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MPC combines commodity-sensitive refining and marketing earnings with a midstream business that adds a more recurring cash-flow stream. Its history shows that margins and earnings can swing sharply with refining conditions, while operating cash generation has supported substantial capital spending and ongoing share repurchases.
The latest results show a pronounced refining-driven earnings and cash-flow surge, but do not establish a lasting change in the underlying cyclical model. Cash generation also benefited from working capital, making it important to distinguish operating momentum from temporary cash timing.
Whether operating cash flow remains supported by earnings if the recent positive working-capital contribution fades.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 63.3B | 75.4B | 86.6B | 111.6B | 70.3B | 120.9B | 178.9B | 150.1B | 140.4B | 135B | |
| (57B) | (67.1B) | (77B) | (99.2B) | (65.7B) | (110B) | (151.7B) | (128.6B) | (126.2B) | (119.4B) | |
| 6.3B | 8.3B | 9.5B | 12.4B | 4.5B | 10.9B | 27.2B | 21.5B | 14.1B | 15.6B | |
| (4B) | (4.2B) | (4.9B) | (7B) | (6.8B) | (6.6B) | (6.8B) | (7.2B) | (7.4B) | (7.5B) | |
| (2B) | (2.1B) | (2.7B) | (3.8B) | (3.4B) | (3.3B) | (3.6B) | (3.9B) | (4B) | (4.2B) | |
| (2B) | (2.1B) | (2.2B) | (3.2B) | (3.4B) | (3.3B) | (3.2B) | (3.3B) | (3.3B) | (3.3B) | |
| 2.3B | 4.1B | 4.7B | 5.4B | (2.2B) | 4.3B | 20.4B | 14.3B | 6.8B | 8.1B | |
| (699m) | (624m) | (858m) | (1.2B) | (1.3B) | (1.3B) | (974m) | (593m) | (841m) | (1.2B) | |
| 538m | 625m | 945m | 1.2B | 1.3B | 1.3B | 1.2B | 1.3B | 1.3B | 1.4B | |
| 272m | (76m) | (58m) | (919m) | (10B) | (181m) | 1.1B | 208m | 28m | 173m | |
| (32m) | (76m) | (71m) | (38m) | (50m) | (97m) | (24m) | 77m | 2m | (46m) | |
| 1.8B | 3.3B | 3.7B | 3.2B | (13.6B) | 2.8B | 20.5B | 14B | 6B | 7B | |
| (609m) | (1B) | (764m) | (784m) | 2.4B | (264m) | (4.5B) | (2.8B) | (890m) | (1.1B) | |
| 1.2B | 2.3B | 2.9B | 2.4B | (11.2B) | 2.6B | 16B | 11.2B | 5.1B | 5.9B | |
| (39m) | (372m) | (826m) | (618m) | 151m | (1.3B) | (1.5B) | (1.5B) | (1.6B) | (1.8B) | |
| 1.2B | 3.4B | 2.8B | 2.6B | (9.8B) | 9.7B | 14.5B | 9.7B | 3.4B | 4B | |
| 2.21 | 6.69 | 5.28 | 3.96 | (15.14) | 15.26 | 28.11 | 23.65 | 10.09 | 13.21 |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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