MPLX LP vs PLAINS GP HOLDINGS LP, two Pipelines stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
A processing partnership against a general-partner holder: MPLX gathers and processes gas, while Plains GP Holdings owns the Plains crude network in corporation form. MPLX runs the far richer margin, keeping 36.69% of revenue against Plains GP's reported 0.43%, the latter thinned by partnership accounting at the holding level. Plains GP yields more free cash, 13.44% against MPLX's 6.78%, its whole reason for existing being the payout it passes through. At $57.4B against $15.5B, MPLX is the larger entity by more than three times. The processing network earns nearly all of its revenue margin; the holding vehicle exists mainly to distribute the Plains system's cash.
Comparison updated 2026-07-11.
| Metric | MPLX | PAGP |
|---|---|---|
| Price | $56.93 | $24.75 |
| Market cap | $57.8B | $16.1B |
| Sector | Pipelines | Pipelines |
| Stage | Mature | Mature |
| P/S | 4.47 | 0.36 |
| EV/EBITDA | 13.5 | 7.1 |
| Revenue growth | +5.9% | -6.8% |
| Operating margin | 40.0% | 3.2% |
| Net margin | 36.7% | 0.4% |
| Return on assets | 11.0% | 0.6% |
| Return on invested capital | 22.2% | 94.9% |
| FCF yield | 6.7% | 12.9% |
| Current ratio | 1.10 | 0.94 |
| Altman Z (solvency) | 1.61 | 7.41 |
| 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.