Marathon Petroleum Corp. (MPC) intrinsic value & 10-year financials
Marathon Petroleum Corp. (MPC) has a Graham intrinsic value of $439.11 per share. At $478.07 on Oct 17, 2026, the stock trades 9% above that value. Over the last 10 fiscal years revenue grew 8.6% a year to $132.7B, with an average return on invested capital of 12.1%.
- Graham intrinsic value
- $439.11
- Share price (Oct 17, 2026)
- $478.07
- Price vs Graham value
- 9% above
- Market cap
- $146.3B
- Revenue (FY2025)
- $132.7B
- Revenue growth (10-yr CAGR)
- 8.6%
- ROIC (10-yr avg)
- 12.1%
- Free cash flow (FY2025)
- $4.8B
MPC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $132.7B | $4.0B | $13.22 | $4.8B | 6.2% | 15.6% |
| FY2024 | $138.9B | $3.4B | $10.08 | $6.1B | 4.9% | 13.0% |
| FY2023 | $148.4B | $9.7B | $23.63 | $12.2B | 9.8% | 25.3% |
| FY2022 | $177.5B | $14.5B | $28.12 | $13.9B | 12.1% | 36.2% |
| FY2021 | $120.0B | $9.7B | $15.24 | $2.9B | 3.6% | 8.7% |
| FY2020 | $69.8B | -$9.8B | -$15.13 | -$368.0M | -17.6% | -17.7% |
| FY2019 | $123.9B | $2.6B | $3.97 | $4.1B | 4.5% | 6.6% |
| FY2018 | $95.8B | $2.8B | $5.28 | $2.6B | 5.8% | 9.9% |
| FY2017 | $74.1B | $3.4B | $6.70 | $3.9B | 5.4% | 17.0% |
| FY2016 | $63.3B | $1.2B | $2.21 | $1.1B | 3.8% | 6.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Marathon Petroleum is a consistent compounder, expanding top-line revenue at 8.6% annually over the past decade.
Marathon Petroleum returns on capital have been average, hovering around 12.1% ROIC over the decade.
Over the decade, Marathon Petroleum shows that management has aggressively returned capital to shareholders by retiring 42.3% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Marathon Petroleum is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $439.11 per share.