Name: Marathon Petroleum Corp. (NYSE:MPC) | Enterprise Value (EV)
Creator: Stock Analysis on Net

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

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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

The financial trajectory from 2019 to 2023 shows a consistent expansion in both equity and overall enterprise valuation, despite a period of volatility observed mid-period.

Market Value of Common Equity: A continuous upward trend is observed in the market value of common equity, which grew from 30,799 million US$ in 2019 to 60,405 million US$ by the end of 2023. This steady climb indicates a significant increase in the market's valuation of the equity interest over the five-year duration.
Enterprise Value Dynamics: Enterprise value exhibited a non-linear growth pattern. Initial growth was noted between 2019 and 2020, moving from 66,555 million US$ to 73,795 million US$. A notable contraction occurred in 2021, where the value decreased to 63,196 million US$, before rebounding strongly in 2022 and 2023 to reach a peak of 83,564 million US$.
Capital Structure and Equity Growth: Total equity demonstrated consistent growth, rising from 39,244 million US$ in 2019 to 66,505 million US$ in 2023. Similarly, the combined total of equity and debt expanded from 68,082 million US$ to 93,788 million US$. The alignment of these increases suggests a general expansion of the company's capital base and overall financial scale.

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Marathon Petroleum Corp. (NYSE:MPC)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)