Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026
Basics
Sector
Energy
Industry
Oil & Gas Midstream
Country
United States
Market cap
58.3B USD
Enterprise value
83.9B USD
Overall health
Strength:growing faster than most peersgrowing faster than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: less short-term liquidity (current ratio 0.89 vs a peer median of 1.37) and more debt relative to equity (1.83× vs a peer median of 0.47×)higher risk: less liquidity (current ratio 0.89 vs peers 1.37) and more debt vs equity (1.83× vs peers 0.47×)
Operating margin at a 6-year high.46% in 2025, the best of the last 6 years.
MPLX LP kept 46% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Investment surge. Capital spending 14% of revenue, up from 6.9% in 2022.
MPLX LP is spending 14% of revenue on facilities and equipment, up from 6.9% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Valuation signals disagree.Cheaper than 73% of peers on earnings, but only 23% on operating cash profit (EBITDA).Cheaper than 73% of peers on earnings, but only 23% on operating cash profit.
Relative to its earnings, MPLX LP looks cheaper than 73% of peers; relative to its operating cash profit (EBITDA), cheaper than only 23%. The valuation score blends the two, so look at which measure fits this business best.Relative to its earnings, MPLX LP looks cheaper than 73% of peers; relative to its operating cash profit, cheaper than only 23%. The valuation score blends the two, so look at which measure fits this business best.
Wide margins.Operating margin 44% (12 months to Jun 2026) vs a peer median of 12%.Operating margin 44% vs peers 12%.
MPLX LP keeps 44% of revenue as operating profit, more than 93% of peers (median 12%).
StockQuotient Score
51/ 100▼ 1 since Oct 27 closeOct 5 52 → Nov 4 51 (-1)
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 40 → 38
Share price -1.0%+1
Peer companies moved-3
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Why it changed since the Oct 27, 2026 close: Score 87 → 88
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -4.31Sector median: 0.4659 · MAD: 0.3175
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about MPLX LP
Is MPLX LP getting weaker?
Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is 51/100, down 1 since Oct 28, 2026.
How is MPLX LP valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 38/100 against 404 energy peers.Earnings yield 8.2% vs a peer median of 5.2% (stronger than 73% of peers).Earnings yield 8.2% vs peers 5.2% (stronger than 73% of peers).EBITDA yield 7.3% vs a peer median of 12.1% (weaker than 77% of peers).EBITDA yield 7.3% vs peers 12.1% (weaker than 77% of peers).
Is MPLX LP growing?
Yes, faster than most of its peers. Growth scores 65/100 against 404 energy peers.3-year revenue growth 4.9% vs a peer median of -1.3% (stronger than 70% of peers).3-year revenue growth 4.9% vs peers -1.3% (stronger than 70% of peers).
How profitable is MPLX LP?
More profitable than most of its peers. Profitability scores 88/100 against 404 energy peers.Operating margin 44.4% vs a peer median of 11.7% (stronger than 93% of peers).Operating margin 44.4% vs peers 11.7% (stronger than 93% of peers).
How risky is MPLX LP?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Beta 0.48 vs a peer median of 0.57 (stronger than 62% of peers).Beta 0.48 vs peers 0.57 (stronger than 62% of peers).Debt / equity 1.83× vs a peer median of 0.47× (weaker than 87% of peers).Debt / equity 1.83× vs peers 0.47× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
12.9B USD
13.2B USD
+2.4%
Net income (12 months)
4.7B USD
4.8B USD
+0.6%
Operating margin
44.8%
44.4%
−0.4 pts
Free cash flow (12 months)
3.9B USD
3.3B USD
−14.3%
Debt
26.0B USD
26.0B USD
−0.0%
Cash
1.5B USD
1.0B USD
−31.5%
Shares outstanding
1.01B
1.01B
−0.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Oil & Gas Midstream · 32 companies
Valuations in Oil & Gas Midstream are near the top of their range since Aug 2019.
86% of months since Aug 2019 were valued lower than now.
54% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +44% and earnings +16% (medians): prices rose faster than earnings.
Median price-to-sales is +39% vs the whole market, against a usual +3%.
Aug 2019Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Aug 2019; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
39.8%
42.3%
43.4%
44.3%
45.7%
▲ 1.4 pts
Net margin
30.7%
34.0%
34.8%
36.5%
38.1%
▲ 1.6 pts
Return on assets (ROA)
8.7%
11.1%
10.8%
11.6%
11.5%
▼ 0.1 pts
Free cash flow margin
43.7%
36.3%
39.5%
41.0%
31.6%
▼ 9.4 pts
Current ratio
0.45×
0.79×
1.07×
1.01×
1.23×
▲ 21%
Interest coverage
—
5.76×
5.37×
5.49×
5.54×
▲ 1.0%
MPLX price history
Price history is added with the daily price update and will appear after the next one.