Price to Book Value (P/BV)
since 2011
Calculation
Marathon Petroleum Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total MPC stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 28, 2024 | 2.48 | = | 167.16 | ÷ | 67.53 | 67.53 | = | 24,404 | ÷ | 361,358,732 | |
| Feb 23, 2023 | 2.02 | = | 125.52 | ÷ | 62.20 | 62.20 | = | 27,715 | ÷ | 445,546,907 | |
| Feb 24, 2022 | 1.61 | = | 74.46 | ÷ | 46.36 | 46.36 | = | 26,206 | ÷ | 565,212,958 | |
| Feb 26, 2021 | 1.60 | = | 54.62 | ÷ | 34.09 | 34.09 | = | 22,199 | ÷ | 651,274,842 | |
| Feb 28, 2020 | 0.91 | = | 47.42 | ÷ | 51.88 | 51.88 | = | 33,694 | ÷ | 649,503,967 | |
| Feb 28, 2019 | 1.19 | = | 62.01 | ÷ | 52.22 | 52.22 | = | 35,175 | ÷ | 673,619,190 | |
| Feb 28, 2018 | 2.17 | = | 64.06 | ÷ | 29.48 | 29.48 | = | 14,033 | ÷ | 476,059,729 | |
| Feb 24, 2017 | 1.95 | = | 50.03 | ÷ | 25.69 | 25.69 | = | 13,557 | ÷ | 527,782,929 | |
| Feb 26, 2016 | 1.37 | = | 34.22 | ÷ | 25.01 | 25.01 | = | 13,237 | ÷ | 529,227,453 | |
| Feb 27, 2015 | 2.67 | = | 52.50 | ÷ | 19.69 | 19.69 | = | 10,751 | ÷ | 546,125,760 | |
| Feb 28, 2014 | 2.27 | = | 42.00 | ÷ | 18.54 | 18.54 | = | 10,920 | ÷ | 589,128,462 | |
| Feb 28, 2013 | 2.35 | = | 41.44 | ÷ | 17.64 | 17.64 | = | 11,694 | ÷ | 662,867,852 | |
| Feb 29, 2012 | 1.52 | = | 20.78 | ÷ | 13.67 | 13.67 | = | 9,505 | ÷ | 695,228,266 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Marathon Petroleum Corp. Annual Report.
The Price to Book Value (P/BV) ratio for the period between 2012 and 2024 demonstrates a pattern of significant cyclicality, mirroring fluctuations in both market price and the underlying book value per share. The ratio has historically shifted between varying levels of premiums and a brief period of discount, with a clear trend toward higher valuation multiples in the most recent fiscal years.
- Valuation Extremes and Volatility
- The P/BV ratio reached its peak in February 2015 at 2.67, indicating a strong market premium over the book value. Conversely, the ratio hit its minimum in February 2020, falling to 0.91. This represents the only instance in the observed period where the equity traded below its book value, signaling a phase of market undervaluation or increased risk perception.
- Book Value Per Share (BVPS) Dynamics
- BVPS exhibited a long-term growth trajectory, increasing from 13.67 in 2012 to 67.53 by 2024. A significant contraction occurred in February 2021, where BVPS dropped to 34.09 from 51.88 in the previous year, though it recovered substantially over the following three years.
- Recent Valuation Expansion
- Starting in 2021, a consistent upward trend in the P/BV ratio is observed, rising from 1.60 to 2.48 by February 2024. This expansion aligns with a rapid increase in the share price, which grew from 54.62 to 167.16 during the same window, suggesting an increase in market confidence and a higher valuation multiple applied to the company's net assets.
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Comparison to Competitors
Marathon Petroleum Corp., P/BV, long-term trends, comparison to competitors
| Marathon Petroleum Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 28, 2024 | 2.48 | 1.78 | 2.65 | 2.02 |
| Feb 23, 2023 | 2.02 | 1.94 | 2.75 | 2.29 |
| Feb 24, 2022 | 1.61 | 1.89 | 2.61 | 1.93 |
| Feb 26, 2021 | 1.60 | 1.50 | 2.22 | 1.53 |
| Feb 28, 2020 | 0.91 | 1.42 | 1.80 | 1.17 |
| Feb 28, 2019 | 1.19 | 1.47 | 2.47 | 1.75 |
| Feb 28, 2018 | 2.17 | 1.42 | 2.10 | 1.71 |
| Feb 24, 2017 | 1.95 | 1.44 | 1.70 | 2.01 |
| Feb 26, 2016 | 1.37 | 1.05 | 1.02 | 1.98 |
| Feb 27, 2015 | 2.67 | 1.32 | 1.59 | 2.16 |
| Feb 28, 2014 | 2.27 | 1.44 | 1.57 | 2.38 |
| Feb 28, 2013 | 2.35 | 1.65 | 1.49 | 2.42 |
| Feb 29, 2012 | 1.52 | 1.76 | 1.45 | 2.67 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Marathon Petroleum Corp., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Marathon Petroleum Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 28, 2024 | 2.48 | 2.00 |
| Feb 23, 2023 | 2.02 | 2.21 |
| Feb 24, 2022 | 1.61 | 2.00 |
| Feb 26, 2021 | 1.60 | 1.58 |
| Feb 28, 2020 | 0.91 | 1.33 |
| Feb 28, 2019 | 1.19 | 1.70 |
| Feb 28, 2018 | 2.17 | 1.62 |
| Feb 24, 2017 | 1.95 | 1.74 |
| Feb 26, 2016 | 1.37 | 1.49 |
| Feb 27, 2015 | 2.67 | 1.74 |
| Feb 28, 2014 | 2.27 | 1.89 |
| Feb 28, 2013 | 2.35 | 1.99 |
| Feb 29, 2012 | 1.52 | 2.11 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
Comparison to Industry (Energy)
Marathon Petroleum Corp., P/BV, long-term trends, comparison to industry (energy)
| Marathon Petroleum Corp. | Energy | |
|---|---|---|
| Feb 28, 2024 | 2.48 | 2.08 |
| Feb 23, 2023 | 2.02 | 2.30 |
| Feb 24, 2022 | 1.61 | 2.07 |
| Feb 26, 2021 | 1.60 | 1.61 |
| Feb 28, 2020 | 0.91 | 1.38 |
| Feb 28, 2019 | 1.19 | 1.69 |
| Feb 28, 2018 | 2.17 | 1.74 |
| Feb 24, 2017 | 1.95 | 1.86 |
| Feb 26, 2016 | 1.37 | 1.56 |
| Feb 27, 2015 | 2.67 | 1.83 |
| Feb 28, 2014 | 2.27 | 1.99 |
| Feb 28, 2013 | 2.35 | 2.08 |
| Feb 29, 2012 | 1.52 | 2.21 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).