NYSE · Energy

Energy Transfer LP

ET · Oil & Gas Midstream

$20.16

▲ 0.23 (1.13%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Energy Transfer LP at $20.16.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability D

Gross Profit Margin 19.1%

Operating Margin 10.9%

Net Income Margin 5.2%

Fin. Health D

Years to Pay Off Debt 15.8 yrs

Working Capital vs Long-Term Debt -$65.0B

Working Capital $3.3B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.02x

Cash Flow C

Free Cash Flow $3.8B

CapEx % of Net Income 142.2%

Owner Earnings $16.4B

3/7

Graham Score

Speculative

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 $69.4B

Enterprise Value $155.7B

P/E (TTM) 16.67

Dividend Yield 6.64%

Exchange NYSE

Key Margins

Gross Profit 19.1%

Operating Margin 10.9%

Net Margin 5.2%

Company Info

Sector Energy

Industry Oil & Gas Midstream

Employees 22311

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Energy Transfer LP at $20.16.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $20.16, the stock trades at a 22% premium to its Graham Number of $16.49. 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.

About Energy Transfer LP

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	19.1% ▲	18.8%	17.4%	15.0%	N/A
Operating Margin %	10.9% ▼	11.1%	10.6%	9.0%	N/A
Net Income %	5.2% ▼	5.8%	5.0%	5.3%	N/A
Diluted EPS	1.21 ▼	1.28	1.09	1.40	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$141.3B	$125.4B	$113.7B	$105.6B	N/A
Total Debt	$70.1B ↑	$60.6B	$53.2B	$49.1B	N/A
Working Capital	$3.3B ▲	$1.5B	$1.2B	$1.7B	N/A
Years to Pay Debt	15.81	12.58	13.53	10.32	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.8B ▼	$7.3B	$6.4B	$5.7B	N/A
Owner Earnings	$16.4B	$14.1B	$11.5B	$12.3B	N/A
CapEx % of Net Income	142.2%	86.5%	79.6%	71.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-18,470	39,724	-34,462	-3,125
Tax Rate For Calcs		0	0
Normalized EBITDA	15,533,000	14,874,000	13,197,000	12,635,000
Total Unusual Items	-319,000	522,000	-637,000	-93,000
Total Unusual Items Excluding Goodwill	-319,000	522,000	-637,000	-93,000
Net Income From Continuing Operation Net Minority Interest	4,433,000	4,814,000	3,935,000	4,756,000
Reconciled Depreciation	5,682,000	5,165,000	4,385,000	4,164,000
Reconciled Cost Of Revenue	69,177,000	67,140,000	64,926,000	76,396,000
EBITDA	15,214,000	15,396,000	12,560,000	12,542,000
EBIT	9,532,000	10,231,000	8,175,000	8,378,000
Net Interest Income	-3,474,000	-3,125,000	-2,578,000	-2,306,000
Interest Expense	3,474,000	3,125,000	2,578,000	2,306,000
Normalized Income	4,733,530	4,331,724	4,537,538	4,845,875
Net Income From Continuing And Discontinued Operation	4,433,000	4,814,000	3,935,000	4,756,000
Total Expenses	76,224,000	73,481,000	70,279,000	81,752,000
Total Operating Income As Reported	9,027,000	9,138,000	8,295,000	7,738,000
Diluted Average Shares	3,449,500	3,420,600	3,177,200	3,097,000
Basic Average Shares	3,432,900	3,395,100	3,161,700	3,086,800
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,172,000	4,393,000	3,468,000	4,328,000
Average Dilution Earnings	-1,000	-1,000	-1,000	-2,000
Net Income Common Stockholders	4,173,000	4,394,000	3,469,000	4,330,000
Otherunder Preferred Stock Dividend	256,000	416,000	463,000	422,000
Preferred Stock Dividends	4,000	4,000	3,000	4,000
Net Income	4,433,000	4,814,000	3,935,000	4,756,000
Minority Interests	-1,275,000	-1,751,000	-1,359,000	-1,112,000
Net Income Including Noncontrolling Interests	5,708,000	6,565,000	5,294,000	5,868,000
Net Income Continuous Operations	5,708,000	6,565,000	5,294,000	5,868,000
Tax Provision	350,000	541,000	303,000	204,000
Pretax Income	6,058,000	7,106,000	5,597,000	6,072,000
Other Income Expense	220,000	1,041,000	-132,000	254,000
Other Non Operating Income Expenses	120,000	140,000	122,000	90,000
Special Income Charges	-319,000	522,000	-637,000	-386,000
Gain On Sale Of Ppe	0	586,000	0	0
Other Special Charges	34,000	12,000	625,000		38,000
Write Off				386,000	0
Impairment Of Capital Assets	285,000	52,000	12,000	386,000
Earnings From Equity Interest	419,000	379,000	383,000	257,000
Gain On Sale Of Security		6,000	36,000	293,000	61,000
Net Non Operating Interest Income Expense	-3,474,000	-3,125,000	-2,578,000	-2,306,000
Interest Expense Non Operating	3,474,000	3,125,000	2,578,000	2,306,000
Operating Income	9,312,000	9,190,000	8,307,000	8,124,000
Operating Expense	7,047,000	6,341,000	5,353,000	5,356,000
Other Operating Expenses	5,867,000	5,164,000	4,368,000	4,338,000
Selling General And Administration	1,180,000	1,177,000	985,000	1,018,000
Gross Profit	16,359,000	15,531,000	13,660,000	13,480,000
Cost Of Revenue	69,177,000	67,140,000	64,926,000	76,396,000
Total Revenue	85,536,000	82,671,000	78,586,000	89,876,000
Operating Revenue	83,814,000	81,288,000	77,525,000	89,049,000

Balance Sheet

	2025	2024	2023	2022	2021
Preferred Shares Number				67,800	67,800
Ordinary Shares Number	3,439,987	3,431,088	3,367,526	3,094,445
Share Issued	3,439,987	3,431,088	3,367,526	3,094,445
Net Debt	67,061,000	59,448,000	52,227,000	48,005,000
Total Debt	70,093,000	60,557,000	53,222,000	49,105,000
Tangible Book Value	21,476,000	25,244,000	26,424,000	25,044,000
Invested Capital	102,699,000	94,878,000	89,070,000	81,287,000
Working Capital	3,278,000	1,546,000	1,156,000	1,713,000
Net Tangible Assets	-12,890,000	-9,874,000	-10,258,000	-7,981,000
Capital Lease Obligations	1,760,000	797,000	834,000	843,000
Common Stock Equity	34,366,000	35,118,000	36,682,000	33,025,000
Total Capitalization	102,674,000	94,870,000	88,062,000	81,285,000
Total Equity Gross Minority Interest	49,260,000	46,434,000	44,717,000	41,152,000
Minority Interest	14,894,000	11,316,000	8,035,000	8,127,000
Gains Losses Not Affecting Retained Earnings	82,000	73,000	28,000	16,000
Total Partnership Capital	34,366,000	35,118,000	36,682,000	33,025,000
General Partnership Capital	-2,000	-2,000	-2,000	-2,000
Limited Partnership Capital	34,286,000	35,047,000	36,656,000	33,011,000
Total Liabilities Net Minority Interest	92,026,000	78,946,000	68,981,000	64,491,000
Total Non Current Liabilities Net Minority Interest	77,071,000	66,290,000	57,704,000	54,123,000
Other Non Current Liabilities	1,941,000	1,618,000	1,611,000	1,341,000
Preferred Securities Outside Stock Equity					783,000
Derivative Product Liabilities		0	4,000	23,000	193,000
Non Current Deferred Liabilities	5,307,000	4,190,000	3,931,000	3,701,000
Non Current Deferred Taxes Liabilities	5,307,000	4,190,000	3,931,000	3,701,000
Long Term Debt And Capital Lease Obligation	69,823,000	60,482,000	52,158,000	49,058,000
Long Term Capital Lease Obligation	1,515,000	730,000	778,000	798,000
Long Term Debt	68,308,000	59,752,000	51,380,000	48,260,000
Current Liabilities	14,955,000	12,656,000	11,277,000	10,368,000
Other Current Liabilities	1,052,000	952,000	683,000	609,000
Current Deferred Liabilities	709,000	682,000	552,000	490,000
Current Deferred Revenue	709,000	682,000	552,000	490,000
Current Debt And Capital Lease Obligation	270,000	75,000	1,064,000	47,000
Current Capital Lease Obligation	245,000	67,000	56,000	45,000
Current Debt	25,000	8,000	1,008,000	2,000
Other Current Borrowings	25,000	8,000	1,008,000	2,000
Payables And Accrued Expenses	12,924,000	10,947,000	8,978,000	9,222,000
Current Accrued Expenses	2,484,000	1,795,000	1,485,000	1,510,000
Interest Payable	878,000	685,000	637,000	559,000
Payables	10,440,000	9,152,000	7,493,000	7,712,000
Other Payable	86,000	90,000	163,000	224,000
Dueto Related Parties Current	41,000	19,000	21,000	17,000
Total Tax Payable	844,000	737,000	646,000	519,000
Accounts Payable	9,469,000	8,306,000	6,663,000	6,952,000
Total Assets	141,286,000	125,380,000	113,698,000	105,643,000
Total Non Current Assets	123,053,000	111,178,000	101,265,000	93,562,000
Other Non Current Assets	2,236,000	1,678,000	1,440,000	1,289,000
Defined Pension Benefit	209,000	188,000	145,000	129,000
Non Current Deferred Assets	146,000	151,000	148,000	140,000
Investments And Advances	3,589,000	3,266,000	3,097,000	2,893,000
Long Term Equity Investment	3,589,000	3,266,000	3,097,000	2,893,000
Investmentsin Associatesat Cost					2,947,000
Goodwill And Other Intangible Assets	12,890,000	9,874,000	10,258,000	7,981,000
Other Intangible Assets	7,438,000	5,971,000	6,239,000	5,415,000
Net PPE	103,983,000	96,021,000	86,177,000	81,130,000
Accumulated Depreciation	-39,141,000	-34,030,000	-29,581,000	-25,685,000
Gross PPE	143,124,000	130,051,000	115,758,000	106,815,000
Construction In Progress	5,841,000	4,633,000	2,315,000	2,405,000
Other Properties	117,385,000	111,186,000	100,088,000	92,163,000
Machinery Furniture Equipment	8,399,000	7,869,000	7,978,000	7,274,000
Buildings And Improvements	8,448,000	4,688,000	3,848,000	3,546,000
Land And Improvements	3,051,000	1,675,000	1,529,000	1,427,000
Current Assets	18,233,000	14,202,000	12,433,000	12,081,000
Other Current Assets	472,000	327,000	308,000	392,000
Hedging Assets Current	52,000	9,000	66,000	10,000
Prepaid Assets	216,000	150,000	205,000	334,000
Inventory	4,770,000	3,070,000	2,478,000	2,461,000
Finished Goods	3,792,000	2,389,000	1,916,000	2,048,000
Raw Materials	978,000	681,000	562,000	413,000
Receivables	11,451,000	10,334,000	9,215,000	8,627,000
Duefrom Related Parties Current	119,000	87,000	101,000	93,000
Taxes Receivable	57,000	56,000	67,000	68,000
Accounts Receivable	11,275,000	10,191,000	9,047,000	8,466,000
Cash Cash Equivalents And Short Term Investments	1,272,000	312,000	161,000	257,000
Cash And Cash Equivalents	1,272,000	312,000	161,000	257,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,846,000	7,342,000	6,421,000	5,670,000
Repurchase Of Capital Stock	-500,000	-3,466,000	0	0
Repayment Of Debt	-28,052,000	-29,409,000	-31,416,000	-29,681,000
Issuance Of Debt	32,870,000	34,150,000	32,130,000	28,838,000
Issuance Of Capital Stock	1,473,000	0	0	0
Capital Expenditure	-6,303,000	-4,164,000	-3,134,000	-3,381,000
Interest Paid Supplemental Data	3,136,000	2,884,000	2,298,000	2,167,000
Income Tax Paid Supplemental Data		206,000	103,000	54,000	41,000
End Cash Position	1,272,000	312,000	161,000	257,000
Beginning Cash Position	312,000	161,000	257,000	336,000
Changes In Cash	960,000	151,000	-96,000	-79,000
Financing Cash Flow	-816,000	-5,451,000	-5,326,000	-5,108,000
Cash Flow From Continuing Financing Activities	-816,000	-5,451,000	-5,326,000	-5,108,000
Net Other Financing Charges	-1,882,000	-2,103,000	-1,792,000	-1,218,000
Cash Dividends Paid	-4,725,000	-4,623,000	-4,248,000	-3,047,000
Common Stock Dividend Paid	-4,725,000	-4,623,000	-4,248,000	-3,047,000
Net Preferred Stock Issuance	973,000	-3,466,000	0	0
Preferred Stock Payments	-500,000	-3,466,000	0	0
Preferred Stock Issuance	1,473,000	0	0
Net Common Stock Issuance			0	0	858,000
Common Stock Payments			0	0	-31,000
Common Stock Issuance			0	0	889,000
Net Issuance Payments Of Debt	4,818,000	4,741,000	714,000	-843,000
Net Long Term Debt Issuance	4,818,000	4,741,000	714,000	-843,000
Long Term Debt Payments	-28,052,000	-29,409,000	-31,416,000	-29,681,000
Long Term Debt Issuance	32,870,000	34,150,000	32,130,000	28,838,000
Investing Cash Flow	-8,373,000	-5,904,000	-4,325,000	-4,022,000
Cash Flow From Continuing Investing Activities	-8,373,000	-5,904,000	-4,325,000	-4,022,000
Dividends Received Cfi	61,000	75,000	63,000	62,000
Net Investment Purchase And Sale	0	-84,000	0	0
Purchase Of Investment	0	-84,000	0	0
Net Business Purchase And Sale	-2,271,000	-2,827,000	-1,335,000	-839,000
Sale Of Business	0	27,000	0	302,000
Purchase Of Business	-2,271,000	-2,854,000	-1,335,000	-1,141,000
Capital Expenditure Reported	-6,303,000	-4,164,000	-3,134,000	-3,381,000
Operating Cash Flow	10,149,000	11,506,000	9,555,000	9,051,000
Cash Flow From Continuing Operating Activities	10,149,000	11,506,000	9,555,000	9,051,000
Dividend Received Cfo	382,000	356,000	353,000	232,000
Change In Working Capital	-1,976,000	-196,000	-451,000	-1,502,000
Change In Other Working Capital	-48,000	60,000	-43,000	-349,000
Change In Other Current Liabilities	-523,000	-123,000	-33,000	66,000
Change In Other Current Assets	-200,000	-84,000	96,000	-180,000
Change In Payables And Accrued Expense	-442,000	1,446,000	-330,000	162,000
Change In Accrued Expense	-96,000	166,000	209,000	131,000
Change In Payable	-346,000	1,280,000	-539,000	31,000
Change In Account Payable	-346,000	1,280,000	-539,000	31,000
Change In Inventory	-717,000	-735,000	35,000	-361,000
Change In Receivables	-46,000	-760,000	-176,000	-840,000
Changes In Account Receivables	-46,000	-760,000	-176,000	-840,000
Other Non Cash Items	179,000	149,000	82,000	-69,000
Stock Based Compensation	148,000	151,000	130,000	115,000
Asset Impairment Charge	285,000	52,000	12,000	386,000
Deferred Tax	178,000	276,000	203,000	187,000
Deferred Income Tax	178,000	276,000	203,000	187,000
Depreciation Amortization Depletion	5,682,000	5,165,000	4,385,000	4,164,000
Operating Gains Losses	-437,000	-1,012,000	-453,000	-330,000
Earnings Losses From Equity Investments	-419,000	-379,000	-383,000	-257,000
Gain Loss On Investment Securities	-52,000	-59,000	-68,000	-73,000
Gain Loss On Sale Of Business	0	-586,000	0	0
Net Income From Continuing Operations	5,708,000	6,565,000	5,294,000	5,868,000

These metrics estimate what Energy Transfer LP 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

$16.49

Margin of Safety

Market Cap ÷ Company Value

2.08

P/B Ratio

2.02

Warren's Owner Earnings

$16.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$85.5B

vs > $1.5B revenue

❌ Strong Financial Condition

1.22x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

6.64%

vs Uninterrupted dividends

❌ Earnings Growth

-13.6% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

16.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.02x P/B (P/E×P/B: 33.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-21.45

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

$30.07

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

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	142.2%	86.5%	79.6%	71.1%	N/A
Repurchase of Capital Stock	-$500M	-$3.5B	$0M	$0M	N/A
Free Cash Flow	$3.8B ▼	$7.3B ▲	$6.4B ▲	$5.7B •	N/A •
Warren's Owner Earnings	$16.4B	$14.1B	$11.5B	$12.3B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas Midstream. You can manually compare ET 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

10.26%

High — management has strong skin in the game

Return on Equity (ROE)

12.9%

Adequate — returns are moderate

Return on Assets (ROA)

3.1%

Fair — average asset utilization

Share Buybacks (Latest Year)

$500M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+15.7% YoY

Debt is growing — management is leveraging up

Leadership Team

Marshall McCrea III

Co-CEO & Director of LE GP, LLC

Age 66

Pay: $4,297,267

0.097% of net income

Dylan Bramhall

Executive VP & Group Chief Financial Officer of LE GP, LLC

Age 48

Pay: $1,682,356

0.038% of net income

Kelcy Warren

Executive Chairman of LE GP, LLC

Age 69

Pay: $6,392

0.000% of net income

Daniel Wentworth

Executive Vice President of Operations

Robert Kerrigan III

Group Senior Vice President of Human Resources & Administration

Top Institutional Holders

Institution	% Owned	Shares
Morgan Stanley	2.51%	86,310,272
Alps Advisors Inc.	2.44%	83,843,087
Invesco Ltd.	1.60%	54,994,321
Goldman Sachs Group Inc	1.50%	51,639,443
Tortoise Capital Advisors, LLC	1.12%	38,675,828
JPMORGAN CHASE & CO	1.07%	36,713,535
UBS Group AG	0.92%	31,487,387
Bank of America Corporation	0.85%	29,299,749

Risk Analysis

Beta (Market Risk)

0.57

Low volatility — more stable than the market

Short Interest

0.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.42x

Moderate leverage

Current Ratio