# MPLX LP (MPLX)

> Source: Nexqual · https://nexqual.com/MPLX · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, MPLX LP (MPLX), nexqual.com/MPLX" · informational, not investment advice.

**Price:** USD 59.13 (+1.63% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 58.18 · day 58.1–59.23 · 52w 50.12–60.95 · market cap $59.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $13.2B, net income $4.77B (36.1% margin), free cash flow $3.34B (SEC filings).
- Valuation: P/E 12.6x, net debt $23.4B.
- 2 of 80 tracked superinvestors hold MPLX (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Analysts: Hold (mean 2.60 on a 1–5 scale) (15 analysts), mean target USD 62.69 (range 54–73).
- Total return with dividends: 1Y +26.7% vs S&P 500 +13.4%; 5Y +204.0% vs S&P 500 +76.9%.
- Next earnings: 2026-11-03, EPS estimate USD 1.14, revenue estimate $3.35B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $10.0B | $11.6B | $11.3B | $11.9B | $13.0B | $13.2B |
| Operating income | $3.99B | $4.91B | $4.90B | $5.29B | $5.94B | $5.88B |
| Net income | $3.08B | $3.94B | $3.93B | $4.36B | $4.95B | $4.77B |
| Free cash flow | $4.38B | $4.21B | $4.46B | $4.89B | $4.10B | $3.34B |
| Operating margin | 39.8% | 42.3% | 43.4% | 44.3% | 45.7% | 44.4% |
| Net margin | 30.7% | 34.0% | 34.8% | 36.5% | 38.1% | 36.1% |
| Revenue growth | +32.5% | +15.8% | -2.9% | +5.8% | +8.9% | — |
| Cash + short-term investments | $13.0M | $238M | $1.05B | $1.52B | $2.14B | — |
| Total debt | $18.6B | $19.8B | $20.4B | $20.9B | $25.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 12.6x · P/S 4.5x · EV/Sales 6.3x · P/FCF 18.0x · FCF yield 5.56% · Earnings yield 7.95% · Buyback yield (TTM) 0.50% · Net debt $23.4B · EV $83.3B

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold MPLX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Glenn Greenberg | Brave Warrior Advisors | 3.90% | $179M | Reduced -2.2% |
| David Tepper | Appaloosa Management | 0.38% | $28.3M | Unchanged |

## Analysts
Consensus Hold (mean 2.60 on a 1–5 scale), 15 analysts; mean target USD 62.69 (low 54, high 73).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Morgan Stanley | Target lowered | Equal-Weight | $66 → $64 |
| 2026-08-21 | RBC Capital | Target raised | Outperform | $60 → $64 |
| 2026-08-12 | Morgan Stanley | Target raised | Equal-Weight | $60 → $66 |
| 2026-08-06 | Barclays | Target raised | Overweight | $59 → $63 |
| 2026-08-05 | Wells Fargo | Target raised | Overweight | $61 → $63 |
| 2026-07-29 | Wolfe Research | Downgrade | Outperform → Peer Perform |  |
| 2026-07-02 | RBC Capital | Reiterated | Outperform | $60 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +26.7% | +204.0% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +26.8% | +24.9% |
| Volatility (annualized) | 16.6% | 19.6% |
| Max drawdown | -7.7% (Mar 2026→Apr 2026) | -16.2% (Apr 2022→Jun 2022) |

## Peers (Oil & Gas Midstream)
OKE (ONEOK, Inc.) USD 95.83 +2.06% · LNG (Cheniere Energy, Inc.) USD 298.67 +4.06% · TRGP (Targa Resources, Inc.) USD 302.37 +4.43% · TRP (TC Energy Corporation) USD 62.4 +0.68% · KMI (Kinder Morgan, Inc.) USD 34.43 +2.11% · EPD (Enterprise Products Partners L.) USD 37.08 +1.53%

## More
Full page: https://nexqual.com/MPLX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MPLX's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1552000/000155200026000009/mplx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Marathon Petroleum Corp (MPC) | "References to our sponsor and customer, "MPC," refer collectively to Marathon Petroleum Corporation and its subsidiaries, other than the Partnership." |
| Partner | ENBRIDGE INC (ENB) | "(2) The year ended December 31, 2025 includes $2.4 billion for the Northwind Midstream Acquisition, $703 million for the BANGL Acquisition, $235 million for the acquisition of Whiptail Midstream, LLC, $151 million for th…" |
| Partner | MarEn Bakken Company | "(1) The investment in MarEn Bakken Company LLC includes our 9.19 percent indirect interest in a joint venture that owns and operates the Dakota Access Pipeline and Energy Transfer Crude Oil Pipeline projects (collectivel…" |
| Partner | Master | "We are a Master Limited Partnership ("MLP") with outstanding common units held by MPC and public unitholders." |
| Partner | Amended and Restated Agreement of | "•the requirements and restrictions arising under our Sixth Amended and Restated Agreement of Limited Partnership, dated as of February 1, 2021 ("Partnership Agreement"), including the requirement that we distribute all o…" |
| Partner | Delaware Revised Uniform | "Under Section 17-607 of the Delaware Revised Uniform Limited Partnership Act, we may not make a distribution to unitholders if the distribution would cause our liabilities to exceed the fair value of our assets." |
| Partner | Centrahoma Processing | "(2) The capacity presented above includes our proportionate share of Centrahoma Processing LLC's processing capacity of 550 MMcf/d, as we own a non-operating 40 percent interest in this joint venture." |
| Partner | BANGL | "The purchase price of the additional 20 percent ownership interest in BANGL exceeded our portion of the underlying net assets of the joint venture by approximately $156 million." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Natural Gas and NGL Services | $1.38B | 41.5% | +19.7% |
| Crude Oil and Products Logistics | $1.24B | 37.4% | +2.7% |
| Total revenue | $3.31B | 100% | — |
The lines above cover 79% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $1.23B | 37.2% | +2.5% |
| Product | $7.0M | 0.2% | +75.0% |
| Total revenue | $3.31B | 100% | — |
The lines above cover 37.4% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.14 | $1.23 | -7.2% | $3.35B | 6 |
| Next quarter (ends 2026-12-31) | $1.19 | $1.26 | -5.5% | $3.44B | 6 |
| Current fiscal year (ends 2026-12-31) | $4.33 | $4.55 | -4.7% | $13.13B | 7 |
| Next fiscal year (ends 2027-12-31) | $4.80 | $4.92 | -2.6% | $14.09B | 8 |