Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$32.7B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$1.5B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book2.77x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
C
Free Cash Flow$486M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income66.3%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$3.1B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Enterprise Products Partners L.P. at $37.87.
The business passes only 2 of 5 of Graham's defensive criteria — well below his required standard.
At $37.87, the stock trades at a 136% premium to its Graham Number of $16.07. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Showing Key Metrics
Income Highlights
Metric
Q2 2026
Q4 2025
Gross Profit %
N/A•
14.5%
Operating Margin %
N/A•
14.1%
Net Income %
N/A•
11.9%
Diluted EPS
0.84▲
0.75
Balance Sheet Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Total Assets
$80.6B
$77.9B
N/A
Total Debt
$33.9B▼
$34.8B•
N/A
Working Capital
-$1.5B▼
$528M•
N/A
Years to Pay Debt
22.87
21.14
N/A
Cash Flow Highlights
Metric
Q1 2026
Q4 2025
Q4 2024
Free Cash Flow
$486M▼
$1.2B•
N/A
Owner Earnings
$3.1B
$3.5B
N/A
CapEx % of Net Income
66.3%
79.1%
N/A
Income Statement
2026
2025
Tax Rate For Calcs
0
Normalized EBITDA
2,636,000
Net Income From Continuing Operation Net Minority Interest
1,645,000
Reconciled Depreciation
603,000
Reconciled Cost Of Revenue
11,792,000
EBITDA
2,636,000
EBIT
2,033,000
Net Interest Income
-368,000
Interest Expense
377,000
Interest Income
9,000
Normalized Income
1,645,000
Net Income From Continuing And Discontinued Operation
1,645,000
Total Expenses
11,854,000
Total Operating Income As Reported
2,024,000
Diluted Average Shares
2,185,000
2,185,000
Basic Average Shares
2,163,518
2,161,761
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
1,687,000
Average Dilution Earnings
98,000
Net Income Common Stockholders
1,589,000
Otherunder Preferred Stock Dividend
Preferred Stock Dividends
1,000
Net Income
1,645,000
Minority Interests
-15,000
Net Income Including Noncontrolling Interests
1,660,000
Net Income Continuous Operations
1,660,000
Tax Provision
-4,000
Pretax Income
1,656,000
Other Income Expense
85,000
Other Non Operating Income Expenses
0
Earnings From Equity Interest
85,000
Net Non Operating Interest Income Expense
-368,000
Interest Expense Non Operating
377,000
Interest Income Non Operating
9,000
Operating Income
1,939,000
Operating Expense
62,000
Selling General And Administration
62,000
General And Administrative Expense
62,000
Other Gand A
62,000
Gross Profit
2,001,000
Cost Of Revenue
11,792,000
Total Revenue
13,793,000
Operating Revenue
13,793,000
Balance Sheet
2026
2025
2024
Ordinary Shares Number
2,163,518
2,161,761
Share Issued
2,163,518
2,161,761
Net Debt
33,723,000
33,426,000
Total Debt
33,914,000
34,772,000
Tangible Book Value
19,755,000
19,912,000
Invested Capital
63,484,000
64,178,000
Working Capital
-1,545,000
528,000
Net Tangible Assets
-9,815,000
-9,871,000
Capital Lease Obligations
377,000
366,000
Common Stock Equity
29,570,000
29,783,000
Total Capitalization
60,772,000
62,553,000
Total Equity Gross Minority Interest
30,391,000
30,614,000
Minority Interest
821,000
831,000
Gains Losses Not Affecting Retained Earnings
-15,000
336,000
Treasury Stock
1,297,000
1,297,000
Total Partnership Capital
29,570,000
29,783,000
Limited Partnership Capital
29,585,000
29,447,000
Total Liabilities Net Minority Interest
50,168,000
47,288,000
Total Non Current Liabilities Net Minority Interest
32,946,000
34,456,000
Other Non Current Liabilities
1,028,000
45,000
Preferred Securities Outside Stock Equity
44,000
50,000
Derivative Product Liabilities
16,000
24,000
Non Current Deferred Liabilities
716,000
963,000
Non Current Deferred Revenue
261,000
284,000
Non Current Deferred Taxes Liabilities
716,000
702,000
Long Term Debt And Capital Lease Obligation
31,202,000
33,147,000
Long Term Capital Lease Obligation
377,000
366,000
Long Term Debt
31,202,000
32,770,000
Long Term Provisions
285,000
259,000
Current Liabilities
17,222,000
12,832,000
Other Current Liabilities
1,634,000
1,220,000
Current Debt And Capital Lease Obligation
2,712,000
1,625,000
Current Debt
2,712,000
1,625,000
Other Current Borrowings
1,572,000
1,625,000
Commercial Paper
1,140,000
Payables And Accrued Expenses
12,876,000
9,987,000
Current Accrued Expenses
288,000
566,000
Interest Payable
288,000
566,000
Payables
12,588,000
9,421,000
Other Payable
11,183,000
8,183,000
Dueto Related Parties Current
108,000
217,000
Accounts Payable
1,297,000
1,021,000
Total Assets
80,559,000
77,902,000
Total Non Current Assets
64,882,000
64,542,000
Other Non Current Assets
1,163,000
1,127,000
Investments And Advances
2,176,000
2,185,000
Long Term Equity Investment
2,176,000
2,185,000
Goodwill And Other Intangible Assets
9,815,000
9,871,000
Other Intangible Assets
4,103,000
4,159,000
Goodwill
5,712,000
5,712,000
Net PPE
51,728,000
51,359,000
Accumulated Depreciation
-24,869,000
-24,338,000
Gross PPE
76,597,000
75,697,000
Construction In Progress
2,639,000
2,400,000
Other Properties
5,171,000
5,096,000
Machinery Furniture Equipment
68,343,000
67,762,000
Current Assets
15,677,000
13,360,000
Other Current Assets
713,000
1,302,000
Hedging Assets Current
991,000
434,000
Restricted Cash
203,000
276,000
Inventory
5,234,000
3,884,000
Finished Goods
711,000
665,000
Raw Materials
4,523,000
3,219,000
Receivables
8,345,000
6,495,000
Duefrom Related Parties Current
1,000
1,000
Accounts Receivable
8,344,000
6,494,000
Allowance For Doubtful Accounts Receivable
-35,000
-35,000
Gross Accounts Receivable
8,379,000
6,529,000
Cash Cash Equivalents And Short Term Investments
191,000
969,000
Cash And Cash Equivalents
191,000
969,000
Cash Flow
2026
2025
2024
Free Cash Flow
486,000
1,171,000
Repurchase Of Capital Stock
-116,000
-50,000
Repayment Of Debt
-22,974,000
-16,422,000
Issuance Of Debt
22,489,000
17,247,000
Capital Expenditure
-983,000
-1,301,000
Interest Paid Supplemental Data
659,000
End Cash Position
394,000
1,245,000
Beginning Cash Position
1,245,000
432,000
Changes In Cash
-851,000
813,000
Financing Cash Flow
-1,939,000
-424,000
Cash Flow From Continuing Financing Activities
-1,939,000
-424,000
Net Other Financing Charges
-149,000
-20,000
Cash Dividends Paid
-1,189,000
-1,179,000
Common Stock Dividend Paid
-1,189,000
-1,179,000
Net Common Stock Issuance
-116,000
-50,000
Common Stock Payments
-116,000
-50,000
Net Issuance Payments Of Debt
-485,000
825,000
Net Long Term Debt Issuance
-485,000
825,000
Long Term Debt Payments
-22,974,000
-16,422,000
Long Term Debt Issuance
22,489,000
17,247,000
Investing Cash Flow
-381,000
-1,235,000
Cash Flow From Continuing Investing Activities
-381,000
-1,235,000
Net Other Investing Changes
591,000
49,000
-5,000
Dividends Received Cfi
11,000
18,000
Net Business Purchase And Sale
-1,000
-949,000
Purchase Of Business
-1,000
-949,000
Capital Expenditure Reported
-983,000
-1,301,000
Operating Cash Flow
1,469,000
2,472,000
Cash Flow From Continuing Operating Activities
1,469,000
2,472,000
Dividend Received Cfo
75,000
84,000
Change In Working Capital
-861,000
45,000
Change In Other Current Liabilities
-915,000
-208,000
Change In Other Current Assets
-2,000
35,000
Change In Payables And Accrued Expense
2,813,000
-1,136,000
Change In Accrued Expense
-278,000
277,000
Change In Interest Payable
-278,000
277,000
Change In Payable
3,091,000
-1,413,000
Change In Account Payable
176,000
-117,000
Change In Prepaid Assets
360,000
108,000
Change In Inventory
-1,266,000
223,000
Change In Receivables
-1,851,000
1,023,000
Changes In Account Receivables
-1,851,000
1,023,000
Other Non Cash Items
101,000
115,000
Asset Impairment Charge
8,000
12,000
Deferred Tax
14,000
47,000
Deferred Income Tax
14,000
47,000
Depreciation Amortization Depletion
613,000
603,000
Depreciation And Amortization
613,000
603,000
Amortization Cash Flow
58,000
57,000
Amortization Of Intangibles
58,000
57,000
Depreciation
555,000
546,000
Operating Gains Losses
23,000
-94,000
Earnings Losses From Equity Investments
-76,000
-85,000
Gain Loss On Investment Securities
98,000
-8,000
Net Income From Continuing Operations
1,496,000
1,660,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.91x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$486M
vs Positive
Operating Cash Flow
$1.5B
Latest quarter · Buffett's cash reality check
ROIC
nan%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
2.7x
Net Assets: $30.4B
Asset Context — Oil & Gas Midstream
Asset-heavy businesses (energy, industrials, utilities, REITs) have physical assets with real replacement value — book value and Net Assets are more meaningful here than for technology or consumer brand companies. A low Market Cap / Net Assets ratio may indicate genuine undervaluation.
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
32.98%
High — management has strong skin in the game
Share Buybacks (Latest Year)
$300M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-2.5% YoY
Debt is declining — management is deleveraging
Leadership Team
James Teague
Co-CEO & Director of Enterprise Products Holdings LLC
Age 80
Pay: $6,887,598
Randall Fowler
Co-CEO & Director of Enterprise Products Holdings LLC
Age 68
Pay: $5,160,063
Richard Daniel Boss
Executive VP, Principal Accounting Officer & CFO of Enterprise Products Holdings LLC
Age 50
Pay: $1,608,804
Graham Bacon
Executive VP & COO of Enterprise Products Holdings LLC
Age 61
Pay: $2,073,866
John Burkhalter
Vice President of Investor Relations
Top Institutional Holders
Institution
% Owned
Shares
Alps Advisors Inc.
2.02%
43,655,056
Invesco Ltd.
1.23%
26,646,255
Morgan Stanley
0.99%
21,419,522
Blackstone Inc
0.98%
21,103,484
Goldman Sachs Group Inc
0.93%
20,090,417
Sarofim, Fayez & Co
0.75%
16,199,184
Tortoise Capital Advisors, LLC
0.69%
14,861,384
Energy Income Partners, LLC
0.64%
13,731,348
Risk Analysis
Beta (Market Risk)
0.48
Low volatility — more stable than the market
Short Interest
2.3% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
1.13x
Moderate leverage
52-Week Price Range
Low: $30.01Current: $37.87High: $40.17
Currently at 77% of 52-week range
Enterprise Products Partners L.P. (EPD) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $16.07. Margin of safety: 0%. Gross profit margin: N/A. Operating margin: N/A. Net margin: N/A. Market cap: $81.9B. Sector: Energy. Industry: Oil & Gas Midstream. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.