MPLX LP
MPLX—
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MPLX LP AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin TTM 40.5% vs industry median 8.8% - 4.6x advantage from fee-based midstream model with minimal commodity exposure[Operating Margin TTM]
- FCF TTM 4.7B covers 3.9B annual distribution (3.83/unit) 1.2x with 1.4B capex - sustainable yield without balance sheet stress[Free Cash Flow TTM]
- Debt/equity 1.83x with 26.1B total debt but EBITDA TTM 7.2B provides 3.6x coverage - leveraged but serviceable[Debt to Equity]
Watch Triggers
- Free Cash Flow TTM: Falls below 3.9B (distribution level) — Distribution cut would crater unit price given income-focused investor base
- Interest Expense TTM: Exceeds 1.2B (20% increase) — Signals refinancing at higher rates squeezing distributable cash flow
- Goodwill: Any impairment charge — Validates overpayment for acquisitions, questions capital allocation
Bull Case
ROE TTM 34.4% vs industry median 5.3% with 42% net margin - exceptional capital efficiency for infrastructure asset
ROE TTMNet Margin TTM
8.1% distribution yield (3.83/unit at 47.2 price implied) with 1.2x FCF coverage - income investors get yield plus safety
Dividends Paid Per Share TTMFree Cash Flow TTM
Bear Case
Goodwill 8.7B is 61% of equity 14.3B - acquisition-driven growth carries impairment risk if asset values decline
GoodwillCommon Stockholders Equity
Net debt 23.9B at 3.3x EBITDA with 983M interest expense TTM - rising rates compress distributable cash
Net DebtInterest Expense TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
62%
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Forward Thesis
Distribution growth likely 3-5% annually as FCF exceeds current payout by 800M TTM
1-3ymed
- FCF/distribution coverage of 1.2x provides buffer
- Low capex intensity (12% of cash flow) preserves cash
- Fee-based contracts insulate from commodity swings
FCF TTM 4.7B vs 3.9B distributions paidCapex TTM 1.4B vs 6.1B operating cash flowOperating margin 40.5% stable fee structure
Valuation Context
Caveats
MPLX Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Support Activities for Mining
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$57.32B | — | ||
$81.95B | — | ||
12 | — | ||
$11.39B | +1.8% | — | |
$4.62 | +6.7% | — | |
40.5% | -0.4% | — | |
41.2% | +1.6% | — | |
$3.89B | -19.4% | — | |
33.7% | +1.1% | — | |
Beta 5Y (Monthly) | unknown | — |
MPLX Dividend History
54 dividends
2026
$2.153005/08/26$1.0765
02/09/26$1.0765
2025
$3.946011/07/25$1.0765
08/08/25$0.9565
05/09/25$0.9565
02/03/25$0.9565
2024
$3.506511/08/24$0.9565
08/09/24$0.8500
05/02/24$0.8500
02/02/24$0.8500
2023
$3.175011/02/23$0.8500
08/03/23$0.7750
05/04/23$0.7750
02/03/23$0.7750
2022
$2.890011/14/22$0.7750
08/04/22$0.7050
05/05/22$0.7050
02/03/22$0.7050
2021
$3.342511/10/21$1.2800
08/05/21$0.6875
05/06/21$0.6875
02/05/21$0.6875
2020
$2.750011/05/20$0.6875
08/06/20$0.6875
05/07/20$0.6875
02/03/20$0.6875
2019
$2.650011/01/19$0.6775
08/02/19$0.6675
05/08/19$0.6575
02/04/19$0.6475
2018
$2.490011/02/18$0.6375
08/03/18$0.6275
05/04/18$0.6175
02/02/18$0.6075
2017
$2.210011/03/17$0.5875
08/03/17$0.5625
05/04/17$0.5400
02/02/17$0.5200
2016
$2.030011/02/16$0.5150
07/29/16$0.5100
04/29/16$0.5050
02/02/16$0.5000
2015
$1.702010/30/15$0.4700
07/31/15$0.4400
05/01/15$0.4100
01/30/15$0.3820
2014
$1.340010/31/14$0.3575
07/31/14$0.3425
05/01/14$0.3275
01/31/14$0.3125
2013
$1.031910/31/13$0.2975
07/31/13$0.2850
05/08/13$0.2725
01/31/13$0.1769
MPLX Stock Splits
No stock splits
MPLX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/05/26 | 03/31/26 | 10-Q | |
02/26/26 | 12/31/25 | 10-K | |
11/04/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/06/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | 10-K | |
11/05/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/28/24 | 12/31/23 | 10-K | |
10/31/23 | 09/30/23 | 10-Q | |
08/01/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
11/01/22 | 09/30/22 | 10-Q | |
08/02/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/24/22 | 12/31/21 | 10-K | |
11/02/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/26/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/03/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/28/20 | 12/31/19 | 10-K | |
11/04/19 | 09/30/19 | 10-Q | |
08/05/19 | 06/30/19 | 10-Q | |
05/09/19 | 03/31/19 | 10-Q | |
02/28/19 | 12/31/18 | 10-K | |
11/05/18 | 09/30/18 | 10-Q | |
08/06/18 | 06/30/18 | 10-Q | |
04/30/18 | 03/31/18 | 10-Q | |
02/28/18 | 12/31/17 | 10-K | |
10/30/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
05/01/17 | 03/31/17 | 10-Q | |
02/24/17 | 12/31/16 | 10-K | |
10/31/16 | 09/30/16 | 10-Q | |
08/03/16 | 06/30/16 | 10-Q | |
05/02/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/02/15 | 09/30/15 | 10-Q | |
08/03/15 | 06/30/15 | 10-Q | |
05/04/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
11/03/14 | 09/30/14 | 10-Q | |
08/04/14 | 06/30/14 | 10-Q | |
05/05/14 | 03/31/14 | 10-Q | |
02/28/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/08/13 | 06/30/13 | 10-Q | |
05/09/13 | 03/31/13 | 10-Q | |
03/25/13 | 12/31/12 | 10-K | |
12/06/12 | 09/30/12 | 10-Q | |
10/29/12 | 06/30/12 | 424B4 | |
07/02/12 | 03/31/12 | S-1 | |
10/29/12 | 12/31/11 | 424B4 | |
12/06/12 | 09/30/11 | 10-Q | |
10/29/12 | 06/30/11 | 424B4 | |
07/02/12 | 03/31/11 | S-1 |