MPLX Lp (MPLX) is a publicly traded company in the Energy — Oil & Gas Midstream industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
MPLX LP, incorporated in 2012 and headquartered in Findlay, Ohio, operates as a subsidiary of Marathon Petroleum Corporation, with MPLX GP LLC serving as its general partner. The company is a prominent owner and operator of midstream energy infrastructure and logistics assets primarily across the United States. Its business is segmented into Logistics and Storage, and Gathering and Processing.
Is MPLX Lp stock overvalued or undervalued in 2026?
MPLX Lp (MPLX) trades at 12.7× earnings (P/E), below the median of the 140 energy companies over $2bn in Kaplio's universe. At the decade median (11.9×) $55 (-6 %); at its sector median (17.3×) $80 (+36 %).
Kaplio overview: MPLX Lp
Market cap $60B · 52 weeks $50 – $61 (4 % below the high) · P/E 12.7× · 2027 expected P/E 12.3× · Dividend 7.3 % · 3 years rising · Next earnings November 3, 2026 · expected EPS $1.13 · Closing price, Oct 28 · accounts published Aug 4.
- Valuation: P/E 12.7× (fairly priced).
- Business: 5-year ROIC 13.3 % (solid).
- Balance sheet: Net debt/EBITDA 3.3× (fragile).
- Earnings: 3 of 8 (disappointing).
What would it be worth at its usual multiples?
At the decade median (11.9×) $55 (-6 %); at its sector median (17.3×) $80 (+36 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in energy: 6 of 8 pass
- Dividend coverage (FCF / div) 1.0×, fails.
- Net debt / EBITDA 3.3×, fails.
- FCF yield 9.4 %, passes.
- 5y avg ROIC 13.3 %, passes.
- Positive FCF through the cycle 10 de 10 ejercicios, passes.
- Capex / Revenue 15.3 %, passes.
- P/E read in reverse (cyclicals) 12.7×, passes.
- EV/EBITDA vs own 10y 11.4×, passes.
Against its peers (reference peers) — MPLX Lp: P/E 12.7×; EV/EBITDA 11.4×; ROIC 13.4 %; $59.7B. ONEOK, Inc. (P/E 16.3×; EV/EBITDA 11.8×; ROIC 8.8 %; $59.6B), Targa Resources Corp. (P/E 29.1×; EV/EBITDA 17.8×; ROIC 14.1 %; $65.6B), Kinder Morgan, Inc. (P/E 20.7×; EV/EBITDA 14.0×; ROIC 5.8 %; $74.8B).
Expensive or cheap against its last ten years?
P/E at each close: today 12.7× · median 11.9× · minimum 8.5× · maximum 37.0× · cheap below 10.9× · expensive above 21.8×. It has been cheaper than today 67% of the time over its last ten years.
Dividend
tight · Yield 7.3 % ($3.95 per share in 2025) · Years raising it 3 · 5-year growth +7 % a year · Free cash flow coverage 1.2× · With $1,000 invested today you'd collect $73.50 a year ($6.12 a month).
Profitability
| Return on Equity | 33.42% |
| Return on Invested Capital | 13.45% |
| Return on Assets | 11.02% |
| Gross Margin | 52.17% |
| Operating Margin | 42.91% |
| Net Margin | 36.75% |
Financial Health
| Debt / Equity | 1.85 |
| Current Ratio | 0.89 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.81 |
Price Performance
| 1 month | +1.86% |
| 3 months | -0.58% |
| Year-to-date | +8.88% |
| 1 year | +15.55% |
| 3 years | +61.69% |
| 5 years | +92.93% |
| 10 years | +70.81% |
Dividend History
Paid in the last 12 months: $4.3060 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-08-07 | $1.0765 |
| 2026-05-08 | $1.0765 |
| 2026-02-09 | $1.0765 |
| 2025-11-07 | $1.0765 |
| 2025-08-08 | $0.9565 |
| 2025-05-09 | $0.9565 |
| 2025-02-03 | $0.9565 |
| 2024-11-08 | $0.9565 |
| 2024-08-09 | $0.8500 |
| 2024-05-02 | $0.8500 |
Amounts adjusted for stock splits.
Related companies: PAA · WMB · EPD · KMI · OKE · TRGP · DKL
Explore sector: Energy · Oil & Gas Midstream
More sections of MPLX: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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