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Energy Transfer LP (ET) USD

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.

At a glance: strengths & risks
✓Revenue growing (+78% y/y, Q2 2026)✓Profit growing (+80% y/y, Q2 2026)✗Margins compressing (19%→15%, Q2 2026)✗High leverage (4.7x EBITDA)

Sector: Oil

Geography: United States

COMM_ET

Price chart

21.55 USDDay -0.83%

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
21.55 USD · -0.83%
Market cap
74.3 bn USD

Growth

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

Multiples

P/E (LTM)
14.1x
3y avg: 13.0x
P/B (FY)
1.5x
P/E (ann.)
8.9x
EV/EBITDA (LTM)
8.6x
3y avg: 8.5x
EV/EBITDA (ann.)
7.1x

Cash return

Dividend yield
6.2%
FCF yield (LTM)
7.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+98.7%
↓ details

Liquidity

Daily turnover (listing)
175.6 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%69.2Yahoo Finance
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

Short-term debt (incl. ST leases)227
Long-term debt (incl. LT leases)70 014
− Cash & equivalents1 020
Net debt69 221

Net debt / LTM EBITDA: 4.1x

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 2026-06-30): 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Liquified Natural Gas

Current 21spot vs LTM +81%

Commodity-player potential

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

Upside: +98.7% ▲ +0.2 pp 1d

Main driver: Liquified Natural Gas +81% vs LTM; revenue ×1.31 vs costs ×1.04; EBITDA 16 790→31 769; at 6.8× EV/EBITDA → +99%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Liquified Natural Gas (rev)+29%21.1511.6512.68+81%+9%
Brent (rev)+23%104.6176.5180.64+37%+5%
Henry Hub Gas (rev)+14%2.823.383.12-17%-8%
Propane (Texas, USD/gallon) (rev)+7%0.830.690.77+20%+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×1.312 (+31%)
= Spot revenue140 880
Revenue multiplier — 3y price×1.034 (+3%)
= 3-year-price revenue111 083
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 EBITDA46 667
= 3-year-price EBITDA16 870
Conservative EBITDA = min(spot, avg)31 769
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.8x
Target EV = EV/EBITDA × conservative EBITDA216 663
Net debt69 217
Target market cap = EV − net debt147 446
Current market cap74 203

Upside = target market cap ÷ current − 1 = +98.7%

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 5.2x · target 75th pct (3y) 6.8x · LTM avg 8.5x

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.

Frequently asked questions

What is Energy Transfer LP (ET)'s P/E ratio?
Energy Transfer LP (ET) trades at a P/E of 14.1x (price to trailing 12-month earnings).
What is Energy Transfer LP (ET)'s EV/EBITDA?
Energy Transfer LP (ET) trades at 8.6x 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 6.2%.
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 74.3 bn USD.

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