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US midstream MLP operating gathering, processing and pipeline assets, closely tied to parent Marathon Petroleum's refineries.
US midstream MLP operating gathering, processing and pipeline assets, closely tied to parent Marathon Petroleum's refineries.
Earns fees mostly under long-term deals with minimum volumes: Marathon Petroleum's refineries ship crude and refined products through its pipelines, terminals and storage, while its gathering and processing arm handles gas for outside producers. Marathon owns its general partner and most of its units. The 2019 merger with Andeavor Logistics added western and Permian assets.
Moat: narrow (scale, installed base, switching costs). Long-term contracts with parent Marathon Petroleum guarantee volumes across most of its logistics assets.
Headquarters: Findlay, Ohio, US · Founded: 2012 · Employees: 5,762
Size Mplx LP (MPLX) is a United States Energy company (Oil & Gas Pipelines) with a market value of $56.6B, the 230th largest of 3,117 United States companies the cockpit tracks. Shares closed at $55.91 on 6 Nov 2026.
Performance Over six months the shares gained 3.5%, against -1.4% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 12 in its peer set.
Growth Revenue grew 7.1% over the last twelve months (peer median +18.0%); the operating margin is 38.3% (peer median 30.7%).
Valuation It trades at 12.0× forward earnings against a peer median of 13.9× (5th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points above its cost of capital (6.6% WACC).
Backlog Backlog (remaining performance obligations) was $5.40B at 30 Sep 2026, down 16% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Credit Mplx LP has 26 bonds outstanding ($27.0B), rated BBB by the agencies and trading like BBB at a weighted spread of 98 bp.
Short interest Short interest is 0.6% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $12.4B | $11.8B | $11.1B | $10.7B | $11.1B |
| Revenue growth | — | +6% | +4% | -4% | — |
| Gross profit | $5.36B | $5.34B | $5.06B | $4.81B | $4.85B |
| EBITDA | $6.22B | $6.11B | $5.78B | $5.53B | $5.63B |
| Net income | $4.34B | $4.91B | $4.31B | $3.93B | $3.94B |
| Free cash flow | $3.11B | $4.10B | $4.89B | $4.46B | $4.22B |
| Capital expenditure | $2.91B | $1.81B | $1.06B | $937M | $806M |
| Total debt | $27.1B | $26.2B | $21.4B | $20.9B | $20.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mplx LP MPLX | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% |
| Enterprise Products Partners L.P EPD | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Plains All American Pipeline, L.P PAA | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% |
| Oneok OKE | $53.7B | 0% | +38% | 15% | 14.3× | 4.2% |
| Western Midstream Partners, LP WES | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MPLX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.5% | -2.0% | 6th lowest of 12 |
| 6-month return | +3.5% | -1.4% | 4th highest of 12 |
| Distance from 52-week high | -8.3% | -13.9% | 3rd highest of 12 |
| Revenue growth (TTM) | +7.1% | +18.0% | 3rd lowest of 12 |
| Operating margin | 38.3% | 30.7% | 3rd highest of 12 |
| Forward P/E | 12.0× | 13.9× | 5th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 2.7% | 6.5% | 4th least demanding of 10 |
| Growth delivered (Del g) | +6.8% | +10.9% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | -4.1 pp | -5.4 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | +2.8 pp | -0.6 pp | 3rd highest of 12 |
| EV / EBITDA | 13.3× | 11.8× | 5th most expensive of 11 |
| Net debt / EBITDA | 4.1× | 4.0× | 5th most indebted of 12 |
| Bond spread | 98 bp | 94 bp | 4th widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mplx LP MPLX | United States | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% | +6.8% |
| Cheniere Energy LNG | United States | $56.8B | +16% | +28% | 31% | 13.0× | -8.6% | +15.9% |
| TC Energy TRP.TO | Canada | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% | +3.4% |
| Energy Transfer LP ET | United States | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% | +17.0% |
| Kinder Morgan KMI | United States | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% | +7.9% |
| Enterprise Products Partners L.P EPD | United States | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% | +14.3% |
| Williams Companies WMB | United States | $80.1B | -10% | +10% | 37% | 24.9× | n/a | n/a |
| Enbridge ENB.TO | Canada | $107B | -10% | +29% | 13% | 22.1× | 12.6% | +10.9% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
Mplx LP has 26 bonds outstanding with $27.0B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.85%, a spread of 98 bp over government bonds.
Mplx LP reported $5.40B of remaining performance obligations at 30 Sep 2026, down 16% from a year earlier and up 6% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.08.