Energy Transfer LP
$19.40
−0.02 (−0.10%) · delayed · Nov 13, 2026
Five-year price
52w $16.18 to $21.84
- Market cap
- $66.8B
- Enterprise value
- $133.9B
- P/E
- 15.1×
- EV / EBIT
- 14.8×
- FCF yield
- 5.8%
- ROIC
- 6.1%
- Debt / equity
- 1.39
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
60
- ○ROIC > 12% (5y avg)5y avg ROIC 7.3%
- ○ROE > 15% (5y avg)5y avg ROE 10.8%
- ●Stable operating marginsMargin volatility 1.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 135% (5y avg)
- ●Growing revenueRevenue CAGR 5y 17.0%
- –Shrinking share countDiluted shares n/a over 5y
Value
40
- ○P/E below 15P/E 15.1
- ○EV/EBIT below 12EV/EBIT 14.8
- ○FCF yield above 6%FCF yield 5.8%
- ●Price below Graham NumberGraham Number $20.30
- ●P/B below 3P/B 1.4
Safety
0
- ○Debt / equity below 0.5D/E 1.39
- ○Debt payable in < 4 yrs of earningsNet debt $67.1B
- ○Interest coverage > 8xCoverage 2.6x
- ○Current ratio > 1.5Current ratio 1.22
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
25
- ●Adequate size (revenue > $2B)Revenue $85.5B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.22
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $19.40, the market is pricing in about 13.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $67.1B · 3444M shares · 5y revenue CAGR 17.0%
Intrinsic value
$33.11
Price
$19.40
Margin of safety
41%
What the price implies
The market is paying for 13.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
68% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 31,792 | 40,523 | 54,087 | 54,213 | 38,954 | 67,417 | 89,876 | 78,586 | 82,671 | 85,536 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,851 | 2,721 | 5,403 | 7,203 | 2,980 | 8,792 | 7,738 | 8,295 | 9,138 | 9,027 |
| Operating margin | 5.8% | 6.7% | 10.0% | 13.3% | 7.7% | 13.0% | 8.6% | 10.6% | 11.1% | 10.6% |
| Pre-tax income | 204 | 710 | 3,689 | 5,020 | 377 | 6,871 | — | — | — | — |
| Income tax | (258) | (1,833) | 4 | 195 | 237 | 184 | 204 | 303 | 541 | 350 |
| Net income | 995 | 954 | 1,749 | 3,518 | (648) | 5,470 | 4,756 | 3,935 | 4,814 | 4,433 |
| EPS (diluted) | — | — | — | — | — | — | — | — | — | — |
| Diluted shares | — | — | — | — | — | — | — | — | — | — |
Who owns it