Does MARATHON PETROLEUM CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MARATHON PETROLEUM CORPORATION (MPC) 37.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 7, returns on capital 44, balance-sheet safety 29, capital discipline 80.

How has MPC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 37.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

MARATHON PETROLEUM CORPORATION

MPC · Energy · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power7

Median gross margin 10.3% over 10y, variable.

Returns on capital44

Median ROIC 11.1%, above the 9% hurdle in 50% of years.

Balance-sheet safety29

Net debt/EBITDA 2.5x, interest coverage 6x.

Capital discipline80

Owner earnings +14.7%/yr, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $11.1B
Est. intrinsic value / share: —
Recent price: $312.60
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

MARATHON PETROLEUM CORPORATION booked $132.7B of revenue in FY2025 in the Energy sector and kept 10.0% of it as gross profit — a thin-margin business by that measure. After every other cost, 3.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $45.5B (FY2009) to $132.7B (FY2025) — about 6.9% a year compounded over 16 years.

It earned 14.9% on invested capital in FY2025, with a median of 13.8% across 17 filed years. The Returns on Capital filter above scores it 44/100.

The balance sheet carried $32.9B of total debt in FY2025 against $4.0B of owner earnings — roughly 8.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 29/100.

Put together: Capital Discipline is the strongest of the four filters (80/100) and Pricing Power the weakest (7/100), which is how MPC lands at 37/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$132.7B FY2025

Gross marginRevenue kept after cost of goods10.0% FY2025

Return on invested capitalOperating profit on the capital employed14.9% FY2025

Owner earningsCash an owner could take out$4.0B FY2025

Gaps in a line mean that item isn’t in MPC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale37.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MPC has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Energy context

#3 of 7 scored Energy companies, ranked by Moat Score.

Nearest peers by Moat Score

#1VVV VALVOLINE INC.64.9 out of 100, Narrow moatNarrow moat
#2VLO VALERO ENERGY CORP/TX37.8 out of 100, No moatNo moat
#4CVI CVR ENERGY, INC32.7 out of 100, No moatNo moat
#5PBF PBF ENERGY INC.31.9 out of 100, No moatNo moat

Compare MPC with its nearest peers →All Energy companies on the Index →

Common questions about MPC

Does MARATHON PETROLEUM CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores MARATHON PETROLEUM CORPORATION (MPC) 37.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 7, returns on capital 44, balance-sheet safety 29, capital discipline 80.
How has MPC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 37.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows MPC’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/MPC"
  width="340" height="150" style="border:0"
  title="MPC Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MPC. See the disclaimer.