MPLX Lp

MPLX

Oil & Gas Midstream · Energy

Price

$58.41

-0.19 (-0.32%)

Market Cap

$59.27B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Exceptional

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Winston Score History

The full picture

MPLX is a pipeline and storage company that moves oil, natural gas, and other energy products across the United States. It owns and operates pipelines, storage tanks, processing plants, and marine terminals. Marathon Petroleum, one of the largest US oil refiners, is its primary customer and also its parent company.

MPLX makes money by charging fees each time energy products flow through its infrastructure, which means revenue does not swing much with oil prices. It operates mainly in the Midwest, Gulf Coast, and Appalachian regions, and its fee-based contracts with Marathon Petroleum give it relatively stable, predictable cash flows. The main risk is that MPLX depends heavily on Marathon Petroleum for a large share of its business, so any slowdown in Marathon's refining activity could directly hurt MPLX's results. Growth depends on expanding its natural gas gathering and processing operations, particularly in the Marcellus and Utica shale regions.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+2.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

64.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$6.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

MPLX Lp is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.03B (2021) → 1.02B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

56.9%

Premium pricing power — 56.9% gross margin

Profit after running costs

Operating Margin

41.6%

Excellent — 41.6% operating margin

Return on the money invested

ROCE

13.9%

Good — 13.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+14.2%

Fast-growing sales (+14.2% YoY)

Profit growth

EPS YoY

+10.7%

Earnings growing (+10.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

126%

Turns 126% of profit into real cash

Spare cash per sale

FCF Margin

25.6%

Converts sales into free cash efficiently (25.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.83

Elevated debt (1.83)

Covers its interest

Interest Cover

4.87x

Adequate interest coverage (4.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.5x

Attractive valuation — P/E 12.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

7.11%

Healthy income — 7.11% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+12.5%

Dividend growing fast (12.5% YoY)

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