MPLX LPMPLX
NYSE•Energy•Oil & Gas Midstream
MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Crude Oil and Products Logistics; and Natural Gas and NGL Services. The company is involved in the gathering, processing, and transportation of natural gas; gathering, transportation, fractionation, storage, and marketing of natural gas liquids; gathering, storage, transportation, and distribution of crude oil and refined products, as well as other hydrocarbon-based products and renewables; and sale of residue gas and condensate. It also engages in inland marine businesses, comprising fleet of boats and barges transport light products, heavy oils, crude oil, renewable fuels, chemicals, and feedstocks in the Mid-Continent and Gulf Coast regions, as well as a marine repair facility located on the Ohio River; and distribution of fuel, as well as operates refining logistics, terminals, rail facilities, and storage caverns. In addition, it operates terminal facilities for the receipt, storage, blending, additization, handling, and redelivery of refined petroleum products through the pipeline, rail, marine, and truck transportation. MPLX GP LLC acts as the general partner of MPLX LP. The company was incorporated in 2012 and is headquartered in Findlay, Ohio. MPLX LP operates as a subsidiary of Marathon Petroleum Corporation.
MPLX LP (MPLX) reported trailing twelve months revenue of $12.91B as of March 2026, a 5.7% increase year-over-year. Quarterly revenue reached $3.04B, reflecting continued top-line momentum.
MPLX LP generated $4.74B in TTM net income, with quarterly EBITDA of $1.21B. The operating margin contracted from 43.7% to 40.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (40.0%) and net margin (30.3%) indicates moderate non-operating costs. Net margin has narrowed from 36.4% a year ago, reflecting increased costs or interest expense.
MPLX trades at a P/E of 12.3x (below the broader market average) and a P/S of 4.5x. The price-to-book ratio of 4.1x reflects a moderate premium to book value.
The company generated $772.00M in free cash flow over the trailing twelve months, a 21.1% decrease year-over-year, indicating cash generation ability. The balance sheet shows $42.93B in total assets with $24.38B in long-term debt against $14.07B in stockholders equity for a debt-to-equity ratio of 1.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~44.4%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 32.8% suggests a durable competitive advantage and efficient capital allocation.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~44.6% — no sign of cost or pricing stress.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 21.6% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation