Murphy USA
MUSA on NYSE. Murphy USA sells fuel and convenience items to drivers at retail stores. Market value $9.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.74 of spare cash in the past 12 months. A savings account pays about $4.
You pay 12.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 22 cents a year. Above 10 is good.
Quality score: 64 of 100. Price score: 97 of 100. Our list needs 70 on quality and 60 on price.
$513.03 a share, 47% above its 1-year low
Over the past year the price has ranged from $349.83 to $636.05.
Dividend: 0.4% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $542 million in the past 12 months, $374 million in the year to December 2025.
| Revenue | |||||
| Revenue | $17.4bn | $23.4bn | $21.5bn | $20.2bn | $19.4bn |
| Operating margin | |||||
| Operating margin | 3.5% | 4.1% | 3.8% | 3.7% | 3.7% |
| Debt to equity | |||||
| Debt to equity | 2.25 | 2.82 | 2.17 | 2.20 | 3.50 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt3.50× equity
- Revenue growth, five yearsStrong, 11.5% a year
- Buying back its own sharesYes, 19% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6.8 billion last quarter, up 36% on a year ago.
- Profit: $209 million, up 44% on a year ago.
- It keeps 4 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $542 million, up from $365 million.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $2 billion more than cash, about the same as a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $5.2bn |
| December 2024 | $4.7bn |
| March 2025 | $4.5bn |
| June 2025 | $5.0bn |
| September 2025 | $5.1bn |
| December 2025 | $4.7bn |
| March 2026 | $4.8bn |
| June 2026 | $6.8bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $149m |
| December 2024 | $143m |
| March 2025 | $53m |
| June 2025 | $146m |
| September 2025 | $130m |
| December 2025 | $142m |
| March 2026 | $136m |
| June 2026 | $209m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
5 long-term investors we follow own it, down from 6 last quarter. 604 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $303m | 0.3% | Added |
| SouthernSun Asset ManagementMichael Cook | $43m | 5.8% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $28m | <0.1% | Added |
| Heartland AdvisorsBill Nasgovitz | $10m | 0.4% | Cut |
| LSV Asset ManagementJosef Lakonishok | $8m | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$916m
- Vanguard Portfolio Management$418mAdded
- Vanguard Capital Management$406m
- FMR$381mCut
- Boston Partners$303mAdded
- State Street$301m
- Geode Capital Management$259mAdded
- Huntington National Bank$223m
- Renaissance Technologies$183mAdded
- Dimensional Fund Advisors LP$163m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Millennium Management LLCPassive investorat least 4.8%(filed with 2 related holders)Since 25 August 2025
- FMR LLCPassive investorat least 3.8%−4.9 pts(filed with 1 related holder)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Millennium Management LLC Passive investor | at least 4.8% (filed with 2 related holders) | 25 August 2025 | |
FMR LLC Passive investor | at least 3.8%−4.9 pts (filed with 1 related holder) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 12 sold $53m, $5m of it under preset trading plans.
- Bartko Eric J.SVP & Chief Customer OfficerSold
- Date
- 3 September 2026
- Shares
- 100
- Price
- $523.60
- Value
- $52,360
- Turner RosemaryDirectorSold
- Date
- 20 August 2026
- Shares
- 966
- Price
- $571.88
- Value
- $552,436
- Landen Diane NDirectorSold
- Date
- 5 June 2026
- Shares
- 3,000
- Price
- $547.25
- Value
- $2m
- Keyes James WDirectorSold
- Date
- 1 June 2026
- Shares
- 2,339
- Price
- $511.00
- Value
- $1m
- Bacon Renee MSVP, Chief Retail OfficerSoldunder a preset trading plan
- Date
- 27 May 2026
- Shares
- 1,050
- Price
- $529.44
- Value
- $555,912
- Emery Keith A.SVP, Chief Fuels OfficerSold
- Date
- 15 May 2026
- Shares
- 517
- Price
- $574.49
- Value
- $297,011
- Woodward Scott G.SVP, Chief Merchandising Off.Sold
- Date
- 5 May 2026
- Shares
- 158
- Price
- $600.50
- Value
- $94,879
- MURPHY ROBERT MADISONDirectorSold
- Date
- 4 May 2026
- Shares
- 41,500
- Price
- $596.96
- Value
- $25m
- Woodward Scott G.SVP MerchandisingSold
- Date
- 5 March 2026
- Shares
- 137
- Price
- $422.44
- Value
- $57,722
- CHUMLEY ROBERT JSVP InnovationSold
- Date
- 5 March 2026
- Shares
- 5,038
- Price
- $420.00
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 September 2026 | Bartko Eric J. SVP & Chief Customer Officer | Sold | 100 | $523.60 | $52,360 |
| 20 August 2026 | Turner Rosemary Director | Sold | 966 | $571.88 | $552,436 |
| 5 June 2026 | Landen Diane N Director | Sold | 3,000 | $547.25 | $2m |
| 1 June 2026 | Keyes James W Director | Sold | 2,339 | $511.00 | $1m |
| 27 May 2026 | Bacon Renee M SVP, Chief Retail Officer | Sold under a preset trading plan | 1,050 | $529.44 | $555,912 |
| 15 May 2026 | Emery Keith A. SVP, Chief Fuels Officer | Sold | 517 | $574.49 | $297,011 |
| 5 May 2026 | Woodward Scott G. SVP, Chief Merchandising Off. | Sold | 158 | $600.50 | $94,879 |
| 4 May 2026 | MURPHY ROBERT MADISON Director | Sold | 41,500 | $596.96 | $25m |
| 5 March 2026 | Woodward Scott G. SVP Merchandising | Sold | 137 | $422.44 | $57,722 |
| 5 March 2026 | CHUMLEY ROBERT J SVP Innovation | Sold | 5,038 | $420.00 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 11 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 3.5× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.