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Murphy USA

MUSA NYSE Automotive Retail Financials FY2016–FY2025

Murphy USA's revenue fell 4.2% to $19.4 billion in fiscal 2025. Its operating margin was 3.7%, about the same as 3.7% a year earlier. Free cash flow was $374 million, down 3.9%. It paid out $691 million in dividends and buybacks, 185% of free cash flow. The diluted share count fell 6.3%.

Last close · Oct 23, 2026

$534.63

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$19.4B
4.2% vs prior year
Operating margin Operating income as a share of revenue.
3.7%
0.0 pts
Net income Profit after all expenses, interest and tax.
$471M
6.3%
Free cash flow Cash from operations minus capital spending.
$374M
3.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
20.5%
1.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$9.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.3x
On $32.77 EPS (TTM)

What Murphy USA does

No business description yet.

Legal name
MURPHY USA INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001573516-26-000090
0001573516

Revenue and margins

Murphy USA had $19.4B of revenue in fiscal 2025, down 4.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 17.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $374M in fiscal 2025, 1.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Murphy USA returned $691M to shareholders in fiscal 2025, 185% of free cash flow. The diluted share count fell 6.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Murphy USA yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.2B and divides by 19.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.3x · peers 22.0x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Murphy USA can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $256M$78.4M$125M$47.0M$28.9M
Debt incl. finance leases $1.8B$1.8B$1.8B$1.8B$2.2B
Net debt / EBITDA 1.9x1.5x1.6x1.8x2.2x
Debt / equity 2.3x2.8x2.2x2.2x3.5x
Interest coverage 7.3x11.4x8.4x7.7x6.5x
Current ratio 1.1x0.9x1.0x0.8x0.8x
Quick ratio 0.7x0.5x0.6x0.4x0.4x
Total assets $4.0B$4.1B$4.3B$4.5B$4.7B
Total liabilities $3.2B$3.5B$3.5B$3.7B$4.1B
Shareholders' equity $807M$641M$829M$840M$624M
Net debt (− = net cash) $1.6B$1.7B$1.7B$1.8B$2.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$32.1M

10 insiders

Of sales under plans

2%

$0.6M

DateInsiderTradeSharesPriceValueFiling
Sep 3, 2026 Eric J. BartkoSVP & Chief Customer Officer Sold 100 $523.60 $0.1M Form 4
Aug 20, 2026 Rosemary TurnerDirector Sold 966 $571.88 $0.6M Form 4
Jun 5, 2026 Diane N LandenDirector Sold 3,000 $547.25 $1.6M Form 4
Jun 1, 2026 James W KeyesDirector Sold 2,339 $511.00 $1.2M Form 4
May 27, 2026 Renee M BaconSVP, Chief Retail Officer Sold plan 1,050 $529.44 $0.6M Form 4
May 15, 2026 Keith A. EmerySVP, Chief Fuels Officer Sold 517 $574.49 $0.3M Form 4
May 5, 2026 Scott G. WoodwardSVP, Chief Merchandising Off. Sold 158 $600.50 $0.1M Form 4
May 4, 2026 Robert Madison MurphyDirector Sold 41,500 $596.96 $24.8M Form 4
Mar 5, 2026 Robert J ChumleySVP Innovation Sold 5,038 $420.00 $2.1M Form 4
Mar 5, 2026 Scott G. WoodwardSVP Merchandising Sold 137 $422.44 $0.1M Form 4
Feb 26, 2026 Keith A. EmerySVP Fuels Sold 899 $382.53 $0.3M Form 4
Feb 24, 2026 Jeanne Linder PhillipsDirector Sold 1,155 $395.19 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✕
F-score 6 / 85 / 85 / 8
Accruals ratio −5.4%−7.8%−7.4%
Altman Z'' 3.923.743.81

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Murphy USA MUSA $9.9B −4.3% 3.7% 1.9% 20.5% 16.3x 5
AutoZone AZO $54.1B 2.4% 19.1% 9.5% 58.2% 22.0x 6 Compare →
Carvana CVNA $42.8B 48.6% 9.3% 4.4% 24.6% — 6 Compare →
Asbury Automotive Group ABG $3.2B 4.7% 4.8% — 9.2% 6.5x 6 Compare →
O'Reilly Automotive ORLY $74.5B 6.4% 19.5% 9.0% 59.7% 28.6x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $11.6B $12.8B $14.4B $14.0B $11.3B $17.4B $23.4B $21.5B $20.2B $19.4B
Gross profit $9.6B $10.8B — — — — — — — —
Operating income $388M $283M $325M $269M $559M $604M $968M $826M $743M $719M
Interest expense $39.7M $46.7M $52.9M $54.9M $51.2M $82.4M $85.3M $98.5M $97.1M $111M
Pretax income $352M $240M $274M $202M $509M $522M $884M $734M $652M $609M
Income tax $131M −$5.2M $60.3M $47.6M $123M $125M $211M $178M $149M $139M
Net income $222M $245M $214M $155M $386M $397M $673M $557M $503M $471M
Diluted EPS $5.59 $6.78 $6.48 $4.86 $13.08 $14.92 $28.10 $25.49 $24.11 $24.10
Diluted shares 0.04B 0.04B 0.03B 0.03B 0.03B 0.03B 0.02B 0.02B 0.02B 0.02B
Cash flow
Cash from operations $337M $284M $399M $313M $564M $737M $995M $784M $848M $814M
Capital expenditure $262M $258M $204M $205M $231M $275M $305M $336M $458M $440M
Free cash flow $75.3M $25.3M $194M $109M $333M $463M $689M $448M $390M $374M
Depreciation and amortization $98.6M $117M $134M $152M $161M $213M $220M $229M $248M $277M
Stock-based compensation $9.3M $7.5M $9.2M $10.5M $14.3M $14.4M $16.0M $21.8M $22.9M $28.6M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $641M $0.0M $0.0M $0.0M $0.0M
Share buybacks $323M $206M $144M $166M $400M $355M $806M $333M $446M $650M
Dividends paid $0.0M $0.0M $0.0M $0.0M $6.9M $27.3M $29.9M $33.4M $36.8M $41.5M
Dividends and buybacks $323M $206M $144M $166M $407M $382M $836M $367M $483M $691M
Balance sheet
Cash and short-term investments $154M $170M $185M $280M $164M $256M $78.4M $125M $47.0M $28.9M
Total debt $670M $881M $863M $1.0B $1.0B $1.8B $1.8B $1.8B $1.8B $2.2B
Finance lease liabilities $0.0M $0.0M $0.0M $2.4M $2.1M $142M $134M $127M $120M $119M
Current assets $516M $614M $570M $711M $625M $768M $727M $827M $748M $748M
Current liabilities $515M $533M $478M $505M $531M $675M $854M $873M $948M $929M
Inventory $153M $183M $222M $228M $279M $292M $319M $341M $402M $413M
Property and equipment, net $1.5B $1.7B $1.7B $1.8B $1.9B $2.4B $2.5B $2.6B $2.8B $3.0B
Total assets $2.1B $2.3B $2.4B $2.7B $2.7B $4.0B $4.1B $4.3B $4.5B $4.7B
Total liabilities $1.4B $1.6B $1.6B $1.9B $1.9B $3.2B $3.5B $3.5B $3.7B $4.1B
Shareholders' equity $697M $738M $807M $803M $784M $807M $641M $829M $840M $624M
Margins
Gross margin 83.0% 84.5% — — — — — — — —
Operating margin 3.4% 2.2% 2.3% 1.9% 5.0% 3.5% 4.1% 3.8% 3.7% 3.7%
EBITDA margin 4.2% 3.1% 3.2% 3.0% 6.4% 4.7% 5.1% 4.9% 4.9% 5.1%
Net margin 1.9% 1.9% 1.5% 1.1% 3.4% 2.3% 2.9% 2.6% 2.5% 2.4%
FCF margin 0.7% 0.2% 1.4% 0.8% 3.0% 2.7% 2.9% 2.1% 1.9% 1.9%
Returns
Return on capital 19.8% 21.3% 17.3% 13.5% 26.6% 23.0% 31.1% 25.7% 22.3% 20.5%
Return on capital employed 25.3% 16.8% 17.7% 13.2% 25.8% 21.9% 29.2% 24.5% 21.0% 19.4%
Return on equity 29.8% 34.2% 27.6% 19.2% 48.7% 49.9% 93.0% 75.8% 60.2% 64.3%
Return on assets 11.1% 11.1% 9.1% 6.1% 14.4% 11.8% 16.5% 13.2% 11.3% 10.2%
Growth
Revenue growth −8.7% 10.6% 12.0% −2.3% −19.7% 54.1% 35.1% −8.2% −6.0% −4.3%
Net income growth 25.6% 10.7% −12.9% −27.5% 149.4% 2.8% 69.5% −17.3% −9.8% −6.4%
EPS growth 39.1% 21.3% −4.4% −25.0% 169.1% 14.1% 88.3% −9.3% −5.4% −0.0%
FCF growth 609.5% −66.4% 668.4% −44.2% 206.9% 39.0% 49.0% −35.0% −13.1% −3.9%
Share count change −9.5% −8.8% −8.8% −3.4% −7.3% −9.9% −10.0% −8.8% −4.6% −6.3%
Financial health
Net debt / EBITDA 1.1x 1.8x 1.5x 1.8x 1.2x 1.9x 1.5x 1.6x 1.8x 2.2x
Debt / equity 1.0x 1.2x 1.1x 1.3x 1.3x 2.3x 2.8x 2.2x 2.2x 3.5x
Interest coverage 9.8x 6.1x 6.2x 4.9x 10.9x 7.3x 11.4x 8.4x 7.7x 6.5x
Current ratio 1.0x 1.2x 1.2x 1.4x 1.2x 1.1x 0.9x 1.0x 0.8x 0.8x
Quick ratio 0.7x 0.8x 0.7x 1.0x 0.7x 0.7x 0.5x 0.6x 0.4x 0.4x
Capital allocation
Capex / revenue 2.3% 2.0% 1.4% 1.5% 2.1% 1.6% 1.3% 1.6% 2.3% 2.3%
Stock comp / revenue 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2%
Payouts / FCF 429.4% 814.2% 74.3% 152.8% 122.1% 82.6% 121.3% 81.8% 123.9% 184.7%
Quality scores
Piotroski F-score 5.0 7.0 7.0 5.0 6.0 6.0 6.0 6.0 5.0 5.0
Altman Z'' 3.0 2.9 3.4 3.3 4.2 3.1 3.8 3.9 3.7 3.8
Accruals ratio −5.8% −1.7% −7.9% −6.3% −6.6% −10.1% −7.9% −5.4% −7.8% −7.4%

Source: SEC EDGAR XBRL filings (CIK 0001573516). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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