MPLX LP
$57.25
+0.66 (+1.17%) · delayed · Nov 13, 2026
Five-year price
52w $51.60 to $60.95
- Market cap
- $58.0B
- Enterprise value
- $81.5B
- P/E
- 11.7×
- EV / EBIT
- 13.7×
- FCF yield
- 7.1%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- –ROE > 15% (5y avg)5y avg ROE n/a
- ●Stable operating marginsMargin volatility 3.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 112% (5y avg)
- ●Growing revenueRevenue CAGR 5y 7.1%
- –Shrinking share countDiluted shares n/a over 5y
Value
67
- ●P/E below 15P/E 11.7
- ○EV/EBIT below 12EV/EBIT 13.7
- ●FCF yield above 6%FCF yield 7.1%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
0
- –Debt / equity below 0.5D/E n/a
- ○Debt payable in < 4 yrs of earningsNet debt $23.5B
- ○Interest coverage > 8xCoverage 6.5x
- ○Current ratio > 1.5Current ratio 1.23
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
25
- ●Adequate size (revenue > $2B)Revenue $9.7B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.23
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $57.25, the market is pricing in about 5.6% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $23.5B · 1013M shares · 5y revenue CAGR 7.1%
Intrinsic value
$66.45
Price
$57.25
Margin of safety
14%
What the price implies
The market is paying for 5.6% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,029 | 3,867 | 5,449 | 7,041 | 6,896 | 8,021 | 8,924 | 8,733 | 9,189 | 9,726 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | 211 | 3,992 | 4,911 | 4,900 | 5,288 | 5,943 |
| Operating margin | — | — | — | — | 3.1% | 49.8% | 55.0% | 56.1% | 57.5% | 61.1% |
| Pre-tax income | 422 | 837 | 2,014 | 1,462 | (685) | 3,113 | 3,986 | 3,977 | 4,367 | 4,960 |
| Income tax | (12) | 1 | 8 | 0 | 2 | 1 | 8 | 11 | 10 | — |
| Net income | 233 | 794 | 1,818 | 1,033 | (720) | 3,077 | 3,944 | 3,928 | 4,357 | 4,952 |
| EPS (diluted) | — | — | — | — | — | — | — | — | — | — |
| Diluted shares | — | — | — | — | — | — | — | — | — | — |
Who owns it