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 $68.5B against $57.9B — 1.2× the size. MPLX LP trades at the lower P/E: 12.5× against 13.8×. Energy Transfer LP grew revenue faster over the last twelve months: 33.3% against 8.71%. MPLX LP has the higher net margin (35.8% vs 4.70%) and the higher return on invested capital (9.45% vs 5.72%). Both pay a dividend; MPLX LP yields more (7.40% vs 6.62%). Across the 22 metrics below, MPLX LP leads on 12 and Energy Transfer LP on 10.

Valuation

Metric ET MPLX Oil & Gas Midstream median
P/E 13.82 12.51 12.77
P/S 0.65 4.47 2.36
P/B 1.48 4.14 2.09
Price to free cash flow 13.38 13.68 9.71
EV/EBITDA 8.14 11.41 8.30
EV/Sales 1.28 6.33 3.88
Earnings yield 7.23% 8.00% 7.15%
Free cash flow yield 7.47% 7.31% 6.86%

Profitability

Metric ET MPLX Oil & Gas Midstream median
Gross margin 23.58% 59.69% 56.58%
Operating margin 10.04% 44.44% 34.18%
Net margin 4.70% 35.75% 22.50%
Free cash flow margin 4.87% 32.63% 13.70%
Return on equity 11.30% 33.41% 14.65%
Return on assets 3.70% 11.70% 5.00%
Return on invested capital 5.72% 9.45% 6.13%

Growth

Metric ET MPLX Oil & Gas Midstream median
Revenue growth (TTM) 33.27% 8.71% 15.60%
EPS growth (last fiscal year) (5.47%) 14.49% (7.86%)
Revenue growth, 5-year CAGR 17.04% 11.42% 9.59%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ET MPLX Oil & Gas Midstream median
Debt to equity 1.35 1.80 0.78
Current ratio 1.16 0.89 1.19
Net debt to EBITDA 4.56 3.21 3.42

Dividend

Metric ET MPLX Oil & Gas Midstream median
Dividend yield 6.62% 7.40% 4.54%
Payout ratio 0.92 0.93 0.76

Size

Metric ET MPLX Oil & Gas Midstream median
Market cap 68.45b 57.91b 3.73b

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