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Mplx LP key statistics and ratios

In fiscal 2025, Mplx LP had an operating margin of 45.7% and a current ratio of 1.23. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin———————2.8%39.8%42.3%43.4%44.3%45.7%42.0%
Net margin16.0%15.3%14.2%7.7%20.5%26.0%11.4%−9.5%30.7%34.0%34.8%35.9%37.8%32.9%
Free-cash-flow margin21.6%24.3%8.4%5.9%12.8%13.7%18.5%44.1%43.7%36.3%39.5%41.0%31.6%23.6%
Return on equity7.0%15.3%3.2%———————————
Return on assets6.5%10.0%1.8%1.4%4.3%6.2%2.6%−1.9%8.6%11.1%10.9%11.6%12.2%10.0%
Asset turnover0.400.650.130.180.210.240.230.200.280.330.310.320.320.30
Current ratio1.620.960.921.140.430.630.700.730.450.791.071.011.231.56
Debt to equity0.9%139.3%62.0%———————————
Interest cover (operating income ÷ interest)—————————5.8x5.4x5.5x5.5x4.4x
Effective tax rate0.0%0.4%0.3%−2.8%0.1%0.4%0.0%—0.0%0.2%0.3%0.2%——
Capital spending as % of revenue22.0%17.8%30.3%43.3%36.5%30.1%26.6%15.6%5.3%6.9%8.3%8.8%13.9%22.0%
Free cash flow ÷ net income134.6%159.5%59.6%76.4%62.5%52.8%162.1%—142.4%106.8%113.5%114.2%83.5%71.7%
Dividends and buybacks ÷ free cash flow—————0.0%0.0%1.0%14.4%11.7%0.0%6.7%9.8%8.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · September 30, 2026
What it owns · $44.2bn
Short-term assets $3.4bnLonger-term assets $40.8bn
What it owes, and who funded it · $29.9bn
Short-term liabilities $2.2bnLonger-term liabilities $27.7bn
  • Short-term assets cover short-term liabilities $3.4bn of assets due within a year against $2.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.4bn short-term assets against $27.7bn of longer-dated liabilities.
  • More cash than debt $1.3bn of cash against $26.6bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $6.0bn of operating cash flow against $26.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $5.6bn against $1.3bn of interest.

From Mplx LP's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

74 /100

Strong moat

How hard Mplx's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Net income has been a median 9.0% of total assets over 10 years.

  • Durability 10 / 20

    Net margin has been a median 31.8%; its worst year was -26.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 36.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: MPLX vs WMBCQP vs MPLXMPLX vs TRPMPLX vs TRGP

More: Oil & Gas Storage & Transportation stocks compared, Energy sector, rankings of US companies

Figures from Mplx LP's SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Mplx LP.