Murphy USA Inc.
- Open
- 613.11
- Day high
- 622.05
- Day low
- 605.52
- Prev close
- 599.01
- Volume
- 234K
- Mkt cap
- $11.4B
- P/E (TTM)
- 21.1
- EPS (TTM)
- $29.25
- P/B
- 17.3
- P/S
- 0.6
- Yield
- 0.39%
- Per share
- $2.43
- ▼Insiders net selling -$27.4M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions mixed (13F)
Murphy USA Inc. (MUSA) is a Consumer Cyclical company listed on NYSE. The stock is up 47% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
Murphy USA Inc. (MUSA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MUSA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $5.37 | $7.28 | +35.6% | $4.8B | +2.6% |
| Feb 4, 2026 | $6.67 | $7.53 | +12.9% | $4.7B | +7.0% |
| Oct 29, 2025 | $6.60 | $7.25 | +9.8% | $5.1B | +4.7% |
| Jul 30, 2025 | $6.82 | $7.36 | +7.9% | $5.0B | -4.8% |
| Feb 5, 2025 | $6.46 | $6.96 | +7.7% | $4.7B | -3.8% |
| Oct 30, 2024 | $6.68 | $7.20 | +7.8% | $5.2B | -5.4% |
| Jul 31, 2024 | $6.92 | $6.92 | +0.0% | $5.5B | -4.2% |
| May 1, 2024 | $4.58 | $3.12 | -31.9% | $4.8B | -1.0% |
| Feb 7, 2024 | $6.25 | $7.00 | +12.0% | $5.1B | -7.9% |
| Nov 1, 2023 | $6.38 | $7.69 | +20.5% | $5.8B | +4.3% |
| Aug 2, 2023 | $5.98 | $6.02 | +0.7% | $5.6B | -1.0% |
| May 2, 2023 | $4.02 | $4.80 | +19.4% | $5.1B | -8.3% |
MUSA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Phillips Jeanne Linderdirector | Grant | 48 | — |
| Jul 1, 2026 | Taylor Jack Tdirector | Grant | 59 | — |
| Jul 1, 2026 | DEMING CLAIBORNE Pdirector | Grant | 57 | — |
| Jul 1, 2026 | MILLER DAVID Bdirector | Grant | 48 | — |
| Jun 9, 2026 | Landen Diane Ndirector | Sell | 3,000 | $547.25 |
| May 27, 2026 | Bacon Renee Mofficer: SVP, Chief Retail Officer | Tax | 1,550 | $542.74 |
| May 27, 2026 | Bacon Renee Mofficer: SVP, Chief Retail Officer | Option | 2,600 | — |
| May 27, 2026 | Bacon Renee Mofficer: SVP, Chief Retail Officer | Sell | 1,050 | $529.44 |
| May 18, 2026 | Emery Keith A.officer: SVP, Chief Fuels Officer | Option | 700 | — |
| May 18, 2026 | Emery Keith A.officer: SVP, Chief Fuels Officer | Sell | 517 | $574.49 |
| May 18, 2026 | Emery Keith A.officer: SVP, Chief Fuels Officer | Tax | 428 | $576.20 |
| May 18, 2026 | Emery Keith A.officer: SVP, Chief Fuels Officer | Option | 500 | — |
| May 18, 2026 | Emery Keith A.officer: SVP, Chief Fuels Officer | Tax | 255 | $576.20 |
| May 6, 2026 | Woodward Scott G.officer: SVP, Chief Merchandising Off. | Option | 350 | — |
| May 6, 2026 | MURPHY ROBERT MADISONdirector | Sell | 26,000 | $597.00 |
Source: MUSA SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full MUSA insider & 13F page →Murphy USA Inc. company profile
Overview
Murphy USA Inc. (NYSE:MUSA) is a specialty retail company that operates convenience stores and gasoline stations across the United States. Founded in 1996 and headquartered in El Dorado, Arkansas, the company went public in 2013 following its spin-off from Murphy Oil Corporation. Murphy USA has grown to become one of the largest independent convenience store chains in America, operating over 1,679 retail locations primarily in the Southeast, Southwest, and Midwest regions. The company operates under three main brands: Murphy USA, Murphy Express, and QuickChek, with a strategic focus on serving value-conscious consumers through competitively priced fuel and convenience merchandise.
Business
Murphy USA operates in the convenience store and retail fuel industry, which combines gasoline sales with retail merchandise in a single location format designed for quick customer transactions. The convenience store industry serves as an essential part of America's retail infrastructure, providing consumers with fuel, food, beverages, tobacco products, and everyday necessities in easily accessible locations. The company's business is organized around two primary segments. The fuel segment represents approximately 85-90% of total revenues and involves the retail sale of gasoline and diesel fuel through company-operated stations. These stations are typically located adjacent to Walmart stores or in standalone locations along major transportation corridors. The merchandise segment accounts for roughly 10-15% of revenues but generates significantly higher profit margins, selling convenience items including tobacco products, packaged beverages, snacks, prepared foods, and general merchandise. Murphy USA's QuickChek brand represents a higher-service format acquired to expand the company's presence in the Northeast market. QuickChek locations feature expanded food service offerings including made-to-order sandwiches, coffee programs, and fresh food options, targeting customers seeking quick meal solutions alongside traditional convenience store products. This format typically generates higher per-store merchandise sales but also requires higher operating investments compared to the traditional Murphy USA format. The company's petroleum supply and wholesale operations complement the retail business by purchasing fuel from refineries and distributing it to company-owned locations, allowing Murphy USA to capture additional margins in the fuel supply chain while maintaining control over product quality and availability.
Revenue model
Murphy USA generates revenue through two primary business models that work synergistically to serve price-conscious consumers. The company's fuel retail model operates on relatively thin per-gallon margins but drives high-volume transactions, with the average location selling approximately 240,000 gallons per month. Revenue comes from the markup between wholesale fuel costs and retail prices, with margins typically ranging from $0.28 to $0.34 per gallon depending on market conditions and competitive dynamics. The merchandise retail model provides significantly higher profit margins, with the company generating over $830 million in annual merchandise contribution. Key revenue drivers include tobacco products (both traditional cigarettes and emerging nicotine alternatives), which command premium margins due to brand loyalty and limited price sensitivity. Packaged beverages, snacks, and prepared foods round out the merchandise mix, with QuickChek locations adding fresh food service capabilities. The company's petroleum supply and wholesale operations generate additional revenue by purchasing fuel directly from refineries and capturing supply chain margins. This vertical integration provides cost advantages and supply security while generating incremental profits beyond retail markups. Murphy USA's profitability is influenced by several key factors. Fuel price volatility can either compress or expand retail margins depending on the speed of price movements and competitive responses. Consumer discretionary spending affects merchandise sales, though the company's focus on non-discretionary items like tobacco and beverages provides some insulation. Competitive pressure from other convenience chains, grocery stores, and quick-service restaurants can impact both fuel and merchandise margins. Commodity costs for key merchandise categories and labor market conditions directly affect operating expenses, while real estate costs and regulatory changes around tobacco products represent additional margin pressures the company must navigate.
Competitive moat
Murphy USA possesses a moderate competitive moat built primarily around strategic location advantages and operational scale, though this moat faces ongoing competitive pressures. The company's strongest defensive position comes from its strategic real estate portfolio, with many locations situated adjacent to Walmart stores, providing built-in customer traffic and convenient access for value-seeking consumers. These prime locations are difficult for competitors to replicate and create natural barriers to direct competition. The company's operational scale advantages provide cost efficiencies in purchasing, supply chain management, and overhead allocation across over 1,600 locations. Murphy USA's size allows for favorable vendor negotiations, particularly important in tobacco products where manufacturer relationships and shelf space allocation significantly impact profitability. The company's integrated petroleum supply operations further enhance cost advantages and supply chain control. Brand recognition and customer loyalty programs provide modest defensive benefits, with the Murphy Drive Rewards program building repeat customer relationships. However, fuel retailing remains largely commoditized, with location and price being primary customer decision factors rather than brand loyalty. The company's moat faces significant challenges from multiple directions. Electric vehicle adoption represents a long-term structural threat to fuel demand, though the transition timeline remains uncertain. Intense competition from other convenience chains, grocery retailers expanding fuel operations, and club stores offering competitive fuel pricing creates ongoing margin pressure. Regulatory risks around tobacco products, environmental compliance, and potential carbon taxation could impact profitability. Additionally, changing consumer preferences toward healthier food options and digital commerce may challenge traditional convenience store merchandise categories. The convenience store industry's relatively low barriers to entry and Murphy USA's dependence on fuel sales make this a competitively vulnerable business model despite operational advantages.
Risks & safety
Murphy USA presents moderate financial risk with adequate liquidity but elevated leverage metrics that warrant careful monitoring. • Liquidity position: $49.4 million cash with $750 million revolving credit facility provides reasonable short-term flexibility, though current ratio of 0.80 indicates working capital constraints • Debt levels: Debt-to-equity ratio of 3.45 reflects high leverage, with total liabilities of $3.8 billion against $720 million in equity creating meaningful solvency risk if earnings deteriorate significantly • Cash generation: Free cash flow of $40.7 million in Q1 2025 down from stronger historical levels, though operating cash flow of $128.5 million remains positive • Valuation metrics: Trading at 44x trailing earnings and 19x EV/EBITDA suggests elevated valuation risk, though P/E ratio may be distorted by cyclical earnings volatility • Other considerations: Cyclical industry exposure, regulatory risks in tobacco, and long-term structural challenges from electric vehicle adoption create additional downside risks beyond financial metrics
Recent development
Over the past several years, Murphy USA has pursued an aggressive expansion strategy focused on organic growth and operational improvements. The company has accelerated new store construction to its highest level in a decade, targeting up to 50 new locations annually with a long-term goal of adding 500 stores over the next decade. These new stores are significantly outperforming the existing fleet, generating 20% higher fuel volumes and 40% higher merchandise margins than average locations. The company has undertaken a comprehensive digital transformation initiative centered around enhancing customer loyalty programs and improving operational efficiency. The Murphy Drive Rewards program has grown membership by 11%, while the relaunched QuickChek Rewards program has seen 30% membership growth. These digital capabilities enable better demand forecasting, personalized promotions, and improved customer retention. Merchandise strategy evolution has focused on expanding higher-margin categories while adapting to changing consumer preferences. The company has rebranded its "tobacco" category to "nicotine" to encompass growing oral nicotine and non-combustible products, which have shown double-digit sales and margin growth. Food and beverage offerings have been enhanced, particularly at QuickChek locations where sandwich sales increased 8% in the most recent quarter. Murphy USA has also invested heavily in store productivity improvements, implementing more sophisticated labor scheduling models, focusing on fuel dispenser uptime, and conducting proof-of-concept tests to optimize performance across the network. The company completed 47 "raze-and-rebuild" projects in 2024, upgrading older locations to modern formats that generate significantly higher sales volumes. Financial capacity expansion has been another key development, with the company increasing its revolving credit facility from $350 million to $750 million and upsizing its term loan to $600 million, providing greater flexibility for growth investments and working capital management.
MUSA company profile · for informational purposes only — not investment advice.
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