MPLX LP (MPLX) vs Pembina Pipeline Corp. (PBA)

MPLX LP and Pembina Pipeline Corp. are both Oil & Gas Midstream companies. MPLX LP is the larger, with a market value of $57.3B against $27.7B — 2.1× the size. MPLX LP trades at the lower P/E: 13.2× against 23.3×. MPLX LP grew revenue faster over the last twelve months: 3.11% against 2.50%. MPLX LP has the higher net margin (32.9% vs 20.1%) and the higher return on invested capital (8.76% vs 6.10%). Both pay a dividend; MPLX LP yields more (9.74% vs 4.38%). Across the 22 metrics below, MPLX LP leads on 20 and Pembina Pipeline Corp. on 2.

Valuation

Metric MPLX PBA Oil & Gas Midstream median
P/E 13.21 23.32 11.68
P/S 4.35 4.69 2.39
P/B 4.02 2.51 1.68
Price to free cash flow 14.01 17.52 8.52
EV/EBITDA 11.76 13.21 9.03
EV/Sales 6.26 6.28 3.43
Earnings yield 7.57% 4.29% 7.78%
Free cash flow yield 7.14% 5.71% 7.11%

Profitability

Metric MPLX PBA Oil & Gas Midstream median
Gross margin 57.55% 40.97% 54.87%
Operating margin 42.03% 35.83% 34.73%
Net margin 32.91% 20.12% 20.12%
Free cash flow margin 31.04% 26.77% 14.43%
Return on equity 30.16% 10.84% 11.73%
Return on assets 9.94% 4.60% 4.43%
Return on invested capital 8.76% 6.10% 6.10%

Growth

Metric MPLX PBA Oil & Gas Midstream median
Revenue growth (TTM) 3.11% 2.50% 14.88%
EPS growth (last fiscal year) 14.49% (13.06%) (7.78%)
Revenue growth, 5-year CAGR 11.42% 4.31% 10.05%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MPLX PBA Oil & Gas Midstream median
Debt to equity 1.86 0.77 0.77
Current ratio 1.56 0.62 1.19
Net debt to EBITDA 3.21 3.31 3.46

Dividend

Metric MPLX PBA Oil & Gas Midstream median
Dividend yield 9.74% 4.38% 4.94%
Payout ratio 1.29 1.03 0.73

Size

Metric MPLX PBA Oil & Gas Midstream median
Market cap 57.29b 27.70b 3.56b

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