Mplx LP

Pipe Lines (No Natural Gas)

MPLXStrained9 of 11 basics passed

$56.20

-1.95%

Market cap $57.0B

$56.20

-1.95%

Market cap $57.0B

MPLX is a partnership that owns pipelines and gathering and processing assets with extensive holdings in the Appalachian and Permian regions.

It is a $57.0B industrial company. Revenue grew 8.7% over the last year, it keeps 36¢ of every dollar of sales as profit, and its net debt equals ~7.0 years of free cash flow. It trades at 12.1× earnings — near the lowest of its own history.

Website: mplx.com
Location: Findlay, OH
Employees: 5 762
Sector: Industrials
Founded: 2018

Share price · 3 years

$35.68 → $56.20+57.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $13.2B
Profit: keeps 36¢ of every $1 sold; $4.77B
Free cash flow: cash left after running the business; $3.34B
Net debt: debt minus cash on hand; $23.5B
P/E: years of profit in the price; 12.1
EPS: earnings per share, TTM; $4.68
Dividend: pays out 90% of profit · 127% of FCF; 7.45%
Shares: shares outstanding; 1.02B
Volatility: beta vs the market — under 1 swings less; 0.47

Revenue, last 10 years

52-week range

Low $47.80$56.20High $60.51

Today's price is 66% of the way from the year's low to its high.

P/E vs its history4mo

12.0×median 12.3×

Higher than 9% of past days — near the lowest of its own history.

Valuation vs own history

P/E

12.0×

91%

P/S

4.4×

86%

EV/EBITDA

14.9×

77%

P/B

4.0×

FCF yield

5.8%

76%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Standing in Industrials

Size$57.0Btop 22%
Revenue growth+4%top 50%
Net margin36%top 1%
Return on equity33%top 21%
P/E12.1×top 8%
Dividend yield7.45%top 2%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and profitability; Health lags behind.

Valuation85

P/E vs own history9th pct · 25/25
FCF yield5.9% · 20/25
P/S4.3x · 20/25
EV/EBITDA11.2x · 20/25

Growth52

Revenue CAGR6.7% · 12/25
Net income CAGR12.6% · 20/25
EPS CAGR ~5Y12.9% · 20/25
Fwd implied growth-3.3% · 0/25

Profitability87

ROIC13.0% · 12/25
ROE33.4% · 25/25
Net margin36.1% · 25/25
Operating margin44.4% · 25/25

Health24

Altman Zn/a · 0/25
Current ratio0.89 · 6/25
Interest coverage6.2x · 18/25
Net cash / debtD/A 55% · 0/25

Quality66

Piotroski F8/9 · 25/25
Beneish M-2.42 · 20/25
FCF conversion70% · 15/25
Margin stabilityσ 21.3% · 6/25

Moat50

ROIC >12% years2/10 yrs · 0/25
Median gross margin72.9% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst -9.5% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$4.95B net income
FY2021Financial
Revenue crossed $10B
$10.0B for the year
2019Milestone
Season 2 became the only year thus…
2018Founded
MPL Philippines was established as the premiere professional league for MLBB esports in the Philippines…
FY2016Financial
First recorded profitable year
$233M net income
FY2016Financial
Revenue already above $1B
$2.59B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

#29 largest of 130 Industrials companies by market cap

$10 000 invested in 2021 would be worth ~$20 014 today — price return only

$13.0B revenue in FY2025

Revenue up 8.7% year over year

Profitable 5 years in a row

Positive free cash flow 10 years in a row

5 762 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (59.7%)
Strongly profitable — 36.1% net margin
Strong cash conversion — FCF is 25.2% of revenue
Interest covered 6.2× by operating earnings
Piotroski F-Score 8/9 — fundamentally strong checklist

Watch-outs

Loss-making in 1 of the recent years
Net debt equals ~7.0 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago+8.7% YoY
Profitable — makes more than it spends$4.77B TTM
Profit growing — earnings are higher than last year+7.3% YoY
Generates cash — cash left after running and investing$3.34B TTM
Debt under control — could handle its obligations~7.0y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$57.0B market cap
Not printing shares — share count not ballooning — you keep your slice-0.8% shares over ~5y
Proven track record — years of profitability behind it9/10 profitable years
Financially stable — balance sheet not near distresshealth score 24/100
Pays a dividend — returns cash to shareholdersyield 7.45%
Valuation not extreme — price not wildly above earningsP/E 12.1

Peer comparisonMplx LP vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
MPLX this company	$57.0B	12.1	+8.7%	36.1%	Strained
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: MPLX vs LRCX · MPLX vs CAT · MPLX vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 9Hold 8Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $13.2B · net income $4.77B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$13.2B

YoY 8.7%

Net income (TTM)

$4.77B

Margin 36.1%

Gross margin

59.7%

Operating margin

44.4%

P/E ratio

12.1

Dividend yield

7.45%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	7.6	10.0	11.6	11.3	11.9	13.0
Gross profit	0.2	7.3	8.2	8.3	10.4	11.4
Operating income (EBIT)	-0.7	3.1	4.9	4.9	5.3	5.9
Net income	-0.7	3.1	3.9	3.9	4.4	5.0
EPS (diluted)	—	3.00	3.90	3.92	4.28	4.86

Cash flowFree cash flow $3.34B · operating cash flow $5.98B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$3.34B

Margin 25.2%

Operating cash flow (TTM)

$5.98B

FCF margin

25.2%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	4.5	4.9	5.0	5.4	5.9	5.9
Capital expenditure	-1.2	-0.5	-0.8	-0.9	-1.1	-1.8
Free cash flow	3.3	4.4	4.2	4.5	4.9	4.1
FCF margin	44.1%	43.7%	36.3%	39.5%	41.0%	31.6%

Balance sheetAssets $43.0B · net debt $23.5B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $43.0B of assets is financed

66%

34%

Liabilities $28.5B — borrowed moneyEquity $14.5B — owners' stake

Cash vs debt

Total debt $25.7B − cash $2.14B = net debt $23.5B

Cash on hand covers 8% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

6.2x

EBIT ÷ interest expense

ROE

33.4%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.0	0.0	0.2	1.0	1.5	2.1
Total assets	36.4	35.5	35.7	36.5	37.5	43.0
Total liabilities	22.4	22.5	22.2	22.9	23.5	28.5
Total debt	20.1	18.6	19.8	20.4	20.9	25.7
Equity	—	13.0	13.5	13.6	14.0	14.5
Net debt	20.1	18.6	19.6	19.4	19.4	23.5

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of MPLX on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $56.20 · market cap $57.0B.