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MPLX LP

MPLX Energy Oil & Gas Midstream

MPLX LP’s revenue for fiscal 2025 (year ended December 2025) was $13.0 billion, up 8.92% from fiscal 2024. In the quarter to June 2026, revenue grew 10.3%, EPS grew 2.91%, free cash flow fell 38.9% and total debt rose 20.8%, each against the same quarter a year earlier. Dividend growth for five consecutive years.

58.16 1.04 +1.82%
Market cap
$57.9B
P/E
12.5×
Fwd P/E
13.1×
Dividend yield
7.40%
F-score
7/9
Altman Z
n/a
Beneish M
−2.57
Dividend safety
33/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 64.27%

Capital & Financial Ratios $m

Market Cap 57,910.00
Revenue 13,221.00
Net Income 4,767.00
Free Cash Flow 4,314.00
Net Debt 24,609.00
Current Ratio 0.89 (below 1: weak)
Debt/Equity 1.80
P/E ratio 12.51
Fwd P/E 13.10
P/S ratio 4.47
P/B ratio 4.14
Past 5Y EPS Growth —
This Y EPS Growth (11.48%) (below 0%: weak)
Next Y EPS Growth 12.42%
Next Y revenue growth 1.02%
Next 5Y EPS Growth 2.30%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.3×, against a ten-year median of 5.5×; over the ten years it ranged from 4.2× in 2020 to 9.3× in 2016.
P/E against its own 10 years 62.94%
10-year low 10-year high
P/S against its own 10 years 84.67%
10-year low 10-year high
P/B against its own 10 years 97.53%
10-year low 10-year high
EV/Sales against its own 10 years 83.38%
10-year low 10-year high
EV/FCF against its own 10 years 60.51%
10-year low 10-year high

Dividends

Payout Ratio 0.93
Annual Dividend Rate 4.31
Annual Dividend Yield 7.40%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 4.55
1.08
1.08
1.08
2025 3.95
0.96
0.96
0.96
1.08
2024 3.51
0.85
0.85
0.85
0.96
2023 3.18
0.78
0.78
0.78
0.85
2022 2.89
0.71
0.71
0.71
0.78
2021 2.06
0.69
0.69
0.69
0.58
2020 2.75
0.69
0.69
0.69
0.69
2019 2.65
0.65
0.66
0.67
0.68
2018 2.49
0.61
0.62
0.63
0.64
2017 2.21
0.52
0.54
0.56
0.59
2016 2.03
0.50
0.51
0.51
0.52
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,048 1,519 2,137 1,031
Receivables 823 718 735 672
Inventory 159 180 172 200
Other 778 859 950 973
2,808 3,276 3,994 2,876
2023 2024 2025 Q'26
Payables 153 147 108 155
ST’ Debt 1,135 1,693 1,502 1,251
Other 533 603 540 573
2,624 3,235 3,249 3,224

Compound Annual Growth %

10y 5y 3y
Sales 28.00% 11.42% 3.83%
Cash Flow 30.05% 5.50% 5.59%
Earnings 47.76% 0.00% 8.79%
Book Value 4.16% 2.22% 5.01%

Revenue $m

Mar Jun Sep Dec Year
’26 3,038 3,312 — — —
’25 3,124 3,003 3,619 3,252 12,998
’24 2,846 3,052 2,972 3,063 11,933
’23 2,713 2,690 2,912 2,966 11,281
’22 2,610 2,940 3,401 2,662 11,613
’21 2,339 2,395 2,559 2,734 10,027
’20 992 2,081 2,247 2,249 7,569
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,347 1,702 — — —
’25 1,246 1,736 1,431 1,496 5,909
’24 1,291 1,565 1,415 1,675 5,946
’23 1,227 1,437 1,244 1,489 5,397
’22 1,125 1,487 1,039 1,368 5,019
’21 1,124 1,365 1,182 1,240 4,911
’20 1,009 1,105 1,222 1,185 4,521
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 776 877 — — —
’25 980 1,435 905 1,756 5,076
’24 1,036 1,352 1,135 1,368 4,891
’23 1,058 1,192 1,021 1,215 4,486
’22 959 1,426 805 1,107 4,297
’21 1,068 1,260 1,046 1,134 4,508
’20 669 780 959 986 3,394
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.90 1.06 — — —
’25 1.10 1.03 1.52 1.17 4.82
’24 0.98 1.15 1.01 1.07 4.21
’23 0.91 0.91 0.89 1.10 3.80
’22 0.78 0.83 1.36 0.78 3.75
’21 0.68 0.66 0.74 0.78 2.86
’20 (2.60) 0.58 0.61 0.63 (0.80)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 16.34 30.88 28.32 22.60 6.87 21.66 27.47 32.25 36.58 44.60

Analyst estimates 2026–2028

Powerpack
High 39.46 39.43 39.38 35.85 27.36 32.26 35.49 36.80 51.94 56.26
People
People Employees 2,800 4,300 4,500 6,200 5,700 5,836 5,811 5,810 5,560 5,762
Revenue/emp, $m 1.08 0.90 1.56 1.46 1.33 1.72 2.00 1.94 2.15 2.26
Income, $m
Income, $m Revenue 3,029 3,867 7,005 9,041 7,569 10,027 11,613 11,281 11,933 12,998
Gross margin, % 55.50 56.09 57.02 58.94 56.72 57.78 56.76 58.71 59.74 60.60
EBT 422 837 2,014 1,462 (685) 3,113 3,986 3,977 4,367 4,960
EBT margin, % 13.93 21.64 28.75 16.17 (9.05) 31.05 34.32 35.25 36.60 38.16
Net income 434 836 2,006 1,462 (687) 3,112 3,978 3,966 4,357 4,952
Depreciation 637 736 922 1,296 1,438 1,357 1,303 1,268 1,337 1,381
Per share, $
Per share, $ Revenue 9.15 10.04 9.21 9.98 7.20 9.76 11.50 11.27 11.75 12.76
Earnings 0.00 1.07 2.29 1.00 (0.80) 2.86 3.75 3.80 4.21 4.82
Cash flow 4.50 4.95 4.04 4.51 4.30 4.78 4.97 5.39 5.85 5.80
Capex (3.96) (3.65) (2.76) (2.62) (1.07) (0.39) (0.71) (0.91) (1.04) (0.82)
Free cash flow 0.54 1.31 1.27 1.88 3.23 4.39 4.25 4.48 4.81 4.98
Book value 33.57 25.90 23.30 18.34 12.39 11.74 12.42 12.68 13.59 14.26
Shares, m 331 385 761 906 1,051 1,027 1,010 1,001 1,016 1,019
Valuation, ×
Valuation, × P/E 0.00 34.00 13.17 21.22 0.00 10.35 8.69 9.62 11.37 11.07
P/S 3.85 3.59 3.29 2.55 3.01 3.03 2.83 3.25 4.07 4.18
P/B 1.05 1.39 1.30 1.44 1.83 2.66 2.76 2.89 3.52 3.74
EV/Sales 5.23 5.38 5.84 4.73 5.67 4.88 4.52 4.97 5.70 5.99
EV/FCF 88.49 41.38 42.26 25.10 12.63 10.86 12.21 12.50 13.91 15.35
Cash, $m
Cash, $m Operating cash flow 1,491 1,907 3,071 4,082 4,521 4,911 5,019 5,397 5,946 5,909
Capex (1,312) (1,404) (2,103) (2,378) (1,127) (403) (722) (911) (1,055) (833)
Free cash flow 179 503 968 1,704 3,394 4,508 4,297 4,486 4,891 5,076
Balance, $m
Balance, $m Working capital 105 (745) (828) (648) (571) (1,841) (496) 184 41 745
Total debt 4,422 6,945 17,922 19,713 20,139 18,571 19,796 20,431 20,948 25,653
Net debt 4,188 6,940 17,845 19,698 20,124 18,558 19,558 19,383 19,429 23,516
Shareholders’ equity 11,110 9,973 17,731 16,613 13,017 12,052 12,546 12,689 13,807 14,528
Returns, %
Returns, % ROA 0.01 2.22 5.93 2.34 (2.19) 8.16 10.72 10.61 11.59 12.20
ROIC 2.79 4.40 4.79 4.09 0.40 8.15 9.56 9.55 9.94 9.76
ROE 0.01 3.90 12.58 5.54 (5.93) 24.62 32.64 31.10 32.38 34.67
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

MPLX LP vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WMB Williams Companies, Inc. (The) $84.7B 28.3× 30.7× +9.78% (above 0%: growing) +51.11% (above 0%: growing) −195.82% (below 0%: shrinking) 83.33% 38.72% Compare
EPD Enterprise Products Partners L.P. $76.8B 12.8× 13.0× +60.78% (above 0%: growing) +27.27% (above 0%: growing) +162.10% (above 0%: growing) 12.06% 12.31% Compare
KMI Kinder Morgan, Inc. $73.1B 21.9× 21.4× +10.76% (above 0%: growing) +21.88% (above 0%: growing) −52.59% (below 0%: shrinking) 68.62% 30.06% Compare
ET Energy Transfer LP $68.5B 13.8× 13.1× +78.43% (above 0%: growing) +84.37% (above 0%: growing) +146.15% (above 0%: growing) 21.55% 10.41% Compare
TRP TC Energy Corporation $62.2B 25.6× 24.9× +5.59% (above 0%: growing) +18.28% (above 0%: growing) +24.24% (above 0%: growing) 70.23% 54.92% Compare
TRGP Targa Resources, Inc. $60.6B 28.0× 24.7× +4.23% (above 0%: growing) +22.92% (above 0%: growing) +1,002.09% (above 0%: growing) 48.15% 27.80% Compare
MPLX MPLX LP $57.9B 12.5× 13.1× +10.29% (above 0%: growing) +2.91% (above 0%: growing) −38.89% (below 0%: shrinking) 56.91% 41.61%
LNG Cheniere Energy, Inc. $57.7B 21.4× — (loss-making) +23.51% (above 0%: growing) +100.55% (above 0%: growing) +452.21% (above 0%: growing) 83.04% 74.84% Compare
OKE ONEOK, Inc. $57.2B 16.1× 15.5× +52.77% (above 0%: growing) +14.18% (above 0%: growing) +85.57% (above 0%: growing) 23.30% 13.22% Compare
Median of peers $65.3B 21.7× 21.4× +17.14% +25.10% +115.86% 58.39% 28.93%

All 58 Oil & Gas Midstream stocks →

MPLX LP (MPLX) key facts

  • Strength: MPLX LP’s revenue for fiscal 2025 (year ended December 2025) was $13.0 billion, up 8.92% from fiscal 2024.
  • MPLX LP (MPLX) is an Oil & Gas Midstream company in the Energy sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, MPLX traded at $58.16, a market capitalization of $57.9 billion.
  • MPLX LP pays an annual dividend of $4.31 per share, a yield of 7.40%, with a payout ratio of 92.6%.
  • Return on equity was 34.7% and debt-to-equity 1.80.
  • Its Piotroski F-score is 7 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

MPLX LP (MPLX) Latest News

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stockrow.com/MPLX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com