MPLX
MPLX Lp
MPLX's fundamentals are mixed, but it looks expensive: trading at 13x earnings, above its usual 11x. Analysts expect earnings growth.
MPLX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Under pressure |
MPLX's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet is under pressure.
MPLX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.3x | $39.76 | -30% |
| Fair | 11x | $48.62 | -14% |
| Expensive | 12x | $52.34 | -7.5% |
| Forward | 12x | $56.59 | — |
| Current | 13x | $56.59 | — |
Historical ranges are pointers, not guarantees.
MPLX's PE is in its expensive range at 13x. If earnings grow as analysts expect, today's price would be 12x next year's earnings.
MPLX Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for MPLX, but weaker profitability.
MPLX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.64 | +8.4% |
| Q3 2026 | $4.28 | -9.3% |
| Q2 2026 | $4.65 | +10% |
| Q1 2026 | $4.62 | +6.7% |
| Q4 2025 | $4.82 | +14% |
| Q3 2025 | $4.72 | +12% |
| Q2 2025 | $4.21 | +2.4% |
| Q1 2025 | $4.33 | +12% |
| Q4 2024 | $4.21 | +11% |
MPLX earned $4.28 per share over the past year, down 9.3% from the year before.
MPLX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.6B | -0.4% |
| Q2 2026 | $3.3B | +10% |
| Q1 2026 | $3B | -2.8% |
| Q4 2025 | $3.3B | +6.2% |
| Q3 2025 | $3.6B | +22% |
| Q2 2025 | $3B | -1.6% |
| Q1 2025 | $3.1B | +9.8% |
| Q4 2024 | $3.1B | +3.3% |
MPLX's revenue has held roughly level: $3.6B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 41% | -8.8 points |
| Q2 2026 | 42% | -1.5 points |
| Q1 2026 | 40% | -3.8 points |
| Q4 2025 | 46% | +1.8 points |
| Q3 2025 | 50% | +6.9 points |
| Q2 2025 | 43% | -3.4 points |
| Q1 2025 | 44% | -0.2 points |
| Q4 2024 | 44% | -2.5 points |
MPLX's operating margin was 41% last quarter, down 8.8 points from the same quarter a year ago.
MPLX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $682M | -25% |
| Q2 2026 | $877M | -39% |
| Q1 2026 | $772M | -21% |
| Q4 2025 | $782M | -43% |
| Q3 2025 | $905M | -20% |
| Q2 2025 | $1.4B | +6.1% |
| Q1 2025 | $979M | -5.5% |
| Q4 2024 | $1.4B | +13% |
MPLX's free cash flow has been positive every quarter for seven years: $3.1B over the past year, down 34% from the year before.
MPLX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -831K shares |
| 1 year | -0.4% | -4M shares |
| 3 years | +1.2% | +11.8M shares |
| 5 years | -0.7% | -6.8M shares |
| Available history | -4.3% | -45.4M shares |
MPLX has 1B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $50M |
| Q2 2026 | $50M |
| Q1 2026 | $50M |
| Q4 2025 | $100M |
| Q3 2025 | $100M |
| Q2 2025 | $100M |
| Q1 2025 | $100M |
| Q4 2024 | $100M |
MPLX spent $250M buying back its own shares over the past year, down 38% from the year before.
MPLX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2021 | 3.5x | Elevated |
| Q2 2021 | 3.8x | Elevated |
| Q1 2021 | 4.0x | Elevated |
| Q4 2020 | 12.7x | High |
| Q3 2020 | 73.9x | High |
| Q2 2020 | 79.4x | High |
MPLX's net debt is about 3.5 years of its operating earnings (EBITDA), down from more than 20 years a year ago.
MPLX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.8 | Neutral |
| Stochastic | 42.1 | Neutral |
MPLX's weekly RSI is 47 (neutral) and its Stochastic is 42 (neutral).
MPLX PE vs Energy Sector
| Metric | MPLX | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 0.8% above |
| PE % | 100 | 61 | 39 pts above |
MPLX is trading at 13x earnings, in line with the Energy sector's median of 13x.
MPLX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $57.4 | 1.5% below |
| 20 week MA | $58.1 | 2.6% below |
| 50 week MA | $56.9 | 0.5% below |
| 100 week MA | $54.0 | 4.8% above |
| 200 week MA | $46.3 | 22% above |
MPLX has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 22% above its 200-week average.
MPLX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.8 | $21.7 | -16% |
| 2021 | $21.7 | $28.9 | +33% |
| 2022 | $28.9 | $32.7 | +13% |
| 2023 | $32.7 | $36.7 | +12% |
| 2024 | $36.7 | $47.5 | +29% |
| 2025 | $47.5 | $53.9 | +14% |
| 2026 YTD | $53.9 | $56.6 | +4.9% |
MPLX has finished higher in five of the last six years. It's up 4.9% so far in 2026.