MPLX LP (MPLX LP) Piotroski F-Score : 5 (As of Apr. 26, 2024)

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What is MPLX LP Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

MPLX LP has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for MPLX LP's Piotroski F-Score or its related term are showing as below:

MPLX' s Piotroski F-Score Range Over the Past 10 Years
Min: 5 Med: 6 Max: 7
Current: 5

During the past 13 years, the highest Piotroski F-Score of MPLX LP was 7. The lowest was 5. And the median was 6.

MPLX LP Piotroski F-Score Historical Data

The historical data trend for MPLX LP's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

MPLX LP Piotroski F-Score Chart

MPLX LP Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Piotroski F-Score

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6.00

7.00

5.00

MPLX LP Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Piotroski F-Score	Get a 7-Day Free Trial															7.00	7.00	7.00	6.00	5.00

Competitive Comparison of MPLX LP's Piotroski F-Score

For the Oil & Gas Midstream subindustry, MPLX LP's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

MPLX LP's Piotroski F-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, MPLX LP's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where MPLX LP's Piotroski F-Score falls into.

How is the Piotroski F-Score calculated?

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Net Income was 943 + 933 + 918 + 1134 = $3,928 Mil.
Cash Flow from Operations was 1227 + 1437 + 1244 + 1489 = $5,397 Mil.
Revenue was 2549 + 2496 + 2714 + 2675 = $10,434 Mil.
Gross Profit was 1151 + 1098 + 1102 + 1212 = $4,563 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(35665 + 35672 + 35873 + 36120 + 36529) / 5 = $35971.8 Mil.
Total Assets at the begining of this year (Dec22) was $35,665 Mil.
Long-Term Debt & Capital Lease Obligation was $19,733 Mil.
Total Current Assets was $2,808 Mil.
Total Current Liabilities was $2,624 Mil.

Net Income was 825 + 875 + 1428 + 816 = $3,944 Mil.

Revenue was 2501 + 2796 + 2743 + 2501 = $10,541 Mil.
Gross Profit was 1063 + 1088 + 1134 + 1004 = $4,289 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(35507 + 35727 + 35788 + 35812 + 35665) / 5 = $35699.8 Mil.
Total Assets at the begining of last year (Dec21) was $35,507 Mil.
Long-Term Debt & Capital Lease Obligation was $19,266 Mil.
Total Current Assets was $1,905 Mil.
Total Current Liabilities was $2,401 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

MPLX LP's current Net Income (TTM) was 3,928. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

MPLX LP's current Cash Flow from Operations (TTM) was 5,397. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)	=	Net Income	/	Total Assets (Dec22)
	=	3928	/	35665
	=	0.11013599

ROA (Last Year)	=	Net Income	/	Total Assets (Dec21)
	=	3944	/	35507
	=	0.11107669

MPLX LP's return on assets of this year was 0.11013599. MPLX LP's return on assets of last year was 0.11107669. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

MPLX LP's current Net Income (TTM) was 3,928. MPLX LP's current Cash Flow from Operations (TTM) was 5,397. ==> 5,397 > 3,928 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec22 to Dec23
	=	19733	/	35971.8
	=	0.5485686

Gearing (Last Year: Dec22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Dec21 to Dec22
	=	19266	/	35699.8
	=	0.53966689

MPLX LP's gearing of this year was 0.5485686. MPLX LP's gearing of last year was 0.53966689. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)	=	Total Current Assets	/	Total Current Liabilities
	=	2808	/	2624
	=	1.07012195

Current Ratio (Last Year: Dec22)	=	Total Current Assets	/	Total Current Liabilities
	=	1905	/	2401
	=	0.79341941

MPLX LP's current ratio of this year was 1.07012195. MPLX LP's current ratio of last year was 0.79341941. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

MPLX LP's number of shares in issue this year was 1005. MPLX LP's number of shares in issue last year was 1004. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)	=	Gross Profit	/	Revenue
	=	4563	/	10434
	=	0.4373203

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	4289	/	10541
	=	0.40688739

MPLX LP's gross margin of this year was 0.4373203. MPLX LP's gross margin of last year was 0.40688739. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)	=	Revenue	/	Total Assets at the Beginning of This Year (Dec22)
	=	10434	/	35665
	=	0.29255573

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Dec21)
	=	10541	/	35507
	=	0.29687104

MPLX LP's asset turnover of this year was 0.29255573. MPLX LP's asset turnover of last year was 0.29687104. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score

Que. 1

Que. 2

Que. 3

Que. 4

Que. 5

Que. 6

Que. 7

Que. 8

Que. 9

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

MPLX LP has an F-score of 5 indicating the company's financial situation is typical for a stable company.

MPLX LP (NYSE:MPLX) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.

MPLX LP Piotroski F-Score Related Terms

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MPLX LP (MPLX LP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » MPLX LP (NYSE:MPLX) » Definitions » Piotroski F-Score

Comparable Companies

Traded in Other Exchanges

MPLXP.PFD:USA

Address

200 East Hardin Street, Findlay, OH, USA, 45840-3229

Website

https://www.mplx.com

MPLX is a partnership that owns both pipelines and gathering and processing assets with extensive holdings in the Appalachian region. The asset base is made up of pipeline assets dropped down from Marathon Petroleum, its sponsor, and gathering and processing assets from MarkWest, which it acquired in 2015. MPLX also acquired Andeavor Logistics in July 2019.

Executives

Christine S Breves	director	600 GRANT STREET, SUITE 6100, PITTSBURGH PA 16059
Shawn M Lyon	officer: Senior VP, Log. & Storage	C/O MPLX, 200 E HARDIN STREET, FINDLAY OH 45840
Gregory Scott Floerke	officer: Exec VP and CCO	C/O MARKWEST ENERGY PARTNERS, L.P., 1515 ARAPAHOE STREET, TOWER 1, SUITE 160, DENVER CO 80202
Frank M Semple	director, officer: Vice Chairman	1515 ARAPAHOE ST., TOWER 2, SUITE 700, DENVER CO 80202
Kelly D Wright	officer: VP and Controller	C/O MPLX LP, 200 E HARDIN STREET, FINDLAY OH 45840
John J Quaid	officer: Exec VP and CFO	C/O MARATHON PETROLEUM CORPORATION, 539 SOUTH MAIN STREET, FINDLAY OH 45840
Maryann T. Mannen	director	C/O MARATHON PETROLEUM CORPORATION, 539 SOUTH MAIN ST, FINDLAY OH 45840
Ttc Holdings Llc	10 percent owner	539 SOUTH MAIN STREET, FINDLAY OH 45840
Timothy J Aydt	officer: Chief Comm. Ofc.,Exec. VP	C/O MPLX LP, 200 E. HARDIN STREET, FINDLAY OH 45840
Garry L. Peiffer	director, officer: President	C/O MARATHON PETROLEUM CORPORATION, 539 S. MAIN STREET, FINDLAY OH 45840
Gary R Heminger	director, officer: Chief Executive Officer	C/O MARATHON PETROLEUM CORPORATION, 539 S. MAIN STREET, FINDLAY OH 45840
Dan D Sandman	director
Tesoro Logistics Gp, Llc	other: Less than 10% owner	200 E. HARDIN STREET, FINDLAY OH 45840
Western Refining, Inc.	10 percent owner	539 SOUTH MAIN STREET, FINDLAY OH 45840-3229
Tesoro Refining & Marketing Co Llc	other: Less than 10% owner	539 SOUTH MAIN STREET, FINDLAY OH 45840-3229