MPLX LP MPLX

EnergyOil & Gas Related Equipment and ServicesUnited States of America

Last close 57.50 USD on Nov 3, 2026, +14.1% year to date

Quant rating

Quant rating B Rank 58 of 167 in Energy

Growth C 77 of 167
Valuation C 82 of 167
Quality B 34 of 167
Revisions C 101 of 167
Momentum C 70 of 167

Wall Street consensus Hold (2.67)Average target 62.70 USD +9.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 58.3B
Enterprise value: 83.1B
52-week range: 50.29 – 60.83
3-year range: 35.16 – 60.83
Dividend yield: 8.22%
Beta (5 years): 0.46
Shares outstanding: 1,014M
Next earnings: Nov 3, 2026

About the company

MPLX LP is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. The Company's segments include Crude Oil and Products Logistics, and Natural Gas and NGL Services. The Crude Oil and Products Logistics segment is primarily engaged in the gathering, transportation, storage and distribution of crude oil, refined products, other hydrocarbon-based products, and renewables. These assets consist of a network of approximately 14,766 miles of wholly and jointly-owned pipelines and associated storage assets, refining logistics assets at 13 refineries, 88 terminals including rail and truck racks, one export terminal, storage caverns, tank farm assets, an inland marine business and a fuels distribution business. The Natural Gas and NGL Services segment provides wellhead to market services including gathering, processing and transportation of natural gas and natural gas liquids.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,998	11,933	11,281	11,613	10,027	–
Revenue growth	8.9%	5.8%	−2.9%	15.8%	32.5%	11.4%
EPS (basic, normalized)	4.82	4.21	3.80	3.75	2.86	–
EPS growth	14.5%	10.8%	1.3%	31.1%	–	–
Gross margin	60.6%	59.7%	58.9%	56.8%	57.8%	58.7%
Net margin	37.8%	36.0%	33.9%	32.9%	29.3%	34.0%
ROE	35.2%	33.2%	31.7%	32.7%	25.0%	31.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,297
Current ratio	0.89x
Long-term debt (mil)	26,606
Net debt (mil)	24,834
Total equity (mil)	14,067
Net debt / equity	1.77x
Net debt / EBITDA	3.54x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,998	+8.9%	6.4x	7,017	+4.9%	11.8x	4.82	+14.5%	11.9x
2026	13,168	+1.3%	6.3x	7,250	+3.3%	11.5x	4.31	−10.6%	13.3x
2027	14,115	+7.2%	5.9x	7,835	+8.1%	10.6x	4.85	+12.4%	11.9x
2028	14,960	+6.0%	5.6x	8,274	+5.6%	10.0x	5.23	+7.9%	11.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	13,168	+0.2%	+2.0%	−0.1%	4.31	−0.1%	−0.8%	−2.1%
2027	14,115	+0.2%	+2.2%	+1.6%	4.85	−0.4%	−0.5%	+0.5%
2028	14,960	+0.3%	+2.3%	+1.9%	5.23	−0.3%	−0.2%	+0.5%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,846	2,727	2,972	3,063	3,124	3,003	3,619	3,252	3,038	3,132
Sales mean (mil)	2,861	2,958	3,092	3,071	3,140	3,139	3,163	3,175	3,048	3,150
Surprise	−0.5%	−7.8%	−3.9%	−0.3%	−0.5%	−4.3%	+14.4%	+2.4%	−0.3%	−0.6%
EPS reported	0.98	1.15	1.01	1.07	1.10	1.03	1.52	1.17	0.90	1.06
EPS mean	0.98	0.98	1.04	1.04	1.10	1.07	1.08	1.06	1.05	1.08
Surprise	+0.5%	+17.4%	−3.3%	+3.1%	+0.3%	−3.5%	+40.7%	+10.8%	−13.9%	−1.8%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MPLX MPLX LP	58.3B	3.54x	37.8%	4.16x	13.3x	11.9x	11.5x	10.6x
ENB Enbridge Inc.	109.3B	5.79x	10.8%	2.29x	23.8x	21.5x	13.4x	12.5x
TRP TC Energy Corporation	66.3B	6.91x	23.7%	3.34x	23.6x	22.6x	13.9x	13.4x
WMB The Williams Companies, Inc.	90.6B	4.90x	21.9%	5.76x	30.3x	26.9x	15.2x	13.3x
EPD Enterprise Products Partners L.P	81.0B	3.42x	10.9%	2.67x	12.4x	11.7x	10.4x	10.1x
KMI Kinder Morgan, Inc.	73.2B	3.98x	17.9%	2.32x	20.9x	21.2x	11.6x	11.6x
Mean		4.76x	20.5%	3.42x	20.7x	19.3x	12.7x	11.9x
Median		4.44x	19.9%	3.01x	22.2x	21.4x	12.5x	12.0x

Technical analysis

1M+2.0%
3M−0.6%
1Y+22.3%
3Y+98.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, MPLX LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,998	11,933	11,281	11,613	10,027	7,569
Cost of revenue	5,121	4,804	4,642	5,022	4,233	3,276
Gross profit	7,877	7,129	6,639	6,591	5,794	4,293
Selling, general & administrative expenses	583	558	510	450	473	503
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,351	1,283	1,213	1,230	1,287	1,377
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	16.0	0	42.0	2,202
Other operating expenses	0	0	0	0	0	0
Operating income	5,943	5,288	4,900	4,911	3,992	211
Net interest income (expense)	−962	−849	−897	−848	−793	−834
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−21.0	−72.0	−26.0	−77.0	−86.0	−62.0
Net income before taxes	4,960	4,367	3,977	3,986	3,113	−685
Provision for taxes	8.0	10.0	11.0	8.0	1.0	2.0
Minority interest	−40.0	−40.0	−38.0	−34.0	−35.0	−33.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	4,912	4,317	3,928	3,944	3,077	−720
Extraordinary items	–	–	–	–	–	–
Net income	4,912	4,317	3,928	3,944	3,077	−720
EBIT, normalized	5,817	5,288	4,916	4,911	4,034	2,413
EBITDA, normalized	7,168	6,571	6,129	6,141	5,321	3,790
Basic EPS, normalized	4.82	4.21	3.80	3.75	2.86	–

Balance sheet in millions of USD, fiscal years

Balance sheet, MPLX LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,137	1,519	1,048	238	13.0	15.0
Receivables	1,628	1,542	1,559	1,458	1,291	1,124
Total inventory	172	180	159	148	142	118
Prepaid expenses	5.0	5.0	5.0	5.0	4.0	4.0
Other current assets	52.0	30.0	37.0	56.0	57.0	254
Total current assets	3,994	3,276	2,808	1,905	1,507	1,515
Property, plant & equipment	22,213	19,653	19,755	19,359	20,539	21,758
Goodwill	8,755	7,645	7,645	7,645	7,657	7,657
Intangibles	1,397	518	654	705	831	959
Long-term investments	4,798	4,531	3,743	4,095	3,981	4,036
Note receivable	460	705	808	910	885	418
Other long-term assets	1,388	1,183	1,116	1,046	107	71.0
Total assets	43,005	37,511	36,529	35,665	35,507	36,414
Liabilities
Accounts payable	398	435	431	486	1,829	367
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,101	794	804	681	722	564
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,502	1,693	1,135	988	499	764
Other current liabilities	248	313	254	246	298	391
Total current liabilities	3,249	3,235	2,624	2,401	3,348	2,086
Long-term debt	24,151	19,458	20,191	19,776	19,037	20,343
Minority interest	227	231	235	237	241	245
Other liabilities	1,077	1,011	1,025	942	1,070	968
Total liabilities	28,704	23,935	24,075	23,356	23,696	23,642
Shareholders' equity
Preferred stock	0	–	0	611	611	611
Common stock	14,296	13,579	12,458	11,706	11,217	12,176
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	–	–	–	–	–	–
Treasury stock	–	–	–	–	–	–
Other equity	5.0	−3.0	−4.0	−8.0	−17.0	−15.0
Total equity	14,301	13,576	12,454	12,309	11,811	12,772
Total liabilities & shareholders' equity	43,005	37,511	36,529	35,665	35,507	36,414

Cash flow statement in millions of USD, fiscal years

Cash flow statement, MPLX LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,952	4,357	3,966	3,978	3,112	−687
Depreciation, depletion & amortization	1,351	1,283	1,213	1,230	1,287	1,377
Deferred taxes	7.0	2.0	3.0	3.0	−2.0	−1.0
Non-cash items	−1,329	−768	−651	−925	−177	3,628
Changes in working capital	928	1,072	866	733	691	204
Cash from operations	5,909	5,946	5,397	5,019	4,911	4,521
Investing activities
Capital expenditures	−1,808	−1,056	−937	−806	−529	−1,183
Other investing cash flows	−3,048	−939	−315	−150	11.0	−79.0
Cash from investing	−4,856	−1,995	−1,252	−956	−518	−1,262
Financing activities
Financing cash flow items	−88.0	−30.0	−27.0	−27.0	4.0	−22.0
Cash dividends paid	−4,024	−3,603	−3,296	−3,047	−3,573	−3,006
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	3,677	153	−12.0	−764	−826	−231
Cash from financing	−435	−3,480	−3,335	−3,838	−4,395	−3,259
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	618	471	810	225	−2.0	0
Free cash flow	4,101	4,890	4,460	4,213	4,382	3,338

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.