Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2011
- Debt to Equity since 2011
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Marathon Petroleum Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the quarterly financial ratios reveals several notable trends in the operational efficiency and asset utilization over the examined periods.
- Net Fixed Asset Turnover
- This ratio exhibited a declining trend from the beginning of the period, falling from 2.6 to a low of approximately 1.79 by the end of 2020. However, from early 2021 onward, a consistent recovery and growth pattern is apparent, with values rising steadily to peak near 4.98 by the end of 2022. Subsequently, a modest downward adjustment occurs through 2023 and into 2024, settling around the 4.11 mark in the latest quarter. This pattern suggests an initial reduction in the efficiency of fixed asset utilization, followed by a significant improvement, and later stabilizing at a high level relative to earlier years.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The trend closely mirrors the net fixed asset turnover ratio without leases, indicating similar operational dynamics. Starting at 2.46 and dipping to roughly 1.72 at the end of 2020, the ratio climbs convincingly to about 4.81 by the end of 2022. Thereafter, a slight decline is observed through 2023 and into mid-2024, decreasing to just below 4.00 in the last observed quarter. This parallel movement suggests lease assets contribute comparably to asset turnover trends and that the integration of operating lease assets into the asset base aligns with overall fixed asset efficiency.
- Total Asset Turnover
- This ratio demonstrates a pronounced dip during 2020, dropping from 1.37 to a low near 0.82 by the end of that year, reflecting decreased asset utilization possibly due to economic or operational challenges during that period. Beginning in 2021, the ratio shows a robust recovery and upward trajectory, reaching approximately 2.00 at the start of 2023. Thereafter, a gentle tapering occurs, with the ratio fluctuating between 1.69 and 1.78 in the more recent quarters. Overall, the total asset turnover ratio indicates improved efficiency in using both fixed and current assets post-2020, stabilizing at a level that is roughly double the low observed in late 2020.
- Equity Turnover
- The equity turnover ratio initially decreases from 4.89 in early 2020 to 3.14 at the end of that year, reflecting a reduced rate of revenue generation per unit of equity. However, from 2021 onwards, there is a persistent upward trend with notable acceleration throughout 2022 and continuing into 2024, where it peaks at 7.5 in the most recent quarter. This rising pattern indicates increasing effectiveness in generating sales from equity funds, suggesting enhanced leverage and operational productivity.
In summary, all key turnover ratios show a significant contraction during 2020, likely associated with adverse external conditions. Subsequent quarters display a general recovery and strengthening in asset efficiency and equity utilization, with peak values mostly achieved between late 2022 and mid-2024. Although slight declines occur in some ratios toward the end of the dataset, the levels remain substantially higher than those at the start, emphasizing improved operational performance and asset management effectiveness over the multi-year timeframe.
Net Fixed Asset Turnover
Marathon Petroleum Corp., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2024 Calculation
Net fixed asset turnover
= (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- The sales and other operating revenues exhibited significant fluctuations over the analyzed periods. Initially, there was a pronounced drop from 22,204 million USD in the first quarter of 2020 to 12,195 million USD in the second quarter of 2020, reflecting adverse conditions likely influenced by external factors. Subsequently, revenues recovered steadily with notable increases through 2021, reaching a peak of 35,336 million USD in the fourth quarter of 2021. This upward momentum continued into 2022, with revenues peaking at 53,795 million USD in the second quarter, followed by some volatility and fluctuations in the later quarters, with values oscillating between approximately 34,000 to 41,000 million USD. The revenues in 2024 demonstrated a moderate but somewhat inconsistent trend, ranging from about 32,700 to 37,900 million USD across the reported quarters.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment showed a gradual declining trend throughout the observed timeline. Beginning at a level of 45,333 million USD in the first quarter of 2020, the asset base diminished over the years to approximately 34,542 million USD by the third quarter of 2024. This steady decrease may indicate ongoing depreciation, divestitures, or reduced capital expenditures. The declines were consistent and relatively smooth, without abrupt changes, suggesting controlled asset management and possibly a strategic shift in capital intensity or asset utilization.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio experienced considerable improvement over the period, indicating enhanced efficiency in generating revenue from the asset base. The ratio started at 2.6 in early 2020 but fell to a low of 1.79 in the last quarter of 2020, likely reflecting the downturn in sales combined with a relatively stable asset base. From 2021 onwards, the ratio showed a progressive increase, surpassing 4.0 from 2022 and maintaining levels around 4.1 to 4.9 through 2023 and into 2024. This trend signifies increasing operational efficiency, implying that the company has been able to increase output or sales without a proportional increase in fixed assets, potentially through higher utilization rates or improved asset management.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Marathon Petroleum Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2024 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
The quarterly financial data reveal distinct trends in revenues, asset levels, and asset efficiency ratios over the analyzed periods.
- Sales and Other Operating Revenues
- The revenue figures demonstrate considerable volatility across the quarters. Starting at approximately $22.2 billion in the first quarter of 2020, revenues dipped sharply in the second quarter of 2020 to around $12.2 billion, indicative of a significant downturn during that period. Thereafter, a recovery trend ensued, culminating in a peak of approximately $35.3 billion by the end of 2021. The following quarters experienced fluctuating revenues, with marked growth reaching a maximum near $53.8 billion in mid-2022. Subsequent quarters showed a declining trend but maintained figures above $34 billion through early 2024, exhibiting resilience despite cyclical variations.
- Property, Plant, and Equipment, Net
- The net value of property, plant, and equipment exhibited a gradual but consistent decline over the entire timeframe. Beginning at roughly $47.9 billion in early 2020, values steadily decreased to about $35.7 billion by the third quarter of 2024. This trend suggests ongoing asset depreciation, limited reinvestment, or asset disposals offsetting acquisitions within the reported periods.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency of asset use to generate sales, displayed an initial downward trend from 2.46 in the first quarter of 2020 to a low near 1.72 in the last quarter of 2020. A pronounced improvement followed, with the ratio climbing to a peak of approximately 4.81 by late 2022. This indicates a significantly enhanced efficiency in asset utilization over time. While there was a slight decrease post-2022, the ratio stabilized around 4.0 by mid-2024, remaining well above early period levels.
Overall, the data point to a period of initial financial stress followed by strong operational recovery and improved asset utilization. Although the net investment in property, plant, and equipment declined, this was offset by improved turnover, suggesting the company achieved higher revenue generation from a relatively smaller asset base in recent periods.
Total Asset Turnover
Marathon Petroleum Corp., total asset turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2024 Calculation
Total asset turnover
= (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- Sales and other operating revenues exhibited notable fluctuations over the analyzed periods. Beginning at approximately 22.2 billion USD in the first quarter of 2020, revenues experienced a significant decline by mid-2020, reflecting a low point around 12.2 billion USD in the second quarter. Subsequently, a steady recovery took place through the remainder of 2020 and into early 2021, reaching levels above 35 billion USD by the end of 2021. The trend demonstrated further growth in 2022, with revenues peaking around 53.8 billion USD in the second quarter, marking the highest recorded value in the data set. Following this peak, revenues underwent volatility, with decreases and rebounds seen across subsequent quarters. In 2023 and early 2024, sales stabilized in a range roughly between 32.7 and 40.9 billion USD, indicating moderate variability but no substantial upward or downward trend overall. This pattern suggests a recovery and expansion phase following a downturn in early 2020, with a high point in mid-2022 and a normalization thereafter.
- Total Assets
- Total assets remained relatively stable with gradual movements throughout the observed timeframe. Starting near 86.3 billion USD in early 2020, total assets showed a slight decrease towards the fourth quarter of 2020, followed by a period peaking near 94 billion USD in mid-2021. Afterward, asset levels fluctuated moderately around 87 to 90 billion USD until the end of 2022. Notably, from the beginning of 2023 onward, there was a subtle downward trend, with assets declining to approximately 79.8 billion USD by the third quarter of 2024. The overall changes in assets suggest moderate investment or divestment activity, with no dramatic expansions or contractions, but a mild contraction trend evident in the most recent periods.
- Total Asset Turnover
- Total asset turnover ratio demonstrated dynamic changes reflecting operational efficiency and asset utilization. The ratio declined from 1.37 at the start of 2020 to a low of 0.81 by the first quarter of 2021, indicating lower revenue generation per unit of asset during that period. Following this low, turnover improved steadily through 2021 and 2022, reaching values near 2.0 by the first quarter of 2023, suggesting enhanced efficiency in using asset base to generate sales. After peaking, the ratio slightly declined but remained strong above 1.7 through to the third quarter of 2024. This pattern indicates an initial dip in asset productivity possibly linked to the 2020 revenue decline, followed by substantive recovery and optimization in asset use over the subsequent years, sustaining relatively high efficiency into recent quarters.
- Summary
- The company experienced significant revenue volatility during the early 2020 period, with sharp decreases initially followed by a robust recovery and peak in 2022. Total assets remained comparatively stable with minor fluctuations and a slight decline towards 2024. Asset turnover patterns mirrored revenue trends, showing decreased efficiency in early 2020, improving significantly by 2023 and maintaining elevated levels thereafter. Together, these trends reflect a trajectory of resilience and improved operational efficiency post an early 2020 setback, with current performance indicating stabilized asset use and moderate revenue fluctuations.
Equity Turnover
Marathon Petroleum Corp., equity turnover calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Sales and other operating revenues | |||||||||||||||||||||||||
| Total MPC stockholders’ equity | |||||||||||||||||||||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q3 2024 Calculation
Equity turnover
= (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
÷ Total MPC stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Sales and Other Operating Revenues
- The revenues experienced a significant decline in the second quarter of 2020, dropping to a low of 12,195 million USD from 22,204 million USD in the first quarter of 2020. This was followed by a gradual recovery through the end of 2020 and into 2021, with revenues exceeding pre-decline levels by the end of 2021. The first half of 2022 showed a strong performance, reaching a peak of 53,795 million USD in the second quarter, before declining in subsequent quarters of 2022 and 2023. Despite fluctuations, revenues remained relatively robust through 2023 and into the first half of 2024, with some quarters showing renewed growth after dips, indicating a volatile but generally upward trend compared to 2020.
- Total MPC Stockholders’ Equity
- The stockholders’ equity showed a declining trend from early 2020 through the first quarter of 2021, reaching a low point in March 2021. A notable increase occurred from March to June 2021, followed by fluctuations and a gradual downward trajectory from late 2021 through 2024. The equity values decreased steadily from 26,858 million USD at the end of 2022 to 18,933 million USD by the third quarter of 2024, indicating a reduction in total equity over this period.
- Equity Turnover Ratio
- The equity turnover ratio declined sharply during 2020, from 4.89 in Q1 to 3.14 in Q4, reflecting reduced sales relative to equity. Starting in 2021, the ratio improved, rising steadily throughout 2021 and accelerating in 2022 to reach a peak of 6.58 in Q3 2022. After fluctuating near this elevated level through 2023, the ratio increased further in 2024, reaching 7.5 by Q3, the highest observed in the period. This trend indicates increasingly efficient use of equity to generate sales over time, particularly in the most recent quarters.
- Overall Analysis
- The data reveals a strong correlation between sales and equity turnover, with both metrics demonstrating resilience and recovery following the initial downturn in early 2020. Despite a downward trend in stockholders' equity over the long term, the company managed to increase sales and improve equity utilization efficiency. The contrasting movements between declining equity and rising equity turnover suggest strategic adjustments or operational improvements that enabled the company to generate more revenue per unit of equity, pointing to enhanced capital productivity amid fluctuating market conditions.