Marathon Petroleum Corporation
MPC Energy Oil & Gas Refining & Marketing
Marathon Petroleum Corporation’s revenue for fiscal 2025 (year ended December 2025) was $132.7 billion, down 4.44% from fiscal 2024. In the quarter to June 2026, revenue grew 53.8%, EPS grew 348.5%, free cash flow grew 366.3% and total debt rose 14.5%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.
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Marathon Petroleum Corporation (MPC) Altman Z-score
Marathon Petroleum Corporation's Altman Z-score for fiscal 2025 is 3.14, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.14 | (0.14) |
| FY2024 | 3.28 | (0.39) |
| FY2023 | 3.67 | (0.35) |
| FY2022 | 4.01 | 1.59 |
| FY2021 | 2.42 | 1.53 |
| FY2020 | 0.89 | (1.20) |
| FY2019 | 2.09 | 0.33 |
| FY2018 | 1.76 | (1.19) |
| FY2017 | 2.94 | 0.27 |
| FY2016 | 2.67 | (0.48) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.07 | |
| Retained earnings / total assets | 0.47 | — | 0.66 | |
| EBIT / total assets | 0.10 | — | 0.33 | |
| Market value of equity / total liabilities | 0.83 | — | 0.50 | |
| Sales / total assets | 1.58 | — | 1.58 | |
| Altman Z-score | Safe zone | 3.14 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.03 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| VLO Valero Energy Corporation compare | 4.6× |
| UGP Ultrapar Participacoes S.A. compare | 4.0× |
| PSX Phillips 66 compare | 3.5× |
| DINO HF Sinclair Corporation compare | 3.1× |
| MPC Marathon Petroleum Corporation | 3.1× |
| PBF PBF Energy Inc. compare | 2.9× |
| CVI CVR Energy Inc. compare | 2.5× |
| SUN Sunoco LP compare | — |
| IEP Icahn Enterprises L.P. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on MPC
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement