MPCMarathon Petroleum Corp

Petroleum Refining

Revenue: $132.7B; 4.4% YoY
Operating margin: 6.2%; 28% YoY
EBITDA: $11.5B; 14% YoY
Market cap: $158.8B
Employees: 18,500; $7M revenue each
Net debt / EBITDA: 2.0×; $22.9B net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
204% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
56% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$7M · 67th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 25th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$158.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$120.0B	$177.5B	$148.4B	$138.9B	$132.7B	4.4%
Operating income	$4.3B	$21.5B	$14.5B	$6.8B	$8.3B	22%
Net income	$9.7B	$14.5B	$9.7B	$3.4B	$4.0B	17%
Operating cash flow	$4.4B	$16.4B	$14.1B	$8.7B	$8.3B	4.8%
Capex	$1.5B	$2.4B	$1.9B	$2.5B	$3.5B	38%
Stock-based comp	$88M	$153M	$211M	$137M	$160M	17%
Buybacks	$4.7B	$11.9B	$11.6B	$9.2B	$3.5B	62%
Dividends	$1.5B	$1.3B	$1.3B	$1.2B	$1.1B	1.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $14M · 17
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.