MPLX vs PAGP
Mplx LP and Plains GP Holdings LP, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | MPLX | PAGP |
|---|---|---|
| Revenue | $13.0B | $44.3B |
| Net income | $5.0B | $260.0M |
| Gross margin | · | 8.7% |
| Net margin | 38.1% | 3.8% |
| Return on equity | · | · |
| Diluted EPS | · | · |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | $4.1B | $2.3B |
| Equity | · | · |
| Net debt / equity | · | · |
| Current ratio | 1.23× | 0.96× |
| Revenue CAGR 5y | 11.4% | 13.7% |
| Profit CAGR 5y | · | · |
PAGP bills 3.4× the revenue of MPLX, and MPLX keeps more of each dollar of revenue as profit (38.1% against 3.8%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | MPLX | PAGP |
|---|---|---|
| FY2025 | $13.0B | $44.3B |
| FY2024 | $11.9B | $48.9B |
| FY2023 | $11.3B | $47.3B |
| FY2022 | $11.6B | $57.3B |
| FY2021 | $10.0B | $42.1B |
| FY2020 | $7.6B | $23.3B |
| FY2019 | $9.0B | $33.7B |
| FY2018 | $7.0B | $34.1B |
| FY2017 | $3.9B | $26.2B |
| FY2016 | $3.0B | $20.2B |
Bottom line
| Fiscal year | MPLX | PAGP |
|---|---|---|
| FY2025 | $5.0B | $260.0M |
| FY2024 | $4.4B | $103.0M |
| FY2023 | $4.0B | $198.0M |
| FY2022 | $4.0B | $168.0M |
| FY2021 | $3.1B | $60.0M |
| FY2020 | $-720.0M | $-568.0M |
| FY2019 | $1.0B | $331.0M |
| FY2018 | $1.8B | $334.0M |
| FY2017 | $794.0M | $-731.0M |
| FY2016 | $233.0M | $94.0M |
13 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$31,264,000,000 | PAGP |
| FY2024 | −$36,956,000,000 | PAGP |
| FY2023 | −$36,055,000,000 | PAGP |
| FY2022 | −$45,729,000,000 | PAGP |
| FY2021 | −$32,051,000,000 | PAGP |
| FY2020 | −$15,721,000,000 | PAGP |
| FY2019 | −$24,628,000,000 | PAGP |
| FY2018 | −$27,050,000,000 | PAGP |
| FY2017 | −$22,356,000,000 | PAGP |
| FY2016 | −$17,153,000,000 | PAGP |
| FY2015 | −$22,051,000,000 | PAGP |
| FY2014 | −$42,671,000,000 | PAGP |
| FY2013 | −$41,763,000,000 | PAGP |
PAGP has reported the higher revenue in every one of these 13 fiscal years. The gap has narrowed since the earliest year compared.
13 of 15 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +34.3 pp | MPLX |
| FY2024 | +34.3 pp | MPLX |
| FY2023 | +32.1 pp | MPLX |
| FY2021 | +29.6 pp | MPLX |
| FY2020 | +1.4 pp | MPLX |
| FY2019 | +10.0 pp | MPLX |
| FY2018 | +22.4 pp | MPLX |
| FY2017 | +21.8 pp | MPLX |
| FY2016 | +11.1 pp | MPLX |
| FY2015 | +26.8 pp | MPLX |
MPLX has kept the higher net margin in every one of these 10 fiscal years.
10 of 13 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
MPLX's net margin has been more volatile than PAGP's over the 10 comparable fiscal years — 13.6 percentage points of standard deviation against 4.5.
10 of 13 comparable fiscal years — a year missing data on either side is not counted.
Year by year
MPLX led in net margin in every one of the 10 comparable fiscal years — a structural lead, not a recent swing.
10 of 13 comparable fiscal years — a year missing data on either side is not counted.