Enterprise Value (EV)
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Marathon Oil Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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Current Enterprise Value (EV)
Marathon Oil Corp., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock, no par value; no shares issued or outstanding (per books) | |
| Total equity | |
| Add: Current portion of long-term finance lease liability (per books) | |
| Add: Long-term debt due within one year (per books) | |
| Add: Long-term debt, excluding due within one year (per books) | |
| Add: Long-term finance lease liability, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2021-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Marathon Oil Corp., EV calculation
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Marathon Oil Corp. Annual Report.
3 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
- Equity Trends
- The company's common equity and total equity, both measured in US$ millions, followed identical trends over the five-year period. From 2017 to 2018, equity increased modestly from 12,899 to 13,653. However, a sharp decline occurred in 2019, dropping to 8,157, representing a significant reduction in shareholders' equity. Subsequently, a gradual recovery took place in 2020 with equity rising to 8,806, and this recovery was more pronounced in 2021, reaching its highest point in the period at 15,996.
- Total Equity and Debt
- The total equity and debt figures showed a similar pattern to equity alone but at higher absolute values, reflecting the inclusion of debt alongside equity. Starting at 18,393 in 2017, the amount increased slightly in 2018 to 19,152. This was followed by a marked fall in 2019 to 13,658. A recovery trend was seen again in 2020, reaching 14,210, and a more substantial increase in 2021 to 20,040, exceeding previous years' levels.
- Enterprise Value (EV)
- Enterprise value, also measured in US$ millions, showed a declining trend from 2017 (17,830) to a low in 2019 (12,800). This trend reversed in 2020, with EV increasing to 13,468 and then rising further in 2021 to 19,460, surpassing earlier period figures. The fluctuations in EV align closely with changes in both equity and debt levels, indicating adjustments in the company's market valuation and capital structure over the period.
- Overall Analysis
- The overall financial data reflect volatility during the period, with a noticeable dip in 2019 across all reported metrics, followed by a recovery through 2020 and a significant rebound in 2021. The simultaneous increases in equity, total capital, and enterprise value in 2021 suggest a strengthened financial position, possibly due to improved market conditions, asset values, or capital structure adjustments. The alignment between the trends in equity and enterprise value further indicates that market valuation movements were a key factor in the financial changes observed.