Energy Transfer (ET) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Energy Transfer

NYSE•Energy•Oil & Gas Midstream

$21.55-0.18(-0.01%)Market closed

Market Cap

$72.63B

P/E

13.7x

P/S

0.7x

P/B

2.1x

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.

How this company scores

GoodMetricSide Score: 62/100

Strongest: Growth (21/25); weakest: Balance Sheet & Red Flags (11/25).

Profitability13/25

Growth21/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality17/25

Strengths

Growing revenueCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 13.7x5y range 4.3x – 15.3x

Currently near its 20-quarter median.

P/S · 0.7x5y range 0.4x – 0.8x

Currently near its 20-quarter median.

P/B · 2.1x5y range 0.8x – 2.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 12.8% — watch for continued compression, which may signal competitive or cost pressure.

Price & Volume

Market Cap $72.63B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $107.38B
Q. Revenue: $34.33B
TTM EBITDA: $16.87B
TTM Op. Income: $10.78B
Q. Op. Income: $3.57B
TTM Net Income: $5.29B
Q. Net Income: $2.09B
EPS: $0.59
Shares Out.: $3.44B

$107.38B in TTM revenue grew 33.3% YoY, reaching $34.33B last quarter. TTM EBITDA of $16.87B and TTM operating income of $10.78B show growth is flowing through to the bottom line. TTM net income of $5.29B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 21.5%
EBITDA Margin: 15.0%
Op. Margin: 10.4%
Net Margin: 6.1%

Op. margin of 10.4% is down 1.6% YoY — costs are rising relative to revenue. Net margin at 6.1% and gross margin of 21.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 13% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 13.7x
P/S Ratio: 0.7x
P/B Ratio: 2.1x

At 13.7x P/E, the stock trades below typical market levels. P/S of 0.7x and P/B of 2.1x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 5% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $148.17B
Cash: $1.02B
Long-Term Debt: $68.39B
Book Value: $35.33B
D/E Ratio: 1.9
Debt/EBITDA: 13.3

With $148.17B in assets and $68.39B in long-term debt, D/E is 1.9and book value is $35.33B — moderate leverage. Over the past year, debt/equity is up 11% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $4.27B
TTM Free Cash Flow: $5.22B
FCF Margin: 4.9%
FCF / Net Income: 1.0

TTM FCF of $5.22B on $4.27B in operating cash flow. The FCF / Net Income ratio of 1.0x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 8% — an improving trend.