What are the investment strengths of Enterprise Products Partners LP (EPD)?

Asset turnover 0.69x vs median 0.37x - generates 53B revenue on 78B assets, nearly 2x industry efficiency Operating margin 12.9% vs median 18% but on 60x larger revenue base - scale drives 6.8B operating income

What are the investment risks for Enterprise Products Partners LP (EPD)?

Net debt 33.4B at 3.5x EBITDA with 1.4B interest expense consumes 24% of operating income EPS 3yr CAGR -0.5% while maintaining 83%+ payout - no earnings growth to support distribution increases

Enterprise Products Partners LP

EPD

—

Enterprise Products Partners LP AI Insights

Informational only. Not investment advice.

As of 2025-12-18

Snapshot

ROE TTM of 20.1% vs industry median 7.7% - 2.6x capital efficiency advantage despite 1.15 debt/equity leverage[Return on Equity]
Dividend payout ratio 5yr avg 83.7% vs median 33.3% - distributes 2.5x more earnings, limiting reinvestment capacity[Dividend Payout Ratio Avg 5yr]
PPE of 51.5B (66% of assets) with 5.4B capex TTM signals ongoing infrastructure buildout phase[Property, Plant & Equipment]

Watch Triggers

Free Cash Flow TTM: Falls below 2.5B or distribution coverage <1.0x — Current 3.1B FCF barely covers 4.7B distributions - any decline forces cuts or debt
Debt to Equity: Rises above 1.3x from current 1.15x — MLP structure limits equity raises; debt increase signals distribution stress
Capital Expenditure TTM: Exceeds 6B annually — 5.4B capex already strains FCF; growth projects compete with unitholder returns

Bull Case

Asset turnover 0.69x vs median 0.37x - generates 53B revenue on 78B assets, nearly 2x industry efficiency

Asset Turnover TTMTotal Revenue TTM

Operating margin 12.9% vs median 18% but on 60x larger revenue base - scale drives 6.8B operating income

Operating Margin TTMOperating Income TTM

Bear Case

Net debt 33.4B at 3.5x EBITDA with 1.4B interest expense consumes 24% of operating income

Net DebtInterest Expense TTMEBITDA TTM

EPS 3yr CAGR -0.5% while maintaining 83%+ payout - no earnings growth to support distribution increases

EPS Growth 3yrDividend Payout Ratio Avg 5yr

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

45%

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Forward Thesis

Distribution coverage will tighten as capex demands compete with 83%+ payout commitments

1-3ymed

FCF TTM 3.1B vs 4.7B distributions paid
5.4B capex requirement for asset maintenance
Debt/equity 1.15 limits borrowing headroom

FCF margin 5.8% vs 8.5% operating cash flow marginWorking capital -1.8B constrains flexibilityInterest expense 1.4B TTM on 33.6B debt

Valuation Context

Caveats

Public Strategies Rankings

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EPD Fundamentals

Mining, Quarrying, and Oil and Gas Extraction → Oil and Gas Extraction

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$71.92B		—
Enterprise Value	$105.29B		—
P/E Ratio	12		—
Total Revenue - TTM	$53.0B	-6.4%	—
Earnings Per Share (diluted) - TTM	$2.64	-0.8%	—
Operating Margin - TTM	12.9%	+0.8%	—
Net Margin - TTM	10.9%	+0.6%	—
Free Cash Flow - TTM	$3.09B	-14.7%	—
Return on Common Equity - TTM	0.20	-1.0%	—
Beta 5Y (Monthly)	unknown		—

EPD Dividend History

105 dividends

2026

$0.5500

01/30/26$0.5500

2025

$2.1600

10/31/25$0.5450

07/31/25$0.5450

04/30/25$0.5350

01/31/25$0.5350

2024

$2.0800

10/31/24$0.5250

07/31/24$0.5250

04/29/24$0.5150

01/30/24$0.5150

2023

$1.9800

10/30/23$0.5000

07/28/23$0.5000

04/27/23$0.4900

01/30/23$0.4900

2022

$1.8800

10/28/22$0.4750

07/28/22$0.4750

04/28/22$0.4650

01/28/22$0.4650

2021

$1.8000

10/28/21$0.4500

07/29/21$0.4500

04/29/21$0.4500

01/28/21$0.4500

2020

$1.7800

10/29/20$0.4450

07/30/20$0.4450

04/29/20$0.4450

01/30/20$0.4450

2019

$1.7550

10/30/19$0.4425

07/30/19$0.4400

04/29/19$0.4375

01/30/19$0.4350

2018

$1.7150

10/30/18$0.4325

07/30/18$0.4300

04/27/18$0.4275

01/30/18$0.4250

2017

$1.6675

10/30/17$0.4225

07/27/17$0.4200

04/26/17$0.4150

01/27/17$0.4100

2016

$1.5900

10/27/16$0.4050

07/27/16$0.4000

04/27/16$0.3950

01/27/16$0.3900

2015

$1.5100

10/28/15$0.3850

07/29/15$0.3800

04/28/15$0.3750

01/28/15$0.3700

2014

$1.4300

10/29/14$0.3650

07/29/14$0.3600

04/28/14$0.3550

01/29/14$0.3500

2013

$1.3500

10/29/13$0.3450

07/29/13$0.3400

04/26/13$0.3350

01/29/13$0.3300

2012

$1.2663

10/29/12$0.3250

07/27/12$0.3175

04/26/12$0.3137

01/27/12$0.3100

2011

$1.2025

10/27/11$0.3063

07/27/11$0.3025

04/27/11$0.2988

01/27/11$0.2950

2010

$1.1425

10/27/10$0.2913

07/28/10$0.2875

04/28/10$0.2838

01/27/10$0.2800

2009

$1.0825

10/28/09$0.2762

07/29/09$0.2725

04/28/09$0.2687

01/28/09$0.2650

2008

$1.0225

10/29/08$0.2612

07/29/08$0.2575

04/28/08$0.2537

01/29/08$0.2500

2007

$0.9575

10/29/07$0.2450

07/27/07$0.2412

04/26/07$0.2375

01/29/07$0.2338

2006

$0.8975

10/27/06$0.2300

07/27/06$0.2263

04/26/06$0.2225

01/27/06$0.2188

2005

$0.8300

10/27/05$0.2150

07/27/05$0.2100

04/27/05$0.2050

01/27/05$0.2000

2004

$0.7563

10/27/04$0.1975

07/28/04$0.1862

04/28/04$0.1862

01/28/04$0.1862

2003

$0.7212

10/29/03$0.1862

07/29/03$0.1812

04/28/03$0.1812

01/29/03$0.1725

2002

$0.6637

10/29/02$0.1725

07/29/02$0.1675

04/26/02$0.1675

01/29/02$0.1563

2001

$0.5782

10/29/01$0.1563

07/27/01$0.1469

04/26/01$0.1375

01/29/01$0.1375

2000

$0.5125

10/27/00$0.1313

07/27/00$0.1313

04/26/00$0.1250

01/27/00$0.1250

EPD Stock Splits

2 stock splits

08/22/141:2 split

05/16/021:2 split

EPD SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/06/25	09/30/25	10-Q	0001061219-25-000036
08/08/25	06/30/25	10-Q	0001061219-25-000025
05/07/25	03/31/25	10-Q	0001061219-25-000012
02/28/25	12/31/24	Unknown	0001061219-25-000006
11/08/24	09/30/24	10-Q	0001061219-24-000021
08/09/24	06/30/24	10-Q	0001061219-24-000016
05/09/24	03/31/24	10-Q	0001061219-24-000011
02/28/24	12/31/23	10-K	0001061219-24-000006
11/09/23	09/30/23	10-Q	0001061219-23-000022
08/09/23	06/30/23	10-Q	0001061219-23-000017
05/10/23	03/31/23	10-Q	0001061219-23-000012
02/28/23	12/31/22	10-K	0001061219-23-000006
11/08/22	09/30/22	10-Q	0001061219-22-000027
08/09/22	06/30/22	10-Q	0001061219-22-000020
05/10/22	03/31/22	10-Q	0001061219-22-000016
02/28/22	12/31/21	10-K	0001061219-22-000008
11/08/21	09/30/21	10-Q	0001061219-21-000032
08/09/21	06/30/21	10-Q	0001061219-21-000025
05/07/21	03/31/21	10-Q	0001061219-21-000017
03/01/21	12/31/20	10-K	0001061219-21-000009
11/06/20	09/30/20	10-Q	0001061219-20-000040
08/10/20	06/30/20	10-Q	0001061219-20-000030
05/08/20	03/31/20	10-Q	0001061219-20-000022
02/28/20	12/31/19	10-K	0001061219-20-000014
11/08/19	09/30/19	10-Q	0001061219-19-000047
08/09/19	06/30/19	10-Q	0001061219-19-000028
05/08/19	03/31/19	10-Q	0001061219-19-000015
03/01/19	12/31/18	10-K	0001061219-19-000007
11/08/18	09/30/18	10-Q	0001061219-18-000037
08/08/18	06/30/18	10-Q	0001061219-18-000026
05/09/18	03/31/18	10-Q	0001061219-18-000016
02/28/18	12/31/17	10-K	0001061219-18-000008
11/06/17	09/30/17	10-Q	0001061219-17-000034
08/04/17	06/30/17	10-Q	0001061219-17-000025
05/08/17	03/31/17	10-Q	0001061219-17-000016
02/24/17	12/31/16	10-K	0001061219-17-000008
11/04/16	09/30/16	10-Q	0001061219-16-000088
08/03/16	06/30/16	10-Q	0001061219-16-000077
05/06/16	03/31/16	10-Q	0001061219-16-000070
02/26/16	12/31/15	10-K	0001061219-16-000058
11/06/15	09/30/15	10-Q	0001061219-15-000045
08/07/15	06/30/15	10-Q	0001061219-15-000033
05/08/15	03/31/15	10-Q	0001061219-15-000017
03/02/15	12/31/14	10-K	0001061219-15-000007
11/10/14	09/30/14	10-Q	0001061219-14-000031
08/11/14	06/30/14	10-Q	0001061219-14-000023
05/09/14	03/31/14	10-Q	0001061219-14-000010
03/03/14	12/31/13	10-K	0001140361-14-010442
11/12/13	09/30/13	10-Q	0001061219-13-000042
08/08/13	06/30/13	10-Q	0001061219-13-000036
05/08/13	03/31/13	10-Q	0001061219-13-000022
03/01/13	12/31/12	10-K	0001061219-13-000011
11/09/12	09/30/12	10-Q	0001061219-12-000032
08/09/12	06/30/12	10-Q	0001061219-12-000025
05/10/12	03/31/12	10-Q	0001061219-12-000015
02/29/12	12/31/11	10-K	0001061219-12-000006
11/09/11	09/30/11	10-Q	0001061219-11-000029
08/09/11	06/30/11	10-Q	0001061219-11-000022
05/10/11	03/31/11	10-Q	0001061219-11-000017
03/01/11	12/31/10	10-K	0001061219-11-000009
11/09/10	09/30/10	10-Q	0001061219-10-000060
08/09/10	06/30/10	10-Q	0001061219-10-000053
05/10/10	03/31/10	10-Q	0001061219-10-000025
03/01/10	12/31/09	10-K	0001061219-10-000011
11/09/09	09/30/09	10-Q	0001061219-09-000119
08/06/09	06/30/09	10-Q	0001061219-09-000078
05/11/09	03/31/09	10-Q	0001061219-09-000028
03/02/09	12/31/08	10-K	0001061219-09-000012
11/10/08	09/30/08	4	0001324592-08-000126
08/11/08	06/30/08	10-Q	0001061219-08-000023
05/12/08	03/30/08	Unknown	--
02/29/08	12/31/07	10-K	0000950129-08-001371
11/09/07	09/30/07	10-Q	0001061219-07-000043
08/08/07	06/30/07	10-Q	0001061219-07-000037
05/04/07	03/30/07	Unknown	--
02/28/07	12/31/06	10-K	0000950129-07-001030
11/08/06	09/30/06	10-Q	0001061219-06-000105
08/08/06	06/30/06	10-Q	0000950129-06-007669
05/09/06	03/30/06	Unknown	--
02/27/06	12/31/05	8-K	0001061219-06-000022
11/04/05	09/30/05	10-Q	0001061219-05-000158
08/05/05	06/30/05	10-Q	0001061219-05-000111
05/10/05	03/30/05	Unknown	--
03/15/05	12/31/04	10-K	0000950129-05-002430
11/09/04	09/30/04	8-K	0001061219-04-000210
08/09/04	06/30/04	10-Q	0001061219-04-000172
05/10/04	03/30/04	Unknown	--
03/10/04	12/31/03	10-K	0001061219-04-000033
11/13/03	09/30/03	8-K	0001061219-04-000002
08/13/03	06/30/03	8-K	0001061219-03-000065
05/13/03	03/30/03	Unknown	--
03/31/03	12/31/02	8-K	0001061219-02-000059
11/13/02	09/30/02	Unknown	--
08/13/02	06/30/02	10-Q	0001061219-02-000038
05/14/02	03/30/02	Unknown	--
03/21/02	12/31/01	10-K	0000899243-02-000673
11/13/01	09/30/01	10-Q	0001061219-01-500026
08/13/01	06/30/01	10-Q	0001061219-01-500018
05/14/01	03/30/01	Unknown	--
03/22/01	12/31/00	10-K	0001061219-01-000008
11/13/00	09/30/00	10-Q	0001061219-00-000040
08/11/00	06/30/00	10-Q	0001061219-00-000036
05/11/00	03/30/00	Unknown	--