Enterprise Products Partners L.P.EPD
NYSE•Energy•Oil & Gas Midstream
Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services; Crude Oil Pipelines & Services; Natural Gas Pipelines & Services; and Petrochemical & Refined Products Services. The NGL Pipelines & Services segment offers natural gas processing and related NGL marketing activities. This segment operates natural gas processing facilities located in Colorado, Louisiana, Mississippi, New Mexico, Texas, and Wyoming; NGL pipelines; NGL fractionation facilities; NGL and related product storage facilities; and NGL marine terminals. The Crude Oil Pipelines & Services segment operates crude oil pipelines; and crude oil storage and marine terminals, which include a fleet of approximately 200 tractor-trailer tank trucks that are used to transport crude oil. It also engages in crude oil marketing activities. The Natural Gas Pipelines & Services segment operates natural gas pipeline systems to gather, treat, and transport natural gas. It leases underground salt dome natural gas storage facilities in Napoleonville, Louisiana; owns an underground salt dome storage cavern in Wharton County, Texas; and transports, stores, and markets natural gas. The Petrochemical & Refined Products Services segment operates propylene fractionation facilities, including propylene fractionation units and propane dehydrogenation facilities, and related marketing activities; butane isomerization complex and related deisobutanizer operations; and octane enhancement, isobutane dehydrogenation, and high purity isobutylene production facilities. It also operates refined products pipelines and terminals; and ethylene export terminals; and provides refined products marketing and marine transportation services. The company was founded in 1968 and is headquartered in Houston, Texas.
Enterprise Products Partners L. (EPD) reported trailing twelve months revenue of $51.56B as of March 2026, a 9.3% decline year-over-year. Quarterly revenue reached $14.39B, reflecting a contraction in sales.
Enterprise Products Partners L. generated $5.90B in TTM net income, with quarterly EBITDA of $2.45B. The operating margin expanded from 11.4% to 13.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (13.2%) and net margin (10.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 9.0% a year ago, signaling stronger bottom-line efficiency.
EPD trades at a P/E of 14.3x (below the broader market average) and a P/S of 1.6x. The price-to-book ratio of 2.8x reflects a moderate premium to book value.
The company generated $486.00M in free cash flow over the trailing twelve months, a 61.2% decrease year-over-year, indicating cash generation ability. The balance sheet shows $80.56B in total assets with $31.20B in long-term debt against $30.35B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~13.6%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 19.6% suggests a durable competitive advantage and efficient capital allocation.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~14.4% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 0.5x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation