Name: Equity Multiplier

Definition: The equity multiplier shows how much total assets the company controls for every dollar invested by shareholders. It reflects how much debt is being used to stretch owners’ equity. A higher multiplier means greater use of debt to amplify returns — but also amplifies risk if things go wrong. Lower multipliers suggest a safer, more self-funded business.

Interpretation:
• In '2021', MUSA's equity multiplier was 5.02, representing the level of financial leverage utilized. Industry average for Retail-Auto Dealers and Gas Stations in '2021' stood at 3.04.
• In '2022', MUSA's equity multiplier was 6.44, representing the level of financial leverage utilized. The increase compared to '2021' may signal growing financial pressure. Industry average for Retail-Auto Dealers and Gas Stations in '2022' stood at 3.35. Industry average increased by 0.31 compared to previous year.
• In '2023', MUSA's equity multiplier was 5.24, representing the level of financial leverage utilized. The decrease since '2022' reflects improving financial health. Industry average for Retail-Auto Dealers and Gas Stations in '2023' stood at 3.19. Industry average declined by 0.16 from previous year.
• In '2024', MUSA's equity multiplier was 5.41, representing the level of financial leverage utilized. The increase compared to '2023' may signal growing financial pressure. Industry average for Retail-Auto Dealers and Gas Stations in '2024' stood at 3.73. Industry average increased by 0.54 compared to previous year.
Overall, MUSA's equity multiplier has steadily improved over the past 4 years.

Formula: Equity Multiplier = Total Assets / Shareholders' Equity

Good Range: Usually ranges from 1.5 to 3 depending on industry.