Pricing Log in Create free account
Sunday 11 October 2026 Export all ET data to Excel Powerpack

Energy Transfer LP

ET Energy Oil & Gas Midstream

Energy Transfer LP’s revenue for fiscal 2025 (year ended December 2025) was $85.5 billion, up 3.47% from fiscal 2024. In the quarter to June 2026, revenue grew 78.4%, EPS grew 84.4%, free cash flow grew 146.2% and total debt rose 12.6%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.

20.41 0.21 −1.02%
Market cap
$71.0B
P/E
13.9×
Fwd P/E
13.1×
Dividend yield
6.59%
F-score
5/9
Altman Z
n/a
Beneish M
−2.48
Dividend safety
66/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 55.27
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — — — — — — — — 2 — —
Sell — — — — — — — — — — — —
Insider Ownership 11.68%

Capital & Financial Ratios $m

Market Cap 71,000.00
Revenue 107,379.00
Net Income 7,036.00
Free Cash Flow 5,227.00
Net Debt 67,385.00
Current Ratio 1.16
Debt/Equity 1.35
P/E ratio 13.88
Fwd P/E 13.10
P/S ratio 0.65
P/B ratio 1.49
Past 5Y EPS Growth —
This Y EPS Growth 39.69% (at or above 15%: strong)
Next Y EPS Growth (0.04%) (below 0%: weak)
Next Y revenue growth 0.67%
Next 5Y EPS Growth 13.82%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.3×, against a ten-year median of 1.4×; over the ten years it ranged from 0.9× in 2022 to 2.3× in 2016.
P/E against its own 10 years 65.93%
10-year low 10-year high
P/S against its own 10 years 74.93%
10-year low 10-year high
P/B against its own 10 years 95.27%
10-year low 10-year high
EV/Sales against its own 10 years 32.42%
10-year low 10-year high
EV/FCF against its own 10 years 62.81%
10-year low 10-year high

Dividends

Payout Ratio 0.92
Annual Dividend Rate 1.35
Annual Dividend Yield 6.59%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.01
0.34
0.34
0.34
2025 0.98
0.33
0.33
0.33
0.33
2024 1.28
0.32
0.32
0.32
0.32
2023 1.24
0.31
0.31
0.31
0.31
2022 0.87
0.18
0.20
0.23
0.27
2021 0.61
0.15
0.15
0.15
0.15
2020 1.07
0.31
0.31
0.31
0.15
2019 1.22
0.31
0.31
0.31
0.31
2018 1.22
0.31
0.31
0.31
0.31
2017 1.15
0.29
0.29
0.29
0.30
2016 1.14
0.29
0.29
0.29
0.29
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 161 312 1,272 1,020
Receivables 9,215 10,334 11,451 17,069
Inventory 2,478 3,070 4,770 4,385
Other 579 486 740 639
12,433 14,202 18,233 23,113
2023 2024 2025 Q'26
Payables 6,684 8,325 9,510 13,767
ST’ Debt 1,008 8 25 12
Other 8 15 10 8
11,277 12,656 14,955 19,858

Compound Annual Growth %

10y 5y 3y
Sales 9.01% 17.04% (1.64%)
Cash Flow 13.04% 6.63% 3.89%
Earnings 13.43% 0.00% (1.22%)
Book Value 7.58% 9.32% 6.42%

Revenue $m

Mar Jun Sep Dec Year
’26 27,771 34,334 — — —
’25 21,020 19,242 19,954 25,320 85,536
’24 21,629 20,729 20,772 19,541 82,671
’23 18,995 18,320 20,739 20,532 78,586
’22 20,491 25,945 22,939 20,501 89,876
’21 16,995 15,101 16,664 18,657 67,417
’20 11,627 7,338 9,955 10,034 38,954
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3,378 4,271 — — —
’25 2,917 2,762 2,572 1,898 10,149
’24 3,772 2,270 2,874 2,590 11,506
’23 3,350 2,536 2,373 1,296 9,555
’22 2,370 2,354 2,989 1,338 9,051
’21 5,155 2,005 2,263 1,739 11,162
’20 1,828 1,331 2,296 1,906 7,361
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,462 2,715 — — —
’25 1,693 1,103 1,275 (225) 3,846
’24 2,977 2,449 1,788 1,115 8,329
’23 2,501 1,679 1,680 561 6,421
’22 1,622 1,656 1,942 528 5,748
’21 4,464 1,267 1,684 970 8,385
’20 207 66 1,162 796 2,231
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.35 0.59 — — —
’25 0.36 0.32 0.28 0.25 1.21
’24 0.32 0.35 0.32 0.29 1.28
’23 0.32 0.25 0.15 0.37 1.09
’22 0.37 0.39 0.29 0.34 1.40
’21 1.21 0.20 0.20 0.29 1.89
’20 (0.32) 0.13 (0.29) 0.19 (0.24)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 4.00 15.03 11.68 10.84 3.75 6.03 8.19 11.45 13.60 14.60

Analyst estimates 2026–2028

Powerpack
High 19.99 20.05 19.34 15.98 13.86 11.55 12.95 14.15 20.02 21.45
People
People Employees 30,992 29,486 11,768 12,812 11,421 12,558 12,565 13,786 16,248 22,311
Revenue/emp, $m 1.03 1.37 4.60 4.23 3.41 5.37 7.15 5.70 5.09 3.83
Income, $m
Income, $m Revenue 31,792 40,523 54,087 54,213 38,954 67,417 89,876 78,586 82,671 85,536
Gross margin, % 25.47 23.58 23.08 26.58 34.57 25.25 19.63 22.96 25.03 25.77
EBT 204 710 3,689 5,020 377 6,871 6,072 5,597 7,106 6,058
EBT margin, % 0.64 1.75 6.82 9.26 0.97 10.19 6.76 7.12 8.60 7.08
Net income 0 2,366 3,420 4,825 140 6,687 5,868 5,294 6,565 5,708
Depreciation 3,256 3,593 2,859 3,147 3,678 3,817 4,164 4,385 5,165 5,682
Per share, $
Per share, $ Revenue 30.41 37.58 37.99 20.63 14.45 24.66 29.12 24.86 24.35 24.92
Earnings 0.94 0.85 1.16 1.37 (0.24) 1.89 1.40 1.10 1.29 1.22
Cash flow 3.18 4.11 5.27 3.07 2.73 4.08 2.93 3.02 3.39 2.96
Capex (7.43) (7.83) (5.20) (2.27) (1.90) (1.02) (1.07) (0.99) (0.94) (1.84)
Free cash flow (4.26) (3.72) 0.07 0.80 0.83 3.07 1.86 2.03 2.45 1.12
Book value 21.45 27.81 21.67 12.91 11.64 14.39 13.17 13.90 13.55 14.28
Shares, m 1,046 1,078 1,424 2,628 2,696 2,734 3,087 3,162 3,395 3,433
Valuation, ×
Valuation, × P/E 20.18 21.12 11.01 9.43 0.00 4.31 8.24 12.73 15.19 13.52
P/S 0.63 0.47 0.35 0.62 0.43 0.33 0.40 0.56 0.80 0.66
P/B 0.90 0.65 0.61 0.99 0.53 0.68 1.04 1.17 1.58 1.24
EV/Sales 2.00 1.55 1.19 1.56 1.74 1.07 0.93 1.22 1.52 1.45
EV/FCF (17.40) (15.66) 650.68 40.31 30.36 8.57 14.59 14.97 15.12 32.16
Cash, $m
Cash, $m Operating cash flow 3,322 4,429 7,506 8,056 7,361 11,162 9,051 9,555 11,506 10,149
Capex (7,771) (8,444) (7,407) (5,960) (5,130) (2,777) (3,303) (3,134) (3,177) (6,303)
Free cash flow (4,449) (4,015) 99 2,096 2,231 8,385 5,748 6,421 8,329 3,846
Balance, $m
Balance, $m Working capital (378) 2,786 (2,560) (260) 394 (298) 1,713 1,156 1,546 3,278
Total debt 44,052 44,084 46,028 51,054 51,438 49,702 48,262 52,388 59,760 68,333
Net debt 43,585 43,748 45,609 50,763 51,071 49,366 48,005 52,227 59,448 67,061
Shareholders’ equity 22,431 29,980 30,850 33,938 31,388 39,345 40,659 43,939 46,017 49,010
Returns, %
Returns, % ROA 1.31 1.11 1.96 3.75 (0.67) 5.15 4.09 3.16 3.68 3.13
ROIC 1.75 2.31 4.42 5.32 2.26 6.19 5.45 5.39 5.42 4.86
ROE 4.29 3.53 5.67 10.85 (1.98) 16.01 12.75 9.62 11.03 9.50
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Energy Transfer LP vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WMB Williams Companies, Inc. (The) $88.5B 28.9× 30.7× +9.78% (above 0%: growing) +51.11% (above 0%: growing) −195.82% (below 0%: shrinking) 83.33% 38.72% Compare
EPD Enterprise Products Partners L.P. $79.4B 12.5× 13.0× +60.78% (above 0%: growing) +27.27% (above 0%: growing) +162.10% (above 0%: growing) 12.06% 12.31% Compare
KMI Kinder Morgan, Inc. $71.8B 20.8× 21.4× +10.76% (above 0%: growing) +21.88% (above 0%: growing) −52.59% (below 0%: shrinking) 68.62% 30.06% Compare
ET Energy Transfer LP $71.0B 13.9× 13.1× +78.43% (above 0%: growing) +84.37% (above 0%: growing) +146.15% (above 0%: growing) 21.55% 10.41%
TRP TC Energy Corporation $62.5B 24.9× 24.9× +5.59% (above 0%: growing) +18.28% (above 0%: growing) +24.24% (above 0%: growing) 70.23% 54.92% Compare
TRGP Targa Resources, Inc. $61.9B 27.3× 24.7× +4.23% (above 0%: growing) +22.92% (above 0%: growing) +1,002.09% (above 0%: growing) 48.15% 27.80% Compare
MPLX MPLX LP $58.1B 12.1× 13.1× +10.29% (above 0%: growing) +2.91% (above 0%: growing) −38.89% (below 0%: shrinking) 56.91% 41.61% Compare
LNG Cheniere Energy, Inc. $57.4B 20.6× — (loss-making) +23.51% (above 0%: growing) +100.55% (above 0%: growing) +452.21% (above 0%: growing) 83.04% 74.84% Compare
OKE ONEOK, Inc. $56.9B 15.5× 15.5× +52.77% (above 0%: growing) +14.18% (above 0%: growing) +85.57% (above 0%: growing) 23.30% 13.22% Compare
Median of peers $62.2B 20.7× 21.4× +10.53% +22.40% +54.91% 62.77% 34.39%

All 58 Oil & Gas Midstream stocks →

Energy Transfer LP (ET) key facts

  • Concern: Net income was $5.7 billion, or $1.22 per share (basic), a net margin of 4.88%.
  • Strength: Energy Transfer LP’s revenue for fiscal 2025 (year ended December 2025) was $85.5 billion, up 3.47% from fiscal 2024.
  • Energy Transfer LP (ET) is an Oil & Gas Midstream company in the Energy sector, listed on the New York Stock Exchange.
  • As of October 9, 2026, ET traded at $20.41, a market capitalization of $71.0 billion.
  • At that price the stock trades at 13.9× trailing-twelve-month earnings and 0.7× sales; its P/E is higher than 66% of its own readings over the past ten years.
  • Energy Transfer LP pays an annual dividend of $1.35 per share, a yield of 6.59%, with a payout ratio of 91.5%.
  • Return on equity was 9.50% and debt-to-equity 1.35.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Energy Transfer LP (ET) Latest News

17 Feb

Impact 5 ·
stockrow.com/ET · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com