Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 2026

Marathon Petroleum Corp (MPC)

A forensic read on Marathon Petroleum Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

4.2

Distress distance

Clean

Earnings quality

Forensic signals

9.8

P / E (ttm)

23.4%

ROE

$88.9B

Market cap

1.34%

Dividend yield

-4.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Marathon Petroleum Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

11.0%

FY2025

Return on invested capital. Return on invested capital is 11.0% in the latest fiscal year and slipping from 27% — a modest positive spread over its ~8% cost of capital — growth adds value, though not dramatically.

97% of FCF

FY2025

Shareholder returns. Returned $4.6B to shareholders (buybacks + dividends) in FY2025 — 97% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. Counting the $160M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 100%.

$8.6B

FY2019–FY2020

Goodwill impairments. Took $8.6B of goodwill writedowns across 2 years (FY2019 ($1.2B), FY2020 ($7.4B)). Writedowns mean past acquisitions underperformed what was paid for them.

-14%

FY2021→FY2022

Dividend — cut. The payout was CUT ~14% in FY2022 (from FY2021) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies. Measured on total dividend dollars rather than per share: the reported share count steps sharply around FY2013, a stock-split seam between filing vintages rather than a change in the payout, and a split leaves the dollars paid untouched.

Key fundamentals

Latest Revenue$132.70B

Revenue Growth YoY-4.4%

Net Margin3.0%

Free Cash Flow$4.77B

Return on Equity23.4%

Debt / Equity1.90x

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Marathon Petroleum Corp's actual 10-K/10-Q/8-K filings?

Generate the AI investment read →

No credit card · informational only, not investment advice · see the track record

← Browse all forensic stock analyses

Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.