Marathon Petroleum Corp. (NYSE:MPC)

The analysis of the financial metrics over the period from February 2012 to February 2024 reveals notable trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio of the company.

Share Price

The share price demonstrates a general upward trajectory throughout the period under review, starting at $20.78 in February 2012 and rising substantially to $167.16 by February 2024. There are fluctuations evident within this period, with a notable peak in February 2015 at $52.50, followed by a decline to $34.22 in February 2016. Subsequently, the price again shows strong growth, with minor declines in some years such as in February 2019 and February 2020, before reaching new highs from 2022 onwards.

Book Value per Share (BVPS)

BVPS exhibits a consistent increasing trend, moving from $13.67 in February 2012 to $67.53 in February 2024. The growth is relatively steady with a marked acceleration between February 2018 ($29.48) and February 2019 ($52.22), indicating a substantial improvement in the company's net asset base per share. Though there was a decline in BVPS in February 2021 to $34.09, the subsequent years reversed this trend with significant gains.

Price-to-Book Value Ratio (P/BV)

The P/BV ratio shows variability over the period, reflecting changes in market valuation relative to the book value. It starts at 1.52 in February 2012, peaks at 2.67 in February 2015, and hits a low of 0.91 in February 2020. After 2020, the ratio trends upwards again, reaching 2.48 in February 2024. This variability suggests shifting investor sentiment and valuation multiples, possibly reflecting changing market conditions or company fundamentals. The low ratio in 2020 may indicate undervaluation relative to the book value during that year, whereas the higher ratios in 2015 and 2024 suggest periods of heightened market confidence or expectations.

Overall, the company has experienced substantial growth in both share price and book value per share over the examined timeframe. The fluctuations in the P/BV ratio highlight changing market perceptions, but the upward trajectory in recent years suggests renewed investor confidence and improved intrinsic value.