Energy Transfer LP
Rank #409ValueET · NYSE · Energy
Energy Transfer LP (ET) — Rank #409 by gross profitability (GP/assets 0.15) · ROE 8.9% · Piotroski F-Score N/A.
As-of 2026-09-15 · CIK 0001276187 · all metrics point-in-time as of the filing date.
About
Energy Transfer LP, together with its subsidiaries, provides energy-related services in the United States.
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It operates through Intrastate Transportation and Storage; Interstate Transportation and Storage; Midstream; Natural Gas Liquid (NGL) and Refined Products Transportation and Services; Crude Oil Transportation and Services; Investment in Sunoco LP; Investment in USA Compression Partners, LP (USAC); and All Other segments. The company owns and operates natural gas transportation pipelines and storage facilities; and approximately 12,200 miles of intrastate natural gas transportation pipelines and 20,090 miles of interstate natural gas pipelines. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users. In addition, the company owns and operates natural gas gathering pipelines, processing plants, and treating and conditioning facilities; and natural gas gathering, compression, treating, dehydration and processing, oil pipeline facilities. Further, it owns 5,700 miles of NGL pipelines; NGL fractionation and storage facilities; and other NGL storage assets and terminals. Additionally, the company provides crude oil transportation, terminalling, trucking, acquisition, and marketing activities; owns and operates approximately 18,000 miles of crude oil trunk and gathering pipelines; and sells and distributes motor fuels and other petroleum products under the Sunoco and EcoMaxx brands. It also offers natural gas compression; wholesale power trading; and carbon dioxide and hydrogen sulfide removal services, as well as management of coal and natural resources properties; sells standing timber; leases coal-related infrastructure facilities; and collects oil and gas royalties. The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018.
Energy Transfer LP was founded in 1996 and is headquartered in Dallas, Texas.
- Industry
- Oil & Gas Midstream
- Sector
- Energy
- State
- OK
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- energytransfer.com
Price History
Company Snapshot
P/E and dividend yield are the primary valuation lenses for mature businesses.
Market Cap
$73.57B
P/E (annual)
—
P/S (annual)
0.9
P/B
1.5
P/OCF (annual)
7.2
Shareholder Yield
—
Employees
22,311
Industry
Oil & Gas Midstream
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
2/3 passGrowth
1/1 passTerry Smith quality gate
Passes 0/5 Terry Smith thresholdsDisclosure regression check
A previously-disclosed line item is no longer reported. Worth checking the filing for why.
Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).
Profitability
Gross profitability (GP / assets)
0.15
Primary signal (Novy-Marx).
5th of 6 SIC 4922 peers
Return on equity
8.9%
Gross margin
25.8%
5th of 6 SIC 4922 peers
Revenue growth (YoY)
3.5%
RPO growth (YoY)
-10.9%
Remaining performance obligations growth — RPO > revenue = forward demand building.
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
-1.6%
Revenue CAGR (5Y)
17.0%
Earnings CAGR (3Y)
-2.3%
FCF CAGR (3Y)
-12.1%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
1.98
Current ratio
1.16×
2nd of 6 SIC 4922 peers
Quick ratio
0.90×
Net cash
-$67.39B
Cash & equivalents minus total debt.
Recession resistance
Revenue through recessions
Worst single-year YoY revenue decline, 18 years of history
Cash-flow health
Free cash flow
$3.85B
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
-0.13
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.2%
Stock-based comp intensity.
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.