MARATHON PETROLEUM CORPORATION vs Phillips 66, two Oil & Gas Refining stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both refiners run conservative sheets, Marathon Petroleum at 0.09 turns of debt and Phillips 66 at 0.28, which lets the pair be about capital return and mix: Marathon is refining plus a large marketing arm, Phillips refining plus chemicals and midstream. Marathon shows the higher return on equity, 19.8% against 13.9%, its aggressive buyback shrinking the base; on assets they nearly tie, 5.3% against 4.9%. Both pay dividends near 1.5-2.8% (Marathon 1.5%, Phillips 2.8%) and trade close, 16.7 and 17 times. Free cash favors Marathon, 7.6% against 3.6%. The pair is the two big independent refiners priced almost identically; Marathon returns capital harder, Phillips diversifies more, and the crack spreads flow to both the same way.
Comparison updated 2026-07-11.
| Metric | MPC | PSX |
|---|---|---|
| Price | $253.99 | $171.67 |
| Market cap | $74.9B | $69.2B |
| Sector | Oil & Gas Refining | Oil & Gas Refining |
| Stage | Cyclical | Cyclical |
| Implied growth (priced in) | -3.9% | +0.1% |
| P/E | 16.7 | 17.0 |
| P/B | 3.20 | 2.33 |
| P/S | 0.55 | 0.51 |
| EV/EBITDA | 6.1 | 24.0 |
| Revenue growth | -1.2% | -1.8% |
| Operating margin | 4.1% | — |
| Net margin | 3.4% | 3.1% |
| Return on equity | 19.8% | 13.9% |
| Return on assets | 5.3% | 4.9% |
| Return on invested capital | 29.0% | — |
| FCF yield | 7.6% | 3.6% |
| Dividend yield | 1.5% | 2.8% |
| Debt / equity | 0.09 | 0.28 |
| Current ratio | 1.18 | 1.13 |
| Altman Z (solvency) | 2.97 | 2.96 |
| Piotroski F (quality) | 7 / 9 | 5 / 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.