Energy Transfer LP
ET· TXSE, TXSE· Natural Gas Transmission
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 4.5%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +17.0%
We record prices for the companies we cover; ET is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- –
- Revenue
- $85.5B
- Free cash flow
- $3.8B
- Owner earnings
- $3.7B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 10.6%
- Net
- 5.2%
- Free cash flow
- 4.5%
- Owner earnings
- 4.3%
- Stock pay
- 0.2%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 9.0%
- ROE, 5 yr avg
- 10.8%
Growth (CAGR)
- Revenue, 3 yr
- -1.6%
- Revenue, 5 yr
- 17.0%
- Revenue, 9 yr
- 11.6%
- Diluted EPS, 3 yr
- –
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- -12.1%
- Free cash flow, 5 yr
- 11.5%
- Free cash flow, 9 yr
- –
Financial health · FY2025
- Cash and investments
- $1.3B
- Total debt
- $68.3B
- Net debt
- $67.1B
- Debt/Equity
- 1.4x
- Debt/FCF
- 17.8x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- –
Financials: ten years from the 10-Ks
Revenue
$85.5B
+11.6% a year over 9 years
FY2016FY2025
Margins
Operating10.6%Net5.2%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$3.8BOwner earnings$3.7B
FY2025
FY2016FY2025
Return on invested capital
–
FY2025
FY2016FY2025
Net debt (below zero)
-$67.1B
$67.1B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $31.8B | $40.5B | $54.1B | $54.2B | $39.0B | $67.4B | $89.9B | $78.6B | $82.7B | $85.5B |
| Revenue growth | -11.9% | 27.5% | 33.5% | 0.2% | -28.1% | 73.1% | 33.3% | -12.6% | 5.2% | 3.5% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | 5.8% | 6.7% | 10.0% | 13.3% | 7.7% | 13.0% | 8.6% | 10.6% | 11.1% | 10.6% |
| Net income | $995.0M | $954.0M | $1.7B | $3.5B | -$648.0M | $5.5B | $4.8B | $3.9B | $4.8B | $4.4B |
| Net margin | 3.1% | 2.4% | 3.2% | 6.5% | -1.7% | 8.1% | 5.3% | 5.0% | 5.8% | 5.2% |
| Diluted EPS | – | – | – | – | – | – | – | – | – | – |
| Return on invested capital? | – | – | 7.0% | 8.2% | 1.3% | 9.6% | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | $3.3B | $4.4B | $7.5B | $8.1B | $7.4B | $11.2B | $9.1B | $9.6B | $11.5B | $10.1B |
| Capital expenditure | $7.8B | $8.4B | $7.4B | $6.0B | $5.1B | $2.8B | $3.4B | $3.1B | $4.2B | $6.3B |
| Free cash flow | -$4.4B | -$4.0B | $99.0M | $2.1B | $2.2B | $8.3B | $5.7B | $6.4B | $7.3B | $3.8B |
| Stock-based compensation | $70.0M | $99.0M | $105.0M | $113.0M | $121.0M | $111.0M | $115.0M | $130.0M | $151.0M | $148.0M |
| Owner earnings? | -$4.5B | -$4.1B | -$6.0M | $2.0B | $2.1B | $8.2B | $5.6B | $6.3B | $7.2B | $3.7B |
| Free cash flow per share | – | – | – | – | – | – | – | – | – | – |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | $0 | $0 | $0 | $25.0M | $0 | $31.0M | $0 | $0 | – | – |
| Diluted shares | – | – | – | – | – | – | – | – | – | – |
| Share count change? | – | – | – | – | – | – | – | – | – | – |
| Balance sheet | ||||||||||
| Cash and equivalents | $467.0M | $336.0M | $419.0M | $291.0M | $367.0M | $336.0M | $257.0M | $161.0M | $312.0M | $1.3B |
| Short-term investments | – | – | – | – | – | – | – | – | – | – |
| Total debt | $43.8B | $44.1B | $46.0B | $51.1B | $51.4B | $49.7B | $48.3B | $52.4B | $59.8B | $68.3B |
| Net debt | $43.3B | $43.7B | $45.6B | $50.8B | $51.1B | $49.4B | $48.0B | $52.2B | $59.4B | $67.1B |
| Shareholders' equity | $22.4B | $30.1B | $31.0B | $33.9B | $31.4B | $39.3B | $40.7B | $43.9B | $46.0B | $49.0B |
Latest filings
| 2026-08-06 | 10-Q | Quarterly report |
| 2026-08-04 | 8-K | Earnings release |
| 2026-05-07 | 10-Q | Quarterly report |
| 2026-05-05 | 8-K | Earnings release |
| 2026-02-19 | 10-K | Annual report |
| 2026-02-17 | 8-K | Earnings release |
| 2025-11-06 | 10-Q | Quarterly report |
| 2025-11-05 | 8-K | Earnings release |
| 2025-08-07 | 10-Q | Quarterly report |
| 2025-08-06 | 8-K | Earnings release |
More from our coverage
- MSFTPlatforms8.4MicrosoftThe most entrenched software franchise in the enterprise, now spending its cash flow on AI capacity; a great business we would own with a margin of safety, not at any price.Base value $410.29
- NVDAAI infrastructure8.4NVIDIAThe best business in technology at the top of its cycle: the moat is CUDA as much as silicon, but today's margins are a peak, not a floor.Base value $104.32
- AAPLHardware7.6AppleOne of the highest-quality businesses in the world growing in the low single digits; the price usually assumes more growth than the numbers show.Base value $134.27
- GOOGLPlatforms7.4AlphabetSearch pays for everything, and AI is both its biggest threat and its biggest opportunity; the price has to allow for search being worth less than it was.Base value $209.60
- NOWSoftware7.4ServiceNowA rare enterprise platform still growing above 20% with high retention; the free cash flow is real but stock pay takes a large share of it.Base value $189.13
- ADBESoftware7.4AdobeSuperb margins and a shrinking share count, priced for decline; the question is whether AI makes Adobe's tools more valuable or makes them unnecessary.Base value $449.35
