Stock fact sheet · data as of
MPLX Lp (MPLX): fair value, margin of safety and Wheel Score
Ticker symbol MPLX · Energy · Oil & Gas Midstream · United States · Partnership units · Blend Income
MPLX trades as units of MPLX Lp, a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.
Is MPLX undervalued?
MPLX Lp (MPLX) closed at 56.25 on 5 Nov 2026, close to the GLS average fair value of 61.40 (8.4% below fair value). 5 of the 9 models that produced a number sit above the price, 4 below - the market and our models roughly agree. With little margin of safety either way, the case for or against the stock rests on the quality numbers and the option premium rather than on price.
There is a wide gap between GLS Growth (26.08) and DCF (107.45). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for MPLX, so the nightly engine files it under Blend (value score 41, growth score 45, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for MPLX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 107.45 | +91% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 36.62 | -35% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 95.86 | +70% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 30.76 | -45% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 26.08 | -54% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 78.77 | +40% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 65.97 | +17% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 63.36 | +13% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 47.73 | -15% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -24.15 | -143% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 64.00 | +14% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
MPLX Lp scores 6 of 9 on the Piotroski F-score: a middling result that passes the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. On durability MPLX scores 5.5/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are high - ROIC 12.1%, ROE 34.3%, ROA 11.4% - with debt at 1.83 times equity and a free-cash-flow yield of 5.5%.
The dividend yield is high at 7.66% (payout ratio 100%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Crude Oil and Products Logistics 51%, Natural Gas and NGL Services 49% (quarter Q2 FY2026).
Institutional ownership scores 2/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 12.1% |
|---|---|---|---|
| GLS Moat | 5.5 / 10 | ROE | 34.3% |
| Debt / equity | 1.83 | ROA | 11.4% |
| Free-cash-flow yield | 5.5% | Payout ratio | 100% |
| Institutions | 2 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 35: Weak
With a Wheel Score of 35 MPLX Lp sits in the Weak band. It fails filter 5, can repay its debt - 4.1 years to repay its debt (over 3); and filter 7, a premium worth selling - implied volatility 24% (under 25%); Premium (weak) is its weakest part.
Implied volatility on the near-the-money contracts is 24%, below the 25% the Wheel Trade Filter on premium asks for: a put pays too little to be worth selling. The option chain is deep: 77,431 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 4.6M shares a day on a market cap of $57.0B, with a beta of 0.46 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that strong.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Fails | 4.1 years to repay its debt (over 3) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | implied volatility 24% (under 25%) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 8% below fair value | |
| Premium | Weak | implied volatility 24% | |
| Moat | Fair | moat 5.5/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Fair | Red Flags score 75/100 | |
| Option trading | Good | 2,008 contracts a day, 77,431 open interest | |
| Stability | Strong | beta 0.46, $57.0B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 2 Feb 2027, 89 days away - outside the window of a 30-45-day put sold today. The shares go ex-dividend on 6 Nov 2026 (1.21 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Oil & Gas Midstream
The 12 companies below are the closest to MPLX Lp by market cap within the Oil & Gas Midstream industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| OKE ONEOK, Inc. | 88.60 | 113.66 | +22% | 48Weak | $55.9B |
| LNG Cheniere Energy, Inc. | 292.02 | 482.62 | +39% | 58Fair | $59.6B |
| TRGP Targa Resources Corp. | 285.00 | 154.52 | -84% | 41Weak | $61.1B |
| TRP TC Energy Corporation | 62.67 | 53.43 | -17% | 35Weak | $65.3B |
| KMI Kinder Morgan, Inc. | 31.52 | 24.27 | -30% | 39Weak | $70.2B |
| EPD Enterprise Products Partners L.P. | 36.71 | 35.80 | -3% | 37Weak | $79.3B |
| WMB The Williams Companies, Inc. | 67.86 | 41.00 | -66% | 40Weak | $84.8B |
| VG Venture Global, Inc. | 12.00 | 24.59 | +51% | 52Fair | $30.0B |
| ENB Enbridge Inc. | 48.78 | 37.29 | -31% | 28Weak | $108.7B |
| PBA Pembina Pipeline Corporation | 48.73 | 34.41 | -42% | 35Weak | $28.3B |
| CQP Cheniere Energy Partners, L.P. | 56.68 | 123.94 | +54% | 51Fair | $27.4B |
| TCPA TransCanada PipeLines Limited 6 | 21.13 | 37.12 | +43% | 34No options | $21.4B |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about MPLX
Is MPLX undervalued right now?
Not meaningfully: at 56.25 the stock trades within a few percent of the GLS average fair value of 61.40 (8.4% below fair value, data as of 5 Nov 2026).
What is the Wheel Score of MPLX and what does it mean?
MPLX scores 35 out of 100 (Weak) - it fails Wheel Trade Filters 5, 7. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for MPLX?
61.40 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does MPLX Lp report earnings next?
The next earnings report is due on 2 Feb 2027, 89 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does MPLX have listed options, and how liquid are they?
Yes. The nightly snapshot found 90 listed contracts with 77,431 open interest across all expiries and implied volatility of 24% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is MPLX a partnership?
Yes. MPLX trades as units of MPLX Lp, a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.