Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026
Basics
Sector
Energy
Industry
Oil & Gas Midstream
Country
United States
Market cap
69.4B USD
Enterprise value
137.2B USD
Full-time employees
22,311
Overall health
Drawback:less profitable than most peersless profitable than peers
Drawback:higher risk than most peers: more debt relative to equity (1.38× vs a peer median of 0.47×)higher risk: more debt vs equity (1.38× vs peers 0.47×)
Investment surge. Capital spending 7.4% of revenue, up from 3.8% in 2022.
Energy Transfer LP is spending 7.4% of revenue on facilities and equipment, up from 3.8% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Profit is backed by cash. Free cash flow is 99% of reported profit.
Energy Transfer LP's free cash flow is 99% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Fast revenue growth. Revenue grew 33% in the 12 months to June 2026 vs the 12 months before, faster than 91% of peers.
Revenue grew 33% in the 12 months to June 2026 vs the 12 months before, faster than 91% of its peers.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 58 → 56
Share price -1.2%+1
Peer companies moved-3
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Energy Transfer LP
Is Energy Transfer LP getting weaker?
Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 49/100 since Oct 28, 2026.
How is Energy Transfer LP valued vs its peers?
Priced about in line with its peers. Valuation scores 56/100 against 404 energy peers.Earnings yield 7.6% vs a peer median of 5.2% (stronger than 70% of peers).Earnings yield 7.6% vs peers 5.2% (stronger than 70% of peers).
Is Energy Transfer LP growing?
Yes, faster than most of its peers. Growth scores 82/100 against 404 energy peers.Revenue growth 33.3% vs a peer median of 0.5% (stronger than 91% of peers).Revenue growth 33.3% vs peers 0.5% (stronger than 91% of peers).
How profitable is Energy Transfer LP?
Less profitable than most of its peers. Profitability scores 35/100 against 404 energy peers.
How risky is Energy Transfer LP?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Debt / equity 1.38× vs a peer median of 0.47× (weaker than 82% of peers).Debt / equity 1.38× vs peers 0.47× (weaker than 82% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
92.3B USD
107.4B USD
+16.4%
Net income (12 months)
4.4B USD
5.3B USD
+21.2%
Operating margin
10.3%
10.0%
−0.3 pts
Free cash flow (12 months)
3.6B USD
5.2B USD
+44.4%
Debt
69.3B USD
68.4B USD
−1.3%
Cash
951.0M USD
1.0B USD
+7.3%
Shares outstanding
3.44B
3.44B
+0.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Oil & Gas Midstream · 32 companies
Valuations in Oil & Gas Midstream are near the top of their range since Aug 2019.
86% of months since Aug 2019 were valued lower than now.
54% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +44% and earnings +16% (medians): prices rose faster than earnings.
Median price-to-sales is +39% vs the whole market, against a usual +3%.
Aug 2019Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Aug 2019; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
13.0%
8.6%
10.6%
11.1%
10.6%
▼ 0.5 pts
Net margin
8.1%
5.3%
5.0%
5.8%
5.2%
▼ 0.6 pts
Return on assets (ROA)
5.2%
4.5%
3.5%
3.8%
3.1%
▼ 0.7 pts
Return on equity (ROE)
13.9%
11.7%
9.0%
10.5%
9.0%
▼ 1.4 pts
Free cash flow margin
12.4%
6.3%
8.2%
8.9%
4.5%
▼ 4.4 pts
Current ratio
0.97×
1.17×
1.10×
1.12×
1.22×
▲ 8.6%
Quick ratio
0.79×
0.93×
0.88×
0.88×
0.90×
▲ 2.3%
Debt to equity
1.26×
1.19×
1.19×
1.30×
1.39×
▲ 7.4%
Interest coverage
3.88×
3.36×
3.22×
2.92×
2.60×
▼ 11%
ET price history
Price history is added with the daily price update and will appear after the next one.