MPLX Lp (MPLX) Stock Analysis & Winston Score

MPLX is a pipeline and storage company that moves oil, natural gas, and other energy products across the United States. It owns and operates pipelines, storage tanks, processing plants, and marine terminals. Marathon Petroleum, one of the largest US oil refiners, is its primary customer and also its parent company.

MPLX makes money by charging fees each time energy products flow through its infrastructure, which means revenue does not swing much with oil prices. It operates mainly in the Midwest, Gulf Coast, and Appalachian regions, and its fee-based contracts with Marathon Petroleum give it relatively stable, predictable cash flows. The main risk is that MPLX depends heavily on Marathon Petroleum for a large share of its business, so any slowdown in Marathon's refining activity could directly hurt MPLX's results. Growth depends on expanding its natural gas gathering and processing operations, particularly in the Marcellus and Utica shale regions.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-100.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

64.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

MPLX Lp is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.03B (2021) → 1.02B (2025)

Score breakdown

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Quality

Gross Margin

0.0%

Thin — 0.0% gross margin

Operating Margin

40.0%

Excellent — 40.0% operating margin

ROCE

8.5%

Below par — 8.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+12.1%

Fast-growing sales (12.1% YoY)

EPS YoY

-14.1%

Earnings shrinking (-14.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

128%

Turns 128% of profit into real cash

FCF Margin

35.3%

Converts sales into free cash efficiently (35.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

7.17x

Adequate interest coverage (7.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

15.3x

Fair value — P/E 15.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+4.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.3 → 11.0)

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Dividends

Dividend Yield

7.32%

Healthy income — 7.32% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+12.5%

Dividend growing fast (12.5% YoY)

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