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About

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.

Fundamentals
Scroll to Statements
Sector Energy Industry Oil & Gas Midstream Market Cap 63.96B
Enterprise Value 151.03B Income 4.17B Sales 85.54B
Book/sh 9.02 Cash/sh 0.37 Dividend Yield 7.05%
Payout 108.68% Employees 22311 IPO —
P/E 15.49 Forward P/E 11.56 PEG —
P/S 0.75 P/B 2.06 P/C —
EV/EBITDA 10.07 EV/Sales 1.77 Quick Ratio 0.85
Current Ratio 1.22 Debt/Eq 142.29 LT Debt/Eq —
EPS (ttm) 1.20 EPS next Y 1.61 EPS Growth -15.20%
Revenue Growth 29.60% Earnings 2026-05-06 ROA 4.36%
ROE 11.93% ROIC — Gross Margin 19.18%
Oper. Margin 9.29% Profit Margin 5.18% Shs Outstand 3.44B
Shs Float 3.29B Short Float 1.02% Short Ratio 2.00
Short Interest — 52W High 19.51 52W Low 14.60
Beta 0.64 Avg Volume 15.32M Volume 9.70M
Target Price $21.71 Recom Buy Prev Close $18.80
Price $18.59 Change -1.12%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$21.71
Mean price target
2. Current target
$18.59
Latest analyst target
3. DCF / Fair value
$11.56
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$18.59
Low
$18.50
High
$24.00
Mean
$21.71

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-01-12 main Barclays Overweight → Overweight $22
2025-12-18 down Morgan Stanley Overweight → Equal-Weight $19
2025-12-02 main Morgan Stanley Overweight → Overweight $19
2025-11-24 main JP Morgan Overweight → Overweight $21
2025-11-13 main Scotiabank Sector Outperform → Sector Outperform $21
2025-10-15 main Barclays Overweight → Overweight $25
2025-10-15 reit UBS Buy → Buy $22
2025-09-02 init Scotiabank — → Sector Outperform $23
2025-08-26 main Morgan Stanley Overweight → Overweight $23
2025-08-12 main Wells Fargo Overweight → Overweight $23
2025-05-20 main Mizuho Outperform → Outperform $23
2025-05-19 main JP Morgan Overweight → Overweight $23
2025-05-07 main Wells Fargo Overweight → Overweight $21
2025-04-29 main Mizuho Outperform → Outperform $22
2025-03-25 reit RBC Capital Outperform → Outperform $23
2025-03-25 main Morgan Stanley Overweight → Overweight $26
2025-02-25 main Citigroup Buy → Buy $22
2025-02-12 main Stifel Buy → Buy $23
2025-01-13 main Barclays Overweight → Overweight $25
2024-12-20 main Barclays Overweight → Overweight $22
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 7423 — — Stock Award(Grant) at price 0.00 per share. MCREYNOLDS JOHN W Director — 2026-01-02 00:00:00 D
1 7423 — — Stock Award(Grant) at price 0.00 per share. GRIMM MICHAEL K Director — 2026-01-02 00:00:00 D
2 7423 — — Stock Award(Grant) at price 0.00 per share. RAMSEY MATTHEW S Director — 2026-01-02 00:00:00 D
3 7423 — — Stock Award(Grant) at price 0.00 per share. ANDERSON STEVEN R. Director — 2026-01-02 00:00:00 D
4 7423 — — Stock Award(Grant) at price 0.00 per share. PERRY JAMES RICHARD Director — 2026-01-02 00:00:00 D
5 704438 — — Stock Award(Grant) at price 0.00 per share. MCCREA MARSHALL S III Chief Executive Officer — 2025-12-05 00:00:00 D
6 704438 — — Stock Award(Grant) at price 0.00 per share. LONG THOMAS E Chief Executive Officer — 2025-12-05 00:00:00 D
7 56775 — — Stock Award(Grant) at price 0.00 per share. STURROCK TROY ADEN Officer — 2025-12-05 00:00:00 D
8 180375 — — Stock Award(Grant) at price 0.00 per share. WRIGHT JAMES M JR General Counsel — 2025-12-05 00:00:00 D
9 200438 — — Stock Award(Grant) at price 0.00 per share. BRAMHALL DYLAN Chief Financial Officer — 2025-12-05 00:00:00 D
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems40.20M-32.54M-3.12M53.56K
TaxRateForCalcs0.080.050.030.03
NormalizedEBITDA14.87B13.16B12.63B12.95B
TotalUnusualItems528.00M-601.00M-93.00M2.00M
TotalUnusualItemsExcludingGoodwill528.00M-601.00M-93.00M2.00M
NetIncomeFromContinuingOperationNetMinorityInterest4.81B3.94B4.76B5.47B
ReconciledDepreciation5.17B4.38B4.16B3.82B
ReconciledCostOfRevenue67.14B64.93B76.40B54.21B
EBITDA15.40B12.56B12.54B12.96B
EBIT10.23B8.18B8.38B9.14B
NetInterestIncome-3.12B-2.58B-2.31B-2.27B
InterestExpense3.12B2.58B2.31B2.27B
NormalizedIncome4.33B4.50B4.85B5.47B
NetIncomeFromContinuingAndDiscontinuedOperation4.81B3.94B4.76B5.47B
TotalExpenses73.48B70.28B81.75B58.60B
TotalOperatingIncomeAsReported9.14B8.29B7.74B8.79B
DilutedAverageShares3.42B3.18B3.10B2.74B
BasicAverageShares3.40B3.16B3.09B2.73B
DilutedEPS1.281.091.401.89
BasicEPS1.291.101.401.89
DilutedNIAvailtoComStockholders4.39B3.47B4.33B5.18B
AverageDilutionEarnings-1.00M-1.00M-2.00M-2.00M
NetIncomeCommonStockholders4.39B3.47B4.33B5.18B
OtherunderPreferredStockDividend416.00M463.00M422.00M285.00M
PreferredStockDividends4.00M3.00M4.00M6.00M
NetIncome4.81B3.94B4.76B5.47B
MinorityInterests-1.75B-1.36B-1.11B-1.22B
NetIncomeIncludingNoncontrollingInterests6.57B5.29B5.87B6.69B
NetIncomeContinuousOperations6.57B5.29B5.87B6.69B
TaxProvision541.00M303.00M204.00M184.00M
PretaxIncome7.11B5.60B6.07B6.87B
OtherIncomeExpense1.04B-132.00M254.00M325.00M
OtherNonOperatingIncomeExpenses134.00M86.00M90.00M77.00M
SpecialIncomeCharges522.00M-637.00M-386.00M-59.00M
GainOnSaleOfPPE586.00M0.000.00
OtherSpecialCharges12.00M625.00M38.00M
WriteOff386.00M0.00
ImpairmentOfCapitalAssets52.00M12.00M386.00M21.00M
EarningsFromEquityInterest379.00M383.00M257.00M246.00M
GainOnSaleOfSecurity6.00M36.00M293.00M61.00M
NetNonOperatingInterestIncomeExpense-3.12B-2.58B-2.31B-2.27B
InterestExpenseNonOperating3.12B2.58B2.31B2.27B
OperatingIncome9.19B8.31B8.12B8.81B
OperatingExpense6.34B5.35B5.36B4.39B
OtherOperatingExpenses5.16B4.37B4.34B3.57B
SellingGeneralAndAdministration1.18B985.00M1.02B818.00M
GrossProfit15.53B13.66B13.48B13.21B
CostOfRevenue67.14B64.93B76.40B54.21B
TotalRevenue82.67B78.59B89.88B67.42B
OperatingRevenue81.29B77.53B89.05B66.70B
Line Item2023-12-31
TreasurySharesNumber0.00
PreferredSharesNumber67.80M67.80M
OrdinarySharesNumber3.43B3.37B3.09B3.08B
ShareIssued3.43B3.37B3.09B3.08B
NetDebt59.45B52.23B48.01B49.37B
TotalDebt60.56B53.22B49.10B50.56B
TangibleBookValue25.24B26.42B25.04B22.91B
InvestedCapital94.88B89.07B81.29B81.00B
WorkingCapital1.55B1.16B1.71B-298.00M
NetTangibleAssets-9.87B-10.26B-7.98B-8.39B
CapitalLeaseObligations797.00M834.00M843.00M861.00M
CommonStockEquity35.12B36.68B33.02B31.30B
TotalCapitalization94.87B88.06B81.28B80.32B
TotalEquityGrossMinorityInterest46.43B44.72B41.15B40.13B
MinorityInterest11.32B8.04B8.13B8.83B
StockholdersEquity0.000.000.000.00
GainsLossesNotAffectingRetainedEarnings73.00M28.00M16.00M23.00M
TotalPartnershipCapital35.12B36.68B33.02B31.30B
GeneralPartnershipCapital-2.00M-2.00M-2.00M-4.00M
LimitedPartnershipCapital35.05B36.66B33.01B31.28B
TotalLiabilitiesNetMinorityInterest78.95B68.98B64.49B65.83B
TotalNonCurrentLiabilitiesNetMinorityInterest66.29B57.70B54.12B55.00B
OtherNonCurrentLiabilities1.62B1.61B1.34B1.32B
PreferredSecuritiesOutsideStockEquity783.00M
DerivativeProductLiabilities0.004.00M23.00M193.00M
NonCurrentDeferredLiabilities4.19B3.93B3.70B3.65B
NonCurrentDeferredTaxesLiabilities4.19B3.93B3.70B3.65B
LongTermDebtAndCapitalLeaseObligation60.48B52.16B49.06B49.84B
LongTermCapitalLeaseObligation730.00M778.00M798.00M814.00M
LongTermDebt59.75B51.38B48.26B49.02B
CurrentLiabilities12.66B11.28B10.37B10.84B
OtherCurrentLiabilities952.00M683.00M609.00M1.07B
CurrentDeferredLiabilities682.00M552.00M490.00M346.00M
CurrentDeferredRevenue682.00M552.00M490.00M346.00M
CurrentDebtAndCapitalLeaseObligation75.00M1.06B47.00M727.00M
CurrentCapitalLeaseObligation67.00M56.00M45.00M47.00M
CurrentDebt8.00M1.01B2.00M680.00M
OtherCurrentBorrowings8.00M1.01B2.00M680.00M
PayablesAndAccruedExpenses10.95B8.98B9.22B8.69B
CurrentAccruedExpenses1.79B1.49B1.51B1.32B
InterestPayable685.00M637.00M559.00M561.00M
Payables9.15B7.49B7.71B7.37B
OtherPayable90.00M163.00M224.00M155.00M
DuetoRelatedPartiesCurrent19.00M21.00M17.00M0.00
TotalTaxPayable737.00M646.00M519.00M384.00M
AccountsPayable8.31B6.66B6.95B6.83B
TotalAssets125.38B113.70B105.64B105.96B
TotalNonCurrentAssets111.18B101.27B93.56B95.43B
OtherNonCurrentAssets1.68B1.44B1.29B1.33B
DefinedPensionBenefit188.00M145.00M129.00M140.00M
NonCurrentDeferredAssets151.00M148.00M140.00M177.00M
InvestmentsAndAdvances3.27B3.10B2.89B2.95B
LongTermEquityInvestment3.27B3.10B2.89B2.95B
InvestmentsinAssociatesatCost2.95B
GoodwillAndOtherIntangibleAssets9.87B10.26B7.98B8.39B
OtherIntangibleAssets5.97B6.24B5.42B5.86B
Goodwill3.90B4.02B2.57B2.53B
NetPPE96.02B86.18B81.13B82.44B
AccumulatedDepreciation-34.03B-29.58B-25.68B-22.38B
GrossPPE130.05B115.76B106.81B104.83B
ConstructionInProgress4.63B2.31B2.40B5.67B
OtherProperties111.19B100.09B92.16B85.79B
MachineryFurnitureEquipment7.87B7.98B7.27B7.41B
BuildingsAndImprovements4.69B3.85B3.55B4.60B
LandAndImprovements1.68B1.53B1.43B1.37B
Properties0.000.00
CurrentAssets14.20B12.43B12.08B10.54B
OtherCurrentAssets327.00M308.00M392.00M222.00M
HedgingAssetsCurrent9.00M66.00M10.00M10.00M
PrepaidAssets150.00M205.00M334.00M215.00M
Inventory3.07B2.48B2.46B2.01B
FinishedGoods2.39B1.92B2.05B1.59B
RawMaterials681.00M562.00M413.00M427.00M
Receivables10.33B9.21B8.63B7.74B
DuefromRelatedPartiesCurrent87.00M101.00M93.00M54.00M
TaxesReceivable56.00M67.00M68.00M32.00M
AccountsReceivable10.19B9.05B8.47B7.65B
CashCashEquivalentsAndShortTermInvestments312.00M161.00M257.00M336.00M
CashAndCashEquivalents312.00M161.00M257.00M336.00M
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow7.34B6.42B5.67B8.34B
RepurchaseOfCapitalStock-3.47B0.000.00-31.00M
RepaymentOfDebt-29.41B-31.42B-29.68B-27.32B
IssuanceOfDebt34.15B32.13B28.84B21.27B
IssuanceOfCapitalStock0.000.00889.00M
CapitalExpenditure-4.16B-3.13B-3.38B-2.82B
InterestPaidSupplementalData2.88B2.30B2.17B2.19B
IncomeTaxPaidSupplementalData206.00M103.00M54.00M41.00M
EndCashPosition312.00M161.00M257.00M336.00M
BeginningCashPosition161.00M257.00M336.00M367.00M
ChangesInCash151.00M-96.00M-79.00M-31.00M
FinancingCashFlow-5.45B-5.33B-5.11B-8.42B
CashFlowFromContinuingFinancingActivities-5.45B-5.33B-5.11B-8.42B
NetOtherFinancingCharges-2.10B-1.79B-1.22B-1.33B
CashDividendsPaid-4.62B-4.25B-3.05B-1.90B
CommonStockDividendPaid-4.62B-4.25B-3.05B-1.90B
NetPreferredStockIssuance-3.47B0.000.00
PreferredStockPayments-3.47B0.000.00
NetCommonStockIssuance0.000.00858.00M
CommonStockPayments0.000.00-31.00M
CommonStockIssuance0.000.00889.00M
NetIssuancePaymentsOfDebt4.74B714.00M-843.00M-6.05B
NetLongTermDebtIssuance4.74B714.00M-843.00M-6.05B
LongTermDebtPayments-29.41B-31.42B-29.68B-27.32B
LongTermDebtIssuance34.15B32.13B28.84B21.27B
InvestingCashFlow-5.90B-4.33B-4.02B-2.77B
CashFlowFromContinuingInvestingActivities-5.90B-4.33B-4.02B-2.77B
NetOtherInvestingChanges1.10B81.00M136.00M89.00M
DividendsReceivedCFI75.00M63.00M62.00M167.00M
NetInvestmentPurchaseAndSale-84.00M0.000.00
PurchaseOfInvestment-84.00M0.000.00
NetBusinessPurchaseAndSale-2.83B-1.33B-839.00M-209.00M
SaleOfBusiness27.00M0.00302.00M0.00
PurchaseOfBusiness-2.85B-1.33B-1.14B-209.00M
CapitalExpenditureReported-4.16B-3.13B-3.38B-2.82B
OperatingCashFlow11.51B9.55B9.05B11.16B
CashFlowFromContinuingOperatingActivities11.51B9.55B9.05B11.16B
DividendReceivedCFO356.00M353.00M232.00M212.00M
ChangeInWorkingCapital-196.00M-451.00M-1.50B515.00M
ChangeInOtherWorkingCapital60.00M-43.00M-349.00M-88.00M
ChangeInOtherCurrentLiabilities-123.00M-33.00M66.00M117.00M
ChangeInOtherCurrentAssets-84.00M96.00M-180.00M-215.00M
ChangeInPayablesAndAccruedExpense1.45B-330.00M162.00M4.04B
ChangeInAccruedExpense166.00M209.00M131.00M238.00M
ChangeInPayable1.28B-539.00M31.00M3.80B
ChangeInAccountPayable1.28B-539.00M31.00M3.80B
ChangeInInventory-735.00M35.00M-361.00M-19.00M
ChangeInReceivables-760.00M-176.00M-840.00M-3.32B
ChangesInAccountReceivables-760.00M-176.00M-840.00M-3.32B
OtherNonCashItems149.00M82.00M-69.00M-87.00M
StockBasedCompensation151.00M130.00M115.00M111.00M
AssetImpairmentCharge52.00M12.00M386.00M21.00M
DeferredTax276.00M203.00M187.00M141.00M
DeferredIncomeTax276.00M203.00M187.00M141.00M
DepreciationAmortizationDepletion5.17B4.38B4.16B3.82B
OperatingGainsLosses-1.01B-453.00M-330.00M-255.00M
EarningsLossesFromEquityInvestments-379.00M-383.00M-257.00M-246.00M
GainLossOnInvestmentSecurities-59.00M-68.00M-73.00M-47.00M
GainLossOnSaleOfBusiness-586.00M0.000.00
NetIncomeFromContinuingOperations6.57B5.29B5.87B6.69B
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for ET
Date User Asset Broker Type Position Size Entry Price Patterns