Marathon Petroleum
MPC · Oil & Gas Refining & Marketing
$457.22
0.4%Valero Energy
VLO · Oil & Gas Refining & Marketing
$419.28
1.6%The short version
- Marathon Petroleum is the larger business, with $132.7B of revenue in fiscal 2025 against $122.7B for Valero Energy.
- Marathon Petroleum grew revenue faster (−4.4%, against −5.5%).
- Marathon Petroleum kept more of each dollar of sales as operating profit (6.3% operating margin, against 2.6% operating margin).
- Marathon Petroleum earned a higher return on the capital invested in it (13.6%, against 7.2%).
- Investors pay more for each dollar of Valero Energy’s earnings: a P/E of 17.4x against 15.7x for Marathon Petroleum.
| Latest fiscal year | MPC · FY25 | VLO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $132.6B | $123.3B |
| Revenue | $132.7B | $122.7B |
| Free cash flow | $4.8B | — |
| Net income | $4.0B | $2.3B |
| Growth | ||
| Revenue growth | −4.4% | −5.5% |
| 5-year growth | 13.7% | 13.6% |
| Share count change | −10.3% | −4.0% |
| Profitability | ||
| Gross margin | 10.0% | 4.4% |
| Operating margin | 6.3% | 2.6% |
| Net margin | 3.1% | 1.9% |
| FCF margin | 3.6% | — |
| Return on capital | 13.6% | 7.2% |
| Return on equity | 23.1% | 9.7% |
| Balance sheet | ||
| Net debt | $29.2B | $5.9B |
| Net debt / EBITDA | 2.5x | 0.9x |
| Dividends and buybacks | $4.6B | $4.0B |
| Valuation & quality | ||
| P/E | 15.7x | 17.4x |
| Piotroski F-score | 8 | 6 |
FY16
MPC $63.3B
VLO $75.7B
FY17
MPC $74.7B
VLO $94.0B
FY18
MPC $86.1B
VLO $117.0B
FY19
MPC $111.1B
VLO $108.3B
FY20
MPC $69.8B
VLO $64.9B
FY21
MPC $120.0B
VLO $114.0B
FY22
MPC $177.5B
VLO $176.4B
FY23
MPC $148.4B
VLO $144.8B
FY24
MPC $138.9B
VLO $129.9B
FY25
MPC $132.7B
VLO $122.7B
MPC
VLO
FY16
MPC 3.8%
VLO 4.7%
FY17
MPC 5.4%
VLO 3.8%
FY18
MPC 5.5%
VLO 3.9%
FY19
MPC 4.0%
VLO 3.5%
FY20
MPC −17.6%
VLO −2.4%
FY21
MPC 3.6%
VLO 1.9%
FY22
MPC 12.1%
VLO 8.9%
FY23
MPC 9.8%
VLO 8.2%
FY24
MPC 4.9%
VLO 2.9%
FY25
MPC 6.3%
VLO 2.6%
MPC
VLO
FY16
MPC $1.1B
VLO $2.8B
FY17
MPC $3.9B
VLO $3.5B
FY18
MPC $3.0B
VLO $995M
FY19
MPC $4.6B
VLO $2.7B
FY20
MPC −$368M
VLO −$1.5B
FY21
MPC $2.9B
VLO $3.4B
FY22
MPC $13.9B
VLO $9.8B
FY23
MPC $12.2B
VLO $7.3B
FY24
MPC $6.1B
VLO $4.6B
FY25
MPC $4.8B
VLO —
MPC
VLO
FY16
MPC 5.3%
VLO 11.1%
FY17
MPC 13.4%
VLO 14.5%
FY18
MPC 7.4%
VLO 13.5%
FY19
MPC 4.9%
VLO 10.6%
FY20
MPC −14.9%
VLO −4.1%
FY21
MPC 7.2%
VLO 5.9%
FY22
MPC 34.8%
VLO 39.4%
FY23
MPC 24.0%
VLO 27.6%
FY24
MPC 12.0%
VLO 9.0%
FY25
MPC 13.6%
VLO 7.2%
MPC
VLO
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.