MPLX vs PAA
Mplx LP and Plains ALL American Pipeline LP, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | MPLX | PAA |
|---|---|---|
| Revenue | $9.7B | $44.3B |
| Net income | $5.0B | $1.4B |
| Gross margin | — | 8.7% |
| Net margin | 50.9% | 3.2% |
| Return on equity | 2.5% | — |
| Diluted EPS | — | — |
| Dividend / share | — | — |
| Payout ratio | — | — |
| Free cash flow | $4.1B | $2.3B |
| Equity | $9.3B | — |
| Net debt / equity | 0.56× | — |
| Current ratio | 1.23× | 0.96× |
| Revenue CAGR 5y | 5.1% | 13.7% |
| Profit CAGR 5y | — | — |
PAA bills 4.6× the revenue of MPLX, and MPLX keeps more of each dollar of revenue as profit (50.9% against 3.2%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
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Revenue by year
10 years side by side
| Fiscal year | MPLX | PAA |
|---|---|---|
| FY2025 | $9.7B | $44.3B |
| FY2024 | $9.2B | $48.9B |
| FY2023 | $8.7B | $47.3B |
| FY2022 | $8.9B | $57.3B |
| FY2021 | $8.0B | $42.1B |
| FY2020 | $7.6B | $23.3B |
| FY2019 | $9.0B | $33.7B |
| FY2018 | $5.4B | $34.1B |
| FY2017 | $3.9B | $26.2B |
| FY2016 | $3.0B | $20.2B |
Net income by year
Bottom line
| Fiscal year | MPLX | PAA |
|---|---|---|
| FY2025 | $5.0B | $1.4B |
| FY2024 | $4.4B | $772.0M |
| FY2023 | $4.0B | $1.2B |
| FY2022 | $4.0B | $1.0B |
| FY2021 | $3.1B | $593.0M |
| FY2020 | $-720.0M | $-2.6B |
| FY2019 | $1.0B | $2.2B |
| FY2018 | $1.8B | $2.2B |
| FY2017 | $794.0M | $856.0M |
| FY2016 | $233.0M | $726.0M |
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