MPLX vs OKE: MPLX LP and ONEOK compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- ONEOK is the larger company, worth $60.7B, close to MPLX LP's $57.9B.
- ONEOK grew revenue faster over the last year (+52.8% vs +10.3%).
- MPLX LP keeps more of each dollar of revenue as operating profit (44.4% vs 15.5%).
- On earnings, MPLX LP is the cheaper stock (12.4x vs 17.2x).
- ONEOK's price assumes faster free cash flow growth: about 8% a year, against 0% for MPLX LP (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MPLX | OKE |
|---|---|---|
| Market cap | $57.9B | $60.7B |
| Share price | $56.30 | $89.80 |
| Revenue (last fiscal year) | $13.0B | $33.6B |
| Free cash flow (last fiscal year) | $4.1B | $2.4B |
| Revenue growth, last year | +10.3% | +52.8% |
| Revenue growth per year, last 5 fiscal years | +6.7% | +19.4% |
| Operating margin | 44.4% | 15.5% |
| Net margin | 36.1% | 9.3% |
| Return on equity | — | 15.9% |
| P/E (trailing) | 12.4x | 17.2x |
| Price / free cash flow | 14.1x | 24.8x |
| EV / EBITDA | 11.2x | 10.9x |
| FCF growth the price implies | 0.44% | 7.8% |
| Dividend yield | 7.4% | 4.4% |
| Debt / equity | — | 1.98x |
| Fundamental grade | B | C |
| Superinvestors holding it | 3 | 0 |
| Insider purchases, last 12 months | 0 | 5 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
MPLX LP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $10.0B | $4.4B | 39.8% |
| 2022 | $11.6B | $4.2B | 42.3% |
| 2023 | $11.3B | $4.5B | 43.4% |
| 2024 | $11.9B | $4.9B | 44.3% |
| 2025 | $13.0B | $4.1B | 45.7% |
ONEOK
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $16.5B | $1.8B | 15.7% |
| 2022 | $22.4B | $1.7B | 12.5% |
| 2023 | $17.7B | $2.8B | 23.0% |
| 2024 | $21.7B | $2.9B | 23.0% |
| 2025 | $33.6B | $2.4B | 17.1% |
Where the revenue comes from
MPLX LP · by segments, 2025
Crude Oil and Products Logistics$6.6B51%
Natural Gas & NGL Services$6.4B49%
ONEOK · by segments, 2025
Natural Gas Liquids$16.0B41%
Refined Products and Crude$13.0B34%
Natural Gas Gathering and Processing$7.7B20%
Natural Gas Pipelines$1.8B5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MPLX in InvestinglyQuestions
Which is bigger, MPLX LP or ONEOK?
ONEOK (OKE), at $60.7B against $57.9B.
Is MPLX or OKE cheaper?
By trailing P/E, MPLX LP (12.4x) is cheaper than ONEOK (17.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, MPLX or OKE?
ONEOK: revenue grew +52.8% over the last year, against +10.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.