Enterprise Products Partners L.P.
EPD Energy Oil & Gas Midstream
Enterprise Products Partners L.P.’s revenue for fiscal 2025 (year ended December 2025) was $52.6 billion, down 6.44% from fiscal 2024. In the quarter to June 2026, revenue grew 60.8%, EPS grew 27.3%, free cash flow grew 162.1% and total debt rose 1.51%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years; insiders bought in the last twelve months.
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Enterprise Products Partners L.P. (EPD) Beneish M-score
Enterprise Products Partners L.P.'s Beneish M-score for fiscal 2025 is −2.97; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.97 | (0.52) |
| FY2024 | −2.45 | 0.13 |
| FY2023 | −2.58 | (0.22) |
| FY2022 | −2.36 | (0.22) |
| FY2021 | −2.13 | 0.57 |
| FY2020 | −2.70 | (0.28) |
| FY2019 | −2.42 | 0.35 |
| FY2018 | −2.77 | (0.49) |
| FY2017 | −2.28 | 0.09 |
| FY2016 | −2.37 | 0.76 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.75 | — | 0.69 | |
| Gross margin index | 0.94 | — | 0.50 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 0.94 | — | 0.83 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 1.10 | — | −0.19 | |
| Total accruals to total assets | (0.03) | — | −0.16 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.97 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TRGP Targa Resources, Inc. compare | −3.0× |
| EPD Enterprise Products Partners L.P. | −3.0× |
| WMB Williams Companies, Inc. (The) compare | −2.7× |
| MPLX MPLX LP compare | −2.6× |
| TRP TC Energy Corporation compare | −2.5× |
| KMI Kinder Morgan, Inc. compare | −2.5× |
| ET Energy Transfer LP compare | −2.5× |
| OKE ONEOK, Inc. compare | −2.1× |
| LNG Cheniere Energy, Inc. compare | −1.5× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI