1.25(10.96%) Volume: 1,337,524 11:00AM EDT| Market Cap : 13.39 B | Enterprise Value : 33.93 B | P/E (TTM) : 10.63 | P/B : 0.77 |
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MPLX LP's Operating Income for the three months ended in Dec. 2019 was $816 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2019 was $2,841 Mil.
Operating Margin % is calculated as Operating Income divided by its Revenue. MPLX LP's Operating Income for the three months ended in Dec. 2019 was $816 Mil. MPLX LP's Revenue for the three months ended in Dec. 2019 was $2,245 Mil. Therefore, MPLX LP's Operating Margin % for the quarter that ended in Dec. 2019 was 36.35%.
Good Sign:
MPLX LP operating margin is expanding. Margin expansion is usually a good sign.
MPLX LP's 5-Year average Growth Rate for Operating Margin % was 2.40% per year.
Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. MPLX LP's annualized ROC % for the quarter that ended in Dec. 2019 was 8.51%. MPLX LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2019 was -6.24%.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| MPLX LP Quarterly Data | ||||||||||||||||||||
| Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | |
| Operating Income |
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819.00 | 608.00 | 586.00 | 831.00 | 816.00 |
Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.
Operating Income for the trailing twelve months (TTM) ended in Dec. 2019 was 608 (Mar. 2019 ) + 586 (Jun. 2019 ) + 831 (Sep. 2019 ) + 816 (Dec. 2019 ) = $2,841 Mil.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.
MPLX LP's annualized ROC % for the quarter that ended in Dec. 2019 is calculated as:
| ROC % (Q: Dec. 2019 ) | ||||||
| = | NOPAT | / | Average Invested Capital | |||
| = | Operating Income * ( 1 - Tax Rate % ) | / | ( (Invested Capital (Q: Sep. 2019 ) | + | Invested Capital (Q: Dec. 2019 )) | / count ) |
| = | 3264 * ( 1 - 0.35% ) | / | ( (38611 | + | 37869) | / 2 ) |
| = | 3252.576 | / | 38240 | |||
| = | 8.51 % |
where
| Invested Capital (Q: Sep. 2019 ) | |||||||||
| = | Book Value of Debt | + | Book Value of Equity | - | Cash | ||||
| = | Long-Term Debt & Capital Lease Obligation | + | Short-Term Debt & Capital Lease Obligation | + | Minority Interest | + | Total Stockholders Equity | - | Cash, Cash Equivalents, Marketable Securities |
| = | 19730 | + | 62 | + | 250 | + | 18610 | - | 41 |
| = | 38611 |
| Invested Capital (Q: Dec. 2019 ) | |||||||||
| = | Book Value of Debt | + | Book Value of Equity | - | Cash | ||||
| = | Long-Term Debt & Capital Lease Obligation | + | Short-Term Debt & Capital Lease Obligation | + | Minority Interest | + | Total Stockholders Equity | - | Cash, Cash Equivalents, Marketable Securities |
| = | 20236 | + | 67 | + | 249 | + | 17332 | - | 15 |
| = | 37869 |
Note: The Operating Income data used here is four times the quarterly (Dec. 2019) Operating Income data.
2. Joel Greenblatt's definition of Return on Capital:
MPLX LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2019 is calculated as:
| ROC (Joel Greenblatt) % | (Q: Dec. 2019 ) | ||||||
| = | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
| = | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
| Q: Sep. 2019 | Q: Dec. 2019 | ||||||
| = | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
| = | -1412 | / | ( ( (22490 + max(-1419, 0)) | + | (22742 + max(-1243, 0)) ) | / | 2 ) |
| = | -1412 | / | ( ( 22490 | + | 22742 ) | / | 2 ) |
| = | -1412 | / | 22616 | ||||
| = | -6.24 % |
where Working Capital is:
| Working Capital | (Q: Sep. 2019 ) | ||||||||||
| = | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
| = | (570 | + | 104 | + | 77) | - | (1464 | + | 50 | + | 656) |
| = | -1419 |
| Working Capital | (Q: Dec. 2019 ) | ||||||||||
| = | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
| = | (593 | + | 110 | + | 119) | - | (1870 | + | 59 | + | 136) |
| = | -1243 |
When net working capital is negative, 0 is used.
Note: The EBIT data used here is four times the quarterly (Dec. 2019) EBIT data.
3. Operating Income is also linked to Operating Margin %:
MPLX LP's Operating Margin % for the quarter that ended in Dec. 2019 is calculated as:
| Operating Margin % | = | Operating Income (Q: Dec. 2019 ) | / | Revenue (Q: Dec. 2019 ) |
| = | 816 | / | 2245 | |
| = | 36.35 % |
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.
Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
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