Price to FCFE (P/FCFE)
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Marathon Petroleum Corp. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Dividend Discount Model (DDM)
- Selected Financial Data since 2011
- Net Profit Margin since 2011
- Current Ratio since 2011
- Total Asset Turnover since 2011
- Price to Operating Profit (P/OP) since 2011
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
Marathon Petroleum Corp., FCFE calculation
US$ in millions
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).
- Net cash provided by operating activities
- There is a notable fluctuation in net cash provided by operating activities over the analyzed periods. It started at a high level in 2019, decreased drastically in 2020, then recovered substantially in 2021, reaching a peak in 2022, before slightly declining in 2023. This pattern suggests a significant disruption impacting operations around 2020, followed by a strong recovery period.
- Free cash flow to equity (FCFE)
- Free cash flow to equity followed a somewhat similar trend to operating cash flow but with more pronounced variability. The FCFE experienced a steep decline in 2020, followed by a mild recovery in 2021. Subsequently, it surged dramatically in 2022, nearly tripling relative to the 2019 figure, then slightly decreased again in 2023. This volatility indicates fluctuating equity cash flow availability, potentially reflecting changing investment or financial strategies in these years.
Price to FCFE Ratio, Current
Marathon Petroleum Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Chevron Corp. | |
| ConocoPhillips | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | |
| P/FCFE, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Marathon Petroleum Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/FCFE, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/FCFE, Industry | ||||||
| Energy | ||||||
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.
3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Marathon Petroleum Corp. Annual Report.
5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price of the company has displayed a consistent upward trajectory over the five-year period. Starting from $47.42 at the end of 2019, it increased moderately in 2020 to $54.62, followed by a more substantial rise to $74.46 in 2021. The growth accelerated significantly in subsequent years, reaching $125.52 in 2022 and further increasing to $167.16 by the end of 2023. This pattern reflects a strong positive market valuation trend.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share exhibited a volatile pattern initially, with a sharp decline from $8.08 in 2019 to $1.07 in 2020, and a slight increase to $1.14 in 2021. However, a marked improvement is evidenced in 2022, where FCFE surged dramatically to $33.57, maintaining a similar high level in 2023 at $35.21. This indicates a significant enhancement in the company's ability to generate cash flow available to equity shareholders in the latter years.
- P/FCFE Ratio Analysis
- The Price to FCFE ratio showed significant fluctuations associated with the changes in both share price and FCFE per share. Initially, this ratio was relatively low at 5.87 in 2019, suggesting a potentially undervalued status relative to free cash flow. Subsequently, it surged dramatically to over 50 in 2020 and 65 in 2021, likely driven by the collapse in FCFE during these years while the share price did not decline proportionally. With the substantial recovery in FCFE in 2022, the P/FCFE ratio decreased sharply to 3.74, indicating a revaluation of the company's cash generation capacity. It slightly increased again to 4.75 in 2023 but remained at a level consistent with an improved balance between price and cash flow.
- Overall Insights
- The data suggest a period of financial stress or reduced cash flow generation from 2020 through 2021, followed by a strong recovery from 2022 onwards. The share price appreciation reflects increasing investor confidence likely in response to the company's enhanced cash flow performance. The dramatic shift in P/FCFE ratio portrays a normalization phase after a period of apparent overvaluation or cash flow weakness. The overall trends underscore a strengthening financial position and improving market valuation over the most recent two years.