Marathon Petroleum (FRA:MPN) Beneish M-Score: -2.80 (As of Jun. 26, 2026)

What is Marathon Petroleum Beneish M-Score?

Marathon Petroleum FRA:MPN -1.20% 66 Beneish M-Score is -2.80 as of Jun. 26, 2026. GuruFocus rates FRA:MPN with a GF Score™ of 66/100 and a GF Value™ of €174.61 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 822 Oil & Gas companies, Marathon Petroleum ranks better than 59.25% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Marathon Petroleum's Beneish M-Score or its related term are showing as below:

FRA:MPN' s Beneish M-Score Range Over the Past 10 Years
Min: -13.83 Med: -2.56 Max: 13.79
Current: -2.8

During the past 13 years, the highest Beneish M-Score of Marathon Petroleum was 13.79. The lowest was -13.83. And the median was -2.56.

Marathon Petroleum Beneish M-Score Related Terms

Marathon Petroleum Beneish M-Score Historical Data

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The historical data trend for Marathon Petroleum's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Marathon Petroleum Beneish M-Score Chart

Marathon Petroleum Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.84

-2.68

-2.88

-2.61

-2.98

Marathon Petroleum Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.62	-2.63	-2.75	-2.98	-2.80

FRA:MPN vs VLO, PSX, DINO: Beneish M-Score Comparison

For the Oil & Gas Refining & Marketing subindustry, Marathon Petroleum's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Marathon Petroleum Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Marathon Petroleum's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Marathon Petroleum's Beneish M-Score falls into.

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66GF Score

Marathon Petroleum Corp FRA:MPN

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Marathon Petroleum Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Marathon Petroleum for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2388

0.528 * 0.7637

0.404 * 1.0311

0.892 * 0.9116

0.115 * 1.0938

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0823

4.679 * -0.082884

0.327 * 1.0309

-2.85

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was €12,654 Mil.
Revenue was 29583 + 27818.196 + 29657.268 + 29303.733 = €116,362 Mil.
Gross Profit was 1842.45 + 2463.79 + 2358.336 + 2587.995 = €9,253 Mil.
Total Current Assets was €24,824 Mil.
Total Assets was €76,282 Mil.
Property, Plant and Equipment(Net PPE) was €33,825 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,807 Mil.
Selling, General, & Admin. Expense(SGA) was €2,951 Mil.
Total Current Liabilities was €21,116 Mil.
Long-Term Debt & Capital Lease Obligation was €27,426 Mil.
Net Income was 442.015 + 1310.89 + 1167.24 + 1054.272 = €3,974 Mil.
Non Operating Income was 313.995 + 738.71 + 880.968 + 261.834 = €2,196 Mil.
Cash Flow from Operations was 969.665 + 2620.926 + 2222.868 + 2288.013 = €8,101 Mil.

Total Receivables was €11,205 Mil.
Revenue was 29153.225 + 31645.835 + 31631.407 + 35222.106 = €127,653 Mil.
Gross Profit was 1261.7 + 1674.115 + 1907.417 + 2908.699 = €7,752 Mil.
Total Current Assets was €25,105 Mil.
Total Assets was €75,511 Mil.
Property, Plant and Equipment(Net PPE) was €33,478 Mil.
Depreciation, Depletion and Amortization(DDA) was €3,063 Mil.
Selling, General, & Admin. Expense(SGA) was €2,991 Mil.
Total Current Liabilities was €21,021 Mil.
Long-Term Debt & Capital Lease Obligation was €25,587 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(12654.085 / 116362.197)	/	(11205.45 / 127652.573)
	=	0.108747	/	0.087781
	=	1.2388

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(7751.931 / 127652.573)	/	(9252.571 / 116362.197)
	=	0.060727	/	0.079515
	=	0.7637

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (24823.77 + 33824.96) / 76281.755)	/	(1 - (25104.5 + 33477.6) / 75510.525)
	=	0.231157	/	0.224186
	=	1.0311

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	116362.197	/	127652.573
	=	0.9116

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(3063.103 / (3063.103 + 33477.6))	/	(2807.492 / (2807.492 + 33824.96))
	=	0.083827	/	0.076639
	=	1.0938

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(2950.864 / 116362.197)	/	(2990.977 / 127652.573)
	=	0.025359	/	0.023431
	=	1.0823

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((27425.69 + 21115.515) / 76281.755)	/	((25587.35 + 21020.625) / 75510.525)
	=	0.636341	/	0.617238
	=	1.0309

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(3974.417 - 2195.507	-	8101.472)	/	76281.755
	=	-0.082884

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Marathon Petroleum has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.80 mean?

Marathon Petroleum (FRA:MPN) has a Beneish M-Score of -2.80 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Marathon Petroleum and its competitors. According to the industry distribution chart, Marathon Petroleum ranks #335 out of 822 companies in the Oil & Gas industry, placing it in the top 40.8%.

Is Marathon Petroleum's Beneish M-Score too high?

Marathon Petroleum's current Beneish M-Score is -2.80. Based on the distribution chart, Marathon Petroleum ranks #335 out of 822 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Marathon Petroleum has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Marathon Petroleum's Beneish M-Score compare to VLO and PSX?

According to the Oil & Gas industry distribution chart, Marathon Petroleum ranks #335 out of 822 companies for Beneish M-Score. This puts Marathon Petroleum in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Marathon Petroleum and its competitors. Marathon Petroleum's current Beneish M-Score is -2.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Marathon Petroleum stock overvalued right now?

Based on GuruFocus' analysis, Marathon Petroleum (FRA:MPN) is currently considered Modestly Overvalued. The stock's GF Value™ is €174.61, compared to a current price of €214.30 — trading 22.7% above its estimated fair value. The current Beneish M-Score is -2.80. Marathon Petroleum's overall GF Score™ is 66/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Marathon Petroleum (FRA:MPN), the current Beneish M-Score is -2.80 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Marathon Petroleum (FRA:MPN) Overvalued in 2026?

Based on GuruFocus' analysis, Marathon Petroleum stock appears to be overvalued. The current stock price of €214.30 is trading 22.7% above its estimated GF Value™ of €174.61. GuruFocus considers Marathon Petroleum to be Modestly Overvalued.

Key valuation signals for FRA:MPN:

Beneish M-Score: -2.80
GF Value™: €174.61 vs. price of €214.30 (22.7% above fair value)
GF Score™: 66/100 with 6 warning signs

No single metric tells the full story. See the FRA:MPN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Marathon Petroleum Business Description

Industry Energy Oil & Gas

Comparable Companies VLO PSX DINO SUN IEP PBF CVI PARR DK DKL NSE:RELIANCE XKAZ:KMGZ OHEL:NESTE TSE:5020 NSE:IOC TPE:6505 XKRX:096770 BOM:500547 XKRX:267250 TSE:5019

Other Exchanges MPC:USA MPC:Mexico 1MPC:Italy 0JYA:UK MPN:Germany M1PC34:Brazil

Address 539 South Main Street, Findlay, OH, USA, 45840-3229

Website https://www.marathonpetroleum.com

Marathon Petroleum is a leading integrated downstream and midstream energy company that operates 13 refineries in the Gulf Coast, Mid-Continent, and West Coast regions of the United States with an aggregate crude oil refining capacity of 3.0 million barrels per day. The company is one of the largest producers of renewable diesel in the US; its Dickinson, North Dakota facility has the capacity to produce 184 million gallons per year, and its Martinez, California, joint venture facility (a 50/50 partnership with Neste) reached its full capacity of 730 million gallons per year in late 2024. Marathon also owns the general partner and approximately 64% of MPLX LP, a large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets.

66GF Score

Get the complete analysis for FRA:MPN

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€214.30

Price

€174.61

GF Value

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