Energy · Oil & Gas Midstream
Price
$19.25
Market Cap
$66.2B
Employees
16,248
Beta
0.55
Avg Volume
13,054,206
CEO
Marshall S. McCrea
Energy Transfer LP functions as a comprehensive provider of energy infrastructure and associated services. The company operates extensive natural gas networks, including approximately 11,600 miles of intrastate transportation pipelines and an additional 19,830 miles dedicated to interstate transport. Its natural gas storage capabilities encompass three facilities in Texas and another two spanning Texas and Oklahoma. Energy Transfer supplies natural gas to a diverse range of customers, such as electric utilities, independent power producers, local distribution companies, other marketing firms, and various industrial end-users. Beyond transportation, the firm manages substantial infrastructure for gathering, processing, treating, and conditioning natural gas and natural gas liquids (NGLs) across a broad geographic area that includes Texas, New Mexico, West Virginia, Pennsylvania, Ohio, Oklahoma, Arkansas, Kansas, and Louisiana. This infrastructure also covers natural gas gathering systems in Ohio, and integrated natural gas gathering, oil pipeline, and oil stabilization facilities situated in South Texas. Additionally, the company provides water transport and supply services to natural gas producers in Pennsylvania. In the NGL sector, Energy Transfer possesses approximately 5,215 miles of NGL pipelines, along with facilities for NGL and propane fractionation. Its NGL storage solutions include facilities with a working capacity of around 50 million barrels (MMBbls), supplemented by additional storage assets and terminals totaling about 17 MMBbls. The company is actively involved in the transportation, terminalling, acquisition, and marketing of crude oil, as well as the distribution of refined petroleum products like gasoline, middle distillates, and motor fuels. Complementing these primary operations, Energy Transfer offers specialized services such as natural gas compression, removal of carbon dioxide and hydrogen sulfide, natural gas cooling, dehydration, and British thermal unit (BTU) management. Furthermore, its operations extend to managing coal and other natural resource properties, selling standing timber, leasing coal-related infrastructure, collecting oil and gas royalties, and generating electrical power. Established in 1996 and headquartered in Dallas, Texas, the company officially adopted its current name, Energy Transfer LP, in October 2018, having previously been known as Energy Transfer Equity, L.P.
Runs with full report
Price Overview
Last updated: Jul 7, 2026 5:38am (just now)
Current data · timestamped when a report runs
$19.25
Change · Jul 7
-0.08 (-0.41%)
Day Range
$19.25 – $19.54
52-Week Range
$16.18 – $20.70
50-Day MA
$19.47
200-Day MA
$18.06
Volume
6,592,322.00
Analyst Price Targets
Low
$23.00
Consensus
$23.00
High
$23.00
(20 analysts)
Share Structure
Outstanding
3,441,159,277.00
Float
3,090,367,500.00
Free Float
89.8%
High free float
— 89.8% of shares trade freely, ~10.2% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
13.71
Stock Price: $19.25
EPS (Diluted): 1.36
EPS (Diluted): 1.36
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.75
Stock Price: $19.25
Total Equity: $34.37B
Shares: 3,650,000,000
Total Equity: $34.37B
Shares: 3,650,000,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
9.29
Market Cap: $66.24B
Total Debt: $70.01B
Cash: $1.27B
EBITDA: $14.93B
Total Debt: $70.01B
Cash: $1.27B
EBITDA: $14.93B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$130.5B
Market Cap: $66.24B
Total Debt: $70.01B
Cash: $1.27B
Total Debt: $70.01B
Cash: $1.27B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
21.8%
Gross Profit: $18.01B
Revenue: $82.63B
Revenue: $82.63B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
11.4%
Operating Income: $9.44B
Revenue: $82.63B
Revenue: $82.63B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
5.9%
Net Income: $4.90B
Revenue: $82.63B
Revenue: $82.63B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
14.0%
Net Income: $4.90B
Total Equity: $34.37B
Total Equity: $34.37B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
7.4%
Operating Income: $9.44B
Tax Rate: 3.5%
Equity: $34.37B
Total Debt: $70.01B
Cash: $1.27B
Tax Rate: 3.5%
Equity: $34.37B
Total Debt: $70.01B
Cash: $1.27B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.22
Current Assets: $18.23B
Current Liabilities: $14.96B
Current Liabilities: $14.96B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
2.04
Short-Term Debt: $270.00M
Long-Term Debt: $69.74B
Total Debt: $70.01B
Total Equity: $34.37B
Long-Term Debt: $69.74B
Total Debt: $70.01B
Total Equity: $34.37B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$22.64
Revenue: $82.63B
Shares: 3,650,000,000
Shares: 3,650,000,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$9.42
Total Equity: $34.37B
Shares: 3,650,000,000
Shares: 3,650,000,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$1.05
Operating CF: $10.15B
CapEx: -$6.30B
Shares: 3,650,000,000
CapEx: -$6.30B
Shares: 3,650,000,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
7.9%
Last Dividend: N/A
Stock Price: $19.25
Stock Price: $19.25
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $4.90B
Net Income: $4.90B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ET against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 7, 2026 5:38am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $67.4B | $89.9B | $78.6B | $82.7B | $82.6B |
| Cost of Revenue | $54.0B | $76.6B | $64.8B | $67.0B | $64.6B |
| Gross Profit | $13.4B | $13.3B | $13.8B | $15.7B | $18.0B |
| Operating Expenses | $4.7B | $5.6B | $5.5B | $6.6B | $8.6B |
| Operating Income | $8.8B | $7.7B | $8.3B | $9.1B | $9.4B |
| Net Income | $5.5B | $4.8B | $3.9B | $4.8B | $4.9B |
| EBITDA | $12.6B | $12.3B | $12.6B | $15.4B | $14.9B |
| EPS | $1.89 | $1.40 | $1.10 | $1.29 | $1.36 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 7, 2026 5:38am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $336.0M | $257.0M | $161.0M | $312.0M | $1.3B |
| Total Current Assets | $10.5B | $12.1B | $12.4B | $14.2B | $18.2B |
| Total Assets | $106.0B | $105.6B | $113.7B | $125.4B | $141.7B |
| Current Liabilities | $10.8B | $10.4B | $11.3B | $12.7B | $15.0B |
| Long-Term Debt | $49.0B | $48.3B | $51.4B | $59.7B | $69.7B |
| Total Liabilities | $65.8B | $64.5B | $69.0B | $78.9B | $92.5B |
| Total Equity | $31.3B | $33.0B | $36.7B | $35.1B | $34.4B |
| Retained Earnings | $0 | $0 | $0 | $0 | $0 |
Cash Flow (Annual)
Last updated: Jul 7, 2026 5:38am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $11.2B | $9.1B | $9.6B | $11.5B | $10.1B |
| Capital Expenditure | -$2.8B | -$3.4B | -$3.1B | -$4.2B | -$6.3B |
| Free Cash Flow | $8.3B | $5.7B | $6.4B | $7.3B | $3.8B |
| Acquisitions (net) | -$209.0M | -$839.0M | -$1.3B | -$2.8B | -$2.3B |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$31.0M | $0 | $0 | -$3.5B | $0 |
| Net Change in Cash | -$31.0M | -$79.0M | -$96.0M | $151.0M | $960.0M |
Analyst Estimates (Annual)
Last updated: Jul 7, 2026 5:38am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$113.1B $107.4B – $118.8B
|
$115.0B $113.6B – $116.5B
|
$115.6B $100.6B – $126.3B
|
$120.8B $105.1B – $131.9B
|
| EBITDA |
$22.4B $21.3B – $23.5B
|
$22.8B $22.5B – $23.1B
|
$22.9B $19.9B – $25.0B
|
$23.9B $20.8B – $26.1B
|
| Net Income |
$5.7B $5.1B – $7.1B
|
$6.1B $4.1B – $7.8B
|
$7.0B $5.8B – $7.9B
|
$7.6B $6.3B – $8.5B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 7, 2026 5:38am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +33.3% | -12.6% | +5.2% | -0.1% |
| Gross Profit Growth | -1.1% | +3.7% | +13.7% | +14.8% |
| Operating Income Growth | -12.0% | +7.2% | +10.2% | +3.3% |
| Net Income Growth | -13.1% | -17.3% | +22.3% | +1.8% |
| EBITDA Growth | -2.7% | +2.2% | +22.6% | -3.0% |
Dividend History (Last 20)
Last updated: Jul 7, 2026 5:38am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-08 | $0.34 | 2026-04-27 | 2026-05-08 | 2026-05-20 |
| 2026-02-06 | $0.34 | 2026-01-27 | 2026-02-06 | 2026-02-19 |
| 2025-11-07 | $0.33 | 2025-10-28 | 2025-11-07 | 2025-11-19 |
| 2025-08-08 | $0.33 | 2025-07-24 | 2025-08-08 | 2025-08-19 |
| 2025-05-09 | $0.33 | 2025-04-23 | 2025-05-09 | 2025-05-20 |
| 2025-02-07 | $0.33 | 2025-01-27 | 2025-02-07 | 2025-02-19 |
| 2024-11-08 | $0.32 | 2024-10-28 | 2024-11-08 | 2024-11-19 |
| 2024-08-09 | $0.32 | 2024-07-25 | 2024-08-09 | 2024-08-19 |
| 2024-05-10 | $0.32 | 2024-04-24 | 2024-05-13 | 2024-05-20 |
| 2024-02-06 | $0.32 | 2024-01-25 | 2024-02-07 | 2024-02-20 |
| 2023-10-27 | $0.31 | 2023-10-20 | 2023-10-30 | 2023-11-20 |
| 2023-08-11 | $0.31 | 2023-07-25 | 2023-08-14 | 2023-08-21 |
| 2023-05-05 | $0.31 | 2023-04-26 | 2023-05-08 | 2023-05-22 |
| 2023-02-06 | $0.31 | 2023-01-25 | 2023-02-07 | 2023-02-21 |
| 2022-11-03 | $0.27 | 2022-10-25 | 2022-11-04 | 2022-11-21 |
| 2022-08-05 | $0.23 | 2022-07-26 | 2022-08-08 | 2022-08-19 |
| 2022-05-06 | $0.20 | 2022-04-26 | 2022-05-09 | 2022-05-19 |
| 2022-02-07 | $0.18 | 2022-01-25 | 2022-02-08 | 2022-02-18 |
| 2021-11-04 | $0.15 | 2021-10-26 | 2021-11-05 | 2021-11-19 |
| 2021-08-05 | $0.15 | 2021-07-22 | 2021-08-06 | 2021-08-19 |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-08 | WARREN KELCY L | A-Award | 1,109,279.00 | $19.83 | $22.0M |
| 2026-01-02 | Ramsey Matthew S. | A-Award | 7,423.00 | $0.00 | $0 |
| 2026-01-02 | Grimm Michael K | A-Award | 7,423.00 | $0.00 | $0 |
| 2025-12-29 | Grimm Michael K | G-Gift | 10.00 | $0.00 | $0 |
| 2026-01-02 | Perry James Richard | A-Award | 7,423.00 | $0.00 | $0 |
| 2025-12-29 | Perry James Richard | G-Gift | 10.00 | $0.00 | $0 |
| 2026-01-02 | MCREYNOLDS JOHN W | A-Award | 7,423.00 | $0.00 | $0 |
| 2026-01-02 | Anderson Steven R. | A-Award | 7,423.00 | $0.00 | $0 |
| 2025-12-29 | Anderson Steven R. | G-Gift | 10.00 | $0.00 | $0 |
| 2025-12-05 | McIlwain Gregory G. | F-InKind | 46,255.00 | $16.60 | $767,833 |
| 2025-12-05 | Long Thomas E | A-Award | 704,438.00 | $0.00 | $0 |
| 2025-12-05 | Long Thomas E | F-InKind | 330,637.00 | $16.60 | $5.5M |
| 2025-12-05 | Long Thomas E | A-Award | 234,812.00 | $0.00 | $0 |
| 2025-12-05 | Sturrock Troy | A-Award | 56,775.00 | $0.00 | $0 |
| 2025-12-05 | Sturrock Troy | F-InKind | 22,745.00 | $16.60 | $377,567 |
| 2025-12-05 | Sturrock Troy | A-Award | 18,925.00 | $0.00 | $0 |
| 2025-12-05 | Bramhall Dylan | A-Award | 200,438.00 | $0.00 | $0 |
| 2025-12-05 | Bramhall Dylan | F-InKind | 47,251.00 | $16.60 | $784,367 |
| 2025-12-05 | Bramhall Dylan | A-Award | 66,812.00 | $0.00 | $0 |
| 2025-12-05 | Wright James M. | A-Award | 180,375.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ET — it's generated by the pipeline (
market-narrative step).
No community reviews yet for ET.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
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Data via Financial Modeling Prep · Cached for performance · fmp
v20260706-213327 · 1f28e06c · 2026-07-06 21:33:45