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Energy Transfer LP (ET) USD

Sector: Oil

Geography: United States

COMM_ET

Price chart

20.78 USDDay 0.92%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
20.78 USD · 0.92%
Market cap
71.7 bn USD

Growth

Δ revenue y/y
78.4%
Δ EBITDA y/y
37.2%

Multiples

P/E (LTM)
13.6x
3y avg: 13.0x
P/B (FY)
1.5x
P/E (ann.)
8.6x
EV/EBITDA (LTM)
8.3x
3y avg: 8.5x
EV/EBITDA (ann.)
6.9x

Cash return

Dividend yield
6.5%
FCF yield (LTM)
8.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+14.4%
↓ details

Liquidity

Daily turnover (listing)
166.9 mln USD

Shares: yahoo_fundamentals_timeseries/ET

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK34.3
y/y 78.4%
3.6
y/y 54.8%
1.5
y/y 7.8%
5.1
y/y 37.2%
2.1
y/y 79.5%
4.3-1.6148.2
y/y 18.5%
0.0
y/y -100.0%
33.6%67.4Link
2026-03-31Q1 2026 (3M)OK27.8
y/y 32.1%
3.0
y/y 19.8%
1.6
y/y 15.8%
4.6
y/y 18.4%
1.3
y/y -5.2%
3.4-1.9147.5
y/y 16.7%
49.7
y/y 7.7%
10.2%70.2Link
2025-12-31Q4 2025 (3M)OK25.3
y/y 29.6%
2.1
y/y -8.9%
1.5
y/y 8.5%
3.6
y/y -2.4%
0.9
y/y -13.8%
1.9-2.1141.3
y/y 12.7%
49.0
y/y 6.5%
9.4%68.8Link
2025-09-30Q3 2025 (3M)OK20.0
y/y -3.9%
2.2
y/y -1.4%
1.4
y/y 8.8%
3.6
y/y 2.5%
1.0
y/y -13.9%
2.6-1.3129.3
y/y 3.9%
45.3
y/y -1.8%
3.0%60.4Link
2025-06-30Q2 2025 (3M)OK19.2
y/y -7.2%
2.3
y/y 0.5%
1.4
y/y 14.1%
3.7
y/y 5.2%
1.2
y/y -11.5%
2.8-1.7125.0
y/y 3.0%
45.5
y/y 0.1%
10.1%61.3Link
2025-03-31Q1 2025 (3M)OK21.0
y/y -2.8%
2.5
y/y 4.7%
1.4
y/y 9.0%
3.9
y/y 6.2%
1.3
y/y 6.7%
2.9-1.2126.4
y/y 9.2%
46.2
y/y 5.4%
11.5%60.2Link
2024-12-31Q4 2024 (3M)OK19.5
y/y -4.8%
2.3
y/y 5.3%
1.4
y/y 18.7%
3.7
y/y 9.9%
1.1
y/y -18.8%
2.6-1.5125.4
y/y 10.3%
46.0
y/y 4.7%
10.4%60.2Link
2024-09-30Q3 2024 (3M)OK20.8
y/y 0.2%
2.2
y/y -2.3%
1.3
y/y 19.6%
3.5
y/y 4.9%
1.2
y/y 102.6%
2.9-1.1124.4
y/y 15.7%
46.2
y/y 13.9%
3.4%59.8Link
2024-06-30Q2 2024 (3M)OK20.7
y/y 13.1%
2.3
y/y 25.2%
1.2
y/y 14.3%
3.5
y/y 21.2%
1.3
y/y 44.2%
2.3-0.8121.3
y/y 15.4%
45.5
y/y 11.0%
11.8%57.8Link
2024-03-31Q1 2024 (3M)OK21.6
y/y 13.9%
2.4
y/y 15.4%
1.3
y/y 18.4%
3.6
y/y 16.4%
1.2
y/y 11.4%
3.8-0.8115.8
y/y 10.8%
43.8
y/y 7.7%
11.3%52.3Link
2023-12-31Q4 2023 (3M)OK20.5
y/y —
2.2
y/y —
1.2
y/y —
3.3
y/y —
1.3
y/y —
1.3-0.7113.7
y/y —
43.9
y/y —
9.3%53.1Link
2023-09-30Q3 2023 (3M)OK20.7
y/y —
2.2
y/y —
1.1
y/y —
3.3
y/y —
0.6
y/y —
2.4-0.7107.6
y/y —
40.6
y/y —
1.9%48.4Link
2023-06-30Q2 2023 (3M)OK18.3
y/y —
1.8
y/y —
1.1
y/y —
2.9
y/y —
0.9
y/y —
2.5-0.9105.1
y/y —
41.0
y/y —
8.9%48.6Link
2023-03-31Q1 2023 (3M)OK19.0
y/y —
2.1
y/y —
1.1
y/y —
3.1
y/y —
1.1
y/y —
3.4-0.9104.5
y/y —
40.7
y/y —
—47.7Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)68 393
− Cash & equivalents1 020
Net debt67 373

Net debt / LTM EBITDA: 4.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-25%0%25%50%75%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-3 000-2 000-1 00001 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

020 00040 00060 00080 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.29x of reported net profit; after capex, 1.52x.
year20212022202320242025
cash flow / profit2.04x1.90x2.43x2.39x2.29x
accruals, % of assets-5.4%-4.1%-4.9%-5.3%-4.0%
Last twelve months (to 2025-Q3): 2.29x of profit came back as operating cash flow.
net debt / EBITDA 4.7x · EBIT covers interest 2.6x · capex 0.8x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — Liquified Natural Gas

Current 16spot vs LTM +37%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +14.4% ▲ +42.1 pp 1d

Main driver: Liquified Natural Gas +37% vs LTM; revenue ×1.12 vs costs ×1.04; EBITDA 16 790→21 004; at 6.7× EV/EBITDA → +14%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Liquified Natural Gas (rev)+29%15.9311.6512.55+37%+8%
Brent (rev)+23%89.1676.5180.42+17%+5%
Henry Hub Gas (rev)+14%2.753.383.11-19%-8%
Propane (Texas, USD/gallon) (rev)+7%0.660.690.77-6%+11%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue107 379
LTM EBITDA16 790
LTM cash costs (revenue − EBITDA)90 589
2 · Revenue projection
Revenue multiplier — spot×1.116 (+12%)
= Spot revenue119 789
Revenue multiplier — 3y price×1.030 (+3%)
= 3-year-price revenue110 643
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs94 213
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs94 213
4 · EBITDA projection (revenue − costs)
= Spot EBITDA25 577
= 3-year-price EBITDA16 431
Conservative EBITDA = min(spot, avg)21 004
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.7x
Target EV = EV/EBITDA × conservative EBITDA140 725
Net debt67 381
Target market cap = EV − net debt73 344
Current market cap64 117

Upside = target market cap ÷ current − 1 = +14.4%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q320 73915 448+34.2%3 340-2 201—
2023 Q420 53218 124+13.3%3 3231 125+195.4%
2024 Q121 62917 425+24.1%3 634535+578.8%
2024 Q220 72919 376+7.0%3 5111 943+80.7%
2024 Q320 77220 488+1.4%3 5052 595+35.1%
2024 Q419 54121 856-10.6%3 6533 996-8.6%
2025 Q121 02022 535-6.7%3 8585 016-23.1%
2025 Q219 24220 138-4.4%3 6932 832+30.4%
2025 Q319 95419 109+4.4%3 5912 229+61.1%
2025 Q425 32018 874+34.2%3 5672 225+60.3%
2026 Q127 77121 794+27.4%4 5663 645+25.3%
2026 Q234 33426 408+30.0%5 0666 710-24.5%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +3% vs +5% the year before — a -1.7 pp move. 3-year CAGR -2%.
revenue growth by year: 2023 -13% · 2024 +5% · 2025 +3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.8x · target 75th pct (3y) 6.7x · LTM avg 8.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-070.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2026-05-080.338 USDEx-dividend: 0.338 USD per sharePaidYahoo Finance (ex-div)
2026-02-060.335 USDEx-dividend: 0.335 USD per sharePaidYahoo Finance (ex-div)
2025-11-070.333 USDEx-dividend: 0.333 USD per sharePaidYahoo Finance (ex-div)
2025-08-080.33 USDEx-dividend: 0.33 USD per sharePaidYahoo Finance (ex-div)
2025-05-090.328 USDEx-dividend: 0.328 USD per sharePaidYahoo Finance (ex-div)
2025-02-070.325 USDEx-dividend: 0.325 USD per sharePaidYahoo Finance (ex-div)
2024-11-080.323 USDEx-dividend: 0.323 USD per sharePaidYahoo Finance (ex-div)
2024-08-090.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2024-05-100.318 USDEx-dividend: 0.318 USD per sharePaidYahoo Finance (ex-div)
2024-02-060.315 USDEx-dividend: 0.315 USD per sharePaidYahoo Finance (ex-div)
2023-10-270.313 USDEx-dividend: 0.313 USD per sharePaidYahoo Finance (ex-div)
2023-08-110.31 USDEx-dividend: 0.31 USD per sharePaidYahoo Finance (ex-div)
2023-05-050.308 USDEx-dividend: 0.308 USD per sharePaidYahoo Finance (ex-div)
2023-02-060.305 USDEx-dividend: 0.305 USD per sharePaidYahoo Finance (ex-div)
2022-11-030.265 USDEx-dividend: 0.265 USD per sharePaidYahoo Finance (ex-div)
2022-08-050.23 USDEx-dividend: 0.23 USD per sharePaidYahoo Finance (ex-div)
2022-05-060.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2022-02-070.175 USDEx-dividend: 0.175 USD per sharePaidYahoo Finance (ex-div)
2021-11-040.153 USDEx-dividend: 0.153 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Energy Transfer LP (ET) — from primary filings.

Energy Transfer LP operates a network of pipelines and facilities to transport, store, and process natural gas, natural gas liquids, crude oil, and refined products across the United States.

Frequently asked questions

What is Energy Transfer LP (ET)'s P/E ratio?
Energy Transfer LP (ET) trades at a P/E of 13.6x (price to trailing 12-month earnings).
What is Energy Transfer LP (ET)'s EV/EBITDA?
Energy Transfer LP (ET) trades at 8.3x EV/EBITDA.
What is Energy Transfer LP (ET)'s P/B ratio?
Energy Transfer LP (ET) trades at a P/B of 1.5x.
What is Energy Transfer LP (ET)'s dividend yield?
Energy Transfer LP (ET)'s trailing 12-month dividend yield is 6.5%.
What is Energy Transfer LP (ET)'s return on equity (ROE)?
Energy Transfer LP (ET)'s ROE is 33.6%.
What is Energy Transfer LP (ET)'s market capitalization?
Energy Transfer LP (ET)'s market cap is 71.7 bn USD.

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