Murphy USA Inc (MUSA)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	832,900	787,700	852,200	913,000	969,100	955,100	800,800	729,700	604,300	536,400	478,700	524,300	560,300	541,800	547,900	368,400	257,300	296,400	260,000	286,000
Long-term debt	US$ in thousands	—	1,673,100	1,673,100	1,673,200	1,673,300	1,673,300	1,673,300	1,673,400	1,673,500	1,673,500	1,673,600	1,672,600	1,000,300	1,014,400	1,026,500	1,038,600	1,038,100	987,700	854,900	859,300
Total stockholders’ equity	US$ in thousands	828,900	844,100	750,800	716,800	640,700	766,000	762,700	791,500	807,200	824,800	757,900	780,600	784,100	895,700	918,000	746,800	803,000	779,000	816,300	797,800
Return on total capital		100.48%	31.29%	35.16%	38.20%	41.88%	39.15%	32.87%	29.60%	24.36%	21.47%	19.69%	21.37%	31.40%	28.37%	28.18%	20.63%	13.98%	16.78%	15.56%	17.26%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $832,900K ÷ ($—K + $828,900K)
= 100.48%

Murphy USA Inc's return on total capital has displayed fluctuating trends over the past eight quarters. The figures ranged between 28.06% and 39.54% during this period. The company achieved its highest return on total capital of 39.54% in the fourth quarter of 2022, followed by a gradual decline to 31.45% in the most recent quarter, Q4 2023. Despite the quarter-to-quarter variations, Murphy USA Inc has generally shown strong performance in generating returns on its total capital, indicating its efficiency in utilizing both debt and equity to generate profits. Additionally, the company's return on total capital has consistently remained above 30%, highlighting its ability to generate significant returns for its invested capital.