Start with its own history
At 13.80×, MMP is 14.9% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · MMPOil & Gas MidstreamUpdated Oct 15, 2026
Magellan Midstream Partners, L.P. P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
13.80×
14.9% belowthe 10-year annual average
Share price69
÷Earnings per share5
Price and EPS in quote currency. Calculation details
Investors are paying 13.80 for every 1 of reported earnings per share.
P/E over time
2013 – 2022
Annual P/ESelected-period average 16.21×
3-year average10.75×3 positive annual observations
5-year average11.22×5 positive annual observations
10-year average16.21×10 positive annual observations
Peer median · TTM11.35×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 22 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2022 | 10.14× | -2.4% |
| Dec 31, 2021 | 10.39× | -11.4% |
| Dec 31, 2020 | 11.72× | -16.8% |
| Dec 31, 2019 | 14.10× | +44.3% |
| Dec 31, 2018 | 9.77× | -47.5% |
| Dec 31, 2017 | 18.62× | -13.3% |
| Dec 31, 2016 | 21.49× | +13.9% |
| Dec 31, 2015 | 18.87× | -15.8% |
View all 22 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2014 | 22.40× | -9.0% |
| Dec 31, 2013 | 24.62× | +9.4% |
| Dec 31, 2012 | 22.49× | +19.5% |
| Dec 31, 2011 | 18.82× | -5.4% |
| Dec 31, 2010 | 19.89× | +1.9% |
| Dec 31, 2009 | 19.52× | -9.5% |
| Dec 31, 2008 | 21.58× | -51.2% |
| Dec 31, 2007 | 44.24× | +156.8% |
| Dec 31, 2006 | 17.23× | +9.1% |
| Dec 31, 2005 | 15.80× | -7.4% |
| Dec 31, 2004 | 17.06× | +39.2% |
| Dec 31, 2003 | 12.25× | +39.0% |
| Dec 31, 2002 | 8.82× | -60.4% |
| Dec 31, 2001 | 22.23× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How MMP compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 MMP This stockMagellan Midstream Partners, L.P. | 13.80× |
 MROMarathon Oil Corporation | 11.15× |
 DCPDCP Midstream, LP | 8.26× |
 ETRNEquitrans Midstream Corporation | 12.06× |
 EXEExpand Energy Corporation | 7.98× |
 DINOHF Sinclair Corporation | 11.55× |
 CTRACoterra Energy Inc. | 14.94× |
 HEPHolly Energy Partners, L.P. | 9.93× |
 ENLCEnLink Midstream, LLC | 31.38× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does MMP’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 11.35×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take MMP into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("MMP", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 69 ÷ EPS 5 = 13.80×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Oct 15, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
MMP P/E ratio: common questions
The essentials behind the numbers.
Magellan Midstream Partners, L.P.'s current P/E is 13.80× based on the quote data last updated Oct 15, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.