MPLX LP (MPLX) is slightly undervalued and TC Energy Corp (TRP) is overvalued.
Against our estimates of intrinsic value, MPLX trades at the wider discount: a margin of safety of +16%, against -121% for TRP.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $70.27; the price of $59.16 is 16% below that value, and 81% of that value comes from beyond year five.
Leak Score 69/100 on 9 of 12 signals
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $27.04; the price of $59.78 is 121% above that value, and 82% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | MPLX | TRP |
|---|---|---|
| Verdict | Slightly undervalued | Overvalued |
| Price | $59.16 | $59.78 |
| Intrinsic value | $70.27 | $27.04 |
| Margin of safety | +16% | -121% |
| Leak Score | 69/100 (9/12) | 0/100 (2/12) |
| Market cap | $60.0B | $59.8B |
| Revenue growth, 5 years | 6.8% | 2.6% |
| Operating margin | 38.8% | 46.3% |
| Net margin | 39.3% | 21.6% |
| Return on equity | 33.9% | 13.8% |
| Debt to equity | 1.86 | 2.30 |
| P/E | 12.7x | 24.8x |
| Forward P/E | 12.3x | 21.2x |
| P/B | 4.3x | 3.5x |
| Dividend yield | 7.7% | 4.2% |