Enterprise Products Partners L.P. (EPD) vs MPLX LP (MPLX)

Enterprise Products Partners L.P. and MPLX LP are both Oil & Gas Midstream companies. Enterprise Products Partners L.P. is the larger, with a market value of $80.5B against $58.8B — 1.4× the size. MPLX LP trades at the lower P/E: 12.2× against 12.8×. MPLX LP grew revenue faster over the last twelve months: 8.71% against 6.78%. MPLX LP has the higher net margin (35.8% vs 10.7%) and the higher return on invested capital (9.45% vs 7.68%). Both pay a dividend; MPLX LP yields more (9.32% vs 8.06%). Across the 23 metrics below, MPLX LP leads on 15 and Enterprise Products Partners L.P. on 8.

Valuation

Metric EPD MPLX Oil & Gas Midstream median
P/E 12.76 12.22 13.19
P/S 1.36 4.36 2.60
P/B 2.56 4.05 2.08
Price to free cash flow 19.27 13.36 10.14
EV/EBITDA 10.58 11.22 8.11
EV/Sales 1.92 6.22 3.89
Earnings yield 7.84% 8.19% 6.83%
Free cash flow yield 5.19% 7.48% 6.94%

Profitability

Metric EPD MPLX Oil & Gas Midstream median
Gross margin 13.25% 59.69% 58.81%
Operating margin 13.43% 44.44% 32.14%
Net margin 10.68% 35.75% 21.16%
Free cash flow margin 7.06% 32.63% 10.15%
Return on equity 20.48% 33.41% 11.30%
Return on assets 7.84% 11.70% 5.00%
Return on invested capital 7.68% 9.45% 6.13%

Growth

Metric EPD MPLX Oil & Gas Midstream median
Revenue growth (TTM) 6.78% 8.71% 15.44%
EPS growth (last fiscal year) (1.12%) 14.49% —
Revenue growth, 5-year CAGR 14.10% 11.42% 8.96%
Net income growth, 5-year CAGR 8.80% 0.00% 0.00%

Health

Metric EPD MPLX Oil & Gas Midstream median
Debt to equity 1.07 1.80 0.78
Current ratio 0.93 0.89 1.19
Net debt to EBITDA 3.35 3.21 3.42

Dividend

Metric EPD MPLX Oil & Gas Midstream median
Dividend yield 8.06% 9.32% 7.29%
Payout ratio — — 0.64

Size

Metric EPD MPLX Oil & Gas Midstream median
Market cap 80.48b 58.78b 3.61b

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