Latest Ratios: P/E Ratio 13.0x · EV/EBITDA 12.1x · ROE 34.4%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $56.7B | $54.4B | $48.7B | $36.8B | $33.2B | $30.4B | $22.8B | $23.1B | $23.1B | $13.8B | $11.7B |
| Enterprise Value | $80.8B | $78.4B | $68.6B | $56.7B | $53.2B | $49.4B | $43.4B | $43.4B | $36.4B | $21.1B | $15.9B |
| P/E Ratio → | 13.01 | 11.07 | 11.37 | 9.61 | 8.76 | 10.35 | — | 24.72 | 12.68 | 33.46 | 11540.00 |
| P/S Ratio | 4.41 | 4.60 | 4.46 | 3.53 | 3.15 | 3.17 | 2.71 | 2.68 | 3.47 | 3.73 | 3.89 |
| P/B Ratio | 3.92 | 3.74 | 3.47 | 2.71 | 2.45 | 2.33 | 1.63 | 1.31 | 2.93 | 1.25 | 1.03 |
| P/FCF | 18.22 | 13.26 | 9.95 | 8.25 | 7.87 | 6.93 | 6.82 | 13.79 | 25.42 | 27.75 | 142.70 |
| P/OCF | 9.60 | 9.20 | 8.19 | 6.82 | 6.61 | 6.19 | 5.03 | 5.66 | 8.16 | 7.22 | 9.09 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.64 | 6.29 | 5.43 | 5.05 | 5.16 | 5.17 | 5.03 | 5.47 | 5.71 | 5.28 |
| EV / EBITDA | 12.12 | 12.83 | 10.44 | 9.27 | 8.67 | 9.37 | 27.34 | 11.95 | 10.12 | 11.25 | 12.47 |
| EV / EBIT | 16.96 | 13.19 | 12.91 | 11.62 | 11.01 | 12.66 | 291.39 | 18.67 | 13.94 | 18.58 | 25.09 |
| EV / FCF | — | 19.12 | 14.03 | 12.70 | 12.64 | 11.28 | 13.01 | 25.92 | 40.10 | 42.51 | 193.71 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.2% | 45.2% | 44.2% | 43.7% | 40.7% | 42.3% | 44.6% | 42.5% | 41.7% | 35.5% | 35.6% |
| Operating Margin | 40.3% | 40.3% | 48.5% | 47.0% | 46.6% | 41.7% | 2.5% | 27.5% | 41.0% | 32.3% | 22.7% |
| Net Profit Margin | 41.6% | 41.6% | 39.6% | 37.6% | 37.4% | 32.1% | -8.6% | 12.0% | 27.3% | 21.5% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 34.4% | 34.4% | 31.3% | 29.0% | 29.7% | 22.8% | -4.6% | 8.1% | 19.3% | 7.1% | 2.2% |
| ROA | 12.2% | 12.2% | 11.7% | 10.9% | 11.1% | 8.6% | -1.9% | 3.3% | 8.6% | 4.4% | 1.4% |
| ROIC | 9.9% | 9.9% | 11.8% | 11.0% | 11.2% | 9.0% | 0.4% | 6.0% | 10.4% | 5.3% | 3.4% |
| ROCE | 12.9% | 12.9% | 15.5% | 14.6% | 15.0% | 12.0% | 0.6% | 7.9% | 13.7% | 7.0% | 4.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.80 | 1.80 | 1.53 | 1.54 | 1.50 | 1.46 | 1.48 | 1.16 | 1.70 | 0.67 | 0.39 |
| Debt / EBITDA | 4.28 | 4.28 | 3.26 | 3.42 | 3.31 | 3.61 | 13.02 | 5.59 | 3.73 | 3.91 | 3.47 |
| Net Debt / Equity | — | 1.65 | 1.42 | 1.46 | 1.48 | 1.46 | 1.48 | 1.15 | 1.69 | 0.67 | 0.37 |
| Net Debt / EBITDA | 3.93 | 3.93 | 3.03 | 3.25 | 3.27 | 3.61 | 13.01 | 5.59 | 3.70 | 3.91 | 3.28 |
| Debt / FCF | — | 5.86 | 4.07 | 4.45 | 4.76 | 4.35 | 6.19 | 12.12 | 14.68 | 14.76 | 51.01 |
| Interest Coverage | 6.05 | 6.05 | 5.77 | 5.28 | 5.23 | 4.44 | 0.17 | 2.54 | 3.95 | 3.21 | 3.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.23 | 1.23 | 1.01 | 1.07 | 0.79 | 0.45 | 0.73 | 0.70 | 0.76 | 0.43 | 1.05 |
| Quick Ratio | 1.18 | 1.18 | 0.96 | 1.01 | 0.73 | 0.41 | 0.67 | 0.64 | 0.69 | 0.38 | 0.97 |
| Cash Ratio | 0.66 | 0.66 | 0.47 | 0.40 | 0.10 | 0.00 | 0.01 | 0.01 | 0.06 | 0.01 | 0.34 |
| Asset Turnover | — | 0.27 | 0.29 | 0.29 | 0.30 | 0.27 | 0.23 | 0.21 | 0.29 | 0.19 | 0.18 |
| Inventory Turnover | 37.63 | 37.63 | 33.82 | 36.92 | 42.24 | 38.87 | 39.43 | 45.15 | 50.36 | 36.63 | 35.91 |
| Days Sales Outstanding | — | 50.75 | 51.68 | 54.64 | 51.21 | 50.17 | 50.59 | 54.08 | 38.74 | 44.70 | 50.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.1% | 7.4% | 7.3% | 8.6% | 8.8% | 11.3% | 12.7% | 12.7% | 26.8% | 23.1% | 8.1% |
| Payout Ratio | 81.8% | 81.8% | 82.4% | 81.0% | 74.1% | 111.5% | — | 284.3% | 339.3% | 401.0% | 407.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 9.0% | 8.8% | 10.4% | 11.4% | 9.7% | — | 4.0% | 7.9% | 3.0% | 0.0% |
| FCF Yield | 5.5% | 7.5% | 10.0% | 12.1% | 12.7% | 14.4% | 14.7% | 7.2% | 3.9% | 3.6% | 0.7% |
| Buyback Yield | 0.7% | 0.7% | 0.7% | 1.6% | 1.5% | 2.1% | 0.1% | 0.0% | 0.0% | 0.2% | 0.2% |
| Total Shareholder Yield | 7.8% | 8.1% | 8.0% | 10.3% | 10.3% | 13.4% | 12.8% | 12.7% | 26.8% | 23.3% | 8.3% |
| Shares Outstanding | — | $1.0B | $1.0B | $1.0B | $1.0B | $1.0B | $1.1B | $907M | $761M | $388M | $338M |
Includes 30+ ratios · 15 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MPLX stock.
MPLX Lp's current P/E ratio is 13.0x. The historical average is 36.2x. This places it at the 50th percentile of its historical range.
MPLX Lp's current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
MPLX Lp's return on equity (ROE) is 34.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 14.4%.
Based on historical data, MPLX Lp is trading at a P/E of 13.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MPLX Lp's current dividend yield is 7.05% with a payout ratio of 81.8%.
MPLX Lp has 45.2% gross margin and 40.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MPLX Lp's Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage rising with capex
Metrics are mathematically derived from official filings.
Discounted Multiples Reflect Leverage Concerns
Based on reported multiples, MPLX trades at 11.73 trailing P/E and 13.32 EV/EBITDA, a discount to peers such as EPD at 13.77 P/E and 11.85 EV/EBITDA, though its 3.97 P/B sits well above sector norms.
The trailing P/E of 11.73 and forward P/E of 13.27 imply the market is pricing modest earnings growth, while the forward EV/EBITDA of 10.27 compared with the trailing 13.32 suggests analysts expect EBITDA expansion over the next year. The elevated P/B of 3.97 is largely a function of the asset-heavy, debt-funded equity base rather than a signal of premium franchise value, so it should not be read as a growth premium. Investors should monitor whether the 7.0% dividend yield remains supported by cash flow as CapEx intensity rises.
Operating Margins Mask Volatile Gross Economics
Per the reported quarterly series, operating margin held between 35.8% and 49.8% over the last ten quarters, while gross margin swung from 41.0% to 60.8%, indicating cost classification shifts rather than steady pricing power.
The gap between gross and operating margin implies roughly 15 points of operating cost in the latest quarter, and SG&A held near stable levels, so the variability appears driven by segment mix and reporting treatment. Net margin exceeding operating margin in several periods suggests non-operating or equity-method contributions that flatter reported earnings. Operating margin is the more reliable gauge of underlying earning power here, and it has compressed from its 2025 peak.
Debt Expansion Outpacing Earnings Coverage
According to reported figures, debt-to-equity climbed from 1.53 to 1.90 over the period while interest coverage moved from 12.86 to 4.92, suggesting debt service comfort has narrowed materially.
The rise in leverage alongside a decline in interest coverage indicates that debt growth is outpacing the earnings base supporting it. Debt-to-EBITDA near 14.6 times in the latest quarter is elevated for the sector, and the balance sheet appears to be expanding through borrowing to fund capital projects. Refinancing exposure and covenant headroom cannot be assessed from the supplied data and warrant further investigation.
ROE Strength Overstated by Equity Base
Based on reported quarterly figures, ROE ranged from 6.3% to 10.8% while ROIC stayed near 2% to 3.7%, a wide gap that suggests leverage rather than operating efficiency is lifting equity returns.
The persistent spread between ROE and ROIC indicates that the return to equity holders is amplified by debt financing rather than by high returns on total invested capital. ROIC in the 2% to 3% range is modest for an infrastructure business, implying that incremental capital is earning returns only marginally above its cost. Investors should monitor whether growth projects lift ROIC toward the level required to justify the rising capital base.
Misapplied Earnings Multiple Obscures Cash Reality
The P/E ratio is most commonly misapplied to MPLX, as heavy non-cash depreciation depresses GAAP earnings while distributable cash flow better reflects the cash available to unitholders.
Applying P/E to an MLP with large depreciation and equity-method income produces a distorted picture of earnings power, and the 11.73 trailing multiple may understate or overstate value depending on non-recurring items. Price-to-distributable-cash-flow or EV/EBITDA adjusted for maintenance capital provides a more appropriate frame. Investors should monitor how maintenance versus growth capital is allocated, since this determines sustainable distribution coverage.