Enterprise Products Partners L.P. (EPD) vs Energy Transfer LP (ET)

Enterprise Products Partners L.P. and Energy Transfer LP are both Oil & Gas Midstream companies. Enterprise Products Partners L.P. is the larger, with a market value of $79.1B against $66.1B — 1.2× the size. Enterprise Products Partners L.P. trades at the lower P/E: 12.2× against 12.6×. Energy Transfer LP grew revenue faster over the last twelve months: 56.1% against 21.5%. Energy Transfer LP has the higher net margin (4.20% vs 0.00%) and the lower return on invested capital (6.07% vs 7.93%). Both pay a dividend; Energy Transfer LP yields more (8.78% vs 6.04%). Across the 23 metrics below, Energy Transfer LP leads on 14 and Enterprise Products Partners L.P. on 9.

Valuation

Metric EPD ET Oil & Gas Midstream median
P/E 12.17 12.64 11.68
P/S 1.23 0.53 2.39
P/B 2.54 1.40 1.68
Price to free cash flow 17.35 9.91 8.52
EV/EBITDA 10.58 7.95 9.03
EV/Sales 1.75 1.08 3.43
Earnings yield 8.22% 7.91% 7.78%
Free cash flow yield 5.77% 10.09% 7.11%

Profitability

Metric EPD ET Oil & Gas Midstream median
Gross margin 12.50% 21.28% 54.87%
Operating margin 12.67% 9.17% 34.73%
Net margin 0.00% 4.20% 20.12%
Free cash flow margin 14.45% 10.90% 14.43%
Return on equity 0.00% 11.73% 11.73%
Return on assets 0.00% 3.75% 4.43%
Return on invested capital 7.93% 6.07% 6.10%

Growth

Metric EPD ET Oil & Gas Midstream median
Revenue growth (TTM) 21.49% 56.13% 14.88%
EPS growth (last fiscal year) (1.12%) (5.47%) (7.78%)
Revenue growth, 5-year CAGR 14.10% 17.04% 10.05%
Net income growth, 5-year CAGR 8.80% 0.00% 0.00%

Health

Metric EPD ET Oil & Gas Midstream median
Debt to equity 1.07 1.39 0.77
Current ratio 0.93 1.16 1.19
Net debt to EBITDA 3.35 4.56 3.46

Dividend

Metric EPD ET Oil & Gas Midstream median
Dividend yield 6.04% 8.78% 4.94%
Payout ratio 0.74 1.11 0.73

Size

Metric EPD ET Oil & Gas Midstream median
Market cap 79.08b 66.08b 3.56b

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