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MPLX, MPLX LP Common

Pipelines & Midstream capital-intensive Cyclical

We are a diversified, large-cap master limited partnership formed by MPC in 2012 that owns and operates midstream energy infrastructure and logistics assets, and provides fuels distribution services.

Consists of two segments based on the product-based value chain each supports: Crude Oil and Products Logistics and Natural Gas and NGL Services.

Latest annual: FY2025 10-K

MPLX · MPLX LP Common

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$9.7B

+5.8% YoY · 7% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $9.9B 5-yr avg $8.9B

Operating margin 59.5% 5-yr avg 55.9%

Owner-earnings margin 46% 5-yr avg 51%

Free cash flow margin 34% 5-yr avg 50%

Next report Est. 11/2–11/6 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~36 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Natural Gas and NGL Services (50%) and Crude Oil and Products Logistics (50%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 40% through the cycle, a wide margin for the work it does — whether that reflects a durable edge or one that can fade is what the record weighs. The margin is cyclical, swinging between 3.1% and 61% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Capital spending runs about 17% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on throughput and the contracts behind it. On its own account, the filing leans hardest on supplier & input dependence, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 10%). By owner earnings: roughly 47% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 2 segments, the largest Natural Gas and NGL Services at 50%.

Revenue by reportable segment, FY2025

Natural Gas and NGL Services50%$4.9B
Crude Oil and Products Logistics50%$4.8B

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$3.0B	$3.9B	$5.4B	$7.0B	$6.9B	$8.0B	$8.9B	$8.7B	$9.2B	$9.7B	$9.9B	RevenueRevenue
7%	6%	6%	6%	5%	4%	4%	4%	5%	5%	5%	SG&A / revenueSG&A/rev
$683M	$1.2B	$1.2B	$377M	$211M	$4.0B	$4.9B	$4.9B	$5.3B	$5.9B	$5.9B	Operating incomeOp. inc.
22.5%	30.8%	21.5%	5.4%	3.1%	49.8%	55.0%	56.1%	57.5%	61.1%	59.5%	Operating marginOp. mgn
$422M	$837M	$2.0B	$1.5B	($685M)	$3.1B	$4.0B	$4.0B	$4.4B	$5.0B	—	Pretax incomePretax
$233M	$794M	$1.8B	$1.0B	($720M)	$3.1B	$3.9B	$3.9B	$4.3B	$4.9B	$4.7B	Net incomeNet inc.
-3%	0%	0%	0%	—	0%	0%	0%	0%	—	0%	Effective tax rateTax rate
											Cash flow & returns
$1.5B	$1.9B	$3.1B	$4.1B	$4.5B	$4.9B	$5.0B	$5.4B	$5.9B	$5.9B	$6.0B	Operating cash flowOp. cash
$591M	$683M	$867M	$1.3B	$1.4B	$1.3B	$1.2B	$1.2B	$1.3B	$1.4B	$1.4B	Depreciation & amortizationD&A
$667M	$430M	$386M	$1.8B	$3.9B	$547M	($155M)	$256M	$382M	($351M)	($146M)	Working capital & otherWC & other
$1.3B	$1.4B	$2.1B	$2.4B	$1.2B	$529M	$806M	$937M	$1.1B	$1.8B	$2.6B	CapexCapex
43.3%	36.5%	38.7%	34.2%	17.2%	6.6%	9.0%	10.7%	11.5%	18.6%	26.7%	Capex / revenueCapex/rev
$900M	$1.2B	$2.2B	$2.8B	$3.3B	$4.4B	$4.2B	$4.5B	$4.9B	$4.6B	$4.6B	Owner earningsOwner earn.
29.7%	31.7%	40.4%	40.2%	48.4%	54.6%	47.2%	51.1%	53.2%	46.9%	46.4%	Owner earnings marginOE mgn
$178M	$496M	$960M	$1.7B	$3.3B	$4.4B	$4.2B	$4.5B	$4.9B	$4.1B	$3.3B	Free cash flowFCF
5.9%	12.8%	17.6%	23.8%	48.4%	54.6%	47.2%	51.1%	53.2%	42.2%	33.8%	Free cash flow marginFCF mgn
$0	$249M	$451M	—	$0	$0	$28M	$246M	$622M	$3.3B	$3.1B	AcquisitionsAcquis.
—	—	$0	$0	$33M	$630M	$491M	$0	$326M	$400M	—	BuybacksBuybacks
($1.4B)	($2.3B)	($2.9B)	($3.1B)	($1.3B)	($518M)	($956M)	($1.3B)	($2.0B)	($4.9B)	—	Investing cash flowInv. cash
$113M	$171M	($117M)	($1.1B)	($3.3B)	($4.4B)	($3.8B)	($3.3B)	($3.5B)	($435M)	—	Financing cash flowFin. cash
$191M	($229M)	$76M	($70M)	$0	($2M)	$225M	$810M	$471M	$618M	—	Change in cashΔ cash
4%	7%	3%	1%	1%	13%	15%	15%	16%	12%	—	ROICROIC
2%	8%	10%	6%	-6%	26%	32%	32%	32%	34%	—	Return on equityROE
											Balance sheet
$234M	$5M	$77M	$15M	$15M	$13M	$238M	$1.0B	$1.5B	$2.1B	$1.0B	Cash & investmentsCash+inv
$299M	$292M	$611M	$593M	$452M	$654M	$737M	$823M	$718M	$735M	$672M	ReceivablesReceiv.
$140M	$151M	$266M	$242M	$152M	$172M	$224M	$153M	$147M	$108M	$155M	Accounts payablePayables
$159M	$141M	$345M	$351M	$300M	$482M	$513M	$670M	$571M	$627M	$517M	Operating working capitalOper. WC
$868M	$559M	$1.4B	$1.5B	$1.5B	$1.5B	$1.9B	$2.8B	$3.3B	$4.0B	$2.9B	Current assetsCur. assets
$763M	$1.3B	$2.3B	$2.1B	$2.1B	$3.3B	$2.4B	$2.6B	$3.2B	$3.2B	$3.2B	Current liabilitiesCur. liab.
1.1×	0.4×	0.6×	0.7×	0.7×	0.5×	0.8×	1.1×	1.0×	1.2×	0.9×	Current ratioCurr. ratio
$11.4B	$12.2B	$21.5B	$22.1B	$21.2B	$20.0B	$18.8B	$19.3B	$19.2B	$21.7B	—	Net PP&ENet PP&E
$2.2B	$2.2B	$10.0B	$9.5B	$7.7B	$7.7B	$7.6B	$7.6B	$7.6B	$8.8B	$8.7B	GoodwillGoodwill
$17.5B	$19.5B	$39.3B	$40.4B	$36.4B	$35.5B	$35.7B	$36.5B	$37.5B	$43.0B	$43.0B	Total assetsAssets
$4.9B	$7.4B	$18.9B	$20.1B	$20.5B	$18.9B	$20.1B	$20.7B	$21.2B	$26.0B	$26.0B	Total debtDebt
$4.6B	$7.4B	$18.8B	$20.1B	$20.5B	$18.9B	$19.9B	$19.7B	$19.7B	$23.9B	$25.0B	Net debt / (cash)Net debt
—	—	—	—	—	—	5.3×	5.3×	5.7×	6.0×	5.3×	Interest coverageInt. cov.
$5.4B	$8.5B	$20.6B	$22.8B	$22.4B	$22.5B	$22.2B	$22.9B	$23.5B	$28.5B	—	Total liabilitiesTotal liab.
$1.0B	$1.0B	$1.0B	$968M	$968M	$965M	$968M	$895M	$203M	—	—	Redeemable interestsRedeemable
$11.1B	$9.8B	$17.6B	$16.4B	$12.8B	$11.8B	$12.3B	$12.5B	$13.6B	$14.3B	—	Partners' capitalCapital
$130M	—	—	$1.2B	$1.8B	—	—	—	—	—	—	Goodwill written downGW imp.
											Per share
345M	396M	761M	907M	1.05B	1.03B	1.01B	1.00B	1.02B	1.02B	1.01B	Shares out (diluted)Shares
$8.78	$9.77	$7.16	$7.76	$6.56	$7.81	$8.84	$8.72	$9.04	$9.54	$9.73	Revenue / shareRev/sh
$0.68	$2.01	$2.39	$1.14	$-0.69	$3.00	$3.90	$3.92	$4.21	$4.82	$4.65	EPS (diluted)EPS
$2.61	$3.09	$2.90	$3.12	$3.18	$4.27	$4.17	$4.45	$4.81	$4.47	$4.51	Owner earnings / shareOE/sh
$0.52	$1.25	$1.26	$1.85	$3.18	$4.27	$4.17	$4.45	$4.81	$4.02	$3.29	Free cash flow / shareFCF/sh
$3.81	$3.56	$2.77	$2.65	$1.13	$0.52	$0.80	$0.94	$1.04	$1.77	$2.60	Cap. spending / shareCapex/sh
$32.15	$24.82	$23.09	$18.04	$12.15	$11.50	$12.19	$12.43	$13.35	$14.03	—	Book value / shareBVPS

The diluted share count moved ×1.92 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+0.9%/yr	+7.8%/yr
Owner earnings / share	+6.2%/yr	+7.1%/yr
EPS	+24.4%/yr	—
Capital spending / share	−8.1%/yr	+9.5%/yr
Book value / share	−8.8%/yr	+2.9%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $4.6B of owner earnings, the operating cash left after the $1.4B it takes just to hold its position. It put $457M more into growth; free cash flow, after that spending, was $4.1B.

Reported net income$4.9B

Owner earnings$4.6B · 47% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$4.9B	$4.3B	$3.9B	$3.9B	$3.1B
Depreciation & amortizationnon-cash charge added back	+$1.4B	+$1.3B	+$1.2B	+$1.2B	+$1.3B
Working capital & othertiming of cash in and out, other non-cash items	−$351M	+$382M	+$256M	−$155M	+$547M
Cash from operations	$5.9B	$5.9B	$5.4B	$5.0B	$4.9B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$1.4B	−$1.1B	−$937M	−$806M	−$529M
Owner earnings	$4.6B	$4.9B	$4.5B	$4.2B	$4.4B
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$457M	—	—	—	—
Free cash flow	$4.1B	$4.9B	$4.5B	$4.2B	$4.4B
Owner-earnings marginowner earnings ÷ revenue	47%	53%	51%	47%	55%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $1.4B, roughly its depreciation, the rate its assets wear out). The other $457M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 6.0×

Comfortable

Operating income $5.9B ÷ interest expense $983M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $23.9B · 4.0× operating profit

Heavy net debt

Cash $2.1B − debt $26.0B

What this means
Netting $2.1B of cash and short-term investments against $26.0B of debt leaves $23.9B owed, about 4.0× a year's operating profit (4.4× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 10%

Solid through the cycle

10-yr median, range 1%–16%; 12% latest = NOPAT $4.7B ÷ invested capital $38.2B

Industry peers: median 6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 12% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 47%

High through the cycle

10-yr median margin, range 30%–55%; latest $4.6B = operating cash $5.9B − maintenance capex $1.4B

Industry peers: median 8%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 47% of revenue this year, a 47% median across 10 years. It chose to put $457M more into growth, so free cash flow this year was $4.1B — the gap is investment, not weakness.
Are earnings backed by cash? 1.20×

Cash-backed

Cash from ops $5.9B ÷ net income $4.9B

In the filing’s words The filing leans on adjusted, non-GAAP earnings, but the GAAP profit is itself cash-backed — the adjustments are not papering over a cash shortfall here.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 9%

Reinvests most of it

Dividends + buybacks $400M ÷ Owner Earnings $4.6B — this fiscal year

What this means
Of $4.6B Owner Earnings, $400M (9%) went back to shareholders, $0 dividends, $400M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does. This year's proportion is 9%; across the record (2016–2025) it is 6%, the capital-allocation section below.
Investing or harvesting? 1.34×

Expanding

Capex $1.8B ÷ property depreciation $1.4B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $9.7B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.23×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $26.0B vs $745M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Near

A profit every year (10-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record —

Uninterrupted dividends · no dividend line tagged in the data

What this means
An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.
Earnings growth Pass

Earnings +33% over the record · +361%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $4.31/share (latest year $4.84), the averaged base the calculator's gate runs on, and book value is $14.11/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 3 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 25% → 58% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 25% early to 58% lately, median 31% — pricing power intact or improving.
Reinvestment, incremental ROIC 34%

What this means
Every extra dollar the business reinvested came back at a high incremental return — the lens GBM read for a moat that reinvests rather than merely harvests. The record and the 10-K are where you check whether the rate holds.
Owner earnings growth +18%/yr

What this means
Owner earnings grew about 18% a year over the record.
Worst year 2020 · 3.1% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.9B

Cash & short-term investments$1.0B
Receivables$672M
Other current assets$1.2B

Current liabilities$3.2B

Debt due within a year$1.5B
Accounts payable$155M
Other current liabilities$1.6B

Current ratio0.89×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.89×stricter: inventory excluded

Cash ratio0.32×strictest: cash alone against what's due

Working capital($348M)the cushion left after near-term bills

Debt due this year vs. cash$1.5B due · $1.0B cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Jun 30, 2026 balance sheet

Revenue, latest quarter vs. a year ago+11.0%the freshest read on whether the business is still growing

Current ratio, recent quarters1.0× → 0.9×

Deeper floors

Net current asset value($25.8B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.8B$255M of it operating leases

Deferred revenue$110Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $42.3B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$13.6B · 32%
Buybacks$1.9B · 4%
Retained (debt / cash)$26.8B · 63%

Returned to owners$1.9B
6% of the owner earnings the business produced over the span, $0 as dividends and $1.9B as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $21.1B and cash and short-term investments rose $797M.
Average price paid for buybacks$34.14
Across the years where the filing reports a share count, 55M shares were bought for $1.9B, about $34.14 each. Year to year the price paid ranged from $22.39 (2020) to $51.58 (2025); its heaviest year, 2021, paid $27.50 ($630M).
Net change in share count194.2%
The diluted count rose from 345M to 1015M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained15%
Of the earnings it kept rather than paid out ($21.4B over the span), annual owner earnings (first three years vs last three) grew $3.2B, so each retained $1 added about 0.15 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$10.2B24% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity61%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$6.1Bover 12 years since fiscal 2013 buying other businesses, against $13.6B of capital spent building over the 10-year record

$3.1B written down across 3 years (2016, 2019, 2020): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 64% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Beside that spending sits $76M of cumulative amortization of acquired intangibles charged against earnings since fiscal 2017 — the purchase price of past deals, expensed over time.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and amortization summed across the company's full tagged history, write-downs across the 10-year record, from the company's own filings.

Peers, Pipelines & Midstream

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
PAAPlains All American Pipeline L.P. Common	$44.3B	10%	2.9%	6%	5%
PAGPPlains GP Holdings L.P. Class A	$44.3B	10%	2.9%	-9%1y	5%
TRGPTarga Resources Inc.	$17.0B	22%	4.0%	5%	8%
CQPCheniere Energy Partners LP Common	$10.8B	47%3y	30.3%	11%	20%
MPLXMPLX LP Common	$9.7B	—	40.3%	10%	47%
SOBOSouth Bow Corporation	$2.0B	82%	51.5%	—	27%
GELGenesis Energy	$1.6B	—	10.9%	4%	3%
DKLDelek Logistics Partners L.P. Common	$1.0B	25%	20.9%	19%	17%
Group median	—	—	15.9%	6%	13%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what MPLX LP Common has delivered.

Today’s price $

Through the cycle, MPLX LP Common earns about $4.6B on its 47.0% median owner-earnings margin. This year’s 46.9% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($4.6B) Net of stock comp Steady-state · maintenance capex ($4.6B)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+2%/yr

Owner-earnings growth · ’16→’25+33%/yr

Owner-earnings yield—

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $3.3B on 1014M shares outstanding, per the 10-Q cover, as of 2026-07-30; net debt $25.0B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($2.6B) runs well above depreciation ($1.4B), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $4.6B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh MPLX against another business →

Cite: Owner Scorecard, "MPLX LP Common (MPLX), the owner's record," https://ownerscorecard.com/c/MPLX, data as of 2026-08-17.

Manual order: ← MPC its page in the Manual MPT →

Industry order: ← LNG the Pipelines & Midstream chapter NGL →