| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 65 | 12.6x | 17.3x | Around median | |
Growth | 34 | 8.7% | 7.1% | Bottom tier | |
Quality | 77 | 15.6% | 4.5% | Top tier | |
Safety | 52 | 3.4x | 2.6x | Around median | |
Capital Return | 75 | 7.13% | 0.06% | Top tier | |
Momentum | 84 | 14.6% | -1.6% | Top tier | |
Sentiment | 67 | 9 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
37% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
MPLX operates in midstream energy infrastructure through two interconnected systems: crude oil and products logistics, and natural gas gathering, processing, natural gas liquids fractionation, and transportation assets. Its model relies on increasing throughput volumes and asset utilization rates, collecting higher fees and rates, and leveraging a network extending from production regions to Gulf Coast facilities; it has also expanded its butane blending activity within its terminal and pipeline network, which added more than $20 million compared with the corresponding period.
In Q2 fiscal 2026, MPLX reported revenue of $3.3 billion and net income of $1.1 billion, equivalent to a calculated net income margin of approximately 33%. Adjusted earnings before interest, taxes, depreciation, and amortization reached $1.8 billion, up 5% year over year despite the sale of the Rockies assets in late 2025, while the company returned more than $1.1 billion to unitholders.
Growth came from both sides of the portfolio: adjusted earnings before interest, taxes, depreciation, and amortization in the Crude Oil and Products Logistics segment increased by $23 million, while they increased by $62 million in the Gathering and Processing segment. Gathering volumes rose 15%, processing 5%, and fractionation 8% year over year; Marcellus processing utilization reached 96%, compared with 73% in Utica, while volumes on the BANGL natural gas liquids pipeline exceeded 200 thousand barrels per day.
The analyst consensus on MPLX is "Buy," with an average price target of $63 and a target range between $59 and $66. The average target is slightly above the top of the 52-week range of $60.95, while the bottom of the range is $47.8, reflecting a positive outlook but a limited gap between the average target and the annual high. A price-to-earnings ratio is not available in the data, so the valuation should be assessed through the target range and execution of the earnings and distribution plan, while considering capital spending risks and project start-up timing.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
MPLX reported revenue of $3.3 billion and net income of $1.1 billion in Q2 fiscal 2026. Adjusted earnings before interest, taxes, depreciation, and amortization reached $1.8 billion, up 5% year over year despite the sale of the Rockies assets in late 2025. Gathering volumes increased 15%, processing 5%, and fractionation 8%, while butane blending added more than $20 million compared with the corresponding period.
Secretariat I entered service in April 2026, and Harmon Creek III began operations in August 2026, increasing total processing capacity to 8.1 billion cubic feet per day. The company is targeting an increase in BANGL capacity to 300 thousand barrels per day and the start of full commercial service for Blackcomb in the fourth quarter of fiscal 2026. It also plans to increase Titan's sour gas processing capacity to more than 400 million cubic feet per day by the end of the fourth quarter.
Automated analysis for informational purposes only — not investment advice.
MPLX raised its capital spending forecast by $500 million to $2.9 billion in fiscal 2026. This is primarily due to accelerating the Gulf Coast fractionation project and bringing spending expected in early 2027 into the second half of 2026, while the project remains within budget according to management. The company is targeting the start-up of a 150 thousand-barrel-per-day fractionation unit, a jointly owned 400 thousand-barrel-per-day liquefied petroleum gas export terminal, and the associated purity products pipeline in 2028, followed by a second 150 thousand-barrel-per-day fractionation unit in 2029.
Sour gas processing volumes at Titan exceeded 150 million cubic feet per day for the second consecutive quarter in Q2 fiscal 2026, and the company is working to increase capacity to more than 400 million cubic feet per day. The expansion includes approximately 100 miles of pipelines, compressor stations, and a connection that transports processed gas to Secretariat I, also supporting BANGL volumes. On August 17, 2026, MPLX participated in the final investment decision for the Solitude system, consisting of two 48-inch pipelines to Katy, Texas, with initial operations scheduled to begin in late 2029.
The analyst consensus is "Buy," with an average price target of $63, a highest target of $66, and a lowest target of $59. The average is slightly above the top of the 52-week range of $60.95, while the bottom of the range is $47.8. A price-to-earnings ratio is not available in the data, so the valuation of the units depends more heavily on achieving mid-single-digit growth, increasing distributions by 12.5%, and executing the 2026 projects within the specified schedules and budgets.