A Business at a Glance
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Energy Transfer LP is a Delaware limited partnership with common units publicly traded on the NYSE under the ticker symbol “ET.” Unless the context requires otherwise, references to “we,” “us,” “our,” the “Partnership” and “Energy Transfer” mean Energy Transfer LP and its consolidated subsidiaries, which include SunocoCorp, Sunoco LP and USAC. The primary activities in which we are engaged, which are located in the United States, are as follows: •natural gas operations, including the following: ◦natural gas midstream and intrastate transportation and storage; ◦interstate natural gas transportation and storage; and •crude oil, NGL and refined products transportation, terminalling services and acquisition and marketing activities, as well as NGL storage and fractionation services and LNG regasification.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Refined product sales | $17.77B | $26.02B | $23.39B | $22.05B | $24.21B | 28% |
Crude sales | $15.30B | $23.47B | $23.49B | $25.37B | $23.49B | 27% |
NGL sales | $15.24B | $20.11B | $15.96B | $19.11B | $19.04B | 22% |
Gathering, transportation and other fees | $9.23B | $10.91B | $11.43B | $12.03B | $12.42B | 15% |
Natural gas sales | $9.16B | $8.54B | $3.26B | $2.74B | $4.66B | 5% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 85.5B | 85.5B | 82.7B | 78.6B | 89.9B | 67.4B |
| Net Income | 4.4B | 4.4B | 4.8B | 3.9B | 4.8B | 5.5B |
| EPS | $1.29 | $1.29 | $1.40 | - | - | - |
| Free Cash Flow | 3.8B | 3.8B | 7.3B | 6.4B | 5.7B | 8.3B |
| ROIC | 8.2% | 8.6% | 8.7% | 8.3% | 8.3% | 9.9% |
| Gross Margin | 25.8% | 25.8% | 25.0% | 23.0% | 19.6% | 25.2% |
| Debt/Equity | 1.99 | 1.99 | 1.70 | 1.21 | 1.21 | 1.29 |
| Dividends/Share | $0.02 | $0.02 | $0.02 | - | - | - |
| Operating Income | 9.0B | 9.0B | 9.1B | 8.3B | 7.7B | 8.8B |
| Operating Margin | 10.6% | 10.6% | 11.1% | 10.6% | 8.6% | 13.0% |
| ROE | 12.9% | 12.8% | 13.7% | 9.3% | 11.9% | 15.5% |
| Shares Outstanding | 3,440M | 3,440M | 3,440M | - | - | - |
Energy Transfer LP passes 2 of 9 quality checks, indicating weak fundamentals.
Energy Transfer LP trades at 14.6x trailing earnings, compared to its 15-year median P/E of 12.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 16.9x vs a median of 11.3x. The company's 5-year average ROIC is 8.8% with a gross margin of 23.7%. At current prices, the estimated annualized return to fair value is +18.9%.
Energy Transfer LP (ET) has a current P/E ratio of 14.6, compared to its historical median P/E of 12.5. The stock is currently considered Expensive based on its historical valuation range.
Energy Transfer LP (ET) has a 5-year average return on invested capital (ROIC) of 8.8%. This is below average and may indicate limited pricing power.
Energy Transfer LP (ET) has a market capitalization of $64.8B. It is classified as a large-cap stock.
Yes, Energy Transfer LP (ET) pays a dividend with a trailing twelve-month yield of 0.09%.
Based on historical P/E analysis, Energy Transfer LP (ET) appears expensive. The current P/E of 14.6 is 17% above its historical median of 12.5. The estimated fair value CAGR (P/E method) is -4.7%.
Energy Transfer LP (ET) operates in the Natural Gas Transmission industry, within the Utilities sector.
Energy Transfer LP (ET) reported annual revenue of $85.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Energy Transfer LP (ET) has a net profit margin of 5.2%. This is a modest margin.
Energy Transfer LP (ET) generated $3.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Energy Transfer LP (ET) has a debt-to-equity ratio of 1.99. This indicates higher leverage, which may increase financial risk.
Energy Transfer LP (ET) reported earnings per share (EPS) of $1.29 in its most recent fiscal year.
Energy Transfer LP (ET) has a return on equity (ROE) of 12.8%. This indicates moderate shareholder returns.
Energy Transfer LP (ET) has a 5-year average gross margin of 23.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for Energy Transfer LP (ET), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Energy Transfer LP (ET) has a book value per share of $9.99, based on its most recent annual SEC filing.