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 $80.5B against $70.2B — 1.1× the size. Enterprise Products Partners L.P. trades at the lower P/E: 12.8× against 13.7×. Energy Transfer LP grew revenue faster over the last twelve months: 33.3% against 6.78%. Enterprise Products Partners L.P. has the higher net margin (10.7% vs 4.70%) and the higher return on invested capital (7.68% vs 5.72%). Both pay a dividend; Energy Transfer LP yields more (8.97% vs 8.06%). Across the 23 metrics below, Enterprise Products Partners L.P. leads on 12 and Energy Transfer LP on 11.

Valuation

Metric EPD ET Oil & Gas Midstream median
P/E 12.76 13.73 13.19
P/S 1.36 0.65 2.60
P/B 2.56 1.47 2.08
Price to free cash flow 19.27 13.30 10.14
EV/EBITDA 10.58 8.11 8.11
EV/Sales 1.92 1.27 3.89
Earnings yield 7.84% 7.28% 6.83%
Free cash flow yield 5.19% 7.52% 6.94%

Profitability

Metric EPD ET Oil & Gas Midstream median
Gross margin 13.25% 23.58% 58.81%
Operating margin 13.43% 10.04% 32.14%
Net margin 10.68% 4.70% 21.16%
Free cash flow margin 7.06% 4.87% 10.15%
Return on equity 20.48% 11.30% 11.30%
Return on assets 7.84% 3.70% 5.00%
Return on invested capital 7.68% 5.72% 6.13%

Growth

Metric EPD ET Oil & Gas Midstream median
Revenue growth (TTM) 6.78% 33.27% 15.44%
EPS growth (last fiscal year) (1.12%) (5.47%) —
Revenue growth, 5-year CAGR 14.10% 17.04% 8.96%
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 1.35 0.78
Current ratio 0.93 1.16 1.19
Net debt to EBITDA 3.35 4.56 3.42

Dividend

Metric EPD ET Oil & Gas Midstream median
Dividend yield 8.06% 8.97% 7.29%
Payout ratio — — 0.64

Size

Metric EPD ET Oil & Gas Midstream median
Market cap 80.48b 70.21b 3.61b

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