Energy Transfer LP (ET) vs MPLX LP (MPLX)

Energy Transfer LP and MPLX LP are both Oil & Gas Midstream companies. Energy Transfer LP is the larger, with a market value of $66.1B against $57.3B — 1.2× the size. Energy Transfer LP trades at the lower P/E: 12.6× against 13.2×. Energy Transfer LP grew revenue faster over the last twelve months: 56.1% against 3.11%. MPLX LP has the higher net margin (32.9% vs 4.20%) and the higher return on invested capital (8.76% vs 6.07%). Both pay a dividend; MPLX LP yields more (9.74% vs 8.78%). Across the 22 metrics below, Energy Transfer LP leads on 11 and MPLX LP on 11.

Valuation

Metric ET MPLX Oil & Gas Midstream median
P/E 12.64 13.21 11.68
P/S 0.53 4.35 2.39
P/B 1.40 4.02 1.68
Price to free cash flow 9.91 14.01 8.52
EV/EBITDA 7.95 11.76 9.03
EV/Sales 1.08 6.26 3.43
Earnings yield 7.91% 7.57% 7.78%
Free cash flow yield 10.09% 7.14% 7.11%

Profitability

Metric ET MPLX Oil & Gas Midstream median
Gross margin 21.28% 57.55% 54.87%
Operating margin 9.17% 42.03% 34.73%
Net margin 4.20% 32.91% 20.12%
Free cash flow margin 10.90% 31.04% 14.43%
Return on equity 11.73% 30.16% 11.73%
Return on assets 3.75% 9.94% 4.43%
Return on invested capital 6.07% 8.76% 6.10%

Growth

Metric ET MPLX Oil & Gas Midstream median
Revenue growth (TTM) 56.13% 3.11% 14.88%
EPS growth (last fiscal year) (5.47%) 14.49% (7.78%)
Revenue growth, 5-year CAGR 17.04% 11.42% 10.05%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ET MPLX Oil & Gas Midstream median
Debt to equity 1.39 1.86 0.77
Current ratio 1.16 1.56 1.19
Net debt to EBITDA 4.56 3.21 3.46

Dividend

Metric ET MPLX Oil & Gas Midstream median
Dividend yield 8.78% 9.74% 4.94%
Payout ratio 1.11 1.29 0.73

Size

Metric ET MPLX Oil & Gas Midstream median
Market cap 66.08b 57.29b 3.56b

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