Return on Assets (ROA)
since 2011
Calculation
Marathon Petroleum Corp., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income (loss) attributable to MPC1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 11.26% | = | 100 | × | 9,681) | ÷ | 85,987) |
| Dec 31, 2022 | 16.15% | = | 100 | × | 14,516) | ÷ | 89,904) |
| Dec 31, 2021 | 11.41% | = | 100 | × | 9,738) | ÷ | 85,373) |
| Dec 31, 2020 | -11.54% | = | 100 | × | (9,826) | ÷ | 85,158) |
| Dec 31, 2019 | 2.68% | = | 100 | × | 2,637) | ÷ | 98,556) |
| Dec 31, 2018 | 2.99% | = | 100 | × | 2,780) | ÷ | 92,940) |
| Dec 31, 2017 | 7.00% | = | 100 | × | 3,432) | ÷ | 49,047) |
| Dec 31, 2016 | 2.64% | = | 100 | × | 1,174) | ÷ | 44,413) |
| Dec 31, 2015 | 6.61% | = | 100 | × | 2,852) | ÷ | 43,115) |
| Dec 31, 2014 | 8.29% | = | 100 | × | 2,524) | ÷ | 30,460) |
| Dec 31, 2013 | 7.44% | = | 100 | × | 2,112) | ÷ | 28,385) |
| Dec 31, 2012 | 12.45% | = | 100 | × | 3,389) | ÷ | 27,223) |
| Dec 31, 2011 | 9.28% | = | 100 | × | 2,389) | ÷ | 25,745) |
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$ in millions
The financial performance from 2011 to 2023 is characterized by significant shifts in asset scale and profitability, resulting in high volatility in the Return on Assets (ROA). While the initial period showed relative stability in earnings, the latter years experienced extreme fluctuations in both net income and the total asset base.
- Asset Base Expansion
- Total assets grew steadily from $25.7 billion in 2011 to $49.0 billion in 2017. A substantial expansion occurred in 2018, with assets increasing to $92.9 billion. Following this spike, the asset base remained elevated, fluctuating between $85.2 billion and $89.9 billion through 2023.
- Net Income Volatility
- Net income remained relatively consistent between $2.1 billion and $3.4 billion from 2011 through 2019. A severe contraction occurred in 2020, resulting in a net loss of $9.8 billion. This was followed by a period of exceptional growth from 2021 to 2023, with net income peaking at $14.5 billion in 2022.
- Return on Assets (ROA) Analysis
- ROA exhibited a general downward trend between 2012 and 2019, falling from 12.45% to 2.68%, as the growth in the asset base outpaced earnings growth. The ratio reached a minimum of -11.54% in 2020 due to the net loss. A sharp recovery ensued, with ROA reaching a period peak of 16.15% in 2022 before adjusting to 11.26% in 2023.
The correlation between the expanded asset base and the surge in net income after 2020 suggests a significant improvement in asset utilization efficiency in the most recent three-year period compared to the 2015-2019 interval.
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Comparison to Competitors
Marathon Petroleum Corp., ROA, long-term trends, comparison to competitors
| Marathon Petroleum Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Dec 31, 2023 | 11.26% | 8.17% | 11.42% | 9.57% |
| Dec 31, 2022 | 16.15% | 13.76% | 19.91% | 15.10% |
| Dec 31, 2021 | 11.41% | 6.52% | 8.91% | 6.80% |
| Dec 31, 2020 | -11.54% | -2.31% | -4.31% | -6.74% |
| Dec 31, 2019 | 2.68% | 1.23% | 10.20% | 3.95% |
| Dec 31, 2018 | 2.99% | 5.84% | 8.94% | 6.02% |
| Dec 31, 2017 | 7.00% | 3.62% | -1.17% | 5.65% |
| Dec 31, 2016 | 2.64% | -0.19% | -4.03% | 2.37% |
| Dec 31, 2015 | 6.61% | 1.72% | -4.54% | 4.80% |
| Dec 31, 2014 | 8.29% | 7.23% | 5.89% | 9.30% |
| Dec 31, 2013 | 7.44% | 8.44% | 7.76% | 9.39% |
| Dec 31, 2012 | 12.45% | 11.24% | 7.19% | 13.45% |
| Dec 31, 2011 | 9.28% | 12.84% | 8.12% | 12.40% |
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., ROA, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Marathon Petroleum Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2023 | 11.26% | 9.31% |
| Dec 31, 2022 | 16.15% | 15.25% |
| Dec 31, 2021 | 11.41% | 6.99% |
| Dec 31, 2020 | -11.54% | -4.83% |
| Dec 31, 2019 | 2.68% | 3.65% |
| Dec 31, 2018 | 2.99% | 6.26% |
| Dec 31, 2017 | 7.00% | 4.15% |
| Dec 31, 2016 | 2.64% | 0.55% |
| Dec 31, 2015 | 6.61% | 2.33% |
| Dec 31, 2014 | 8.29% | 8.01% |
| Dec 31, 2013 | 7.44% | 8.79% |
| Dec 31, 2012 | 12.45% | 11.62% |
| Dec 31, 2011 | 9.28% | 11.59% |
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., ROA, long-term trends, comparison to industry (energy)
| Marathon Petroleum Corp. | Energy | |
|---|---|---|
| Dec 31, 2023 | 11.26% | 9.28% |
| Dec 31, 2022 | 16.15% | 14.84% |
| Dec 31, 2021 | 11.41% | 6.84% |
| Dec 31, 2020 | -11.54% | -6.08% |
| Dec 31, 2019 | 2.68% | 1.97% |
| Dec 31, 2018 | 2.99% | 5.95% |
| Dec 31, 2017 | 7.00% | 3.55% |
| Dec 31, 2016 | 2.64% | 0.27% |
| Dec 31, 2015 | 6.61% | 2.39% |
| Dec 31, 2014 | 8.29% | 8.02% |
| Dec 31, 2013 | 7.44% | 8.90% |
| Dec 31, 2012 | 12.45% | 11.40% |
| Dec 31, 2011 | 9.28% | 11.40% |
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).