MeritValue

MPLX LP

MPLXdata completeness 75%14 fiscal years on file

Data notes: no data for concept 'epsDiluted'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$8.02B1$8.92B2$8.73B3$9.19B3$9.73B3
Net income$3.08B4$3.94B4$3.93B4$4.36B5$4.95B5
Operating cash flow$4.91B6$5.02B7$5.4B8$5.95B8$5.91B8
Capital expenditure$529M9$806M10$937M11$1.06B11$1.81B11
Free cash flow (derived)$4.38B6$4.21B7$4.46B8$4.89B8$4.1B8
Total debt$499M12$988M13$1.14B14$1.69B15$1.5B15
Cash & equivalents$13M16$238M17$1.05B18$1.52B19$2.14B19
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 201% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001552000-24-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001552000-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001552000-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001552000-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001552000-26-000009 (ProfitLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001552000-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001552000-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001552000-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001552000-24-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001552000-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001552000-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001552000-23-000008 (DebtCurrent)
  13. 10-K · period ending 2022-12-31 · accession 0001552000-24-000007 (DebtCurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001552000-25-000012 (DebtCurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001552000-26-000009 (DebtCurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001552000-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001552000-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001552000-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001552000-26-000009 (CashAndCashEquivalentsAtCarryingValue)