MPLX Lp (MPLX) 10-Year Financial Performance & Capital Metrics

MPLX • • Industrial / General

EnergyMidstream Oil & GasIntegrated Midstream ServicesDiversified Midstream Operators

AboutMPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Logistics and Storage, and Gathering and Processing. The company is involved in the gathering, processing, and transportation of natural gas; gathering, transportation, fractionation, exchange, 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 sale of residue gas and condensate. It also engages in the inland marine businesses comprising transportation of light products, heavy oils, crude oil, renewable fuels, chemicals, and feedstocks in the Mid-Continent and Gulf Coast regions, as well as owns and operates boats and barges, including third-party chartered equipment, and 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, the company operates terminal facilities for the receipt, storage, blending, additization, handling, and redelivery of refined petroleum products located through the pipeline, rail, marine, and over-the-road modes of 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.Show more

Revenue $10.9B +4.5%
EBITDA $6.57B +7.5%
Net Income $4.32B +9.9%
EPS (Diluted) 4.21 +10.2%
Gross Margin 44.18% +1.0%
EBITDA Margin 60.26% +2.9%
Operating Margin 48.5% +3.3%
Net Margin 39.59% +5.2%
ROE 31.29% +7.9%
ROIC 11.77% +7.4%
Debt/Equity 1.53 -0.6%
Interest Coverage 5.74 +8.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.0%
✓Strong 5Y profit CAGR of 33.1%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 44.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 27.6%

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y30.75%

5Y4.78%

3Y4.43%

TTM12.99%

Profit (Net Income) CAGR

10Y42.97%

5Y33.11%

3Y11.95%

TTM10.71%

EPS CAGR

10Y10.51%

5Y32.52%

3Y13.76%

TTM11.32%

ROCE

10Y Avg9.55%

5Y Avg11.54%

3Y Avg15.04%

Latest15.51%

Peer Comparison

Diversified Midstream Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WMBThe Williams Companies, Inc.	73.63B	60.29	33.13	-3.7%	20.64%	15.95%	3.26%	1.82
KMIKinder Morgan, Inc.	60.98B	27.41	23.43	-0.55%	16.62%	8.51%	4.93%	0.99
ENBEnbridge Inc.	102.19B	46.81	20.00	22.51%	9.38%	12.2%	5.55%	1.48
DKLDelek Logistics Partners, LP	2.59B	48.41	16.19	-7.82%	17%	9.41%	2.88%	53.11
ETEnergy Transfer LP	59.95B	17.46	13.64	5.2%	5.66%	9.58%	12.25%	1.30
MPLXMPLX Lp	56.93B	55.97	13.29	4.5%	39.71%	33.17%	8.59%	1.53
PBAPembina Pipeline Corporation	22.35B	38.47	12.82	16.63%	22.1%	10.45%	10.11%	0.76
TRPTC Energy Corporation	56.56B	54.33	12.26	3.8%	28.18%	9.32%	2.37%	1.56

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.03B	3.01B	3.69B	6.65B	8.63B	8.4B	9.57B	10.54B	10.43B	10.9B
Revenue Growth %	0.38%	1.91%	0.23%	0.8%	0.3%	-0.03%	0.14%	0.1%	-0.01%	0.05%
Cost of Goods Sold+	580M	1.94B	2.38B	3.88B	4.97B	4.65B	5.52B	6.25B	5.87B	6.09B
COGS % of Revenue	0.56%	0.64%	0.65%	0.58%	0.58%	0.55%	0.58%	0.59%	0.56%	0.56%
Gross Profit+	454M	1.07B	1.31B	2.77B	3.67B	3.75B	4.05B	4.29B	4.56B	4.82B
Gross Margin %	0.44%	0.36%	0.35%	0.42%	0.42%	0.45%	0.42%	0.41%	0.44%	0.44%
Gross Profit Growth %	0.57%	1.36%	0.22%	1.12%	0.32%	0.02%	0.08%	0.06%	0.06%	0.06%
Operating Expenses+	73M	388M	119M	46M	1.29B	3.53B	63M	-622M	-337M	-471M
OpEx % of Revenue	0.07%	0.13%	0.03%	0.01%	0.15%	0.42%	0.01%	-0.06%	-0.03%	-0.04%
Selling, General & Admin	104M	193M	241M	291M	388M	378M	353M	335M	379M	427M
SG&A % of Revenue	0.1%	0.06%	0.07%	0.04%	0.04%	0.05%	0.04%	0.03%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-52M	161M	-122M	-270M	901M	3.16B	-290M	-957M	-716M	-898M
Operating Income+	381M	683M	1.19B	2.73B	2.38B	211M	3.99B	4.91B	4.9B	5.29B
Operating Margin %	0.37%	0.23%	0.32%	0.41%	0.28%	0.03%	0.42%	0.47%	0.47%	0.48%
Operating Income Growth %	0.56%	0.79%	0.74%	1.29%	-0.13%	-0.91%	17.92%	0.23%	-0%	0.08%
EBITDA+	470M	1.27B	1.87B	3.6B	3.63B	1.59B	5.28B	6.14B	6.11B	6.57B
EBITDA Margin %	0.45%	0.42%	0.51%	0.54%	0.42%	0.19%	0.55%	0.58%	0.59%	0.6%
EBITDA Growth %	0.59%	1.71%	0.47%	0.92%	0.01%	-0.56%	2.32%	0.16%	-0%	0.07%
D&A (Non-Cash Add-back)	89M	591M	683M	867M	1.25B	1.38B	1.29B	1.23B	1.21B	1.28B
EBIT	369M	633M	1.14B	2.61B	2.32B	149M	3.91B	4.83B	4.87B	5.31B
Net Interest Income+	-35M	-261M	-354M	-714M	-915M	-896M	-879M	-925M	-923M	-921M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	35M	211M	354M	661M	915M	896M	879M	925M	923M	921M
Other Income/Expense	44M	-261M	-354M	-714M	-915M	-896M	-879M	-925M	-923M	-921M
Pretax Income+	159M	246M	837M	1.84B	1.46B	-685M	3.11B	3.99B	3.98B	4.37B
Pretax Margin %	0.15%	0.08%	0.23%	0.28%	0.17%	-0.08%	0.33%	0.38%	0.38%	0.4%
Income Tax+	1M	-12M	1M	8M	0	2M	1M	8M	11M	10M
Effective Tax Rate %	0.98%	0.95%	0.95%	0.99%	0.71%	1.05%	0.99%	0.99%	0.99%	0.99%
Net Income+	156M	233M	794M	1.82B	1.03B	-720M	3.08B	3.94B	3.93B	4.32B
Net Margin %	0.15%	0.08%	0.22%	0.27%	0.12%	-0.09%	0.32%	0.37%	0.38%	0.4%
Net Income Growth %	0.29%	0.49%	2.41%	1.29%	-0.43%	-1.7%	5.27%	0.28%	-0%	0.1%
Net Income (Continuing)	333M	434M	836M	2.01B	1.46B	-687M	3.11B	3.98B	3.97B	4.36B
Discontinued Operations	-84M	0	0	0	0	0	0	0	0	0
Minority Interest	832M	1.03B	146M	156M	249M	245M	241M	34M	235M	231M
EPS (Diluted)+	1.01	0.00	1.06	2.39	1.03	-0.80	2.86	3.75	3.82	4.21
EPS Growth %	-0.35%	-1%	-	1.25%	-0.57%	-1.78%	4.58%	0.31%	0.02%	0.1%
EPS (Basic)	1.02	0.00	1.07	2.39	1.03	-0.80	2.86	3.75	3.83	4.21
Diluted Shares Outstanding	98M	338M	388M	761M	907M	1.05B	1.03B	1.01B	1B	1.02B
Basic Shares Outstanding	97M	331M	385M	761M	906M	1.05B	1.03B	1.01B	1B	1.02B
Dividend Payout Ratio	0.88%	4.07%	4.01%	3.39%	2.84%	-	1.12%	0.74%	0.81%	0.82%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	576M	740M	559M	897M	1.48B	1.51B	1.51B	1.91B	2.81B	3.28B
Cash & Short-Term Investments	52M	239M	9M	76M	15M	15M	13M	238M	1.05B	1.52B
Cash Only	52M	239M	9M	76M	15M	15M	13M	238M	1.05B	1.52B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	432M	419M	452M	706M	1.28B	1.16B	1.32B	1.48B	1.56B	1.54B
Days Sales Outstanding	152.5	50.81	44.7	38.74	54.08	50.59	50.17	51.21	54.64	51.68
Inventory	49M	54M	65M	77M	110M	118M	142M	148M	159M	180M
Days Inventory Outstanding	30.84	10.16	9.96	7.25	8.09	9.26	9.39	8.64	9.88	10.79
Other Current Assets	41M	28M	33M	37M	71M	214M	32M	35M	34M	28M
Total Non-Current Assets+	15.53B	15.91B	18.94B	21.88B	38.95B	34.9B	34B	33.76B	33.72B	34.23B
Property, Plant & Equipment	10B	10.73B	12.19B	14.64B	22.74B	21.76B	20.54B	19.36B	19.75B	19.65B
Fixed Asset Turnover	0.10x	0.28x	0.30x	0.45x	0.38x	0.39x	0.47x	0.54x	0.53x	0.55x
Goodwill	2.57B	2.2B	2.25B	2.59B	9.54B	7.66B	7.66B	7.64B	7.64B	7.64B
Intangible Assets	466M	492M	453M	424M	1.27B	959M	831M	705M	654M	518M
Long-Term Investments	2.48B	2.47B	4.03B	4.2B	5.35B	4.48B	4.91B	5B	4.55B	5.24B
Other Non-Current Assets	12M	14M	26M	35M	52M	48M	60M	1.05B	1.12B	1.18B
Total Assets+	15.68B	16.65B	19.5B	22.78B	40.43B	36.41B	35.51B	35.66B	36.53B	37.51B
Asset Turnover	0.07x	0.18x	0.19x	0.29x	0.21x	0.23x	0.27x	0.30x	0.29x	0.29x
Asset Growth %	11.91%	0.06%	0.17%	0.17%	0.77%	-0.1%	-0.02%	0%	0.02%	0.03%
Total Current Liabilities+	625M	704M	1.3B	1.19B	2.13B	2.09B	3.35B	2.4B	2.62B	3.23B
Accounts Payable	145M	198M	281M	365M	1.15B	367M	172M	224M	153M	147M
Days Payables Outstanding	91.25	37.27	43.08	34.35	84.75	28.79	11.37	13.08	9.51	8.81
Short-Term Debt	0	0	386M	0	76M	830M	561M	1.04B	1.18B	1.74B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	421M	437M	551M	770M	844M	792M	2.54B	1.06B	1.21B	1.24B
Current Ratio	0.92x	1.05x	0.43x	0.76x	0.70x	0.73x	0.45x	0.79x	1.07x	1.01x
Quick Ratio	0.84x	0.97x	0.38x	0.69x	0.64x	0.67x	0.41x	0.73x	1.01x	0.96x
Cash Conversion Cycle	92.08	23.7	11.59	11.63	-22.58	31.06	48.18	46.78	55.01	53.66
Total Non-Current Liabilities+	5.81B	4.62B	7.22B	13.72B	20.72B	20.34B	19.14B	19.75B	20.32B	20.27B
Long-Term Debt	5.25B	4.42B	6.95B	13.39B	19.69B	19.37B	18.07B	18.8B	19.29B	19.25B
Capital Lease Obligations	0	0	0	0	542M	482M	440M	465M	442M	446M
Deferred Tax Liabilities	377M	5M	5M	13M	12M	12M	10M	13M	16M	18M
Other Non-Current Liabilities	166M	169M	188M	197M	192M	115M	170M	142M	126M	125M
Total Liabilities	6.44B	5.33B	8.53B	14.91B	22.85B	22.43B	22.49B	22.15B	22.95B	23.5B
Total Debt+	5.25B	4.42B	7.33B	13.39B	20.31B	20.68B	19.07B	20.3B	20.91B	21.44B
Net Debt	5.2B	4.18B	7.32B	13.32B	20.3B	20.66B	19.05B	20.06B	19.87B	19.92B
Debt / Equity	0.54x	0.39x	0.67x	1.70x	1.16x	1.48x	1.46x	1.50x	1.54x	1.53x
Debt / EBITDA	11.18x	3.47x	3.91x	3.73x	5.59x	13.02x	3.61x	3.31x	3.42x	3.26x
Net Debt / EBITDA	11.07x	3.28x	3.91x	3.70x	5.59x	13.01x	3.61x	3.27x	3.25x	3.03x
Interest Coverage	10.89x	3.24x	3.36x	4.13x	2.60x	0.24x	4.54x	5.31x	5.31x	5.74x
Total Equity+	9.67B	11.32B	10.97B	7.87B	17.58B	13.98B	13.02B	13.51B	13.58B	14.01B
Equity Growth %	19.88%	0.17%	-0.03%	-0.28%	1.23%	-0.2%	-0.07%	0.04%	0.01%	0.03%
Book Value per Share	98.64	33.49	28.28	10.34	19.38	13.31	12.67	13.38	13.56	13.78
Total Shareholders' Equity	8.84B	10.29B	10.83B	7.71B	17.33B	13.74B	12.78B	13.48B	13.35B	13.78B
Common Stock	8.42B	9.29B	9.84B	6.72B	15.77B	12.18B	11.22B	11.71B	12.46B	13.58B
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	413M	0	-14M	-16M	-15M	-15M	-17M	-8M	-4M	-3M
Minority Interest	832M	1.03B	146M	156M	249M	245M	241M	34M	235M	231M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	239M	1.29B	1.91B	2.83B	4.08B	4.52B	4.91B	5.02B	5.4B	5.95B
Operating CF Margin %	0.23%	0.43%	0.52%	0.42%	0.47%	0.54%	0.51%	0.48%	0.52%	0.55%
Operating CF Growth %	-0.03%	4.39%	0.48%	0.48%	0.44%	0.11%	0.09%	0.02%	0.08%	0.1%
Net Income	157M	258M	836M	1.83B	1.46B	-687M	3.11B	3.98B	3.93B	4.36B
Depreciation & Amortization	89M	546M	683M	766M	1.25B	1.38B	1.29B	1.23B	1.21B	1.28B
Stock-Based Compensation	5M	15M	20M	32M	22M	0	0	0	0	0
Deferred Taxes	2M	-17M	-1M	8M	-2M	-1M	-2M	3M	3M	2M
Other Non-Cash Items	16M	61M	79M	97M	1.48B	3.63B	357M	-313M	123M	58M
Working Capital Changes	-38M	89M	147M	-41M	-108M	204M	157M	121M	130M	246M
Change in Receivables	-29M	-52M	8M	-104M	17M	62M	-199M	14M	14M	180M
Change in Inventory	1M	-8M	-3M	-5M	-9M	-12M	-24M	-5M	-19M	-20M
Change in Payables	0	102M	48M	88M	-59M	36M	0	-33M	-40M	5M
Cash from Investing+	-1.5B	-1.21B	-2.31B	-2.69B	-3.06B	-1.26B	-518M	-956M	-1.25B	-2B
Capital Expenditures	-264M	-1.21B	-1.41B	-1.92B	-2.41B	-1.18B	-529M	-806M	-937M	-1.06B
CapEx % of Revenue	0.26%	0.4%	0.38%	0.29%	0.28%	0.14%	0.06%	0.08%	0.09%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2M	4M	8M	25M	52M	187M	162M	95M	29M	1M
Cash from Financing+	1.27B	115M	171M	-73M	-1.09B	-3.26B	-4.39B	-3.84B	-3.33B	-3.48B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-137M	-974M	-3.23B	-6B	-3.04B	-3.01B	-3.57B	-3.05B	-3.3B	-3.6B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.35B	1.78B	-205M	-22M	106M	3M	4M	2M	-27M	-30M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-25M	82M	496M	907M	1.67B	3.34B	4.38B	4.21B	4.46B	4.89B
FCF Margin %	-0.02%	0.03%	0.13%	0.14%	0.19%	0.4%	0.46%	0.4%	0.43%	0.45%
FCF Growth %	-1.15%	4.28%	5.05%	0.83%	0.85%	0.99%	0.31%	-0.04%	0.06%	0.1%
FCF per Share	-0.26	0.24	1.28	1.19	1.85	3.18	4.27	4.17	4.45	4.81
FCF Conversion (FCF/Net Income)	1.53x	5.53x	2.40x	1.55x	3.95x	-6.28x	1.60x	1.27x	1.37x	1.38x
Interest Paid	0	213M	263M	568M	836M	821M	812M	813M	893M	940M
Taxes Paid	0	4M	3M	1M	1M	2M	4M	3M	7M	6M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.08%	2.22%	7.12%	19.3%	8.12%	-4.56%	22.79%	29.73%	28.99%	31.29%
Return on Invested Capital (ROIC)	3.58%	3.37%	5.29%	10.37%	6.04%	0.44%	8.98%	11.22%	10.97%	11.77%
Gross Margin	43.91%	35.58%	35.49%	41.7%	42.47%	44.59%	42.35%	40.69%	43.73%	44.18%
Net Margin	15.09%	7.74%	21.51%	27.33%	11.97%	-8.57%	32.14%	37.42%	37.65%	39.59%
Debt / Equity	0.54x	0.39x	0.67x	1.70x	1.16x	1.48x	1.46x	1.50x	1.54x	1.53x
Interest Coverage	10.89x	3.24x	3.36x	4.13x	2.60x	0.24x	4.54x	5.31x	5.31x	5.74x
FCF Conversion	1.53x	5.53x	2.40x	1.55x	3.95x	-6.28x	1.60x	1.27x	1.37x	1.38x
Revenue Growth	38.42%	191.1%	22.62%	80.22%	29.77%	-2.71%	14.02%	10.09%	-1.02%	4.5%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	-	-	-	3.98B	4.18B
Service Growth	-	-	-	-	-	-	-	-	-	4.89%
Product	-	-	-	902M	806M	636M	1.59B	2.22B	1.67B	1.66B
Product Growth	-	-	-	-	-10.64%	-21.09%	150.00%	39.56%	-24.97%	-0.48%
Service, Other	-	-	-	-	-	-	-	-	294M	357M
Service, Other Growth	-	-	-	-	-	-	-	-	-	21.43%
Gathering and Processing	362M	5.28B	6.32B	-	-	-	-	-	-	-
Gathering and Processing Growth	-	1358.01%	19.82%	-	-	-	-	-	-	-
Logistics and Storage	1.38B	2.01B	3.7B	-	-	-	-	-	-	-
Logistics and Storage Growth	-	45.86%	84.03%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

MPLX Lp (MPLX) has a price-to-earnings (P/E) ratio of 13.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

MPLX Lp (MPLX) reported $12.13B in revenue for fiscal year 2024. This represents a 2957% increase from $396.9M in 2011.

MPLX Lp (MPLX) grew revenue by 4.5% over the past year. Growth has been modest.

Yes, MPLX Lp (MPLX) is profitable, generating $4.82B in net income for fiscal year 2024 (39.6% net margin).

Dividend & Returns

Yes, MPLX Lp (MPLX) pays a dividend with a yield of 6.25%. This makes it attractive for income-focused investors.

MPLX Lp (MPLX) has a return on equity (ROE) of 31.3%. This is excellent, indicating efficient use of shareholder capital.

MPLX Lp (MPLX) generated $5.78B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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