Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2011
- Current Ratio since 2011
- Debt to Equity since 2011
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Historical Valuation Ratios (Summary)
Marathon Petroleum Corp., historical price multiples (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).
- Price to earnings (P/E) ratio
- The P/E ratio data begins in the third quarter of 2021. Initially, the ratio is relatively low, fluctuating around 4.3 to 4.6 through early 2022. A gradual decline to a low of approximately 3.03 is observed by the fourth quarter of 2022, indicating a period where earnings may have been comparatively strong relative to the stock price. Subsequently, the P/E ratio exhibits a rising trend, reaching a peak of about 10.62 by the third quarter of 2024. This increase may suggest that the stock price has risen relative to earnings, possibly due to market optimism or expected future growth.
- Price to operating profit (P/OP) ratio
- The P/OP ratio also starts being reported in the second quarter of 2021, with an exceptionally high value of 310.45, likely reflecting an anomalous or very low operating profit in that period. Following this, there is a significant and consistent decline to single-digit levels by the end of 2021 through 2022, reaching around 2.08 in the fourth quarter of 2022, indicating improving operating profitability relative to the stock price. However, from early 2023 onward, the ratio gradually increases again, ascending to levels near 5.97 by the third quarter of 2024. This pattern may indicate fluctuating operating profits or changes in market valuation expectations.
- Price to sales (P/S) ratio
- The P/S ratio shows values from the first quarter of 2020, starting low at 0.17 and rising to a peak of around 0.55 in the first quarter of 2021. Following this peak, there is a general downward trend throughout 2021 and 2022, reaching lows near 0.28 to 0.29 in late 2022 and early 2023. Afterward, the ratio gradually climbs again, peaking around 0.44 in the second quarter of 2024 before a slight decrease. This volatility indicates fluctuations in price relative to revenues that may be linked to market conditions or sales performance variations over time.
- Price to book value (P/BV) ratio
- The P/BV ratio begins at 0.83 in the first quarter of 2020 and generally trends upward with some fluctuations. There is noticeable growth during 2020, reaching about 1.8 by the first quarter of 2021. The ratio continues to rise through 2022 and into 2023, peaking near 2.79 in the second quarter of 2024 before showing a slight decline to approximately 2.54 by the third quarter of 2024. This steady increase suggests a growing market valuation relative to book value, potentially indicating increasing investor confidence or asset value appreciation.
- Summary
- Overall, the valuation ratios show a pattern of recovery and growth following the low points seen in 2020 and early 2021, possibly reflecting an industry or company rebound. The P/E and P/OP ratios signal improving profitability during the middle period, followed by rising valuation multiples in recent quarters. The P/S ratio demonstrates moderate volatility, whereas the P/BV ratio steadily increases, emphasizing enhanced market valuation compared to accounting book values. These trends together suggest a dynamic financial environment with improving earnings and asset valuations alongside fluctuating sales and operating profits relative to market prices.
Price to Earnings (P/E)
Marathon Petroleum Corp., historical P/E 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) attributable to MPC (in millions) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
EPS
= (Net income (loss) attributable to MPCQ3 2024
+ Net income (loss) attributable to MPCQ2 2024
+ Net income (loss) attributable to MPCQ1 2024
+ Net income (loss) attributable to MPCQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals distinct trends across share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed quarterly periods.
- Share Price
- The share price demonstrates a general upward trajectory from March 2020 through September 2024, beginning at $30.78 and reaching a peak of $181.72 in December 2023. There is a notable increase particularly during 2021 to 2023, with intermittent fluctuations. After December 2023, a downward correction occurs, with the price declining to $149.56 by September 2024, though it remains significantly higher than the early 2020 levels.
- Earnings Per Share (EPS)
- The EPS trend shows significant improvement from negative values in 2020, where losses deepened from -$10.13 to -$15.09, to positive and increasing earnings starting in the first quarter of 2021. EPS peaks at $38.64 in March 2023, indicating strong profitability growth. Subsequently, EPS settles into a declining trend, dropping to $14.08 by the third quarter of 2024, which still denotes profitability but suggests a moderation in earnings generation after the peak.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio emerges starting in mid-2021 when the company turned profitable. Initially low, it fluctuates between approximately 3.03 and 6.24 through 2021 to 2023, reflecting increasing investor confidence relative to earnings. However, from late 2023 into 2024, the ratio increases significantly to a high of 10.62 by the third quarter of 2024. This rising P/E ratio amid declining EPS and share price suggests that market valuations may now be incorporating expectations of future earnings stability or growth despite recent earnings softening.
In summary, the company experienced a strong recovery and growth phase post-2020 losses, reflected in rapidly improving EPS and share price. The recent moderate decline in EPS alongside a still relatively high share price and rising P/E ratio indicates a possible shift in market perception, with investors potentially pricing in growth prospects or other factors beyond current earnings performance. The data suggests cautious optimism but also highlights the importance of monitoring earnings trends moving forward.
Price to Operating Profit (P/OP)
Marathon Petroleum Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income (loss) from operations (in millions) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Operating profit per share
= (Income (loss) from operationsQ3 2024
+ Income (loss) from operationsQ2 2024
+ Income (loss) from operationsQ1 2024
+ Income (loss) from operationsQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals significant developments in share price, operating profit per share, and the price-to-operating-profit (P/OP) ratio over the examined periods.
- Share Price
- The share price exhibits a generally increasing trajectory from early 2020 through mid-2023, starting at $30.78 and peaking around $167.16 by December 2023. After this peak, a decline is observed in 2024, with the price falling to $149.56 by September 2024. This suggests strong investor confidence and potential growth in the company's value through 2023, followed by some market corrections or shifts in expectations in 2024.
- Operating Profit Per Share
- Operating profit per share begins with negative values in 2020, reaching a low of -$18.80 by December 2020. The period from 2021 onward shows a marked improvement, with operating profit turning positive and increasing substantially, peaking at $56.13 in March 2023. After this peak, a gradual decline occurs through 2024, reducing to $25.05 by September 2024. This indicates recovery and expansion in profitability starting in 2021, with some moderation in profit growth in recent quarters.
- Price-to-Operating-Profit Ratio (P/OP)
- The P/OP ratio shows extreme volatility in the early positive periods, notably at 310.45 in June 2021, reflecting either low profitability or high share price relative to operating profit. Subsequently, the ratio decreases significantly, stabilizing between approximately 2.6 and 5.97 from 2022 through 2024. The lower and more consistent P/OP suggests the market valuation in relation to operating profit became more aligned during this phase. Slight increases in the ratio in 2024 indicate a relatively higher share price compared to operating profit during this period.
In summary, the company experienced substantial recovery and growth in operating profitability starting in 2021, accompanied by a strong rise in share price through most of 2023. The P/OP ratio movements highlight a period of adjustment and subsequent stabilization in valuation metrics. The recent declines in share price and operating profit per share in 2024 suggest a possible cooling phase or increased market caution after several years of positive performance trends.
Price to Sales (P/S)
Marathon Petroleum Corp., historical P/S calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Sales and other operating revenues (in millions) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Sales per share
= (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals distinct patterns and fluctuations over the examined period. The share price displays a general upward trajectory from early 2020 through mid-2023, with some volatility and periods of correction thereafter.
- Share Price
- The share price increased notably from $30.78 at the end of the first quarter of 2020 to a peak of $181.72 by the first quarter of 2024. This represents a more than fivefold increase over four years. However, after reaching this peak, the share price showed a moderate decline in subsequent quarters in 2024, ending at $149.56 in the third quarter. The trajectory includes periods of rapid growth such as between the fourth quarter of 2020 and the second quarter of 2022, with intermittent corrections likely reflecting market volatility or external factors impacting investor sentiment.
- Sales Per Share
- Sales per share demonstrated a declining trend in the first year, dropping from $181.29 in the first quarter of 2020 to $107.14 by the end of 2020. Starting from early 2021, this metric began a sustained and pronounced increase, rising to $441.78 by the third quarter of 2024. The progression indicates significant growth in sales relative to the number of shares outstanding, particularly strong from 2021 onwards, suggesting improved operational performance or favorable market conditions driving revenue growth.
- Price-to-Sales Ratio (P/S)
- The P/S ratio experienced considerable variability throughout the period. Beginning at 0.17 in early 2020, it peaked sharply at 0.55 in the first quarter of 2021, then gradually declined and stabilized in the range of 0.28 to 0.44 during the subsequent years. Notably, despite the rising sales per share and share price, the P/S ratio does not follow a consistent upward trend; instead, it reflects market valuation adjustments, possibly influenced by changes in investor expectations, profit margins, or broader economic factors. The ratio's decline from mid-2022 to 2024 indicates that sales growth outpaced share price appreciation during this time frame.
In summary, the data indicate strong sales growth coupled with substantial share price appreciation over the long term, with some corrective movements in later quarters. The fluctuating P/S ratio suggests varying market perceptions of the company's value relative to its sales, which may be driven by changes in profitability, market conditions, or investor outlook. Overall, the company shows a solid growth trend with periodic valuation adjustments consistent with external and internal financial dynamics.
Price to Book Value (P/BV)
Marathon Petroleum Corp., historical P/BV 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total MPC stockholders’ equity (in millions) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| 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 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
BVPS = Total MPC stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in the company's share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed period.
- Share Price
- The share price experienced fluctuations throughout the timeframe. Initially, it showed a moderate increase from approximately $31 in March 2020 to $55 by the end of 2020. This upward momentum continued through 2021, reaching a peak near $74 in December 2021. The pricing trend strengthened significantly into 2022, peaking at about $125 by year-end. Early 2023 saw slight volatility, with the price maintaining generally high levels and reaching a peak of around $167 in December 2023. However, a decline was noted in the first three quarters of 2024, dropping from approximately $182 in June 2024 to around $150 by September 2024. Overall, the trend indicates substantial growth in share price over the four-year span with periods of volatility and a recent tapering off in mid-2024.
- Book Value Per Share (BVPS)
- BVPS showed some initial decline from $37 in March 2020 to approximately $33 by March 2021, followed by a significant rebound and steady rise through the rest of 2021 and 2022, peaking at over $62 by December 2022. Through 2023, BVPS continued an upward trajectory, albeit with a slower increase, peaking around $68 in September 2023 before slightly decreasing toward $59 by the third quarter of 2024. This pattern suggests overall growth in the company’s net asset value per share, with a correction or deceleration in growth occurring more recently.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio began near 0.83 in early 2020, increasing sharply to 1.6 by the end of 2020. The ratio remained elevated through 2021, varying between approximately 1.2 and 1.8 before a pronounced increase during 2022, achieving a peak above 2.1 by December 2022. Throughout 2023, the P/BV ratio stabilized largely within the 1.85 to 2.48 range, before reaching the highest observed values near 2.7 to 2.8 during mid-2024. Slight declines appeared towards the third quarter of 2024, settling near 2.54. The upward trend in this ratio indicates increasing market valuation relative to book value, reflecting heightened investor confidence or premium pricing on the company’s equity over time, despite some late minor corrections.
In summary, the data depicts a company exhibiting strong growth in market valuation and asset base from 2020 through late 2023, accompanied by a rising premium over book value. More recently, moderate decreases in share price alongside gradual declines in BVPS and P/BV ratio suggest a cautious adjustment phase or normalization after an extended period of strong appreciation.