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US midstream MLP with an extensive network of natural gas, NGL, crude oil and refined-product pipelines.
US midstream MLP with an extensive network of natural gas, NGL, crude oil and refined-product pipelines.
Charges fees to move and process gas, liquids and crude, mostly under contracts, and also earns on fuel distribution through its Sunoco LP interest. As a master limited partnership, a structure that passes tax to unit holders, it pays out most of its cash. It was built through repeated acquisitions, including Regency and Sunoco.
Moat: narrow (scale, installed base). One of the largest, most diversified US pipeline footprints, though leverage and complexity temper the moat.
Headquarters: Dallas, Texas, US · Founded: 1996 · Employees: 22,311
Size Energy Transfer LP (ET) is a United States Energy company (Oil & Gas Pipelines) with a market value of $65.1B, the 203rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $18.92 on 6 Nov 2026.
Performance Over six months the shares fell 2.2%, against -0.4% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 12 in its peer set.
Growth Revenue grew 56.1% over the last twelve months (peer median +12.2%); the operating margin is 8.8% (peer median 31.0%).
Valuation It trades at 11.3× forward earnings against a peer median of 13.9× (3rd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points above its cost of capital (6.6% WACC).
Backlog Backlog (remaining performance obligations) was $37.6B at 30 Sep 2026, up 10% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Credit Energy Transfer LP has 24 bonds outstanding ($24.6B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 99 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $125B | $85.5B | $82.7B | $78.6B | $89.9B |
| Revenue growth | — | +3% | +5% | -13% | — |
| Gross profit | $12.5B | $10.5B | $10.3B | $9.24B | $9.02B |
| EBITDA | $17.2B | $15.0B | $14.3B | $12.6B | $12.2B |
| Net income | $5.42B | $4.43B | $4.81B | $3.93B | $4.75B |
| Free cash flow | n/a | $3.91B | $7.42B | $6.48B | $5.73B |
| Capital expenditure | n/a | $6.30B | $4.16B | $3.13B | $3.38B |
| Total debt | $70.5B | $70.1B | $60.6B | $53.2B | $49.1B |
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 |
|---|---|---|---|---|---|---|
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Enterprise Products Partners L.P EPD | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% |
| Williams Companies WMB | $80.1B | -10% | +10% | 37% | 24.9× | n/a |
| Kinder Morgan KMI | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% |
| 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% |
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 | ET | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.2% | -2.0% | 4th lowest of 12 |
| 6-month return | -2.2% | -0.4% | 5th lowest of 12 |
| Distance from 52-week high | -13.4% | -13.9% | 6th highest of 12 |
| Revenue growth (TTM) | +56.1% | +12.2% | 2nd highest of 12 |
| Operating margin | 8.8% | 31.0% | 2nd lowest of 12 |
| Forward P/E | 11.3× | 13.9× | 3rd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 2.6% | 6.5% | 3rd least demanding of 10 |
| Growth delivered (Del g) | +17.0% | +8.6% | highest of 10 |
| Hurdle (Req g minus delivered) | -14.4 pp | -4.1 pp | 2nd least demanding of 10 |
| ROIC minus cost of capital | +0.5 pp | -0.6 pp | 6th highest of 12 |
| EV / EBITDA | 8.9× | 13.0× | cheapest of 11 |
| Net debt / EBITDA | 4.0× | 4.1× | 6th least indebted of 12 |
| Bond spread | 99 bp | 94 bp | 3rd widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Kinder Morgan KMI | United States | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% | +7.9% |
| 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% |
| 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 |
| Enbridge ENB.TO | Canada | $107B | -10% | +29% | 13% | 22.1× | 12.6% | +10.9% |
| 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% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
Energy Transfer LP has 24 bonds outstanding with $24.6B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.81%, a spread of 99 bp over government bonds.
Energy Transfer LP reported $37.6B of remaining performance obligations at 30 Sep 2026, up 10% from a year earlier and up 9% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.09.