MPLX (MPLX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

MPLX

NYSE•Energy•Oil & Gas Midstream

$59.44+0.82(0.01%)Market closed

Market Cap

$60.39B

P/E

12.7x

P/S

4.6x

P/B

4.3x

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.

How this company scores

GoodMetricSide Score: 68/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (10/25).

Profitability25/25

Growth19/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality14/25

Strengths

Strong marginsHigh ROEConsistent free cash flowProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 12.7x5y range 4.9x – 955.8x

Currently near its 17-quarter median.

P/S · 4.6x5y range 1.7x – 336.0x

Currently near its 17-quarter median.

P/B · 4.3x5y range 1.6x – 304.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Leverage Risk

Watch

Debt-to-equity has risen 21.8% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $60.39B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $13.22B
Q. Revenue: $3.31B
TTM EBITDA: $5.88B
TTM Op. Income: $5.88B
Q. Op. Income: $1.38B
TTM Net Income: $4.77B
Q. Net Income: $1.09B
EPS: $1.06
Shares Out.: $1.02B

$13.22B in TTM revenue grew 8.7% YoY, reaching $3.31B last quarter. TTM EBITDA of $5.88B and TTM operating income of $5.88B show growth is flowing through to the bottom line. TTM net income of $4.77B means revenue is converting into profit. Over the past year, TTM revenue is up 9% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 41.6%
Op. Margin: 41.6%
Net Margin: 32.8%

Op. margin of 41.6% is down 1.5% YoY — costs are rising relative to revenue. Net margin at 32.8% Over the past year, operating margin is down 3% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 12.7x
P/S Ratio: 4.6x
P/B Ratio: 4.3x

At 12.7x P/E, the stock trades below typical market levels. P/S of 4.6x and P/B of 4.3x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $42.97B
Cash: $1.03B
Long-Term Debt: $24.39B
Book Value: $14.03B
D/E Ratio: 1.7
Debt/EBITDA: 17.7

With $42.97B in assets and $24.39B in long-term debt, D/E is 1.7and book value is $14.03B — moderate leverage. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.70B
TTM Free Cash Flow: $3.34B
FCF Margin: 25.2%
FCF / Net Income: 0.7

TTM FCF of $3.34B on $1.70B in operating cash flow. The FCF / Net Income ratio of 0.7x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 4 consecutive quarters — a weakening trend.