MPLX Lp MPLX

Name: MPLX Crucible Score
Creator: Kaladin Capital Intelligence

EnergyOil & Gas MidstreamNYSE📅 Scored March 7, 2026

Price at analysis: $59.09

Crucible Score

59.2

C+

Quality × Value Composite

KQI — Quality

62.8

C+

Fundamental Quality Index

KVI — Value

54.7

C-

Valuation Attractiveness Index

Crucible Verdict — MPLX

MPLX LP earns a middling C+ rating despite solid financial quality (77) and reasonable market positioning, dragged down by weak diversification and mixed management effectiveness under CEO Hennigan's four-year tenure. The midstream energy partnership trades at a modest discount to fair value with shares at $59 versus a $65 base case. MPLX's below-average earnings consistency suggests volatile cash flows ahead in a cyclical sector.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

76.7

Growth Profile

56.6

Moat Durability⚠

64.6

Management Effectiveness⚠

53.5

Diversification & Resilience

48.8

Market Position

66.0

Weakest dimension: Diversification & Resilience (48.8)

◆ KVI Value Dimensions

DCF Margin of Safety

67.8

FCF Yield & Cash Returns

72.0

Relative Valuation

35.6

Growth-Adjusted Value

46.1

Historical Valuation

14.6

Macro Context

87.2

◆ DCF Valuation Scenarios

Bear Case

$48.72

Base Case

$65.41

Bull Case

$86.53

Price at Analysis

$59.09

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$48.72	3.0%	38.0%	8.1%
🟢 Base	$65.41	5.0%	41.0%	7.4%
🟢 Bull	$86.53	7.0%	44.0%	6.9%

Key Assumptions: MPLX is a midstream MLP with near-zero tax rates and stable fee-based cash flows. WACC is computed using CAPM with beta of 0.54 and an equity risk premium of 5.5%, blended with a cost of debt around 5.0% reflecting its significant leverage (debt/capital ~65%). Revenue growth anchored to historical 5-year CAGR of ~5.4%, with capex normalized at ~9% of revenue after excluding the anomalous most recent year, and D&A running ~11% of revenue providing significant non-cash shielding to free cash flow.

◆ Financial Snapshot

Profitability

Gross Margin49.7%

Operating Margin46.7%

Net Margin39.6%

ROIC12.1%

ROE18.2%

Balance Sheet

Balance SheetCR: 1.23

Cash ConversionFCF/EPS: 0.90x

Capital IntensityCapex/Rev: 50.0%

Altman Z-Score2.02 (Grey)

Piotroski F-Score8/9 (Strong)

Growth

Revenue CAGR0.4% CAGR

Earnings CAGR12.6% CAGR

Growth ConsistencyCV: 1.57

Segment Breadth4/5 growing (80%)

Quarterly TrendRev∆, Margin↑, WC↓

Earnings CredibilityMixed

◆ Revenue Breakdown — FY2025

By Segment

Service65.7%

Product30.0%

Service, Other4.3%

◆ Analyst Consensus & Leadership

Analyst Price Targets

Avg Target (Last Quarter)$59.00

Analysts Covering (Quarter)1

Avg Target (Last Year)$54.25

Analysts (Year)8

Leadership & Governance

CEOMichael N. Hennigan · 4 years

Insider ActivityNeutral

Capital AllocationROIC 12.1% vs WACC 3.0%

Earnings Beat Rate44% (8/22)

◆ Company Profile

MPLX LP owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Logistics and Storage, and Gathering and Processing.

CEO

Maryann T. Mannen

Employees

6200

Headquarters

Findlay, OH, US

IPO Date

October 26, 2012

Exchange

NYSE

Website

mplx.com

◆ Related Companies in Our Universe

Other Energy companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 7, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.