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. In the quarter to June 2026, revenue grew 36.0%, EPS grew 52.4%, free cash flow fell 10.7% and total debt rose 5.04%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Murphy USA Inc. (MUSA) Beneish M-score
Murphy USA Inc.'s Beneish M-score for fiscal 2025 is −2.87; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.87 | 0.21 |
| FY2024 | −3.08 | 0.31 |
| FY2023 | −3.39 | (0.95) |
| FY2022 | −2.44 | (0.88) |
| FY2021 | −1.56 | 1.39 |
| FY2020 | −2.95 | (1.39) |
| FY2019 | −1.57 | 1.46 |
| FY2018 | −3.03 | (0.60) |
| FY2017 | −2.43 | 0.32 |
| FY2016 | −2.75 | (2.79) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.07 | — | 0.99 | |
| Gross margin index | 0.94 | — | 0.49 | |
| Asset quality index | 1.00 | — | 0.40 | |
| Sales growth index | 0.96 | — | 0.85 | |
| Depreciation index | 0.95 | — | 0.11 | |
| SG&A index | 1.08 | — | −0.19 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.87 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BBWI Bath & Body Works, Inc. compare | −3.0× |
| MUSA Murphy USA Inc. | −2.9× |
| BBY Best Buy Co., Inc. compare | −2.8× |
| CASY Casey's General Stores, Inc. compare | −2.5× |
| TSCO Tractor Supply Company compare | −2.5× |
| ULTA Ulta Beauty Inc. compare | −2.4× |
| DKS DICK'S Sporting Goods, Inc. compare | −1.3× |
| GME GameStop Corp. compare | 1.8× |
| FIVE Five Below, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI