Energy Transfer LP
ET—
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Energy Transfer LP AI Insights
Informational only. Not investment advice.Snapshot
- Revenue of 79.8B TTM is 7.7x industry median (10.3B) - dominant scale in midstream with 97B PPE asset base[Total Revenue TTM]
- Debt/equity of 1.84 with 64B total debt vs 35B equity - interest expense of 3.4B TTM consumes 54% of pretax income[Debt to Equity]
- FCF of 5.2B TTM yields 8.9% on market cap - covers 4.5B annual distribution with 700M cushion[Free Cash Flow TTM]
Watch Triggers
- Interest Expense TTM: Exceeds 3.8B (>25% of EBITDA) — Would signal debt service crowding out distributions and growth capex
- Free Cash Flow TTM: Falls below 4.5B (distribution requirement) — Distribution cut risk materializes - MLP investors exit rapidly
- Debt to Equity: Exceeds 2.0x — Credit rating pressure could increase borrowing costs materially
Bull Case
Irreplaceable infrastructure: 97B PPE generates 10.8B operating cash flow TTM (11% yield on assets) with regulated/contracted revenue streams
PPECash Flow TTMAsset Turnover TTM
Valuation discount: P/E of 13.3x and P/S of 0.73x vs industry medians of 15x and 2.6x despite scale leadership
PE RatioPS RatioEnterprise Value
Bear Case
Leverage risk: 64B debt at 1.84x equity with 3.4B interest burden - rate sensitivity on refinancing could compress distributable cash
Total DebtInterest Expense TTMDebt to Equity
Thin margin profile: Net margin of 5.7% TTM vs 12.3% industry median leaves little room for commodity/volume volatility
Net Margin TTMOperating Margin TTM
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 needs compete with debt service
1-3ymed
- 5.7B capex TTM vs 5.2B FCF leaves minimal buffer
- 2.4B net debt issuance in period signals ongoing leverage
- Interest expense at 3.4B constrains flexibility
FCF margin only 6.5% vs 10.8B operating cash flowNet debt of 59.5B is 3.9x EBITDA TTMDistribution of 1.31/share requires 4.5B annually
Valuation Context
Caveats
Public Strategies Rankings
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ET Fundamentals
Transportation and Warehousing → Pipeline Transportation
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$66.3B | — | ||
$135.12B | — | ||
16 | — | ||
$85.54B | +3.5% | — | |
$1.21 | +13.9% | — | |
10.9% | -0.2% | — | |
5.18% | -0.6% | — | |
$3.85B | -47.6% | — | |
12.8% | -0.6% | — | |
Beta 5Y (Monthly) | unknown | — |
ET Dividend History
80 dividends
2026
$0.335002/06/26$0.3350
2025
$1.315011/07/25$0.3325
08/08/25$0.3300
05/09/25$0.3275
02/07/25$0.3250
2024
$1.275011/08/24$0.3225
08/09/24$0.3200
05/10/24$0.3175
02/06/24$0.3150
2023
$1.235010/27/23$0.3125
08/11/23$0.3100
05/05/23$0.3075
02/06/23$0.3050
2022
$0.870011/03/22$0.2650
08/05/22$0.2300
05/06/22$0.2000
02/07/22$0.1750
2021
$0.610011/04/21$0.1525
08/05/21$0.1525
05/10/21$0.1525
02/05/21$0.1525
2020
$1.067511/05/20$0.1525
08/06/20$0.3050
05/06/20$0.3050
02/06/20$0.3050
2019
$1.220011/04/19$0.3050
08/05/19$0.3050
05/06/19$0.3050
02/07/19$0.3050
2018
$1.220011/07/18$0.3050
08/03/18$0.3050
05/04/18$0.3050
02/07/18$0.3050
2017
$1.150011/06/17$0.2950
08/03/17$0.2850
05/08/17$0.2850
02/03/17$0.2850
2016
$1.140011/03/16$0.2850
08/04/16$0.2850
05/04/16$0.2850
02/04/16$0.2850
2015
$1.020011/03/15$0.2850
08/04/15$0.2650
05/06/15$0.2450
02/04/15$0.2250
2014
$0.750010/30/14$0.2075
07/31/14$0.1900
05/01/14$0.1794
02/05/14$0.1731
2013
$0.651910/31/13$0.1681
08/01/13$0.1638
05/02/13$0.1613
02/05/13$0.1588
2012
$0.625011/02/12$0.1563
08/02/12$0.1563
05/02/12$0.1563
02/03/12$0.1563
2011
$0.587511/02/11$0.1563
08/03/11$0.1563
05/04/11$0.1400
02/03/11$0.1350
2010
$0.540011/04/10$0.1350
08/05/10$0.1350
05/05/10$0.1350
02/04/10$0.1350
2009
$0.526311/05/09$0.1338
08/05/09$0.1338
05/06/09$0.1313
02/04/09$0.1275
2008
$0.487511/06/08$0.1200
08/05/08$0.1200
05/01/08$0.1100
01/30/08$0.1375
2007
$0.364610/03/07$0.0975
06/28/07$0.0931
04/04/07$0.0890
01/03/07$0.0850
2006
$0.152010/03/06$0.0781
06/28/06$0.0594
03/29/06$0.0144
ET Stock Splits
2 stock splits
07/27/151:2 split
01/27/140.5:1 split
ET SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/19/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | Unknown | |
11/07/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
02/16/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/17/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/18/22 | 12/31/21 | 10-K | |
11/04/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/07/21 | 03/31/21 | 10-Q | |
02/19/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
02/21/20 | 12/31/19 | 10-K | |
11/07/19 | 09/30/19 | 10-Q | |
08/08/19 | 06/30/19 | 10-Q | |
05/09/19 | 03/31/19 | 10-Q | |
02/22/19 | 12/31/18 | 10-K | |
11/08/18 | 09/30/18 | 10-Q | |
08/09/18 | 06/30/18 | 10-Q | |
05/10/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
11/08/17 | 09/30/17 | 10-Q | |
08/09/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/24/17 | 12/31/16 | 10-K | |
11/09/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
02/29/16 | 12/31/15 | 10-K | |
11/06/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
03/02/15 | 12/31/14 | 10-K | |
11/06/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/08/13 | 06/30/13 | 10-Q | |
05/09/13 | 03/31/13 | 10-Q | |
03/01/13 | 12/31/12 | 10-K | |
11/08/12 | 09/30/12 | 10-Q | |
08/08/12 | 06/30/12 | 10-Q | |
05/09/12 | 03/31/12 | 10-Q | |
02/22/12 | 12/31/11 | 10-K | |
11/07/11 | 09/30/11 | 10-Q | |
08/08/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
02/28/11 | 12/31/10 | 10-K | |
11/09/10 | 09/30/10 | 10-Q | |
08/09/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/24/10 | 12/31/09 | 10-K | |
11/09/09 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/30/09 | 10-Q | |
03/02/09 | 12/31/08 | 10-K | |
11/10/08 | 09/30/08 | 10-Q | |
08/11/08 | 06/30/08 | 10-Q | |
05/12/08 | 03/30/08 | Unknown | -- |
01/09/08 | 11/30/07 | 10-Q | |
10/30/07 | 08/30/07 | Unknown | -- |
07/10/07 | 05/30/07 | Unknown | -- |
04/11/07 | 02/28/07 | 10-Q | |
01/16/07 | 11/30/06 | 10-Q | |
11/29/06 | 08/30/06 | Unknown | -- |
07/14/06 | 05/30/06 | Unknown | -- |
04/14/06 | 02/28/06 | 10-Q | |
11/30/05 | 11/30/05 | Unknown | -- |
08/31/05 | 08/30/05 | Unknown | -- |
07/14/06 | 05/30/05 | 10-Q | |
04/14/06 | 02/28/05 | 10-Q |