Marathon Petroleum's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Marathon Petroleum (MPC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Marathon Petroleum vs Its Competitors
- TTM: Trailing 12-month revenue of 153,577M vs 1,399,770M combined for its competitors (9.9% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+35.4% annualized vs trailing 12 months), vs accelerating (+20.5%) for its tracked peer group.
- Growth: Marathon Petroleum generated 53.8% revenue growth year over year in Q2 2026, vs 47.1% for its competitors combined.
- Profitability: Its 10.7% net margin compares with 11.6% for the peer group.
- Scale: Marathon Petroleum ranks #5 of 13 companies by market capitalization in the Oil & Gas Integrated Operations industry, holding 5.7% of industry market cap.
- Peer revenue share: Marathon Petroleum accounted for 11.0% of combined revenue among its tracked peer group, up from 10.5% a year earlier.
- Peer differentiation: Revenue per employee of $8.30M compares with $5.20M for the peer group (1.6x).
- Structure: Marathon Petroleum operates in the following segments: Refining and Marketing, Midstream, Renewable Diesel; and reports the following subsidiaries: Mplx Lp (competes with Corenergy Infrastructure Trust Inc ).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
MPC Sales vs. its Competitors, Q2 2026
Marathon Petroleum reported revenue growth of 53.83 % year on year in Q2 2026, above its competitors' combined revenue growth of 47.08 %.
With a net margin of 10.65 %, Marathon Petroleum reported lower profitability than its competitors (11.64 %).
Marathon Petroleum generated 10.98 % of the combined sales of its peer group, up from 10.54 % a year earlier.
Marathon Petroleum vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Marathon Petroleum reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Marathon Petroleum and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Marathon Petroleum Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (3) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (5) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Marathon Petroleum's competitor groups requires a Commercial License.
For context: the Oil & Gas Integrated Operations industry grew revenue 19.6% year over year, combined, vs 53.8% for Marathon Petroleum. Marathon Petroleum's share of combined industry revenue moved from 3.15% to 4.06%, a gain of 0.90 percentage points.
Marathon Petroleum's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Marathon Petroleum Corporation | Yes | Yes | Yes | No |
| Competitors combined (34) | ||||
| High-Confidence Competitors (3) | ||||
| Similar-Size Competitors (8) | ||||
| Similar Growth & Profitability (8) | 75.00 % (6 of 8) | 100.00 % (8 of 8) | 75.00 % (6 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
MPC Stock Performance relative to its Competitors
MPC Stock Performance relative to High-Confidence Competitors
MPC Stock Performance relative to Similar-Size Competitors
MPC Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Calumet Inc | 282.9% | Outperformed |
| 2 | Pbf Energy Inc | 282.9% | Outperformed |
| 3 | Valero Energy Corp | 282.9% | Outperformed |
| 4 | Phillips 66 | 282.9% | Outperformed |
| 5 | Delek Us Holdings Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Marathon Petroleum's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Marathon Petroleum's Comment on Competition and Industry Peers
Publicly Traded Peers of Marathon Petroleum Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Marathon Petroleum Corporation |
123,928.60 | 153,577.00 |
 Exxon Mobil Corporation |
734,850.00 | 396,627.00 |
 Chevron Corp |
445,105.61 | 215,261.00 |
 Shell Plc |
309,922.06 | 266,886.00 |
 Conocophillips |
175,338.42 | 63,345.00 |
 Valero Energy Corp |
110,480.25 | 153,327.00 |
| SUBTOTAL | 2,492,469.21 | 2,025,311.42 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Marathon Petroleum Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Marathon Petroleum's Competitors Named by the Company
Competitive relationships identified from Marathon Petroleum reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Futurefuel Corp | Company report | 85% |
| Valero Energy Corp | Company report | 85% |
| Calumet Inc | Company report | 85% |
| Cvr Energy Inc | Company report | 85% |
| Pbf Energy Inc | Company report | 85% |
| Marathon Oil Corporation | Company report | 85% |
| Hollyfrontier Corp | Company report | 85% |
| Sunoco Lp | Company report | 85% |
| Chevron Corp | Company report | 85% |
| Murphy Usa Inc | Company report | 85% |
| Exxon Mobil Corporation | Company report | 85% |
| Conocophillips | Company report | 85% |
| Shell Plc | Company report | 85% |
| Corenergy Infrastructure Trust Inc | Company report | 85% |
| Delek Us Holdings Inc | Company report | 85% |
| Phillips 66 | Company report | 85% |
| Kinder Morgan Inc | Company report | 85% |
| Crossamerica Partners Lp | Company report | 85% |
| Par Pacific Holdings Inc | Company report | 85% |
| Mmex Resources Corporation | Company report | 85% |
| Lyondellbasell Industries N v | Company report | 85% |
| Imperial Oil Limited | Company report | 85% |
| Murphy Oil Corporation | Company report | 85% |
| Bp Plc | Company report | 85% |
| Hess Corporation | Company report | 85% |
| Sprague Resources Lp | Company report | 85% |
Company report basis, confidence, active dates and source counts for Marathon Petroleum's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Marathon Petroleum's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Marathon Petroleum Corporation | Refining and Marketing 94.83 % |
| Chevron Corp | Reportable Segment, Aggregation before Other Operating 99.73 % |
| Valero Energy Corp | Refining 96.26 % |
| Phillips 66 | Refining 70.79 % |
| Kinder Morgan Inc | Natural Gas Pipelines 63.98 % |
| Imperial Oil Limited | Upstream 43.74 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Marathon Petroleum's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Marathon Petroleum Corporation | 123,929 | 8,301,459 | 557,351 |
| Exxon Mobil Corporation | 734,850 | 6,838,397 | 707,224 |
| Chevron Corp | 445,106 | 5,001,533 | 487,116 |
| Shell Plc | 309,922 | 3,139,835 | 213,165 |
| Conocophillips | 175,338 | 6,398,485 | 936,263 |
| Valero Energy Corp | 110,480 | 15,628,071 | 1,364,998 |
| PEERS TOTAL | 2,368,541 | 5,195,524 | 420,774 |
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Marathon Petroleum's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Phillips 66 | United States 81.30 % |
| World Kinect Corporation | North America 53.65 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Marathon Petroleum's Position in Industry Market Structure
Market-capitalization share and concentration across all 13 companies in Marathon Petroleum's industry classification, broader than the peer set above. Market cap in millions of $.Marathon Petroleum ranks #5 of 13 companies by market capitalization in its industry, holding 5.70 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,827, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Exxon Mobil Corporation | 740,885 | 34.10 % |
| 2 | Chevron Corp | 445,106 | 20.49 % |
| 3 | Conocophillips | 175,338 | 8.07 % |
| 4 | Bp Plc | 140,793 | 6.48 % |
| 5 | Marathon Petroleum Corporation | 123,929 | 5.70 % |
| 6 | Equinor Asa | 1,234 | 5.2% |
| 7 | Valero Energy Corp | 1,234 | 5.2% |
| 8 | Phillips 66 | 1,234 | 5.2% |
| 9 | Suncor Energy inc | 1,234 | 5.2% |
| 11 | Ypf Sociedad An nima | 1,234 | 5.2% |
Market cap and industry share for the rest of Marathon Petroleum's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-03.
Marathon Petroleum's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Exxon Mobil Corporation | 740,885 | 56.93 % |
| 2 | Chevron Corp | 445,106 | 43.74 % |
| 3 | Conocophillips | 175,338 | 64.75 % |
| 4 | Bp Plc | 1,234 | 12.3% |
| 5 | Marathon Petroleum Corporation | 123,929 | 118.32 % |
| 6 | Equinor Asa | 1,234 | 12.3% |
| 7 | Valero Energy Corp | 1,234 | 12.3% |
| 8 | Phillips 66 | 1,234 | 12.3% |
| 9 | Suncor Energy inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Marathon Petroleum's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-03. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Marathon Petroleum's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Oil & Gas Integrated Operations industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (24 companies). See the full Oil & Gas Integrated Operations industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.12 % | 10.76 % (avg) | -10.6 pp |
| Operating Margin | 0.09 % | industry median | -0.1 pp |
| EBITDA Margin | 0.11 % | 6.58 % (avg) | -6.5 pp |
| Capital Intensity (Capex / Revenue) | 2.75 % | 3.49 % (avg) | -0.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Marathon Petroleum's Valuation vs Competitive Position
Valuation multiples vs the Oil & Gas Integrated Operations industry average (24 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Oil & Gas Integrated Operations industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 8.5x | 16.0x | -7.5x |
| EV / EBITDA | 6.5x | 10.5x | -4.1x |
| P/B | 2.9x | 2.5x | +0.5x |
| Return on Equity | 0.35 % | industry aggregate | -14.52 % |
| Return on Invested Capital | 0.15 % | 5.13 % (avg) | -4.97 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Marathon Petroleum's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 89.22 % | -12.35 % | -43.70 % | 71.95 % | 47.90 % | -16.38 % | -6.41 % | -4.44 % |
| Operating Margin | 3.94 % | 4.50 % | -17.55 % | 3.58 % | 12.10 % | 9.78 % | 4.89 % | 6.25 % |
| Return on Invested Capital | 7.24 % | 4.45 % | -11.56 % | 3.91 % | 20.21 % | 13.72 % | 7.31 % | 8.47 % |
| P/E | 11.9x | 15.1x | - | 4.4x | 4.1x | 6.4x | 15.5x | 14.1x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Marathon Petroleum's Strategic Group Map
Marathon Petroleum is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Marathon Petroleum's trailing-12-month revenue growth of 15.0% and operating margin of 0.1% compares with an average of 13.5% growth and 0.5% margin across its 8 closest peers by combined growth, margin and ROIC -- Marathon Petroleum sits above that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Marathon Petroleum's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Marathon Petroleum falls in the Question Mark quadrant: relative market share of 0.17x vs its largest competitor, in an industry growing revenue 11.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Marathon Petroleum's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,827 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 2.75 % vs industry average 3.49 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Marathon Petroleum's dedicated Suppliers and Customers pages, not here.
Marathon Petroleum's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Marathon Petroleum falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Marathon Petroleum's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+35.4% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 14.5 points below the industry aggregate.
- Low relative market share vs the industry leader (0.17x).
Opportunities
- Industry revenue growing at a healthy 11.4% median pace.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Marathon Petroleum's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Marathon Petroleum Corporation | 0.18 | 1.25 | 1.69 |
| Exxon Mobil Corporation | 0.12 | 1.13 | 0.16 |
| Chevron Corp | 0.01 | 1.16 | 0.21 |
| Shell Plc | 0.37 | 1.30 | 0.05 |
| Conocophillips | 0.49 | 1.36 | 0.45 |
| Valero Energy Corp | 0.40 | 1.65 | 0.31 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Marathon Petroleum's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Marathon Petroleum Corporation | Q2 2026 | +53.8 % | +244.0 % |
| Exxon Mobil Corporation | Q3 2026 | +32.7 % | +98.4 % |
| Chevron Corp | Q2 2026 | +56.3 % | +385.6 % |
| Shell Plc | Q4 2025 | -6.1 % | +9.7 % |
| Conocophillips | Q2 2026 | +36.8 % | +98.8 % |
| Valero Energy Corp | Q3 2026 | +43.3 % | +540.5 % |
| PEERS TOTAL | +15.2 % | +112.7 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Marathon Petroleum's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Marathon Petroleum Corporation | Q2 2026 | +43.4 % | +70.6 % |
| Exxon Mobil Corporation | Q3 2026 | - | -17.7 % |
| Chevron Corp | Q2 2026 | +36.3 % | +22.3 % |
| Shell Plc | Q4 2025 | - | - |
| Conocophillips | Q2 2026 | +32.0 % | - |
| Valero Energy Corp | Q3 2026 | +20.7 % | - |
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Marathon Petroleum's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Marathon Petroleum Corporation | 11.79% | 12.26% | 42.47% |
| Exxon Mobil Corporation | 8.87% | 9.71% | 15.39% |
| Chevron Corp | 6.40% | 6.49% | 10.85% |
| Shell Plc | 4.89% | 4.22% | 10.33% |
| Conocophillips | 7.55% | 8.36% | 14.30% |
| Valero Energy Corp | 21.19% | 26.74% | 47.45% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Marathon Petroleum's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Marathon Petroleum Corporation | 14.75 | 0.81 |
| Exxon Mobil Corporation | 18.32 | 1.85 |
| Chevron Corp | 21.40 | 2.07 |
| Shell Plc | 17.38 | 1.16 |
| Conocophillips | 19.15 | 2.77 |
| Valero Energy Corp | 8.73 | 0.72 |
| PEERS AVERAGE | 15.40 | 1.23 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.