NYSE · Energy

Enterprise Products Partners L.P.

EPD · Oil & Gas Midstream

$38.82

▲ 0.79 (2.08%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Enterprise Products Partners L.P. at $38.82.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 13.6%

Operating Margin 13.1%

Net Income Margin 11.1%

Fin. Health C

Years to Pay Off Debt 6.0 yrs

Working Capital vs Long-Term Debt -$32.2B

Working Capital $528M

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.82x

Cash Flow C

Free Cash Flow $3.0B

CapEx % of Net Income 96.7%

Owner Earnings $13.8B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $83.9B

Enterprise Value $117.0B

P/E (TTM) 14.38

Dividend Yield 5.76%

Exchange NYSE

Key Margins

Gross Profit 13.6%

Operating Margin 13.1%

Net Margin 11.1%

Company Info

Sector Energy

Industry Oil & Gas Midstream

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Enterprise Products Partners L.P. at $38.82.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $38.82, the stock trades at a 35% premium to its Graham Number of $28.69. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Enterprise Products Partners L.P.

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	13.6% ▲	12.8%	13.5%	11.5%	N/A
Operating Margin %	13.1% ▲	12.3%	13.0%	11.1%	N/A
Net Income %	11.1% ▲	10.5%	11.1%	9.4%	N/A
Diluted EPS	2.66 ▼	2.69	2.52	2.50	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$77.9B	$77.2B	$71.0B	$68.1B	N/A
Total Debt	$34.8B ↑	$32.3B	$29.1B	$28.6B	N/A
Working Capital	$528M ▲	-$44M	-$883M	-$1.7B	N/A
Years to Pay Debt	5.98	5.47	5.26	5.22	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.0B ▼	$3.6B	$4.3B	$6.1B	N/A
Owner Earnings	$13.8B	$12.6B	$10.9B	$9.4B	N/A
CapEx % of Net Income	96.7%	77.0%	59.0%	35.8%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	9,630,000	9,587,000	9,042,000	8,915,000
Net Income From Continuing Operation Net Minority Interest	5,814,000	5,901,000	5,532,000	5,490,000
Reconciled Depreciation	2,323,000	2,194,000	2,072,000	1,974,000
Reconciled Cost Of Revenue	45,440,000	49,045,000	43,017,000	51,502,000
EBITDA	9,630,000	9,587,000	9,042,000	8,915,000
EBIT	7,307,000	7,393,000	6,970,000	6,941,000
Net Interest Income	-1,371,000	-1,305,000	-1,242,000	-1,233,000
Interest Expense	1,408,000	1,358,000	1,269,000	1,244,000
Interest Income	37,000	53,000	27,000	11,000
Normalized Income	5,814,000	5,901,000	5,532,000	5,490,000
Net Income From Continuing And Discontinued Operation	5,814,000	5,901,000	5,532,000	5,490,000
Total Expenses	45,691,000	49,289,000	43,248,000	51,743,000
Total Operating Income As Reported	7,266,000	7,338,000	6,929,000	6,907,000
Diluted Average Shares	2,188,000	2,192,000	2,194,000	2,199,000
Basic Average Shares	2,161,761	2,165,700	2,168,245	2,170,806
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	5,814,000	5,901,000	5,532,000	5,490,000
Average Dilution Earnings	59,000	60,000	53,000	49,000
Net Income Common Stockholders	5,755,000	5,841,000	5,479,000	5,441,000
Otherunder Preferred Stock Dividend	55,000	56,000	50,000	46,000
Preferred Stock Dividends	4,000	4,000	3,000	3,000
Net Income	5,814,000	5,901,000	5,532,000	5,490,000
Minority Interests	-62,000	-69,000	-125,000	-125,000
Net Income Including Noncontrolling Interests	5,876,000	5,970,000	5,657,000	5,615,000
Net Income Continuous Operations	5,876,000	5,970,000	5,657,000	5,615,000
Tax Provision	23,000	65,000	44,000	82,000
Pretax Income	5,899,000	6,035,000	5,701,000	5,697,000
Other Income Expense	365,000	410,000	476,000	487,000
Other Non Operating Income Expenses	4,000	2,000	14,000	23,000
Earnings From Equity Interest	361,000	408,000	462,000	464,000
Net Non Operating Interest Income Expense	-1,371,000	-1,305,000	-1,242,000	-1,233,000
Total Other Finance Cost					25,400
Interest Expense Non Operating	1,408,000	1,358,000	1,269,000	1,244,000
Interest Income Non Operating	37,000	53,000	27,000	11,000
Operating Income	6,905,000	6,930,000	6,467,000	6,443,000
Operating Expense	251,000	244,000	231,000	241,000
Selling General And Administration	251,000	244,000	231,000	241,000
General And Administrative Expense	251,000	244,000	231,000	241,000
Other Gand A	251,000	244,000	231,000	241,000
Gross Profit	7,156,000	7,174,000	6,698,000	6,684,000
Cost Of Revenue	45,440,000	49,045,000	43,017,000	51,502,000
Total Revenue	52,596,000	56,219,000	49,715,000	58,186,000
Operating Revenue	52,596,000	56,219,000	49,715,000	58,186,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number					54,807
Ordinary Shares Number	2,161,761	2,165,700	2,168,245	2,170,806
Share Issued	2,161,761	2,165,700	2,168,245	2,170,806
Net Debt					26,715,000
Total Debt	34,772,000	32,262,000	29,071,000	28,636,000
Tangible Book Value	19,868,000	19,015,000	18,295,000	17,050,000
Invested Capital	64,134,000	60,628,000	56,421,000	54,918,000
Working Capital	528,000	-44,000	-883,000	-1,667,000
Net Tangible Assets	-9,871,000	-9,717,000	-9,378,000	-9,573,000
Capital Lease Obligations	377,000	366,000	323,000	341,000
Common Stock Equity	29,739,000	28,732,000	27,673,000	26,623,000
Total Capitalization	62,509,000	59,478,000	55,121,000	53,174,000
Total Equity Gross Minority Interest	30,570,000	29,589,000	28,759,000	27,702,000
Minority Interest	831,000	857,000	1,086,000	1,079,000
Gains Losses Not Affecting Retained Earnings	336,000	236,000	307,000	365,000
Treasury Stock	1,297,000	1,297,000	1,297,000	1,297,000
Total Partnership Capital	29,739,000	28,732,000	27,673,000	26,623,000
Limited Partnership Capital	29,403,000	28,496,000	27,366,000	26,258,000
Total Liabilities Net Minority Interest	47,332,000	47,579,000	42,223,000	40,406,000
Total Non Current Liabilities Net Minority Interest	34,500,000	32,402,000	29,092,000	28,141,000
Other Non Current Liabilities	45,000	17,000	8,000	8,000
Preferred Securities Outside Stock Equity	44,000	50,000	49,000	49,000
Derivative Product Liabilities	16,000	24,000	106,000	58,000
Non Current Deferred Liabilities	963,000	940,000	937,000	920,000
Non Current Deferred Revenue	261,000	284,000	326,000	320,000
Non Current Deferred Taxes Liabilities	702,000	656,000	611,000	600,000
Long Term Debt And Capital Lease Obligation	33,147,000	31,112,000	27,771,000	26,892,000
Long Term Capital Lease Obligation	377,000	366,000	323,000	341,000
Long Term Debt	32,770,000	30,746,000	27,448,000	26,551,000
Long Term Provisions	285,000	259,000	221,000	214,000
Current Liabilities	12,832,000	15,177,000	13,131,000	12,265,000
Other Current Liabilities	1,220,000	1,289,000	1,071,000	1,132,000
Current Debt And Capital Lease Obligation	1,625,000	1,150,000	1,300,000	1,744,000
Current Debt	1,625,000	1,150,000	1,300,000	1,744,000
Other Current Borrowings	1,625,000	1,150,000	1,300,000	1,744,000
Payables And Accrued Expenses	9,987,000	12,738,000	10,760,000	9,389,000
Current Accrued Expenses	566,000	536,000	455,000	426,000
Interest Payable	566,000	536,000	455,000	426,000
Payables	9,421,000	12,202,000	10,305,000	8,963,000
Other Payable	8,183,000	10,777,000	8,911,000	7,988,000
Dueto Related Parties Current	217,000	198,000	199,000	232,000
Accounts Payable	1,021,000	1,227,000	1,195,000	743,000
Total Assets	77,902,000	77,168,000	70,982,000	68,108,000
Total Non Current Assets	64,542,000	62,035,000	58,734,000	57,510,000
Other Non Current Assets	1,127,000	997,000	1,222,000	1,184,000
Investments And Advances	2,185,000	2,259,000	2,330,000	2,352,000
Long Term Equity Investment	2,185,000	2,259,000	2,330,000	2,352,000
Investmentsin Associatesat Cost					2,428,400
Goodwill And Other Intangible Assets	9,871,000	9,717,000	9,378,000	9,573,000
Other Intangible Assets	4,159,000	4,005,000	3,770,000	3,965,000
Goodwill	5,712,000	5,712,000	5,608,000	5,608,000
Net PPE	51,359,000	49,062,000	45,804,000	44,401,000
Accumulated Depreciation	-24,338,000	-22,330,000	-20,462,000	-18,800,000
Gross PPE	75,697,000	71,392,000	66,266,000	63,201,000
Construction In Progress	2,400,000	4,138,000	2,245,000	2,867,000
Other Properties	5,096,000	4,893,000	4,450,000	4,408,000
Machinery Furniture Equipment	67,762,000	61,937,000	59,160,000	55,539,000
Land And Improvements	439,000	424,000	411,000	387,000
Current Assets	13,360,000	15,133,000	12,248,000	10,598,000
Other Current Assets	1,302,000	566,000	457,000	394,000
Hedging Assets Current	434,000	534,000	347,000	469,000
Restricted Cash	276,000	255,000	140,000	130,000
Prepaid Assets					399,400
Inventory	3,884,000	3,955,000	3,352,000	2,554,000
Finished Goods	665,000	652,000	536,000	430,000
Raw Materials	3,219,000	3,303,000	2,816,000	2,124,000
Receivables	6,495,000	9,240,000	7,772,000	6,975,000
Duefrom Related Parties Current	1,000	4,000	7,000	11,000
Accounts Receivable	6,494,000	9,236,000	7,765,000	6,964,000
Allowance For Doubtful Accounts Receivable					-53,000
Gross Accounts Receivable	6,529,000	9,274,000	7,800,000	7,018,000
Cash Cash Equivalents And Short Term Investments	969,000	583,000	180,000	76,000
Cash And Cash Equivalents	969,000	583,000	180,000	76,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,965,000	3,571,000	4,303,000	6,075,000
Repurchase Of Capital Stock	-300,000	-219,000	-188,000	-250,000
Repayment Of Debt	-85,771,000	-50,546,000	-89,447,000	-97,395,000
Issuance Of Debt	88,281,000	53,715,000	89,899,000	96,140,000
Capital Expenditure	-5,620,000	-4,544,000	-3,266,000	-1,964,000
Interest Paid Supplemental Data					1,230,700
Income Tax Paid Supplemental Data					18,100
End Cash Position	1,245,000	838,000	320,000	206,000
Beginning Cash Position	838,000	320,000	206,000	2,965,000
Changes In Cash	407,000	518,000	114,000	-2,759,000
Financing Cash Flow	-2,687,000	-2,164,000	-4,258,000	-5,844,000
Cash Flow From Continuing Financing Activities	-2,687,000	-2,164,000	-4,258,000	-5,844,000
Net Other Financing Charges	-219,000	-602,000	-221,000	-244,000
Cash Dividends Paid	-4,678,000	-4,512,000	-4,301,000	-4,095,000
Common Stock Dividend Paid	-4,678,000	-4,512,000	-4,301,000	-4,095,000
Net Common Stock Issuance	-300,000	-219,000	-188,000	-250,000
Common Stock Payments	-300,000	-219,000	-188,000	-250,000
Net Issuance Payments Of Debt	2,510,000	3,169,000	452,000	-1,255,000
Net Long Term Debt Issuance	2,510,000	3,169,000	452,000	-1,255,000
Long Term Debt Payments	-85,771,000	-50,546,000	-89,447,000	-97,395,000
Long Term Debt Issuance	88,281,000	53,715,000	89,899,000	96,140,000
Investing Cash Flow	-5,491,000	-5,433,000	-3,197,000	-4,954,000
Cash Flow From Continuing Investing Activities	-5,491,000	-5,433,000	-3,197,000	-4,954,000
Net Other Investing Changes	57,000	-17,000	29,000	117,000
Dividends Received Cfi	74,000	77,000	42,000	98,000
Net Business Purchase And Sale	-2,000	-949,000	-2,000	-3,205,000
Purchase Of Business	-2,000	-949,000	-2,000	-3,205,000
Capital Expenditure Reported	-5,620,000	-4,544,000	-3,266,000	-1,964,000
Operating Cash Flow	8,585,000	8,115,000	7,569,000	8,039,000
Cash Flow From Continuing Operating Activities	8,585,000	8,115,000	7,569,000	8,039,000
Dividend Received Cfo	364,000	406,000	446,000	446,000
Change In Working Capital	-124,000	-506,000	-555,000	-54,000
Change In Other Current Liabilities	-334,000	-108,000	431,000	161,000
Change In Other Current Assets	58,000	38,000	31,000	-42,000
Change In Payables And Accrued Expense	-2,748,000	1,765,000	1,154,000	-325,000
Change In Accrued Expense	29,000	81,000	29,000	-26,000
Change In Interest Payable	29,000	81,000	29,000	-26,000
Change In Payable	-2,777,000	1,684,000	1,125,000	-299,000
Change In Account Payable	-128,000	-183,000	276,000	-109,000
Change In Prepaid Assets	27,000	-152,000	-651,000	-97,000
Change In Inventory	122,000	-598,000	-714,000	131,000
Change In Receivables	2,751,000	-1,451,000	-806,000	118,000
Changes In Account Receivables	2,751,000	-1,451,000	-806,000	118,000
Other Non Cash Items	409,000	375,000	344,000	330,000
Asset Impairment Charge	50,000	57,000	32,000	53,000
Deferred Tax	46,000	45,000	12,000	60,000
Deferred Income Tax	46,000	45,000	12,000	60,000
Depreciation Amortization Depletion	2,323,000	2,194,000	2,072,000	1,974,000
Depreciation And Amortization	2,323,000	2,194,000	2,072,000	1,974,000
Amortization Cash Flow	216,000	207,000	201,000	177,000
Amortization Of Intangibles	216,000	207,000	201,000	177,000
Depreciation	2,107,000	1,987,000	1,871,000	1,797,000
Operating Gains Losses	-359,000	-426,000	-439,000	-385,000
Earnings Losses From Equity Investments	-361,000	-408,000	-462,000	-464,000
Gain Loss On Investment Securities	16,000	-20,000	33,000	78,000
Net Income From Continuing Operations	5,876,000	5,970,000	5,657,000	5,615,000

These metrics estimate what Enterprise Products Partners L.P. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$28.69

Margin of Safety

Market Cap ÷ Company Value

2.04

P/B Ratio

2.82

Warren's Owner Earnings

$13.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$52.6B

vs > $1.5B revenue

❌ Strong Financial Condition

1.04x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

5.76%

vs Uninterrupted dividends

❌ Earnings Growth

+6.4% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

14.4x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.82x P/B (P/E×P/B: 40.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-15.71

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$35.49

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	96.7%	77.0%	59.0%	35.8%	N/A
Repurchase of Capital Stock	-$300M	-$219M	-$188M	-$250M	N/A
Free Cash Flow	$3.0B ▼	$3.6B ▼	$4.3B ▼	$6.1B •	N/A •
Warren's Owner Earnings	$13.8B	$12.6B	$10.9B	$9.4B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas Midstream. You can manually compare EPD against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

33.01%

High — management has strong skin in the game

Return on Equity (ROE)

19.6%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

7.5%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$300M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+7.8% YoY

Debt is roughly stable

Leadership Team

James Teague

Co-CEO & Director of Enterprise Products Holdings LLC

Age 80

Pay: $6,887,598

0.118% of net income

Randall Fowler

Co-CEO & Director of Enterprise Products Holdings LLC

Age 68

Pay: $5,160,063

0.089% of net income

Richard Daniel Boss

Executive VP, Principal Accounting Officer & CFO of Enterprise Products Holdings LLC

Age 50

Pay: $1,608,804

0.028% of net income

Graham Bacon

Executive VP & COO of Enterprise Products Holdings LLC

Age 61

Pay: $2,073,866

0.036% of net income

John Burkhalter

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Alps Advisors Inc.	1.97%	42,639,131
Invesco Ltd.	1.23%	26,596,537
Blackstone Inc	0.89%	19,255,355
Morgan Stanley	0.88%	19,116,333
Goldman Sachs Group Inc	0.84%	18,163,343
Sarofim, Fayez & Co	0.78%	16,768,791
American Century Companies Inc	0.69%	14,855,077
Energy Income Partners, LLC	0.69%	14,890,183

Risk Analysis

Beta (Market Risk)

0.49

Low volatility — more stable than the market

Short Interest

2.3% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.14x

Moderate leverage

52-Week Price Range

Low: $29.68 Current: $38.82 High: $39.74

Currently at 91% of 52-week range

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