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Murphy USA Inc.

MUSA Consumer Cyclical Specialty Retail

Murphy USA Inc.’s revenue for fiscal 2025 (year ended December 2025) was $19.4 billion, down 4.25% from fiscal 2024.

Revenue
+34.8%
EPS
+41.3%
Free cash flow
+185.5%
Total debt
−2.33%

Quarter to September 2026, against a year earlier

514.46 12.04 +2.40%
Market cap
$9.3B
P/E
14.3×
Fwd P/E
15.3×
Dividend yield
0.64%
F-score
6/9
Altman Z
6.93
Beneish M
−2.87
Dividend safety
84/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Marketing

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 39.92
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 7 2 — 5 2 — 1 — — 2
Insider Ownership 9.69%

Capital & Financial Ratios $m

Size
Market Cap 9,310.00
Revenue ttm 23,258.70
Net income ttm 663.30
Free cash flow ttm 669.30
Net debt Q 1,991.50
Valuation
P/E 14.31
Forward P/E 15.30
Price / sales 0.40
Forward P/S Powerpack
Price / FCF 14.03
Price / book 11.83 (above 6: high)
Financial health
Current ratio Q 0.87 (below 1: weak)
Debt / equity Q 2.76 (above 2: weak)
Interest coverage Q 9.17
Growth
Revenue growth Q +34.83% (above 0%: growing)
Operating income growth Q +29.09% (above 0%: growing)
EPS, this year +41.99% (at or above 15%: strong)
EPS, next year A −14.11% (below 0%: weak)
Revenue, next year A +26.43% (at or above 10%: strong)
EPS, past 5 yrs +13.00%
EPS, next 5 yrs A +9.72%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.4×; over the ten years it ranged from 0.2× in 2019 to 0.7× in 2026.
P/E against its own 10 years 52.70%
10-year low 10-year high
P/S against its own 10 years 80.42%
10-year low 10-year high
P/B against its own 10 years 81.74%
10-year low 10-year high
EV/Sales against its own 10 years 78.40%
10-year low 10-year high
EV/FCF against its own 10 years 32.62%
10-year low 10-year high

Dividends raised every year since 2020

Yield
0.64%
Annual rate
3.27
Payout ratio
9.17%
Growth, 2020–26
+48.1%/yr
  1. 0.25 ’20
  2. 1.04 ’21 +316
  3. 1.27 ’22 +22
  4. 1.55 ’23 +22
  5. 1.79 ’24 +15
  6. 2.15 ’25 +20
  7. 2.64 ’26 +23
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 125 47 29 196
Receivables 337 269 276 378
Inventory 341 402 413 398
Other — — — —
827 748 748 1,011
2023 2024 2025 Q'26
Payables 835 874 865 1,055
ST’ Debt 15 16 19 20
Other — — — —
873 948 929 1,158

Compound Annual Growth %

10y 5y 3y
Sales 4.32% 11.47% (6.14%)
Cash Flow 14.19% 7.62% (6.47%)
Earnings 10.31% 4.04% (11.24%)
Book Value (2.37%) (4.48%) (0.90%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 8.09 Actual 9.59

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 6.67 7.53 Beat by 0.86
Q1 FY26 5.37 7.28 Beat by 1.91
Q2 FY26 9.40 11.27 Beat by 1.87
Q3 FY26 8.09 9.59 Beat by 1.50
Q4 FY26 8.23 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 7.28 11.27 9.59 — —
’25 2.63 7.36 6.76 7.53 24.10
’24 3.12 6.92 7.20 6.96 24.11
’23 4.80 6.02 7.69 7.00 25.49
’22 6.08 7.53 9.28 5.21 28.10
’21 2.01 4.79 3.98 4.23 14.92
’20 2.92 5.73 2.27 2.16 13.08
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,819 6,806 6,890 — —
’25 4,525 5,005 5,110 4,744 19,384
’24 4,844 5,452 5,239 4,710 20,244
’23 5,077 5,585 5,798 5,069 21,529
’22 5,118 6,767 6,195 5,366 23,446
’21 3,537 4,456 4,600 4,767 17,361
’20 3,185 2,380 2,839 2,861 11,264
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 320 235 348 — —
’25 129 255 185 246 814
’24 136 261 202 249 848
’23 150 171 190 273 784
’22 339 177 255 223 995
’21 230 101 256 150 737
’20 114 268 86 96 564
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 222 124 195 — —
’25 41 139 68 129 377
’24 61 143 66 122 392
’23 77 101 111 162 451
’22 275 105 177 141 698
’21 177 18 182 90 466
’20 67 217 22 35 341
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 3.8% a year for ten years. It grew 18.1% a year over the last ten.

Implied
3.8%
10 years, reported
18.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 11,595 12,827 14,363 14,035 11,264 17,361 23,446 21,529 20,244 19,384 23,259 +5.9% 24,507 23,287 21,939 +4.2%
Gross margin, % 8.76 8.28 7.58 8.03 12.81 10.65 10.24 10.75 11.39 12.17 11.66 +3.4 pt
EBT 352 240 274 202 509 522 884 734 652 609 869 +6.3%
EBT margin, % 3.04 1.87 1.91 1.44 4.52 3.01 3.77 3.41 3.22 3.14 3.74 +0.1 pt
Net income 222 245 214 155 386 397 673 557 503 471 663 +8.7%
Per share, $
Per share, $ Revenue 295.26 358.12 439.58 444.22 386.66 662.36 997.45 1,001.69 985.94 1,004.20 1,274.52 +14.6%
Earnings 5.64 6.85 6.54 4.90 13.25 15.14 28.63 25.91 24.47 24.38 35.96 +17.7%
Cash flow 8.59 7.92 12.20 9.92 19.35 28.13 42.32 36.48 41.28 42.16 62.94 +19.3%
Capex (4.50) (7.19) (6.22) (6.40) (7.64) (10.35) (12.61) (15.50) (22.21) (22.65) (26.26) +19.7%
Free cash flow 4.09 0.73 5.99 3.51 11.71 17.78 29.70 20.97 19.07 19.52 36.68 +19.0%
Book value 17.75 20.62 24.71 25.42 26.92 30.80 27.26 38.57 40.91 32.30 43.50 +6.9%
Shares, m 39 36 33 32 29 26 24 21 21 19 19 (7.6%)
Valuation, ×
Valuation, × P/E 11.04 11.56 11.68 23.68 9.89 13.09 9.54 13.83 20.43 16.44 14.31 14.1
P/S 0.21 0.23 0.17 0.26 0.34 0.30 0.27 0.36 0.51 0.40 0.40 0.3
P/B 3.49 3.91 3.10 4.60 4.86 6.47 10.01 9.31 12.26 12.49 11.83 7.1
EV/Sales 0.25 0.28 0.22 0.32 0.41 0.39 0.35 0.44 0.60 0.51 0.49 0.4
EV/FCF 18.36 137.42 16.27 40.13 13.64 14.55 11.66 20.83 30.92 26.39 17.00 33.0
Cash, $m
Cash, $m Operating cash flow 337 284 399 313 564 737 995 784 848 814 1,149 +10.3%
Capex (177) (257) (203) (202) (223) (271) (296) (333) (456) (437) (479) +10.6%
Free cash flow 161 26 196 111 341 466 698 451 392 377 669 +9.9%
Balance, $m
Balance, $m Working capital 1 81 92 206 94 93 (127) (46) (200) (181) (147) n/m
Net debt 516 711 679 758 839 1,559 1,729 1,675 1,801 2,154 1,992 +17.2%
Shareholders’ equity 697 738 807 803 784 807 641 829 840 624 794 (1.2%)
Returns, %
Returns, % ROA 11.14 11.10 9.11 6.13 14.37 11.79 16.47 13.16 11.32 10.16 13.46 (1.0) pt
ROIC 19.99 12.22 13.67 10.75 21.53 15.96 25.55 20.62 17.58 16.17 21.99 (3.8) pt
ROE 29.74 34.18 27.64 19.23 48.65 49.88 92.95 75.78 60.22 64.31 99.01 +34.6 pt
People
People Employees 9,100 9,600 9,500 9,900 9,900 14,615 15,100 15,600 17,200 16,900 — +7.1%
Revenue/emp, $m 1.27 1.34 1.51 1.42 1.14 1.19 1.55 1.38 1.18 1.15 — (1.2%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Murphy USA sells motor fuel and convenience merchandise to retail customers through stores in the United States. Its Murphy USA and Murphy Express locations emphasize fuel sales alongside snacks, beverages, nicotine products and other merchandise. Its QuickChek stores have a broader food and beverage offering; some also sell gasoline.

The company operates both small stores and kiosks, as well as larger-format stores with a wider merchandise selection. Most Murphy-branded locations are near Walmart stores or in selected markets across the Southeast, Southwest and Midwest. QuickChek operates in New Jersey and New York. Murphy USA plans to transition its existing Murphy Express stores to the Murphy USA name.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Marketing 19,384 100.00%
Gross margin 12.17%
Operating margin 3.71%
Pre-tax margin 3.14%

Revenue by segment since 2011

Murphy USA Inc. vs peers in Specialty Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CASY Casey's General Stores, Inc. $25.5B 33.1× 31.9× +24.33% (above 0%: growing) +27.59% (above 0%: growing) −30.95% (below 0%: shrinking) 21.82% 6.50% Compare
BBY Best Buy Co., Inc. $20.9B 16.4× 14.3× +3.61% (above 0%: growing) +69.32% (above 0%: growing) +28.40% (above 0%: growing) 23.91% 4.31% Compare
TSCO Tractor Supply Company $19.1B 19.6× 17.9× +5.15% (above 0%: growing) −12.24% (below 0%: shrinking) +30.28% (above 0%: growing) 36.44% 7.87% Compare
FIVE Five Below, Inc. $13.3B 21.6× 19.3× +22.85% (above 0%: growing) +415.38% (above 0%: growing) +194.67% (above 0%: growing) 48.55% 21.83% Compare
DKS DICK'S Sporting Goods, Inc. $12.5B 14.9× 12.2× +53.21% (above 0%: growing) −26.35% (below 0%: shrinking) −55.09% (below 0%: shrinking) 34.78% 7.89% Compare
GME GameStop Corp. $12.2B 12.0× 70.5× −18.72% (below 0%: shrinking) +76.32% (above 0%: growing) +115.70% (above 0%: growing) 43.66% 20.27% Compare
MUSA Murphy USA Inc. $9.3B 14.3× 15.3× +34.83% (above 0%: growing) +41.29% (above 0%: growing) +185.48% (above 0%: growing) 10.36% 3.78%
BBWI Bath & Body Works, Inc. $4.5B 5.7× 7.5× −2.26% (below 0%: shrinking) +93.33% (above 0%: growing) +123.23% (above 0%: growing) 45.71% 14.27% Compare
ASO Academy Sports and Outdoors, Inc. $4.2B 11.0× 9.4× +2.97% (above 0%: growing) +16.93% (above 0%: growing) +435.22% (above 0%: growing) 40.42% 14.96% Compare
Median of peers $12.9B 15.7× 16.1× +4.38% +48.46% +72.99% 38.43% 11.08%

All 45 Specialty Retail stocks →

From the latest earnings call

Updated

  • CEO Malynda K. West said higher fuel prices were making customers more price sensitive, while tight supply and volatility could continue into 2027.
  • West said Murphy USA’s construction pipeline could support 50 store openings a year, with 55 sites under construction at the time of the call.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 83.30%
Held by the ten largest 38.26%
Holder Shares Stake Change
BlackRock 1.70m 9.25% +18.68k
Vanguard 1.66m 9.06% +50.51k
Fidelity (FMR) 707.66k 3.85% −758.13k
Boston Partners 561.25k 3.05% +24.34k
State Street 557.93k 3.04% +1.22k
Geode Capital Management 480.81k 2.62% +104.79k
HUNTINGTON NATIONAL BANK 414.72k 2.26% +1.00
RENAISSANCE TECHNOLOGIES LLC 340.18k 1.85% +108.32k
AQR Capital Management 303.23k 1.65% −11.88k
Dimensional Fund Advisors 302.86k 1.65% +5.56k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.76m (6.28m) 316.64
2024 11.08m 34.57m 434.92
2023 10.56m 24.86m 308.75
2022 10.36m 30.08m 242.30
2021 8.64m 26.52m 171.82
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Murphy USA Inc. (MUSA) Latest News

5 Nov

Impact 3 · · Zacks

31 Oct

Impact 3 · · The Motley Fool

30 Oct

Impact 3 · · MarketBeat transcript

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript

28 Oct

Impact 4 · · Zacks
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Impact 3 · · Zacks earnings
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26 Oct

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Impact 4 · · Simply Wall St.

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15 Aug

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14 Aug

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12 Aug

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8 Aug

Impact 3 · · MarketBeat

7 Aug

Impact 3 · transcript

6 Aug

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Impact 3 · · Moby

5 Aug

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31 Jul

Impact 3 ·

MUSA metrics, ten years each

stockrow.com/MUSA · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com