Last 48 quarters of trend data · Energy · Oil & Gas Midstream
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
MPLX Lp's quarterly P/E stands at 15.7x, up 28.9% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 18.7% YoY to 13.1x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 11.67 | 15.68 | 11.40 | 8.22 | 12.50 | 12.16 | 11.18 | 11.00 | 9.34 | 10.60 | 8.27 | 9.99 | 9.32 |
| — | +28.9% | +2.0% | -25.3% | +33.9% | +14.7% | +35.2% | +10.1% | +0.2% | +12.0% | -21.4% | +85.1% | +6.2% | |
| P/S Ratio | 4.83 | 4.78 | 4.38 | 3.52 | 4.71 | 4.73 | 4.29 | 4.08 | 4.05 | 4.02 | 3.44 | 3.28 | 3.40 |
| — | +1.0% | +2.1% | -13.9% | +16.4% | +17.5% | +24.7% | +24.5% | +18.9% | +18.9% | +4.5% | +18.6% | +29.0% | |
| P/B Ratio | 3.95 | 4.06 | 3.74 | 3.50 | 3.74 | 3.88 | 3.48 | 3.24 | 3.13 | 3.07 | 2.71 | 2.67 | 2.58 |
| — | +4.6% | +7.3% | +8.0% | +19.5% | +26.4% | +28.4% | +21.3% | +21.4% | +16.2% | +11.2% | +20.2% | +14.5% | |
| P/FCF | 13.93 | 18.80 | 17.35 | 6.37 | 9.15 | 13.94 | 8.92 | 9.99 | 8.03 | 10.11 | 7.57 | 8.78 | 7.23 |
| — | +34.8% | +94.6% | -36.3% | +13.9% | +37.9% | +17.9% | +13.8% | +11.0% | +24.1% | +0.8% | -7.6% | +33.6% | |
| EV / EBITDA | 13.27 | 13.15 | 11.63 | 8.76 | 11.27 | 11.08 | 10.30 | 10.25 | 9.13 | 9.96 | 8.43 | 9.55 | 9.11 |
| — | +18.7% | +12.9% | -14.6% | +23.4% | +11.2% | +22.2% | +7.4% | +0.2% | +8.1% | -13.1% | +49.4% | +5.1% | |
| EV / EBIT | 17.04 | — | 13.20 | 10.35 | 14.03 | 13.66 | 12.67 | 12.65 | 11.17 | 12.59 | 10.29 | 12.06 | 11.59 |
| — | — | +4.2% | -18.2% | +25.6% | +8.5% | +23.1% | +4.9% | -3.6% | +9.6% | -19.1% | +58.0% | +2.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
MPLX Lp's operating margin was 40.0% in Q1 2026, down 2.9 pp QoQ and down 7.4 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of 44.7% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 96.6% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.2% | 86.8% | 47.3% | 60.8% | 43.7% | 44.1% | 44.2% | 43.9% | 44.4% | 44.2% | 45.3% | 40.6% | 44.0% |
| — | +96.6% | +7.0% | +38.6% | -1.6% | -0.3% | -2.4% | +8.1% | +0.9% | -2.0% | +12.9% | -1.8% | +13.0% | |
| Operating Margin | 40.3% | 40.0% | 42.9% | 49.8% | 46.4% | 47.3% | 47.3% | 45.9% | 52.9% | 48.0% | 51.4% | 42.5% | 47.1% |
| — | -15.5% | -9.3% | +8.4% | -12.3% | -1.5% | -8.0% | +8.0% | +12.3% | +2.4% | +21.3% | -30.3% | +17.8% | |
| Net Margin | 41.6% | 30.3% | 38.5% | 42.7% | 37.6% | 39.0% | 38.7% | 37.4% | 43.8% | 38.6% | 42.4% | 33.8% | 37.4% |
| — | -22.2% | -0.5% | +14.3% | -14.2% | +1.1% | -8.7% | +10.4% | +17.2% | +4.3% | +29.9% | -35.0% | +19.4% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 34.4% | 6.4% | 8.2% | 10.8% | 7.5% | 8.0% | 7.9% | 7.4% | 8.5% | 7.4% | 8.4% | 6.9% | 7.1% |
| — | -20.2% | +4.6% | +45.3% | -12.7% | +8.7% | -6.9% | +7.4% | +20.1% | +4.0% | +40.3% | -35.1% | +6.1% | |
| ROA | 12.2% | 2.1% | 2.8% | 3.8% | 2.7% | 2.9% | 2.9% | 2.7% | 3.1% | 2.8% | 3.1% | 2.6% | 2.6% |
| — | -27.1% | -4.3% | +41.4% | -13.1% | +6.9% | -7.4% | +5.7% | +20.5% | +4.2% | +36.7% | -36.1% | +6.6% | |
| ROIC | 9.9% | 2.4% | 2.6% | 3.7% | 2.8% | 3.0% | 3.0% | 2.8% | 3.1% | 2.8% | 3.1% | 2.6% | 2.6% |
| — | -21.6% | -13.0% | +31.4% | -9.7% | +8.1% | -4.3% | +8.1% | +18.5% | +3.8% | +31.0% | -30.7% | +4.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
MPLX Lp's Debt/EBITDA ratio is 16.6x, up from 15.5x last quarter — elevated, raising questions about debt serviceability. Debt/Equity has risen for 4 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.80 | 1.83 | 1.80 | 1.80 | 1.55 | 1.63 | 1.53 | 1.61 | 1.63 | 1.54 | 1.54 | 1.57 | 1.59 |
| — | +12.2% | +17.7% | +11.2% | -4.9% | +6.1% | -0.6% | +2.8% | +2.5% | -4.1% | +2.5% | +5.6% | +2.4% | |
| Debt / EBITDA | 4.28 | 16.62 | 15.54 | 12.15 | 13.43 | 13.54 | 12.86 | 14.14 | 12.98 | 13.36 | 12.44 | 14.37 | 14.08 |
| — | +22.8% | +20.9% | -14.1% | +3.4% | +1.4% | +3.4% | -1.6% | -7.8% | -4.6% | -16.4% | +40.0% | -1.0% | |
| Current Ratio | 1.23 | 1.10 | 1.23 | 1.31 | 1.03 | 1.08 | 1.01 | 0.99 | 0.99 | 0.72 | 1.07 | 1.96 | 1.76 |
| — | +1.7% | +21.4% | +32.7% | +4.1% | +50.1% | -5.4% | -49.5% | -43.7% | -52.9% | +34.9% | +150.5% | +139.6% | |
| Quick Ratio | 1.18 | 1.05 | 1.18 | 1.26 | 0.97 | 1.04 | 0.96 | 0.95 | 0.95 | 0.67 | 1.01 | 1.85 | 1.65 |
| — | +0.8% | +22.9% | +33.1% | +1.9% | +55.8% | -5.2% | -48.6% | -42.3% | -53.2% | +38.0% | +156.2% | +143.4% | |
| Interest Coverage | 6.05 | — | 5.35 | 7.02 | 5.19 | 5.84 | 5.62 | 5.26 | 6.15 | 5.28 | 6.20 | 5.12 | 5.01 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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MPLX Lp's current P/E is 11.7x. The average P/E over the last 4 quarters is 12.0x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
MPLX Lp's current operating margin is 40.3%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking MPLX Lp's business trajectory between earnings reports.