Reading the tape
NYSE: MPLX
MPLX Lp
Energy · Oil & Gas Midstream
Market Cap
$58.04B
52w High
$59.98
52w Low
$47.80
P/E
11.84
Volume
2.08M
Outstanding Shares
1.02B
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 12.92%Revenue (TTM): 13.64%FCF (TTM): 6.24%P/FCF: 65th pct
What changed
The stock rose 12.92% over the last year. Revenue grew 13.64% over the trailing twelve months. Operating margin moved from 48.5% to 46.71%. Free cash flow grew 6.24% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/FCF range (65th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 46.71% — continued expansion would be needed to justify the premium. Revenue growth of 13.64% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States.
CEOMaryann T. Mannen
SectorEnergy
IndustryOil & Gas Midstream
Employees6,200
IPO dateOct 26, 2012
Valuation
Forward P/E—
EV/EBITDA10.75
Enterprise value$78.41B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Revenue growth9.05%
Gross margin49.69%▲2.39%vs FY2024
Operating margin46.71%▼16.90%vs FY2024
ROE34.35%▲9.63%vs FY2024
Analyst consensus
RatingBuy
Target price$60.25▲5.39%
20
Buy
8
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 5, 2026
Q2 FY26 · EPS est $1.05 · Revenue est $3.09B
View
Dividends
$4.19/shareQuarterly3yr growth streakEx-div May 8, 2026 · in 3dAdequateMPLX pays a dividend with a 7.33% declared yield, 3 consecutive years of growth, growing at 8.78% annually, covered 1.0× by free cash flow.
Declared Yield
7.33%
Annual Div / Share
$4.19
TTM $4.07
5yr CAGR
+8.78%
Doubles every ~8.2yr
Payout Ratio
101.85%
Adequate
Dividend Growth Rate
3yr CAGR
+11.41%
5yr CAGR
+8.78%
10yr CAGR
+8.14%
Dividend Safety
3/10Adequate
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$4.19+12.6%
2025$3.72+11.9%
2024$3.33+9.7%
2023$3.03-10.3%
2022$3.38+22.8%
2021$2.75+1.1%
2020$2.72+5.8%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$73/yr
$6/mo
In 5 yrs
$112/yr+52%
$9/mo
In 10 yrs
$170/yr+132%
$14/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$73/yr $6/mo | $112/yr+52% $9/mo | $170/yr+132% $14/mo |
Yield-on-cost grows from 7.33% → 17.01% over 10yr
Analysis
Dividend Strengths
Strong dividend growth rate
The 5-year CAGR of 8.78% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
High payout ratio
With 101.85% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.