Murphy USA Inc. MUSA
Murphy USA Inc. ("Murphy USA", the "Company", "we", "us", or "our") was incorporated in Delaware on March 1, 2013 and holds, through its subsidiaries, the former U.S. retail marketing business of its former parent company, Murphy Oil Corporation ("Murphy Oil"), plus other assets and liabilities of Murphy Oil that supported the activities of the U.S. retail marketing operations. In addition, on January 29, 2021, the Company acquired Quick Chek Corporation ("QuickChek" or "QC"), a privately held convenience store chain.
Our business consists primarily of the marketing of retail motor fuel products and convenience merchandise through a network of 1,800 retail stores located in 27 states, of which 1,649 were branded as Murphy stores and 151 were branded as QuickChek stores. The majority of our existing and new-to-industry ("NTI") retail gasoline stores operate under the brand names of Murphy USA and Murphy Express. Plans are underway to transition all existing Murphy Express branded stores to the Murphy USA brand name. These locations operate within close proximity to Walmart stores or within preferred markets across 25 states in the Southeast, Southwest, and Midwest regions of the United States. We also operate a combination of convenience stores and convenience stores with retail gasoline located in New Jersey and New York under the brand name of QuickChek and comprises our Northeast region. In addition, we market fuel to unbranded wholesale customers through a mixture of Company-owned and third-party product distribution terminals and pipeline positions. We are an independent publicly traded company, with low-price, high-volume fuel retail outlets selling convenience merchandise through low-cost small store formats and kiosks, as well as larger format stores that have a broader range of merchandise and food and beverage offerings which are driven by key strategic relationships and experienced management.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.38B | $20.24B | $21.53B | $23.45B | $17.36B | $11.26B | $14.03B | $14.36B | $12.83B | $11.59B |
| Cost of revenue | — | — | — | — | — | — | — | — | $1.99B | $1.97B |
| Gross profit | — | — | — | — | — | — | — | — | $10.84B | $9.62B |
| SG&A | $231.5M | $235.4M | $240.5M | $232.5M | $193.6M | $171.1M | $144.6M | $136.2M | $141.2M | $122.7M |
| Total operating expenses | $18.66B | $19.50B | $20.70B | $22.48B | $16.76B | $10.71B | $13.77B | $14.09B | $12.54B | $11.29B |
| Operating income | $718.5M | $742.9M | $826.0M | $968.4M | $604.0M | $559.0M | $268.5M | $325.1M | $283.3M | $388.1M |
| Interest expense | $110.9M | $97.1M | $98.5M | $85.3M | $82.4M | $51.2M | $54.9M | $52.9M | $46.7M | $39.7M |
| Pre-tax income | $609.2M | $651.6M | $734.4M | $883.8M | $521.9M | $509.1M | $202.4M | $273.9M | $240.1M | $352.1M |
| Income tax | $138.6M | $149.1M | $177.6M | $210.9M | $125.0M | $123.0M | $47.6M | $60.3M | $5.2M | $130.6M |
| Net income | $470.6M | $502.5M | $556.8M | $672.9M | $396.9M | $386.1M | $154.8M | $213.6M | $245.3M | $221.5M |
| EPS, basic | 24.38 | 24.47 | 25.91 | 28.63 | 15.14 | 13.25 | 4.90 | 6.54 | 6.85 | 5.64 |
| EPS, diluted | 24.10 | 24.11 | 25.49 | 28.10 | 14.92 | 13.08 | 4.86 | 6.48 | 6.78 | 5.59 |
| Shares, diluted (wtd. avg.) | $19.5M | $20.8M | $21.8M | $23.9M | $26.6M | $29.5M | $31.9M | $33.0M | $36.2M | $39.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.9M | $47.0M | $117.8M | $60.5M | $256.4M | $163.6M | $280.3M | $184.5M | $170.0M | $153.8M |
| Short-term investments | — | $0 | $7.1M | $17.9M | $0 | — | — | — | — | — |
| Receivables | $276.2M | $268.5M | $336.7M | $281.7M | $195.7M | $168.8M | $172.9M | $138.8M | $225.2M | $183.5M |
| Inventory | $413.0M | $401.6M | $341.2M | $319.1M | $292.3M | $279.1M | $227.6M | $221.5M | $182.5M | $153.4M |
| Total current assets | $747.8M | $748.1M | $826.5M | $726.8M | $767.8M | $625.2M | $710.8M | $570.1M | $614.2M | $515.6M |
| Property, plant and equipment | — | — | — | — | — | — | $1.81B | $1.75B | $1.68B | $1.53B |
| Goodwill | $328.0M | $328.0M | $328.0M | $328.0M | $328.0M | $0 | — | — | — | — |
| Other intangibles | $139.3M | $139.5M | $139.8M | $140.4M | $140.7M | $34.6M | — | — | — | — |
| Total assets | $4.73B | $4.54B | $4.34B | $4.12B | $4.05B | $2.69B | $2.69B | $2.36B | $2.33B | $2.09B |
| Accounts payable | $865.2M | $874.4M | $834.7M | $839.2M | $660.3M | $471.1M | $466.2M | $456.9M | $513.4M | $473.4M |
| Total current liabilities | $929.1M | $947.9M | $872.8M | $854.2M | $675.3M | $531.1M | $505.0M | $478.1M | $533.3M | $514.6M |
| Total liabilities | $4.10B | $3.70B | $3.51B | $3.48B | $3.24B | $1.90B | $1.88B | $1.55B | $1.59B | $1.39B |
| Retained earnings | $4.17B | $3.74B | $3.28B | $2.76B | $2.11B | $1.74B | $1.36B | $1.21B | $994.5M | $749.3M |
| Total equity | $623.5M | $840.1M | $828.9M | $640.7M | $807.2M | $784.1M | $803.0M | $807.3M | $738.4M | $697.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $813.9M | $847.6M | $784.0M | $994.7M | $737.4M | $563.7M | $313.3M | $398.7M | $283.6M | $337.4M |
| Depreciation and amortisation | $275.8M | $247.0M | $227.7M | $219.4M | $211.6M | $160.0M | $151.2M | $132.5M | $115.0M | $97.0M |
| Capital expenditure | $439.6M | $458.1M | $335.6M | $305.3M | $274.7M | $230.7M | $204.8M | $204.3M | $258.3M | $262.1M |
| Investing cash flow | -$436.0M | -$445.8M | -$323.6M | -$319.3M | -$914.2M | -$224.3M | -$203.1M | -$209.1M | -$262.1M | -$134.8M |
| Financing cash flow | -$396.0M | -$472.6M | -$403.1M | -$871.3M | $269.6M | -$456.1M | -$14.4M | -$175.1M | -$5.3M | -$151.1M |
| Dividends paid | $41.5M | $36.8M | $33.4M | $29.9M | $27.3M | $6.9M | $0 | $0 | — | — |
| Buybacks | $649.9M | $445.7M | $333.2M | $806.4M | $355.0M | $399.6M | $165.8M | $144.4M | $206.0M | $323.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001573516-26-000090.
Others in SIC 5500
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CVNA | CARVANA CO. | $53.53B | 8.8x | 48.6% |
| CPRT | COPART INC | $31.22B | 21.2x | 9.7% |
| CASY | CASEYS GENERAL STORES INC | $27.98B | 39.5x | 10.2% |
| PAG | PENSKE AUTOMOTIVE GROUP, INC. | $14.43B | 15.6x | -0.2% |
| KMX | CARMAX INC | $8.98B | 37.7x | -1.8% |
| LAD | LITHIA MOTORS INC | $8.50B | 12.0x | 4.0% |
| AN | AUTONATION, INC. | $7.02B | 12.5x | 3.2% |
| OPLN | OPENLANE, Inc. | $4.35B | — | 8.2% |