# MPLX LP (MPLX) — Stock CV

Mplx LP 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.

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

## Identity

- **Ticker**: MPLX
- **Sector**: Industrials
- **Industry**: Pipe Lines (No Natural Gas)
- **Headquarters**: FINDLAY, OH
- **Employees**: 5 762
- **Website**: https://www.mplx.com
- **Market cap**: $57.0B
- **Last price**: $56.20
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $13.2B
- **Net income**: $4.77B
- **Free cash flow**: $3.34B
- **Net debt**: $23.5B
- **P/E**: 12.1
- **Revenue growth (YoY)**: 8.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 85 |
| Growth | 52 |
| Profitability | 87 |
| Health | 24 |
| Quality | 66 |
| Moat | 50 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +8.7% YoY
- [x] Profitable — $4.77B TTM
- [x] Profit growing — +7.3% YoY
- [x] Generates cash — $3.34B TTM
- [ ] Debt under control — ~7.0y of cash flow to repay
- [x] Established company — $57.0B market cap
- [x] Not printing shares — -0.8% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — health score 24/100
- [x] Pays a dividend — yield 7.45%
- [x] Valuation not extreme — P/E 12.1

## Experience (career milestones)

- **FY2025** — Best year on record: $4.95B net income
- **FY2021** — Revenue crossed $10B: $10.0B for the year
- **2019** — Season 2 became the only year thus…
- **2018** — MPL Philippines was established as the premiere professional league for MLBB esports in the Philippines…
- **FY2016** — First recorded profitable year: $233M net income
- **FY2016** — Revenue already above $1B: $2.59B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $10.0B | $3.08B | $4.38B |
| FY2022 | $11.6B | $3.94B | $4.21B |
| FY2023 | $11.3B | $3.93B | $4.46B |
| FY2024 | $11.9B | $4.36B | $4.89B |
| FY2025 | $13.0B | $4.95B | $4.10B |

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Source: https://stockcv.com/MPLX — derived from company filings; may be delayed or incomplete. Information, not investment advice.