Loading…
US midstream MLP gathering, processing, transporting and storing natural gas, NGLs, crude oil and petrochemicals.
US midstream MLP gathering, processing, transporting and storing natural gas, NGLs, crude oil and petrochemicals.
Charges fees for moving, storing, processing and exporting oil, gas and gas liquids, mostly under long-term contracts, so cash flow depends more on volumes than on commodity prices. As a master limited partnership, a tax structure that passes income to unit holders, it pays out most of its cash. Founder Dan Duncan's family still holds a large stake.
Moat: wide (scale, installed base, distribution). Integrated Gulf Coast NGL/export network is the largest of its kind, hard to duplicate.
Headquarters: Houston, Texas, US · Founded: 1968 · Employees: 8,000
Size Enterprise Products Partners L.P (EPD) is a United States Energy company (Oil & Gas Pipelines) with a market value of $80.0B, the 171st largest of 3,117 United States companies the cockpit tracks. Shares closed at $37.03 on 6 Nov 2026.
Performance Over six months the shares fell 0.4%, against -1.4% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 10 in its peer set.
Growth Revenue grew 22.1% over the last twelve months (peer median +12.2%); the operating margin is 11.8% (peer median 31.0%).
Valuation It trades at 11.9× forward earnings against a peer median of 19.6× (3rd cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.5 points above its cost of capital (6.7% WACC).
Backlog Backlog (remaining performance obligations) was $25.8B at 30 Sep 2026, down 4% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Credit Enterprise Products Partners L.P has 36 bonds outstanding ($32.8B), rated A- by the agencies and trading like A at a weighted spread of 76 bp.
Short interest Short interest is 0.9% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $64.1B | $52.1B | $55.7B | $49.4B | $58.0B |
| Revenue growth | — | -6% | +13% | -15% | — |
| Gross profit | $7.83B | $6.71B | $6.77B | $6.42B | $6.47B |
| EBITDA | $10.4B | $9.19B | $9.10B | $8.34B | $8.26B |
| Net income | $6.53B | $5.76B | $5.84B | $5.48B | $5.44B |
| Free cash flow | $4.88B | $3.04B | $3.65B | $4.34B | $6.17B |
| Capital expenditure | $4.50B | $5.62B | $4.54B | $3.27B | $1.96B |
| Total debt | $34.5B | $34.9B | $32.4B | $29.2B | $28.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Enterprise Products Partners L.P EPD | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Mplx LP MPLX | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% |
| Plains All American Pipeline, L.P PAA | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% |
| Kinder Morgan KMI | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% |
| Oneok OKE | $53.7B | 0% | +38% | 15% | 14.3× | 4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EPD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.8% | -2.5% | 4th highest of 10 |
| 6-month return | -0.4% | -1.4% | 5th highest of 10 |
| Distance from 52-week high | -7.8% | -13.9% | 2nd highest of 10 |
| Revenue growth (TTM) | +22.1% | +12.2% | 5th highest of 10 |
| Operating margin | 11.8% | 31.0% | 2nd lowest of 10 |
| Forward P/E | 11.9× | 19.6× | 3rd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 1.0% | 7.7% | 2nd least demanding of 8 |
| Growth delivered (Del g) | +14.3% | +7.9% | 3rd highest of 8 |
| Hurdle (Req g minus delivered) | -13.3 pp | -0.2 pp | 3rd least demanding of 8 |
| ROIC minus cost of capital | +2.5 pp | -0.6 pp | 4th highest of 10 |
| EV / EBITDA | 10.9× | 13.3× | 4th cheapest of 10 |
| Net debt / EBITDA | 3.2× | 4.1× | 2nd least indebted of 10 |
| Bond spread | 76 bp | 95 bp | tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Enterprise Products Partners L.P EPD | United States | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% | +14.3% |
| Williams Companies WMB | United States | $80.1B | -10% | +10% | 37% | 24.9× | n/a | n/a |
| Kinder Morgan KMI | United States | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% | +7.9% |
| Energy Transfer LP ET | United States | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% | +17.0% |
| TC Energy TRP.TO | Canada | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% | +3.4% |
| Enbridge ENB.TO | Canada | $107B | -10% | +29% | 13% | 22.1× | 12.6% | +10.9% |
| Cheniere Energy LNG | United States | $56.8B | +16% | +28% | 31% | 13.0× | -8.6% | +15.9% |
| Mplx LP MPLX | United States | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% | +6.8% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
Enterprise Products Partners L.P has 36 bonds outstanding with $32.8B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 5.73%, a spread of 76 bp over government bonds.
Enterprise Products Partners L.P reported $25.8B of remaining performance obligations at 30 Sep 2026, down 4% from a year earlier and down 0% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.