Latest Ratios: P/E Ratio 11.9x · EV/EBITDA 13.5x · ROE 34.4%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $58.4B | $54.4B | $48.7B | $36.8B | $33.2B | $30.4B | $22.8B | $23.1B | $23.1B | $13.8B | $11.7B |
| Enterprise Value | $82.4B | $78.4B | $68.6B | $56.7B | $53.2B | $49.4B | $43.4B | $43.4B | $36.4B | $21.1B | $15.9B |
| P/E Ratio → | 11.93 | 11.07 | 11.37 | 9.61 | 8.76 | 10.35 | — | 24.72 | 12.68 | 33.46 | 11540.00 |
| P/S Ratio | 4.94 | 4.60 | 4.46 | 3.53 | 3.15 | 3.17 | 2.71 | 2.68 | 3.47 | 3.73 | 3.89 |
| P/B Ratio | 4.03 | 3.74 | 3.47 | 2.71 | 2.45 | 2.33 | 1.63 | 1.31 | 2.93 | 1.25 | 1.03 |
| P/FCF | 14.24 | 13.26 | 9.95 | 8.25 | 7.87 | 6.93 | 6.82 | 13.79 | 25.42 | 27.75 | 142.70 |
| P/OCF | 9.88 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 13.48 | 12.83 | 10.44 | 9.27 | 8.67 | 9.37 | 27.34 | 11.95 | 10.12 | 11.25 | 12.47 |
| EV / EBIT | 17.31 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 6.9% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.4% | 9.0% | 8.8% | 10.4% | 11.4% | 9.7% | — | 4.0% | 7.9% | 3.0% | 0.0% |
| FCF Yield | 7.0% | 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 | 7.5% | 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 |
Parent-subsidiary concentration risk
According to current market data, MPLX trades at a forward EV/EBITDA of 10.79x, which suggests investors are pricing the company as a stable, utility-like entity rather than a high-growth midstream operator, particularly when compared to the higher multiples commanded by more aggressive peers like Targa Resources.
The current P/E of 11.73x appears to discount the potential for significant earnings expansion, likely reflecting market caution regarding the company's heavy reliance on Marathon Petroleum. This valuation suggests that the market is prioritizing the durability of fee-based cash flows over the speculative upside of volume growth in the G&P segment.
Based on reported financial statements, MPLX has maintained a consistent ROIC in the 2.4% to 3.7% range over the last ten quarters, indicating that while the company is effectively utilizing its massive asset base, it faces structural challenges in compounding returns above its weighted average cost of capital.
The modest ROIC figures suggest that the company's heavy investment in physical infrastructure requires significant ongoing maintenance capital, which may dampen the overall return on invested capital. Investors should monitor whether future debottlenecking projects can drive higher marginal returns compared to the historical average observed in recent periods.
As reported in recent filings, MPLX has maintained a cash conversion cycle that fluctuated between 43 and 64 days over the last ten quarters, reflecting a disciplined approach to managing receivables and payables within its integrated logistics and storage operations despite the inherent complexity of the midstream business model.
The stability in DSO and DPO metrics suggests that the company maintains strong leverage over its counterparties, likely bolstered by the captive nature of its relationship with Marathon Petroleum. This efficiency in working capital management appears to be a key driver of the company's ability to maintain liquidity without excessive reliance on external financing.
According to the latest quarterly data, MPLX has maintained a debt-to-EBITDA ratio that has generally stayed between 12.15x and 16.62x, which, while appearing elevated, must be interpreted in the context of the company's stable, fee-based cash flow profile and its strong investment-grade credit standing.
The company's ability to manage its debt load appears supported by its consistent interest coverage, which has remained in the 5x to 7x range. This suggests that the current leverage profile is sustainable, provided that the parent-subsidiary volume commitments remain intact and regional throughput does not experience a structural decline.
The most commonly misapplied metric for MPLX is GAAP net income, which, as reported in financial statements, often obscures the company's true earning power by including significant non-cash depreciation charges that are inherent to a capital-intensive midstream business model with a massive physical asset footprint.
Analysts should instead focus on Distributable Cash Flow (DCF) to better assess the company's ability to fund its distributions and capital expenditures. Relying on net income may lead to an underestimation of the company's financial health, as it fails to account for the cash-generative nature of the underlying pipeline and storage infrastructure.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying MPLX stock.
MPLX Lp's current P/E ratio is 11.9x. The historical average is 36.2x. This places it at the 42th percentile of its historical range.
MPLX Lp's current EV/EBITDA is 13.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.7x.
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%.
Based on historical data, MPLX Lp is trading at a P/E of 11.9x. This is at the 42th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MPLX Lp's current dividend yield is 6.86% with a payout ratio of 81.8%.
MPLX Lp has 45.2% gross margin and 40.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MPLX Lp's Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.