Stock fact sheet · data as of
MPLX Lp (MPLX): fair value, margin of safety and Wheel Score
Energy · Oil & Gas Midstream · United States · High Yield Income
Is MPLX undervalued?
MPLX Lp (MPLX) closed at 57.12 on 16 Oct 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 67.89, so the price sits 16% below it. 5 of the 9 models value the shares above the current price. A margin of safety between 10% and 30% is where most of the Sunday Scan candidates come from.
There is a wide gap between GLS Growth (28.18) and Graham Growth (104.18). 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.
The nightly engine files MPLX under High Yield Income: a dividend yield above 4%.
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 | 101.56 | +78% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 38.09 | -33% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 104.18 | +82% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 33.44 | -41% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 28.18 | -51% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 96.61 | +69% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 93.70 | +64% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 63.36 | +11% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 51.86 | -9% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -24.15 | -142% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 63.80 | +12% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
MPLX Lp scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the Sunday Scan's "6 or more" rule with room to spare. On durability MPLX scores 7.3/10 on the GLS Moat - a middle reading; the Scorecard on the Quote page's Financials tab shows which ten-year lines are steady and which are not.
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 7.6%.
The dividend yield is high at 7.54% (payout ratio 110%) - 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 | 7 / 9 | ROIC | 12.1% |
|---|---|---|---|
| GLS Moat | 7.3 / 10 | ROE | 34.3% |
| Debt / equity | 1.83 | ROA | 11.4% |
| Free-cash-flow yield | 7.6% | Payout ratio | 110% |
| Institutions | 2 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 77: Good
With a Wheel Score of 77 - the Good band - MPLX Lp clears the Sunday Scan's "70 or higher" rule. The parts: Value 19/25, Health 16/20, Moat 11/15, Premium 12/20, Stability 20/20; Premium (12/20) scores lowest.
Implied volatility is 27% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (12 of 20 points). The option chain is deep: 87,048 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 1.7M shares a day on a market cap of $57.9B, with a beta of 0.48 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 20 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 19 / 25 | 16% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 11 / 15 | moat 7.3/10 | |
| Premium | 12 / 20 | implied volatility 27% | |
| Stability | 20 / 20 | 1.7M shares/day, $57.9B cap, beta 0.48 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 3 Nov 2026 (before the open), 18 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
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 |
|---|---|---|---|---|---|
| LNG Cheniere Energy, Inc. | 279.15 | 507.09 | +45% | 87Prime | $57.7B |
| OKE ONEOK, Inc. | 90.65 | 115.64 | +22% | 78Good | $57.1B |
| TRGP Targa Resources Corp. | 290.91 | 153.51 | -90% | 63Fair | $62.4B |
| TRP TC Energy Corporation | 61.14 | 64.85 | +6% | 73Good | $63.7B |
| ET Energy Transfer LP | 19.88 | 26.67 | +25% | 77Good | $68.5B |
| KMI Kinder Morgan, Inc. | 32.82 | 23.78 | -38% | 57Fair | $73.1B |
| EPD Enterprise Products Partners L.P. | 35.57 | 34.43 | -3% | 64Fair | $76.8B |
| WMB The Williams Companies, Inc. | 72.80 | 41.67 | -75% | 58Fair | $89.0B |
| VG Venture Global, Inc. | 13.27 | 24.59 | +46% | 86Prime | $33.2B |
| ENB Enbridge Inc. | 46.83 | 42.08 | -11% | 53Fair | $104.4B |
| CQP Cheniere Energy Partners, L.P. | 62.25 | 115.62 | +46% | 81Prime | $30.1B |
| PBA Pembina Pipeline Corporation | 48.52 | 41.17 | -18% | 51Fair | $28.2B |
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Start free See the Sunday ScanQuestions about MPLX
Is MPLX undervalued right now?
By the GLS models, moderately: at 57.12 the stock trades 16% below the average fair value of 67.89 (data as of 16 Oct 2026).
What is the Wheel Score of MPLX and what does it mean?
MPLX scores 77 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for MPLX?
67.89 per share as of 16 Oct 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 3 Nov 2026 (before the open), 18 days from the data date of 16 Oct 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 202 listed contracts with 87,048 open interest across all expiries and implied volatility of 27% 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.