Marathon Oil Corp

Energy
Oil & Gas Production
www.marathonoil.com

Earnings Score
Moat Score
Safety Score

Market Cap $16.07B
PE 12
Debt $4.60B
Cash $134.00M
EV $20.54B
FCF $2.03B

Earnings

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Sales & Net Margins

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Earnings	$1.33B
EBIT	$2.03B
ROE	12%
ROA	10%
FCF	$2.03B
Equity	$11.44B
Growth Stability	100%
PE	12.09
PEG	0.43
PB	1.41
P/FCF	7.9
P/S	2.38
Price/Cash	0.01
Debt/Equity	0.4
Debt/FCF	2.26
Net Margins	18%
Op. Margins	30%
Earnings CAGR	5%
Sales Growth YoY	-1%
Sales Growth QoQ	5%
Sales CAGR	4%
FCF CAGR	42%
Equity CAGR	-6%
Earnings Stability	0.09
Earnings Growth YoY	-37%
Earnings Growth QoQ	-18%
Earnings CAGR 5Y	28%

Sales CAGR 5Y	17%
FCF CAGR 5Y	86%
Equity CAGR 5Y	0%
Earnings CAGR 3Y	1%
Sales CAGR 3Y	1%
FCF CAGR 3Y	-17%
Equity CAGR 3Y	0%
Market Cap	$16.07B
Revenue	$6.74B
Dividend Yield	2%
Payout Ratio	19%
Assets	$19.42B
Total Debt	$4.60B
Cash	$134.00M
Shares Outstanding	563M
EV	20.54B
Earnings Score	7%
Moat Score	93%
Safety Score	93%
Final Score	64%
Working Capital	-682M
Current Ratio	0.69
Shares Growth 3y	-11%
Equity Growth QoQ	2%
Equity Growth YoY	2%

Assets & ROA

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Stockholders Equity & ROE

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Marathon is an independent exploration and production company primarily focusing on unconventional resources in the United States. At the end of 2021, the company reported net proved reserves of 1.1 billion barrels of oil equivalent. Net production averaged 347 thousand barrels of oil equivalent per day in 2021 at a ratio of 70% oil and NGLs and 31% natural gas.

SEC Filings

Direct access to Marathon Oil Corp (MRO) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Marathon Oil Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Marathon Oil Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 5%

Stability 9%

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Marathon Oil Corp Discounted Cash Flow

Fully customizable DCF calculator online for Marathon Oil Corp.

Years

Calculation mode

= $380B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$2B	$2.9B	$4.1B	$5.9B	$8.4B	$12B	$17B	$24B	$35B	$49B	$70B	$701B
DCF		$2.6B	$3.4B	$4.4B	$5.7B	$7.4B	$9.6B	$12B	$16B	$21B	$27B	$270B
Value	$380B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	27%	-38%	-46%	-120%	17%	9%	-47%	17%	45%	23%	18%
ROA	-	-8%	-3%	-1%	8%	3%	-7%	8%	20%	11%	10%
ROE	-	-12%	-12%	-49%	9%	4%	-14%	9%	32%	14%	12%

Good Net Margins (18.48%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-3.83	-46.48	395.43	11.51	27.82	41.82	1.86	1.6	3.21	2.26
Debt over Equity	0.35	0.39	0.46	0.47	0.46	0.46	0.51	0.38	0.56	0.59	0.4
Growth Stability	-	-	-	-	-	-	-	100%	-	100%	100%

Neutral Debt/FCF ratio (2.26)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.4)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-48%	-21%	2%	38%	-21%	-41%	77%	47%	-17%	17%
Earnings YoY growth	-	-172%	-3%	167%	-119%	-56%	-402%	-165%	282%	-57%	28%
Equity YoY growth	-	-12%	-5%	-33%	4%	0%	-13%	1%	7%	-2%	0%
FCF YoY growth	-	-684%	-91%	-108%	3K%	-59%	-35%	2K%	81%	-48%	86%