MPLX Lp (MPLX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+81.3%

$107.52

vs $59.29 price

Levered DCF

$90.55

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.02

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.07×	11.37×	9.59×	8.76×	10.35×	-27.06×	24.72×	12.68×
P/B	3.8×	3.53×	2.75×	2.46×	2.38×	1.66×	1.33×	2.99×
P/S	4.6×	4.46×	3.52×	3.15×	3.17×	2.71×	2.67×	3.47×
EV / EBITDA	10.75×	10.39×	9.3×	8.78×	9.52×	28.45×	12.12×	10.46×
Gross margin	45.2%	44.2%	43.7%	40.7%	42.3%	44.6%	42.5%	41.7%
Operating margin	40.3%	48.5%	47.0%	46.6%	41.7%	2.5%	27.5%	41.0%
Net margin	41.6%	39.6%	37.6%	37.4%	32.1%	-8.6%	12.0%	27.3%
Current ratio	1.23×	1.01×	1.07×	0.79×	0.45×	0.73×	0.7×	0.76×
Debt / equity	1.83×	1.56×	1.57×	1.51×	1.49×	1.5×	1.17×	1.74×
Interest coverage	4.84×	5.74×	5.31×	5.31×	4.54×	0.24×	2.6×	4.13×
Dividend yield	7.4%	7.4%	9.0%	9.2%	11.8%	13.2%	13.2%	26.0%
Payout ratio	81.9%	83.5%	83.9%	77.3%	116.1%	-417.5%	294.2%	330.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	34.3%	31.3%	29.4%	29.3%	24.1%	-5.2%	6.0%	23.6%
Return on invested capital	11.5%	14.6%	13.9%	14.3%	12.2%	0.6%	6.2%	12.6%
Return on assets	11.4%	11.5%	10.8%	11.1%	8.7%	-2.0%	2.6%	8.0%
Free cash flow yield	7.5%	10.1%	12.1%	12.7%	14.4%	14.7%	7.3%	3.9%
Earnings yield	9.0%	8.9%	10.7%	11.9%	10.1%	-3.2%	4.5%	7.9%
Enterprise value	$78.4B	$68.5B	$56.6B	$53.2B	$49.4B	$43.4B	$43.4B	$36.4B
Net debt / EBITDA	3.29×	3.02×	3.26×	3.31×	3.67×	13.54×	5.67×	3.83×
Cash conversion cycle (days)	54	54	55	47	48	31	-23	12