Question 1

What is Marathon Petroleum's P/FCF ratio?

Accepted Answer

Marathon Petroleum (MPC) P/FCF ratio is 16.3× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Marathon Petroleum?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Marathon Petroleum specifically, the relevant sector benchmark is the current sector median of 22.1×.

Question 5

Is Marathon Petroleum's P/FCF ratio high or low?

Accepted Answer

Marathon Petroleum's P/FCF ratio of 16.3× is above its own 5-year average of 11.4× and below the sector median of 22.1×. That places the current reading at the 89th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Marathon Petroleum's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Marathon Petroleum (MPC) P/FCF ratio has ranged from a low of 2.8× in 2011 to a high of 90.1× in 2022. The 5-year average is 11.4× and the 5-year median is 8.9×.

Question 7

What was Marathon Petroleum's P/FCF ratio in 2025?

Accepted Answer

Marathon Petroleum (MPC) P/FCF ratio at the end of 2025 was 10.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Marathon Petroleum's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$48.6B	$4.77B	10.2×	+2.9×	Dec 31, 2025
2024	$44.6B	$6.13B	7.3×	+2.7×	Dec 31, 2024
2023	$55.8B	$12.2B	4.6×	+0.7×	Dec 31, 2023
2022	$54.1B	$13.9B	3.9×	-9.5×	Dec 31, 2022
2021	$38.8B	$2.9B	13.4×	—	Dec 31, 2021
2020	$26.9B	-$368M	—	—	Dec 31, 2020
2019	$39B	$4.43B	8.8×	-7.3×	Dec 31, 2019
2018	$41.5B	$2.58B	16.1×	+7.7×	Dec 31, 2018
2017	$32.5B	$3.88B	8.4×	-15.8×	Dec 31, 2017
2016	$26.6B	$1.1B	24.2×	+10.7×	Dec 31, 2016
2015	$27.7B	$2.06B	13.4×	-2.0×	Dec 31, 2015
2014	$25.2B	$1.63B	15.4×	+2.9×	Dec 31, 2014
2013	$27.6B	$2.2B	12.6×	+5.8×	Dec 31, 2013
2012	$21.2B	$3.12B	6.8×	+1.3×	Dec 31, 2012
2011	$11.6B	$2.12B	5.5×	-8.4×	Dec 31, 2011
2010	$13.9B	$1B	13.9×	—	Dec 31, 2010


Phillips 66 (PSX)	615.5×
Targa Resources (TRGP)	205.8×
Williams Companies (WMB)	123.3×
Enbridge (ENB)	73.7×
Texas Pacific Land (TPL)	66.3×
Diamondback Energy (FANG)	35.1×
Enphase Energy (ENPH)	34.2×
Chevron (CVX)	30.6×
National Fuel Gas (NFG)	29.1×
Baker Hughes (BKR)	26.4×
ONEOK (OKE)	25.4×
EOG Resources (EOG)	18.9×
Energy Transfer LP (ET)	18.2×
Occidental Petroleum (OXY)	17.8×
SLB (SLB)	16.5×
Halliburton (HAL)	16.5×
Valero Energy (VLO)	12.4×
Devon Energy (DVN)	11.9×
ConocoPhillips (COP)	10.5×
APA (APA)	10.1×
Expand Energy (EXE)	9.2×

P/FCF Ratio for Marathon Petroleum (MPC) 2010-2026

P/FCF Ratio daily chart for Marathon Petroleum (MPC)

Historical P/FCF Ratio for Marathon Petroleum (MPC) from 2010 to 2025

About P/FCF Ratio at Marathon Petroleum (MPC)

Marathon Petroleum P/FCF Ratio by Year

Marathon Petroleum P/FCF Ratio 2025: 10.2×

Marathon Petroleum P/FCF Ratio 2024: 7.3×

Marathon Petroleum P/FCF Ratio 2023: 4.6×

Marathon Petroleum P/FCF Ratio 2022: 3.9×

Marathon Petroleum P/FCF Ratio 2021: 13.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Marathon Petroleum (MPC) Key Financials