Upside case
Bull case
$88+135.0%
EPD would need investors to value it at roughly 31x earnings — about 18x more generous than today's 13x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Enterprise Products Partners L.P. (EPD) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
45
analysts
34 bullish · 2 bearish · 45 covering EPD
Strong Buy
0
Buy
34
Hold
9
Sell
2
Strong Sell
0
Consensus Target
$37
-1.5% vs today
Scenario Range
$23 – $88
Model bear to bull value window
Coverage
45
Published analyst ratings
Valuation Context
13.1x
Forward P/E · Market cap $81.2B
EPD price targets
Three scenarios for where EPD stock could go
Current
~$38
Confidence
50 / 100
Updated
May 1, 2026
Where we are now
Current · $38
Bear
$23
Base
$38
Bull
$88
Market caseClosest to today
Base case
$38+1.7%
This is close to how the market is already pricing EPD — at roughly 13x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
$23-39.5%
If investor confidence fades or macro conditions deteriorate, a 5x multiple contraction could push EPD down roughly 40% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Enterprise Products Partners L.P.
EPD · NYSEEnergyOil & Gas MidstreamDecember year-end
Enterprise Products Partners is a midstream energy infrastructure company that operates pipelines, storage facilities, and processing plants for natural gas, natural gas liquids, crude oil, and petrochemicals. It generates revenue primarily through fee-based contracts — with its NGL segment contributing roughly 50% of earnings — plus some commodity marketing activities. The company's competitive advantage lies in its massive, integrated network of assets that creates significant economies of scale and high barriers to entry.
Market Cap
$81.2B
Revenue TTM
$52.6B
Net Income TTM
$5.8B
Net Margin
11.0%
EPD Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
33%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
-0.9%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 2 of 4Q3 2025
EPS
$0.66/$0.65
Revenue
$11.4B/$14.2B
Q4 2025
EPS
$0.61/$0.65
Revenue
$12.0B/$11.8B
Q1 2026
EPS
$0.75/$0.69
Revenue
$13.8B/$12.4B
Q2 2026
EPS
$0.68/$0.71
Revenue
$14.4B/$13.6B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.66/$0.65 | +2.3% | $11.4B/$14.2B | -19.8% |
| Q4 2025 | $0.61/$0.65 | -6.3% | $12.0B/$11.8B | +1.6% |
| Q1 2026 | $0.75/$0.69 | +8.7% | $13.8B/$12.4B | +11.6% |
| Q2 2026 | $0.68/$0.71 | -4.8% | $14.4B/$13.6B | +5.7% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$52.2B
-0.8% YoY
FY2
$52.0B
-0.2% YoY
EPS Outlook
FY1
$2.69
+1.4% YoY
FY2
$2.70
+0.4% YoY
Trailing FCF (TTM)$3.0B
FCF Margin: 5.6%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
EPD beat EPS estimates in 2 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
EPD Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $52.6B
Product Mix
Latest annual revenue by segment or product family
NGL Pipelines and Services
160.4%
+22.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
NGL Pipelines and Services is the largest disclosed segment at 160.4% of FY 2025 revenue, up 22.1% YoY.
EPD Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Overvalued
Fair value est. $35 — implies -7.0% from today's price.
Premium to Fair Value
7.0%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
EPD
14.1x
vs
S&P 500
25.2x
44% discount
vs Energy Trailing P/E
EPD
14.1x
vs
Energy
16.9x
16% discount
vs EPD 5Y Avg P/E
Today
14.1x
vs
5Y Average
10.9x
+30% premium
Forward PE
13.1x
S&P 500
19.1x
-31%
Energy
13.2x
-1%
5Y Avg
—
—
Trailing PE
14.1x
S&P 500
25.2x
-44%
Energy
16.9x
-16%
5Y Avg
10.9x
+30%
PEG Ratio
1.53x
S&P 500
1.75x
-12%
Energy
0.52x
+192%
5Y Avg
—
—
EV/EBITDA
12.1x
S&P 500
15.3x
-21%
Energy
8.1x
+48%
5Y Avg
9.9x
+21%
Price/FCF
27.4x
S&P 500
21.3x
+28%
Energy
14.1x
+94%
5Y Avg
14.6x
+88%
Price/Sales
1.5x
S&P 500
3.1x
-51%
Energy
1.6x
-1%
5Y Avg
1.2x
+33%
Dividend Yield
5.69%
S&P 500
1.88%
+203%
Energy
2.97%
+92%
5Y Avg
7.30%
-22%
| Metric | EPD | S&P 500 | Energy | 5Y Avg EPD |
|---|---|---|---|---|
| Forward PE | 13.1x | 19.1x-31% | 13.2x | — |
| Trailing PE | 14.1x | 25.2x-44% | 16.9x-16% | 10.9x+30% |
| PEG Ratio | 1.53x | 1.75x-12% | 0.52x+192% | — |
| EV/EBITDA | 12.1x | 15.3x-21% | 8.1x+48% | 9.9x+21% |
| Price/FCF | 27.4x | 21.3x+28% | 14.1x+94% | 14.6x+88% |
| Price/Sales | 1.5x | 3.1x-51% | 1.6x | 1.2x+33% |
| Dividend Yield | 5.69% | 1.88% | 2.97% | 7.30% |
EPD trades above S&P 500 benchmarks on 1 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolEPD Financial Health
Verdict
Strong
EPD returns 6.1% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$52.6B
Revenue Growth
TTM vs prior year
-6.4%
Gross Margin
Gross profit as a share of revenue
13.6%
Operating Margin
Operating income divided by revenue
13.5%
Net Margin
Net income divided by revenue
11.0%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$2.65
Free Cash Flow (TTM)
Cash generation after capex
$3.0B
FCF Margin
FCF as share of revenue — the primary cash quality signal
5.6%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
8.3%
ROA
Return on assets, trailing twelve months
7.5%
Cash & Equivalents
Liquid assets on the balance sheet
$1.2B
Net Debt
Total debt minus cash
$33.7B
Debt Serviceability
Net debt as a multiple of annual free cash flow
11.4× FCF
~11.4 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
19.3%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
6.1%
Dividend
5.7%
Buyback
0.4%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$300M
Dividend / Share
Annualized trailing dividend per share
$2.14
Payout Ratio
Share of earnings distributed as dividends
80.5%
Shares Outstanding
Declining as buybacks retire shares
2.2B
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageEPD Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Interest Rate Impact
Significant increases in U.S. Treasury yields could erode EPD’s financial position, compress free cash flows, and depress the market value of its common units. Higher rates may reduce demand for yield‑based securities, potentially driving down unit prices.
High Risk
High Debt Load
EPD’s debt‑to‑equity ratio stands at 1.15 as of September 2025, slightly above the midstream sector average. The company’s high leverage could constrain refinancing options and elevate borrowing costs, especially if market liquidity tightens.
Medium
Cash Flow for Dividends
EPD’s current distribution levels may not be fully supported by free cash flows, especially if operational performance falters or capital needs rise. A shortfall could force reductions in distributions, impacting investor returns.
Medium
Capital Market Liquidity
Execution of EPD’s growth strategy depends on liquid capital markets and competitive access to assets. Illiquid markets or intensified competition could raise equity and debt costs, reducing the accretive value of new capital expenditures per unit.
Medium
Commodity Volatility Risk
Although EPD’s fee‑based model mitigates oil price swings, the company remains exposed to commodity price fluctuations that affect revenue. Recent headwinds include commodity price challenges and an ethane export licensing scare.
Lower
Project Delivery Risk
The successful execution of EPD’s pipeline and infrastructure projects is critical. Delays, cost overruns, or regulatory setbacks could erode expected cash flows and impair project profitability.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why EPD Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Resilient Contracts
A significant portion of EPD’s long‑term contracts are inflation‑protected, with about 90% of them secured as of December 2025. This structure gives the company pricing power and stable cash flow even amid inflationary pressures.
Expansion to 2026
EPD is investing in growth projects that are expected to come online by 2026, which will enhance future cash flow and income potential. The company’s recent expansion projects are also anticipated to boost capacity and efficiency.
Q4 2025 Financials
In Q4 2025, EPD reported revenue of $13.79 billion and net income of $1.64 billion. The company also offers a competitive dividend yield of 5.82% trailing twelve months.
Insider Buying
There has been notable insider buying activity, with significant purchases by a Director and the CEO. This indicates confidence in the company’s future performance.
Stock Momentum
EPD shares have gained 28.9% over the past year, outperforming the broader industry. This strong performance reflects investor confidence and the company’s resilient business model.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
EPD Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$37.56
52W Range Position
78%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$29.68
+26.5% from the low
52-Week High
$39.73
-5.5% from the high
1 Month
-0.71%
3 Month
+7.59%
YTD
+16.8%
1 Year
+25.4%
3Y CAGR
+14.0%
5Y CAGR
+10.0%
10Y CAGR
+3.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
EPD vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
13.1x
vs 12.9x median
+1% above peer median
Revenue Growth
-0.8%
vs +6.5% median
-113% below peer median
Net Margin
11.0%
vs 9.4% median
+17% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
EPD EPD Enterprise Products Partners L.P. | $81.2B | 13.1x | -0.8% | 11.0% | Buy | -1.5% |
ET ET Energy Transfer LP | $68.4B | 12.3x | +9.5% | 5.9% | Buy | -4.4% |
PAA PAA Plains All American Pipeline, L.P. | $15.6B | 13.8x | +6.1% | 3.2% | Buy | +1.9% |
MPL MPLX MPLX Lp | $56.5B | 12.6x | +6.2% | 37.5% | Buy | +8.2% |
WES WES Western Midstream Partners, LP | $16.8B | 12.9x | +6.5% | 29.9% | Hold | -0.6% |
TRG TRGP Targa Resources Corp. | $53.6B | 24.6x | +6.7% | 9.4% | Buy | -4.7% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
EPD Dividend and Capital Return
EPD returns 6.1% total yield, led by a 5.69% dividend, raised 15 consecutive years.
Dividend WatchFCF Stretched
Total Shareholder Yield
6.1%
Dividend + buyback return per year
Buyback Yield
0.4%
Dividend Yield
5.69%
Payout Ratio
80.5%
How EPD Splits Its Return
Div 5.69%
Dividend 5.69%Buybacks 0.4%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.14
Growth Streak
Consecutive years of dividend increases
15Y
3Y Div CAGR
4.7%
5Y Div CAGR
3.9%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$300M
Estimated Shares Retired
8M
Approx. Share Reduction
0.4%
Shares Outstanding
Current diluted share count from the screening snapshot
2.2B
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.10 | — | — | — |
| 2025 | $2.16 | +3.8% | 0.4% | 7.1% |
| 2024 | $2.08 | +5.1% | 0.3% | 6.9% |
| 2023 | $1.98 | +5.3% | 0.3% | 7.8% |
| 2022 | $1.88 | +4.4% | 0.5% | 8.2% |
FAQ
7 questionsEPD Investor Questions
Common questions answered from live analyst data and company financials.
01Is Enterprise Products Partners L.P. (EPD) stock a buy or sell in 2026?
Enterprise Products Partners L.P. (EPD) is rated Buy by Wall Street analysts as of 2026. Of 45 analysts covering the stock, 34 rate it Buy or Strong Buy, 9 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $37, implying -1.5% from the current price of $38. The bear case scenario is $23 and the bull case is $88.
02What is the EPD stock price target for 2026?
The Wall Street consensus price target for EPD is $37 based on 45 analyst estimates. The high-end target is $42 (+11.8% from today), and the low-end target is $32 (-14.8%). The base case model target is $38.
03Is Enterprise Products Partners L.P. (EPD) stock overvalued in 2026?
EPD trades at 13.1x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals slightly overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Enterprise Products Partners L.P. (EPD) stock in 2026?
The primary risks for EPD in 2026 are: (1) Interest Rate Impact — Significant increases in U. (2) High Debt Load — EPD’s debt‑to‑equity ratio stands at 1. (3) Cash Flow for Dividends — EPD’s current distribution levels may not be fully supported by free cash flows, especially if operational performance falters or capital needs rise. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Enterprise Products Partners L.P.'s revenue and earnings forecast?
Analyst consensus estimates EPD will report consensus revenue of $52.2B (-0.8% year-over-year) and EPS of $2.69 (+1.4% year-over-year) for the upcoming fiscal year. The following year, analysts project $52.0B in revenue.
06When does Enterprise Products Partners L.P. (EPD) report its next earnings?
A confirmed upcoming earnings date for EPD is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Enterprise Products Partners L.P. generate?
Enterprise Products Partners L.P. (EPD) generated $3.0B in free cash flow over the trailing twelve months — a free cash flow margin of 5.6%. EPD returns capital to shareholders through dividends (5.7% yield) and share repurchases ($300M TTM).