MPLX Lp (MPLX) Financial Ratios
15 years of historical data (2011–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↑
13.17
↑+30% vs avg
5yr avg: 10.11
30Y Low8.7·High27.3
P/FCF
↑
13.78
↑+49% vs avg
5yr avg: 9.25
30Y Low6.8·High142.7
P/B Ratio
↑
3.90
↑+33% vs avg
5yr avg: 2.94
30Y Low0.4·High11.8
ROE
↑
34.4%
↓+17% vs avg
5yr avg: 29.4%
30Y Low-5%·High34%
Debt/EBITDA
↑
4.28
+20% vs avg
5yr avg: 3.58
30Y Low0.1·High13.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MPLX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
MPLX Lp trades at 11.5x earnings, 13% above its 5-year average of 10.2x, sitting at the 42nd percentile of its historical range. Compared to the Energy sector median P/E of 16.9x, the stock trades at a discount of 32%. On a free-cash-flow basis, the stock trades at 13.8x P/FCF, 49% above the 5-year average of 9.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $56.5B | $54.4B | $48.7B | $36.8B | $33.2B | $30.4B | $22.8B | $23.1B | $23.1B | $13.8B | $11.7B |
| Enterprise Value | $80.5B | $78.4B | $68.6B | $56.7B | $53.2B | $49.4B | $43.4B | $43.4B | $36.4B | $21.1B | $15.9B |
| P/E Ratio → | 11.55 | 11.07 | 11.37 | 9.61 | 8.76 | 10.35 | — | 24.72 | 12.68 | 33.46 | 11540.00 |
| P/S Ratio | 4.78 | 4.60 | 4.46 | 3.53 | 3.15 | 3.17 | 2.71 | 2.68 | 3.47 | 3.73 | 3.89 |
| P/B Ratio | 3.90 | 3.74 | 3.47 | 2.71 | 2.45 | 2.33 | 1.63 | 1.31 | 2.93 | 1.25 | 1.03 |
| P/FCF | 13.78 | 13.26 | 9.95 | 8.25 | 7.87 | 6.93 | 6.82 | 13.79 | 25.42 | 27.75 | 142.70 |
| P/OCF | 9.56 | 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
MPLX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
MPLX Lp's enterprise value stands at 13.2x EBITDA, 30% above its 5-year average of 10.1x. The Energy sector median is 8.1x, placing the stock at a 62% premium on an enterprise-value basis.
| 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 | 13.17 | 12.83 | 10.44 | 9.27 | 8.67 | 9.37 | 27.34 | 11.95 | 10.12 | 11.25 | 12.47 |
| EV / EBIT | 16.91 | 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 |
MPLX Profitability
Margins and return-on-capital ratios measuring operating efficiency
MPLX Lp earns an operating margin of 40.3%, significantly above the Energy sector average of 14.5%. Operating margins have compressed from 47.0% to 40.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 34.4% is exceptionally high — well above the sector median of 7.9%. ROIC of 9.9% represents adequate returns on invested capital versus a sector median of 6.4%.
Margins
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% |
Return on Capital
| 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% |
MPLX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
MPLX Lp carries a Debt/EBITDA ratio of 4.3x, which is highly leveraged (78% above the sector average of 2.4x). Net debt stands at $24.0B ($26.2B total debt minus $2.1B cash). Interest coverage of 6.0x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 |
MPLX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.23x means MPLX Lp can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.07x to 1.23x over the past 3 years.
| 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 |
MPLX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
MPLX Lp returns 7.8% to shareholders annually — split between a 7.1% dividend yield and 0.7% buyback yield. The payout ratio of 81.8% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 8.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.7% | 9.0% | 8.8% | 10.4% | 11.4% | 9.7% | — | 4.0% | 7.9% | 3.0% | 0.0% |
| FCF Yield | 7.3% | 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 |
Peer Comparison
Compare MPLX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MPLXYou | $57B | 11.5 | 13.2 | 13.8 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
 EPD | $81B | 14.1 | 12.1 | 27.4 | 13.6% | 13.1% | 19.3% | 8.3% | 3.7 |
 ET | $68B | 14.7 | 9.4 | 17.8 | 21.8% | 11.4% | 10.2% | 6.3% | 4.9 |
 PAA | $16B | 30.4 | 10.5 | 8.4 | 3.4% | 2.4% | 5.8% | 4.2% | 3.6 |
 WES | $17B | 13.8 | 10.9 | 11.5 | 68.5% | 41.3% | 31.0% | 10.5% | 3.9 |
 TRGP | $54B | 29.3 | 14.3 | 13.7 | 26.5% | 20.1% | 48.4% | 13.3% | 3.5 |
 AM | $10B | 24.6 | 15.4 | 13.0 | 65.3% | 51.2% | 20.2% | 9.4% | 3.8 |
 KMI | $70B | 23.1 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 WMB | $90B | 34.5 | 17.7 | 89.8 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
 OKE | $54B | 15.8 | 10.2 | 22.0 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
 DT | $11B | 24.0 | 46.2 | 26.4 | 81.2% | 10.6% | 20.9% | 9.0% | 0.3 |
| Energy Median | — | 16.9 | 8.1 | 14.1 | 32.7% | 14.5% | 7.9% | 6.4% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 15 years · Updated daily
Full MPLX Stock Analysis
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Start ComparisonMPLX — Frequently Asked Questions
Quick answers to the most common questions about buying MPLX stock.
What is MPLX Lp's P/E ratio?
MPLX Lp's current P/E ratio is 11.5x. The historical average is 36.2x. This places it at the 42th percentile of its historical range.
What is MPLX Lp's EV/EBITDA?
MPLX Lp's current EV/EBITDA is 13.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
What is MPLX Lp's ROE?
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%.
Is MPLX stock overvalued?
Based on historical data, MPLX Lp is trading at a P/E of 11.5x. This is at the 42th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is MPLX Lp's dividend yield?
MPLX Lp's current dividend yield is 7.08% with a payout ratio of 81.8%.
What are MPLX Lp's profit margins?
MPLX Lp has 45.2% gross margin and 40.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does MPLX Lp have?
MPLX Lp's Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.