MPLX LP(MPLX)Stock Analysis
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Rank #102 of 2,879 stocksTOP 5%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
MPLX Stock Analysis & AI Quality Score
AI stock analysis and institutional research for MPLX LP (MPLX), a Energy sector company. 13F Pro's AI-powered ranking engine scores MPLX at 76.5/100 on a 32-signal composite quality model, placing it at rank #102 of 2,879 stocks — the top 5% of the AI-ranked universe. MPLX scores in the top quartile across profitability (94.9), free cash flow (90.9), balance sheet strength (88.3). Areas of concern include revenue growth (28.8), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q1 2026), MPLX LP reports quarterly revenue of $3.0B, net income of $922.0M, an operating margin of 40.0%. Top institutional holders of MPLX by reported 13-F value include ALPS ADVISORS, Invesco Ltd., Blackstone, based on the most recent SEC filings. MPLX trades on the NYSE exchange and files with the SEC under CIK 1552000. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MPLX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for MPLX LP directly from SEC EDGAR. MPLX LP's 13F Pro composite quality score has ranged between 8 and 78 since 2021, currently 76.5 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving MPLX's Business? Latest 10-Q Breakdown
✓ 43/43 datapoints verifiedAI-extracted from MPLX LP's 10-Q filed 2026-05-05 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
MPLX reported Q1 2026 net income of $912M and Adjusted EBITDA of $1.7B, down from $1.1B and $1.8B respectively YoY, driven by lower NGL prices and the Rockies divestiture, partially offset by contributions from Northwind and BANGL acquisitions.
Biggest Revenue Drivers
Total revenue: $3,038M-3% YoY
Crude oil and products logistics rate and fee increases of $40M, contributions from recent acquisitions of $36M, and Marcellus rate increases of $30M, offset by Rockies divestiture of $44M.
Lower NGL prices in Southwest, Marcellus, and Southern Appalachia of $119M, and Rockies divestiture of $79M, partially offset by higher Southwest volumes of $142M.
Changes in lease presentation between sales-type lease revenue and rental income from contract modifications, and annual fee escalations on refining logistics assets.
Largest Expense Items
Higher NGL volumes in Southwest of $130M, partially offset by lower NGL prices of $100M.
Higher net operating costs and repairs/maintenance of $36M and incremental costs from recent acquisitions of $25M, partially offset by Rockies divestiture impact of $50M.
Incremental depreciation associated with recent acquisitions, partially offset by decrease from Rockies divestiture.
Increased borrowings in 2025 to fund acquisitions (Northwind, BANGL).
Margins: Segment Adjusted EBITDA attributable to MPLX LP was $1,729M, down $28M YoY. The Crude Oil and Products Logistics segment's Adjusted EBITDA increased $14M on rate increases, but Natural Gas and NGL Services declined $42M due to the Rockies divestiture, lower NGL pricing, and the absence of a prior-year non-recurring customer agreement benefit, only partially offset by acquisition contributions.
Watch Items from the Filing
- Product sales and service revenue exposure to NGL prices: lower NGL prices in Q1 2026 reduced revenues by $119M; fractionation complex at 570 mbpd (down from 596 mbpd YoY) with commodity-sensitive margins.
- Large recent acquisitions integration: Northwind ($2.4B, Aug 2025) and BANGL (remaining 55% stake for $703M, July 2025) add leverage and execution risk; combined goodwill of $1.1B recognized; 400 MMcf/d treating capacity by H2 2026.
- Related party concentration: MPC represents 50% of Q1 2026 total revenues and 26% of total costs; MPC owns 64% limited partner interest and general partner; suspension or modification of commercial agreements could materially impact cash flow.
- Dakota Access Pipeline contingent liability: 9.19% indirect stake; maximum undiscounted exposure $78M if permanent shutdown; vacatur of Lake Oahe easement; Army Corps issued final EIS (late 2025) recommending continued operation, but new litigation possible.
- Distributable cash flow coverage declining: DCF of $1,408M in Q1 2026 vs. $1,486M YoY; distributions paid $1,093M, resulting in negative Adjusted FCF after distributions of $544M; reliance on debt and continued repurchases ($50M in Q1 2026).
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$3.0B
Net Income
Q1 2026
$922.0M
Free Cash Flow
Q1 2026
$772.0M
Operating Margin
Q1 2026
40.0%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+8.9% YoYNet Income
Operating Income
+12.4% YoYTotal Assets
+14.6% YoYTotal Debt
+19.9% YoYOp. Cash Flow
-0.6% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $13.00B +8.9% | $11.93B +5.8% | $11.28B -2.9% | $11.61B +15.8% | $10.03B +32.5% | $7.57B |
| Net Income | — | — | $3.93B -0.4% | $3.94B +28.2% | $3.08B +527.4% | $-720.0M |
| Operating Income | $5.94B +12.4% | $5.29B +7.9% | $4.90B -0.2% | $4.91B +23.0% | $3.99B +1791.9% | $211.0M |
| Total Assets | $43.01B +14.6% | $37.51B +2.7% | $36.53B +2.4% | $35.66B +0.4% | $35.51B -2.5% | $36.41B |
| Total Debt | $27.16B +19.9% | $22.64B +5.0% | $21.57B +3.8% | $20.78B +9.0% | $19.07B -5.3% | $20.14B |
| Operating Cash Flow | $5.91B -0.6% | $5.95B +10.2% | $5.40B +7.5% | $5.02B +2.2% | $4.91B +8.6% | $4.52B |
AI Insight: MPLX Financial Trends
MPLX's total debt surged 23% from Q2 2025 to Q4 2025 while operating performance deteriorated in Q1 2026.
• Total debt increased from $21,225M in Q2 2025 to $27,155M in Q4 2025, a $5,930M rise.
• Operating income peaked at $1,801M in Q3 2025 before declining to $1,214M in Q1 2026.
• Revenue volatility persists with Q3 2025 spike to $3,619M followed by normalization to $3,038M in Q1 2026.
⚠ Operating cash flow remains volatile, ranging from $1,246M to $1,736M across recent quarters with no clear trend.
⚠ Debt reduction of $1,521M from Q4 2025 to Q1 2026 suggests potential deleveraging efforts beginning.
AI Insight: MPLX Ratio Trends
MPLX's operating margin and ROIC have deteriorated sharply, with Q1 2026 marking the weakest profitability in the dataset.
• Operating margin declined from 49.8% in Q3 2025 to 40.0% in Q1 2026, the lowest level recorded.
• ROIC dropped from 28.1% in Q3 2025 to 18.9% in Q1 2026, falling below the TTM level of 22.6%.
• Both profitability metrics peaked in Q3 2025 before experiencing consecutive quarterly declines.
⚠ Monitor whether Q1 2026's weak performance reflects seasonal factors or signals underlying business deterioration.
⚠ Track if the sharp decline from Q3 2025 highs continues into Q2 2026 results.
Get alerted when MPLX's score changes
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Available Research
13F Pro tracks comprehensive data for MPLX LP including:
Top Institutional Holders of MPLX
ALPS ADVISORS INC
$1.5B27,070,962 shInvesco Ltd.
$1.0B18,266,606 shBlackstone Inc.
$876.1M15,350,683 shTORTOISE CAPITAL ADVISORS, L.L.C.
$756.8M13,260,584 shGOLDMAN SACHS GROUP INC
$713.8M12,507,539 shMIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.
$417.7M7,319,250 shKAYNE ANDERSON CAPITAL ADVISORS LP
$389.6M6,826,567 shUBS Group AG
$298.7M5,233,512 shEnergy Income Partners, LLC
$294.3M5,157,478 shMORGAN STANLEY
$283.3M4,964,199 sh
| Fund | Value | Shares |
|---|---|---|
| ALPS ADVISORS INC | $1.5B | 27,070,962 |
| Invesco Ltd. | $1.0B | 18,266,606 |
| Blackstone Inc. | $876.1M | 15,350,683 |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $756.8M | 13,260,584 |
| GOLDMAN SACHS GROUP INC | $713.8M | 12,507,539 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $417.7M | 7,319,250 |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $389.6M | 6,826,567 |
| UBS Group AG | $298.7M | 5,233,512 |
| Energy Income Partners, LLC | $294.3M | 5,157,478 |
| MORGAN STANLEY | $283.3M | 4,964,199 |
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Popular Research
Is MPLX a good stock to buy?
13F Pro's AI-powered analysis of MPLX LP (MPLX) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Energy sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for MPLX are available on the MPLX stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own MPLX?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling MPLX. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of MPLX LP's investment landscape.