Chevron Corp vs MARATHON PETROLEUM CORPORATION, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Chevron is an integrated supermajor spanning wells to pumps; Marathon Petroleum is a pure refiner-and-marketer, and the models produce opposite return profiles this cycle: Marathon's 19.8% return on equity (buyback-shrunk base) against Chevron's 5.8%, the focused downstream franchise lapping the integrated giant on a low-margin oil year. On assets the gap narrows, 5.3% against 3.3%, still Marathon's. Chevron's answer is its dividend, 4% and famously defended, against Marathon's 1.5%, and its $339B scale against $75B. Both run near-zero debt. The multiples split hard, 29.8 times Chevron's depressed earnings against 16.7 Marathon's, the market paying up for integrated durability while the refiner does the actual earning this year.
Comparison updated 2026-07-11.
| Metric | CVX | MPC |
|---|---|---|
| Price | $170.89 | $253.99 |
| Market cap | $339.4B | $74.9B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | +7.3% | -3.9% |
| P/E | 29.8 | 16.7 |
| P/B | 1.79 | 3.20 |
| P/S | 1.79 | 0.55 |
| EV/EBITDA | 15.8 | 6.1 |
| Revenue growth | -5.6% | -1.2% |
| Operating margin | — | 4.1% |
| Net margin | 5.8% | 3.4% |
| Return on equity | 5.8% | 19.8% |
| Return on assets | 3.3% | 5.3% |
| Return on invested capital | — | 29.0% |
| FCF yield | 4.1% | 7.6% |
| Dividend yield | 4.0% | 1.5% |
| Debt / equity | 0.03 | 0.09 |
| Current ratio | 1.09 | 1.18 |
| Altman Z (solvency) | 2.91 | 2.97 |
| Piotroski F (quality) | 8 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.