Marathon Petroleum vs Phillips 66
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The short version
- Marathon Petroleum is the larger business, with $132.7B of revenue in fiscal 2025 against $132.4B for Phillips 66.
- Marathon Petroleum grew revenue faster (−4.4%, against −7.5%).
- Marathon Petroleum earned a higher return on the capital invested in it (13.6%, against 11.2%).
- Investors pay more for each dollar of Phillips 66’s earnings: a P/E of 16.2x against 15.7x for Marathon Petroleum.
| Latest fiscal year | MPC · FY25 | PSX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $132.6B | $114.0B |
| Revenue | $132.7B | $132.4B |
| Free cash flow | $4.8B | — |
| Net income | $4.0B | $4.4B |
| Growth | ||
| Revenue growth | −4.4% | −7.5% |
| 5-year growth | 13.7% | 15.6% |
| Share count change | −10.3% | −3.3% |
| Profitability | ||
| Gross margin | 10.0% | 12.3% |
| Operating margin | 6.3% | — |
| Net margin | 3.1% | 3.3% |
| FCF margin | 3.6% | — |
| Return on capital | 13.6% | 11.2% |
| Return on equity | 23.1% | 15.6% |
| Balance sheet | ||
| Net debt | $29.2B | $18.6B |
| Net debt / EBITDA | 2.5x | 1.9x |
| Dividends and buybacks | $4.6B | $3.1B |
| Valuation & quality | ||
| P/E | 15.7x | 16.2x |
| Piotroski F-score | 8 | 8 |
Revenue
FY16
MPC $63.3B
PSX $84.3B
FY17
MPC $74.7B
PSX $102.4B
FY18
MPC $86.1B
PSX $111.5B
FY19
MPC $111.1B
PSX $107.3B
FY20
MPC $69.8B
PSX $64.1B
FY21
MPC $120.0B
PSX $111.5B
FY22
MPC $177.5B
PSX $170.0B
FY23
MPC $148.4B
PSX $147.4B
FY24
MPC $138.9B
PSX $143.2B
FY25
MPC $132.7B
PSX $132.4B
MPC
PSX
Operating margin
FY16
MPC 3.8%
PSX —
FY17
MPC 5.4%
PSX —
FY18
MPC 5.5%
PSX —
FY19
MPC 4.0%
PSX —
FY20
MPC −17.6%
PSX —
FY21
MPC 3.6%
PSX —
FY22
MPC 12.1%
PSX —
FY23
MPC 9.8%
PSX —
FY24
MPC 4.9%
PSX —
FY25
MPC 6.3%
PSX —
MPC
PSX
Free cash flow
FY16
MPC $1.1B
PSX —
FY17
MPC $3.9B
PSX —
FY18
MPC $3.0B
PSX —
FY19
MPC $4.6B
PSX —
FY20
MPC −$368M
PSX —
FY21
MPC $2.9B
PSX —
FY22
MPC $13.9B
PSX —
FY23
MPC $12.2B
PSX —
FY24
MPC $6.1B
PSX —
FY25
MPC $4.8B
PSX —
MPC
PSX
Return on capital
FY16
MPC 5.3%
PSX 6.2%
FY17
MPC 13.4%
PSX 12.2%
FY18
MPC 7.4%
PSX 18.0%
FY19
MPC 4.9%
PSX 10.4%
FY20
MPC −14.9%
PSX −9.7%
FY21
MPC 7.2%
PSX 6.2%
FY22
MPC 34.8%
PSX 30.4%
FY23
MPC 24.0%
PSX 17.0%
FY24
MPC 12.0%
PSX 6.2%
FY25
MPC 13.6%
PSX 11.2%
MPC
PSX
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.