and the trajectory of fuel demand2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (03 Nov 2026 · results).

The business

In 2025 net income attributable to MPC rose versus 2024, and in the second quarter of 2026 the company reported strong results, with higher refining margins and completion of yield-enhancing investments at the El Paso and Robinson refineries 3. Its capital strategy emphasizes high-return projects and returning capital to shareholders, though results still depend on refining margins, which remain volatile 1.

Segments

Renewable Diesel

The segment processes renewable feedstocks into renewable diesel and improved in 2026 on better margins, higher throughputs and stronger regulatory credit values, after a negative prior-year quarter 3.

Market context

The US refining market is cyclical and shaped by global demand, competitor capacity and environmental policy. The company says global demand growth could outpace the net impact of refining capacity additions and rationalizations through the end of the decade, which could support a constructive environment for US refiners 1. Gasoline and diesel demand is seasonal, peaking in summer months 1.

Natural gas and NGL markets in the Permian and Marcellus basins offer growth opportunities for MPLX if production in these regions keeps expanding 3. Geopolitical tensions in the Middle East, which can affect crude prices, are cited by the company as a factor affecting product prices and availability 2.

Trends

  • Strong refining marginstailwind

    Higher crack spreads in all regions supported second-quarter 2026 results, which could sustain earnings if these conditions persist 3.

  • Shift to electric vehiclesheadwind

    Regulations and wider adoption of electric vehicles could reduce demand for liquid transportation fuels over the longer term, which could affect sales volumes 1.

  • Growing demand for gas and NGLstailwind

    Expansion of Permian to Gulf Coast natural gas and NGL value chains through acquisitions and new MPLX projects supports growth in the Midstream segment 13.

  • Price and trade policy volatilitymixed

    Tariffs on imported crude and geopolitical instability could change margins in either direction, depending on how markets develop 12.

Competitive position

The refining and fuel distribution market is highly competitive, particularly for crude supply and product sales. The company competes with other independent marketers, integrated oil companies and high-volume retailers, as well as producers in other industries that supply alternative energy and fuels 1.

In midstream, competition comes from other pipeline and gas processing operators that may expand capacity in the same basins. MPC's position depends on the scale of its assets and their integration with its own refineries 12.

  • Valero EnergyVLO

    US refiner competing in gasoline and diesel markets, part of the competitive refining landscape in the United States.

  • Integrated oil companies

    Large integrated oil companies competing in wholesale and retail fuel markets, without a single representative ticker.

  • Other midstream companies

    Pipeline and gas processing operators competing for transport and fractionation contracts in Texas and Appalachian basins.

News & filings

In the press

The latest news item in our archive is from 08 Oct 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Marathon Petroleum Corporation · 26 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Marathon Petroleum Corporation · 04 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Marathon Petroleum Corporation · 04 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.