MPLX LP Common Units Representing Limited Partner Interests (MPLX)

FairStock Score: 66/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

MPLX is a toll-road-like midstream partnership whose pipelines, processing, storage, and fractionation assets move hydrocarbons for fees and spread income. That infrastructure can be hard to replicate, giving it a narrow but real moat where permits, contracts, and scale matter. The filed record shows fiscal 2025 revenue of $9.7B and net income of $5.0B, up from $8.7B and $3.9B in fiscal 2023. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $2.6B and net income was $1.1B. FairStock reports ROE of 33.69%, but ROCE is only 7.25%, and debt-to-equity is 1.83, with an Altman Z-Score of 1.36. Free cash flow is $3.3B, a 5.8% FCF yield, while the distribution yield is 7.24%. The Piotroski F-Score is 8/9, which is a good accounting sign. At the 2026-10-13 close of $56.91, the P/E is 12.24, P/B is 4.11, and the Graham Number is $38.04, leaving a negative 49.61% margin of safety. EV/EBITDA is 11.27. FairStock’s Lynch category calls it a STALWART, based on 12.6% annual profit growth and 4.9% revenue growth over four years. This is a solid asset with a high cash payout, but leverage and a modest return on capital keep me from calling it a bargain at this price. I would want either a wider discount or clearer growth before getting excited.

In plain English: MPLX owns and operates pipelines and other energy infrastructure that gather, process, store, and move oil, natural gas, and related products. The business earns solid profits and pays a high income to unit holders, but it uses a lot of debt and profits have not been growing quickly in the latest filed quarter. At the recent price, the shares look expensive by a conservative old-school value check but more reasonable when compared with earnings and cash flow.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer