MPLX LP vs PLAINS ALL AMERICAN PIPELINE LP, two Pipelines stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two midstream MLPs that issue K-1s and run on distributions, MPLX the larger at $57.4B against Plains All American's $15.4B. The margin gap is enormous, MPLX keeping 36.69% of revenue against Plains' 2.53%, a difference that reflects business mix: MPLX gathers and processes gas on fee-based contracts, Plains moves crude on thinner logistics spreads. Plains flips the ledger on free cash, yielding 13.51% against MPLX's 6.78%. Both hand their cash to unitholders rather than reinvesting for growth, the partnership model at work. The gas-processing network earns the fatter margin, the crude system throws off the heavier cash relative to price.
Comparison updated 2026-07-11.
| Metric | MPLX | PAA |
|---|---|---|
| Price | $56.93 | $22.89 |
| Market cap | $57.8B | $16.1B |
| Sector | Pipelines | Pipelines |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | -4.0% |
| P/S | 4.47 | 0.36 |
| EV/EBITDA | 13.5 | 6.7 |
| Revenue growth | +5.9% | -6.8% |
| Operating margin | 40.0% | 3.3% |
| Net margin | 36.7% | 2.5% |
| Return on assets | 11.0% | 3.6% |
| Return on invested capital | 22.2% | 352.0% |
| FCF yield | 6.7% | 12.9% |
| Current ratio | 1.10 | 0.94 |
| Altman Z (solvency) | 1.61 | 7.46 |
| Piotroski F (quality) | 7 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.