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Energy Transfer LP

Rank #390ValueWatchlistCompare with other stocks

ET-PI · TXSE · Energy

Energy Transfer LP (ET-PI) — Rank #390 by gross profitability (GP/assets 0.15) · ROE 8.9% · Piotroski F-Score N/A.

As-of 2026-10-30 · 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

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

22,311

Industry

Oil & Gas Midstream

Exchange

TXSE

8/10

Flags passed

ET-PI fails 1 critical flag

Passes 8 of 10 quality flags, 1 caution

  • FAIL
    Operating margin declining

    Operating margin lower than prior year

  • CAUTION
    Disclosure regression

    A previously-disclosed line item is no longer reported — worth checking the filing for why

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Revenue not declining
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin

No data Dilution · Valuation — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.15
Return on equity
8.9%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.98
Current ratio
1.16×
Net cash
-$67.39B

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
0.2%

Growth

1/1 pass
Revenue growth
3.5%
Piotroski F-Score
N/A
Share dilution
—

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

Warning: Operating margin declining · GP/assets 0.15

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.

PASS

Operating Leverage

2022202320242025
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%

Cash Flow Health

Is the cash real?

No warning flags · FCF 13% below net income

Free cash flow

$3.85B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

-13.2%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.2%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $67.39B

Balance-sheet safety

Composite anti-fragile check.

PASS

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.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No data

Capital allocation quality

Composite score

1.3 / 5

Weak
Share count trend
N/A0/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-5.4%1/5 Weak

Lifecycle Phase History

20202025
Decline
Hypergrowth
Value

Price History

ET-PI+47.6% · +14.5% CAGRSPY+81.3% · +23.1% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports