Current EV
Historical EV

Marathon Petroleum Corp., current enterprise value calculation

Current share price (P)	$149.56
No. shares of common stock outstanding	321,388,952
US$ in millions
Common equity (market value)¹	48,067)
Add: Preferred stock, no shares issued and outstanding, par value $0.01 per share (per books)	—)
Add: Noncontrolling interests (per books)	6,100)
Total equity	54,167)
Add: Debt due within one year (per books)	1,954)
Add: Long-term debt due after one year (per books)	25,329)
Total equity and debt	81,450)
Less: Cash and cash equivalents	5,443)
Less: Short-term investments	4,781)
Enterprise value (EV)	71,226)

Based on: 10-K (reporting date: 2023-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 149.56 × 321,388,952

Marathon Petroleum Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$167.16	$125.52	$74.46	$54.62	$47.42
No. shares of common stock outstanding¹	361,358,732	445,546,907	565,212,958	651,274,842	649,503,967
US$ in millions
Common equity (market value)³	60,405)	55,925)	42,086)	35,573)	30,799)
Add: Preferred stock, no shares issued and outstanding, par value $0.01 per share (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	6,100)	6,404)	6,410)	7,053)	8,445)
Total equity	66,505)	62,329)	48,496)	42,626)	39,244)
Add: Debt due within one year (book value)	1,954)	1,066)	571)	2,854)	711)
Add: Long-term debt due after one year (book value)	25,329)	25,634)	24,968)	28,730)	28,127)
Total equity and debt	93,788)	89,029)	74,035)	74,210)	68,082)
Less: Cash and cash equivalents	5,443)	8,625)	5,291)	415)	1,527)
Less: Short-term investments	4,781)	3,145)	5,548)	—)	—)
Enterprise value (EV)	83,564)	77,259)	63,196)	73,795)	66,555)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Marathon Petroleum Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 167.16 × 361,358,732

Common equity (market value): The common equity market value has demonstrated consistent growth over the analyzed period. Starting at $30,799 million in 2019, it increased each year, reaching $60,405 million in 2023. This represents nearly a doubling of market value in four years, indicating positive investor sentiment and market confidence in the company’s equity.
Total equity: Total equity has followed an upward trend similar to that of common equity market value. It rose from $39,244 million in 2019 to $66,505 million in 2023. The increase suggests steady growth in the company’s net asset base, with notable acceleration from 2021 onwards, reflecting enhanced retained earnings or capital injections.
Total equity and debt: The combined total of equity and debt has also increased over the reviewed period, starting at $68,082 million in 2019 and rising to $93,788 million in 2023. The growth is somewhat variable, with a slight dip in 2021 but overall an upward trajectory. This indicates an expansion in the company’s capital structure, possibly driven by increased borrowings alongside equity growth to finance operations or investments.
Enterprise value (EV): Enterprise value shows variability throughout the years. It increased from $66,555 million in 2019 to $73,795 million in 2020, then declined to $63,196 million in 2021, rebounding to $83,564 million by 2023. The decline in 2021 may reflect changes in market conditions or operational performance, while the recovery and subsequent increase in later years align with growing equity values and overall capitalization.

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Marathon Petroleum Corp. (NYSE:MPC)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)