Mplx LP vs TC Energy
Mplx LP is the larger business, with $13.00bn of revenue in fiscal 2025 against $10.91bn for TC Energy (1.2 times as much). Mplx LP grew faster (8.9% against 8.5%). Mplx LP kept more of each dollar of sales as profit: a net margin of 37.8% against 23.1%.
| Latest fiscal year | Mplx LPMPLX, 2025 | TC EnergyTRP, 2025 |
|---|---|---|
| Revenue | $13.00bn | $10.91bn |
| Revenue growth | 8.9% | 8.5% |
| Net income | $4.91bn | $2.52bn |
| Operating margin | 45.7% | 52.7% |
| Net margin | 37.8% | 23.1% |
| Return on equity | — | 12.9% |
| Free cash flow | $4.10bn | $1.49bn |
| Cash | $2.14bn | $123m |
| Total debt | $26.01bn | $35.00bn |
| Debt to equity | — | 175.8% |
| Dividend per share | — | — |
| Dividend yield | — | 3.8% |
| Share buybacks | $400m | — |
| Employees | 5,762 | — |
| Market value | $58.30bn | $66.20bn |
| Price vs our value range | Below our value range | — |
| Moat score | 74 (Strong) | — |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |