In hydrodynamic (HD) turbulence, an exact decomposition of the energy flux across scales has been derived that identifies the contributions associated with vortex stretching and strain self-amplification (Johnson, Phys. Rev. Lett., vol. 124, 2020 104501; J. Fluid Mech., vol. 922, 2021, A3) to the energy flux across scales. Here, we extend this methodology to general coupled advection–diffusion equations and, in particular, to homogeneous magnetohydrodynamic (MHD) turbulence. We show that several MHD subfluxes are related to each other by kinematic constraints akin to the Betchov relation in HD. Applied to data from direct numerical simulations, this decomposition allows for an identification of physical processes and for the quantification of their respective contributions to the energy cascade, as well as a quantitative assessment of their multi-scale nature through a further decomposition into single- and multi-scale terms. We find that vortex stretching is strongly depleted in MHD compared with HD, and the kinetic energy is transferred from large to small scales almost exclusively by the generation of regions of small-scale intense strain induced by the Lorentz force. In regions of large strain, current sheets are stretched by large-scale straining motion into regions of magnetic shear. This magnetic shear in turn drives extensional flows at smaller scales. Magnetic energy is transferred from large to small scales predominantly by the aforementioned current-sheet thinning in regions of high strain. The contributions from current-filament stretching – the analogue to vortex stretching – and from bending of magnetic field-lines into current filaments by vortical motion are both almost negligible, although the latter induces strong backscatter of magnetic energy. Consequences of these results for subgrid-scale turbulence modelling are discussed.