Energy Transfer LPET
NYSE•Energy•Oil & Gas Midstream
Energy Transfer LP, together with its subsidiaries, provides energy-related services in the United States. It operates through Intrastate Transportation and Storage; Interstate Transportation and Storage; Midstream; Natural Gas Liquid (NGL) and Refined Products Transportation and Services; Crude Oil Transportation and Services; Investment in Sunoco LP; Investment in USA Compression Partners, LP (USAC); and All Other segments. The company owns and operates natural gas transportation pipelines and storage facilities; and approximately 12,200 miles of intrastate natural gas transportation pipelines and 20,090 miles of interstate natural gas pipelines. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users. In addition, the company owns and operates natural gas gathering pipelines, processing plants, and treating and conditioning facilities; and natural gas gathering, compression, treating, dehydration and processing, oil pipeline facilities. Further, it owns 5,700 miles of NGL pipelines; NGL fractionation and storage facilities; and other NGL storage assets and terminals. Additionally, the company provides crude oil transportation, terminalling, trucking, acquisition, and marketing activities; owns and operates approximately 18,000 miles of crude oil trunk and gathering pipelines; and sells and distributes motor fuels and other petroleum products under the Sunoco and EcoMaxx brands. It also offers natural gas compression; wholesale power trading; and carbon dioxide and hydrogen sulfide removal services, as well as management of coal and natural resources properties; sells standing timber; leases coal-related infrastructure facilities; and collects oil and gas royalties. The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. Energy Transfer LP was founded in 1996 and is headquartered in Dallas, Texas.
Energy Transfer LP (ET) reported trailing twelve months revenue of $92.29B as of March 2026, a 12.5% increase year-over-year. Quarterly revenue reached $27.77B, reflecting continued top-line momentum.
Energy Transfer LP generated $4.36B in TTM net income, with quarterly EBITDA of $4.57B. The operating margin contracted from 11.9% to 10.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (10.7%) and net margin (4.5%) indicates moderate non-operating costs. Net margin has narrowed from 6.3% a year ago, reflecting increased costs or interest expense.
ET trades at a P/E of 15.3x (in line with broad market averages) and a P/S of 0.7x. The price-to-book ratio of 1.9x reflects a moderate premium to book value.
The company generated $1.46B in free cash flow over the trailing twelve months, a 13.6% decrease year-over-year, indicating cash generation ability. The balance sheet shows $147.48B in total assets with $69.32B in long-term debt against $34.46B in stockholders equity for a debt-to-equity ratio of 2.0, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~10.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~13.4% on average, adequate but below the threshold typically associated with wide moats.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has grown modestly overall (~10.4%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 7.5% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
D/E ratio of 2.0 is elevated and rising. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
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