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Energy Transfer LP (ET) 10-Year Financial Performance & Capital Metrics

ET • • Industrial / General
EnergyMidstream Oil & GasIntegrated Midstream ServicesDiversified Midstream Operators
AboutEnergy Transfer LP provides energy-related services. The company owns and operates approximately 11,600 miles of natural gas transportation pipeline, and three natural gas storage facilities in Texas and two natural gas storage facilities located in the state of Texas and Oklahoma; and 19,830 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users. The company owns and operates natural gas gathering and natural gas liquid (NGL) pipeline, processing plant, and treating and conditioning facilities in Texas, New Mexico, West Virginia, Pennsylvania, Ohio, Oklahoma, Arkansas, Kansas, and Louisiana; natural gas gathering, oil pipeline, and oil stabilization facilities in South Texas; and a natural gas gathering system in Ohio, as well as transport and supplies water to natural gas producer in Pennsylvania. It owns approximately 5,215 miles of NGL pipeline; NGL and propane fractionation facilities; NGL storage facilities with working storage capacity of approximately 50 million barrels (MMBbls); and other NGL storage assets and terminal with an aggregate storage capacity of approximately 17 MMBbls. The company provides crude oil transportation, terminalling, acquisition, and marketing activities; and sells and distributes gasoline, middle distillate, and motor fuels and other petroleum product. It offers natural gas compression service; carbon dioxide and hydrogen sulfide removal, natural gas cooling, dehydration, and British thermal unit management service; and manages coal and natural resources properties, as well as sells standing timber, leases coal-related infrastructure facilities, collects oil and gas royalty, and generate electrical power. The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. The company was founded in 1996 and is headquartered in Dallas, Texas.Show more
  • Revenue $82.67B +5.2%
  • EBITDA $14.3B +12.8%
  • Net Income $4.81B +22.3%
  • EPS (Diluted) 1.28 +17.4%
  • Gross Margin 18.98% +8.1%
  • EBITDA Margin 17.3% +7.2%
  • Operating Margin 11.05% +4.7%
  • Net Margin 5.82% +16.3%
  • ROE 10.56% +15.2%
  • ROIC 6.7% +1.2%
  • Debt/Equity 1.30 +9.6%
  • Interest Coverage 2.92 -9.1%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.03%
5Y8.81%
3Y7.04%
TTM-4.67%

Profit (Net Income) CAGR

10Y22.49%
5Y6.47%
3Y-4.17%
TTM-10.78%

EPS CAGR

10Y8.43%
5Y-0.76%
3Y-12.18%
TTM-8.82%

ROCE

10Y Avg6.32%
5Y Avg7.57%
3Y Avg8.34%
Latest8.49%

Peer Comparison

Diversified Midstream Operators
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
WMBThe Williams Companies, Inc.73.63B60.2933.13-3.7%20.64%15.95%3.26%1.82
KMIKinder Morgan, Inc.60.98B27.4123.43-0.55%16.62%8.51%4.93%0.99
ENBEnbridge Inc.102.19B46.8120.0022.51%9.38%12.2%5.55%1.48
DKLDelek Logistics Partners, LP2.59B48.4116.19-7.82%17%9.41%2.88%53.11
ETEnergy Transfer LP59.95B17.4613.645.2%5.66%9.58%12.25%1.30
MPLXMPLX Lp56.93B55.9713.294.5%39.71%33.17%8.59%1.53
PBAPembina Pipeline Corporation22.35B38.4712.8216.63%22.1%10.45%10.11%0.76
TRPTC Energy Corporation56.56B54.3312.263.8%28.18%9.32%2.37%1.56

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+42.13B37.5B40.52B54.09B54.21B38.95B67.42B89.88B78.59B82.67B
Revenue Growth %-0.24%-0.11%0.08%0.33%0%-0.28%0.73%0.33%-0.13%0.05%
Cost of Goods Sold+30.72B25.89B33.61B44.69B43.09B28.7B53.97B76.57B64.78B66.98B
COGS % of Revenue0.73%0.69%0.83%0.83%0.79%0.74%0.8%0.85%0.82%0.81%
Gross Profit+5.38B5.9B6.91B9.39B11.12B10.25B13.45B13.31B13.8B15.69B
Gross Margin %0.13%0.16%0.17%0.17%0.21%0.26%0.2%0.15%0.18%0.19%
Gross Profit Growth %0.01%0.1%0.17%0.36%0.18%-0.08%0.31%-0.01%0.04%0.14%
Operating Expenses+3.09B4.05B4.19B3.99B3.92B7.27B4.66B5.57B5.51B6.55B
OpEx % of Revenue0.07%0.11%0.1%0.07%0.07%0.19%0.07%0.06%0.07%0.08%
Selling, General & Admin803M791M599M702M694M711M818M1.02B1.11B1.34B
SG&A % of Revenue0.02%0.02%0.01%0.01%0.01%0.02%0.01%0.01%0.01%0.02%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses2.29B3.26B3.59B3.29B3.22B6.56B3.84B4.55B4.4B5.22B
Operating Income+2.29B1.85B2.71B5.4B7.2B2.98B8.79B7.74B8.29B9.14B
Operating Margin %0.05%0.05%0.07%0.1%0.13%0.08%0.13%0.09%0.11%0.11%
Operating Income Growth %-0.07%-0.19%0.47%0.99%0.33%-0.59%1.95%-0.12%0.07%0.1%
EBITDA+4.37B4.07B5.27B8.26B10.35B6.66B12.61B11.9B12.68B14.3B
EBITDA Margin %0.1%0.11%0.13%0.15%0.19%0.17%0.19%0.13%0.16%0.17%
EBITDA Growth %0.04%-0.07%0.3%0.57%0.25%-0.36%0.89%-0.06%0.07%0.13%
D&A (Non-Cash Add-back)2.08B2.22B2.55B2.86B3.15B3.68B3.82B4.16B4.38B5.17B
EBIT2.64B2.89B3.76B5.69B7.35B5.86B8.81B8.12B8.18B10.23B
Net Interest Income+-1.62B-1.8B-1.92B-2.06B-2.33B-2.33B-2.27B-2.31B-2.58B-3.13B
Interest Income0000000000
Interest Expense1.62B1.8B1.92B2.06B2.33B2.33B2.27B2.31B2.58B3.13B
Other Income/Expense-1.39B-1.65B-2.01B-1.77B-2.18B-2.6B-1.92B-1.67B-2.7B-2.03B
Pretax Income+993M-176M710M3.63B5.02B377M6.87B6.07B5.6B7.11B
Pretax Margin %0.02%-0%0.02%0.07%0.09%0.01%0.1%0.07%0.07%0.09%
Income Tax+-100M-217M-1.83B4M195M237M184M204M303M541M
Effective Tax Rate %1.2%-5.65%1.34%0.47%0.7%-1.72%0.8%0.78%0.7%0.68%
Net Income+1.19B995M954M1.69B3.52B-648M5.47B4.76B3.94B4.81B
Net Margin %0.03%0.03%0.02%0.03%0.06%-0.02%0.08%0.05%0.05%0.06%
Net Income Growth %0.88%-0.16%-0.04%0.78%1.08%-1.18%9.44%-0.13%-0.17%0.22%
Net Income (Continuing)1.02B462M2.54B3.69B4.83B140M6.69B5.87B5.29B6.57B
Discontinued Operations38M000000000
Minority Interest24.58B24.17B31.19B10.79B12.75B13.61B8.82B8.13B8.03B11.31B
EPS (Diluted)+1.110.920.801.161.33-0.241.891.401.091.28
EPS Growth %0.95%-0.17%-0.13%0.45%0.15%-1.18%8.88%-0.26%-0.22%0.17%
EPS (Basic)1.110.940.851.191.34-0.241.891.401.101.29
Diluted Shares Outstanding1.06B1.08B1.15B1.46B2.64B2.7B2.74B3.1B3.18B3.42B
Basic Shares Outstanding1.06B1.05B1.08B1.42B2.63B2.7B2.73B3.09B3.16B3.4B
Dividend Payout Ratio0.91%1.02%1.06%0.99%0.87%-0.35%0.64%1.08%0.96%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+5.41B6.9B10.68B6.75B7.46B6.32B10.54B12.08B12.43B14.2B
Cash & Short-Term Investments606M467M336M419M291M367M336M257M161M312M
Cash Only606M467M336M419M291M367M336M257M161M312M
Short-Term Investments0000000000
Accounts Receivable2.52B3.6B4.56B4.12B5.2B3.95B7.71B8.56B9.15B10.33B
Days Sales Outstanding21.8335.0841.0527.834.9937.0541.7334.7642.4945.63
Inventory1.64B2.06B2.02B1.68B1.53B1.74B2.01B2.46B2.48B3.07B
Days Inventory Outstanding19.4428.9721.9613.712.9822.1113.6211.7313.9616.73
Other Current Assets446M400M3.54B325M264M119M257M412M338M159M
Total Non-Current Assets+65.78B72.03B75.56B81.5B91.51B88.83B95.43B93.56B101.27B111.18B
Property, Plant & Equipment48.68B53.58B61.09B66.96B75.16B75.97B82.44B81.13B86.18B96.02B
Fixed Asset Turnover0.87x0.70x0.66x0.81x0.72x0.51x0.82x1.11x0.91x0.86x
Goodwill7.47B5.67B4.77B4.88B5.17B2.39B2.53B2.57B4.02B3.9B
Intangible Assets5.43B5.51B6.12B6B6.15B5.75B5.86B5.42B6.24B5.97B
Long-Term Investments3.46B3.04B2.71B2.64B3.46B3.06B2.95B2.89B3.1B3.27B
Other Non-Current Assets730M4.23B886M1.01B1.57B1.66B1.65B1.56B1.73B2.02B
Total Assets+71.19B78.92B86.25B88.25B98.97B95.14B105.96B105.64B113.7B125.38B
Asset Turnover0.59x0.48x0.47x0.61x0.55x0.41x0.64x0.85x0.69x0.66x
Asset Growth %0.11%0.11%0.09%0.02%0.12%-0.04%0.11%-0%0.08%0.1%
Total Current Liabilities+4.91B7.28B7.9B9.31B7.72B5.92B10.84B10.37B11.28B12.66B
Accounts Payable2.3B3.54B4.72B3.55B4.15B2.84B6.83B6.97B6.68B8.32B
Days Payables Outstanding27.3549.9651.2229.0135.1436.0646.2233.2237.6645.37
Short-Term Debt131M1.19B413M2.65B20M20M677M01B8M
Deferred Revenue (Current)0000000000
Other Current Liabilities1.66B1.54B1.65B1.99B2.43B1.86B2.03B1.9B1.84B2.4B
Current Ratio1.10x0.95x1.35x0.73x0.97x1.07x0.97x1.17x1.10x1.12x
Quick Ratio0.77x0.67x1.10x0.54x0.77x0.77x0.79x0.93x0.88x0.88x
Cash Conversion Cycle13.9114.0911.7912.4912.8223.19.1313.2718.7916.99
Total Non-Current Liabilities+42.63B49.17B48.35B47.59B56.57B57.07B55B54.12B57.7B66.29B
Long-Term Debt36.84B42.86B43.67B43.37B51B51.41B49.01B48.25B51.36B59.7B
Capital Lease Obligations0000929M844M824M808M797M781M
Deferred Tax Liabilities000000003.93B4.19B
Other Non-Current Liabilities5.8B6.31B4.68B4.21B4.64B4.82B5.16B5.06B1.61B1.62B
Total Liabilities47.54B56.45B56.24B56.9B64.3B62.99B65.83B64.49B68.98B78.95B
Total Debt+36.97B44.05B44.08B46.03B52.02B52.33B50.57B49.11B53.22B60.56B
Net Debt36.36B43.59B43.75B45.61B51.73B51.96B50.23B48.85B53.06B60.25B
Debt / Equity1.56x1.96x1.47x1.47x1.50x1.63x1.26x1.19x1.19x1.30x
Debt / EBITDA8.47x10.83x8.37x5.57x5.03x7.86x4.01x4.13x4.20x4.23x
Net Debt / EBITDA8.33x10.72x8.31x5.52x5.00x7.80x3.98x4.10x4.18x4.21x
Interest Coverage1.41x1.03x1.41x2.63x3.09x1.28x3.88x3.36x3.22x2.92x
Total Equity+23.65B22.48B30B31.35B34.68B32.15B40.13B41.15B44.72B46.43B
Equity Growth %0.06%-0.05%0.33%0.04%0.11%-0.07%0.25%0.03%0.09%0.04%
Book Value per Share22.2220.8426.0721.4513.1511.9314.6513.2914.0713.58
Total Shareholders' Equity-930M-1.69B-1.19B20.56B21.92B18.54B31.3B33.03B36.68B35.12B
Common Stock00020.61B21.93B18.53B25.23B26.96B30.2B31.2B
Retained Earnings0000000000
Treasury Stock0000000000
Accumulated OCI000-42M-11M6M23M16M28M73M
Minority Interest24.58B24.17B31.19B10.79B12.75B13.61B8.82B8.13B8.03B11.31B

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+3.07B3.42B4.43B7.51B8.15B7.36B11.16B9.05B9.55B11.51B
Operating CF Margin %0.07%0.09%0.11%0.14%0.15%0.19%0.17%0.1%0.12%0.14%
Operating CF Growth %-0.03%0.11%0.3%0.69%0.09%-0.1%0.52%-0.19%0.06%0.2%
Net Income1.09B41M2.37B3.37B3.51B140M6.69B5.87B5.29B6.57B
Depreciation & Amortization2.08B2.36B2.55B2.86B3.15B6.82B3.79B4.16B4.38B0
Stock-Based Compensation91M70M99M105M0121M111M115M130M151M
Deferred Taxes242M-201M-1.87B-7M217M210M141M187M203M276M
Other Non-Cash Items727M1.21B1.47B895M1.67B21M-87M219M-6M4.71B
Working Capital Changes-1.16B-61M-192M289M-391M47M515M-1.5B-451M-196M
Change in Receivables851M-1.08B-924M703M-542M873M-3.32B-840M-176M-760M
Change in Inventory-430M-356M58M282M-19M-271M-19M-361M35M-735M
Change in Payables-727M1.08B534M-968M114M-960M3.8B31M-539M1.28B
Cash from Investing+-10.09B-9.47B-5.61B-7.08B-6.68B-4.9B-2.77B-4.02B-4.33B-5.9B
Capital Expenditures-9.39B-8.09B-8.44B-7.41B-5.96B-5.13B-2.82B-3.38B-3.13B-4.16B
CapEx % of Revenue0.22%0.22%0.21%0.14%0.11%0.13%0.04%0.04%0.04%0.05%
Acquisitions----------
Investments----------
Other Investing-9.1B8.2B-3B-7.05B98M270M256M198M135M1.17B
Cash from Financing+6.79B5.93B953M-3.08B-1.6B-2.39B-8.42B-5.11B-5.33B-5.45B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-1.09B-1.02B-1.01B-1.68B-3.05B-2.8B-1.9B-3.05B-4.25B-4.62B
Share Repurchases----------
Other Financing-1.58B-29M-1.87B-1.28B-1.66B-1.47B-438M-1.22B-1.79B-2.1B
Net Change in Cash----------
Free Cash Flow+-6.32B-4.67B-4.01B99M2.19B2.23B8.34B5.67B6.42B7.34B
FCF Margin %-0.15%-0.12%-0.1%0%0.04%0.06%0.12%0.06%0.08%0.09%
FCF Growth %-1.86%0.26%0.14%1.02%21.16%0.02%2.74%-0.32%0.13%0.14%
FCF per Share-5.94-4.33-3.490.070.830.833.041.832.022.15
FCF Conversion (FCF/Net Income)2.58x3.43x4.64x4.43x2.32x-11.36x2.04x1.90x2.43x2.39x
Interest Paid1.8B01.91B1.87B002.19B2.17B2.3B2.88B
Taxes Paid72M050M508M0041M54M103M206M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)5.17%4.31%3.64%5.52%10.66%-1.94%15.14%11.7%9.17%10.56%
Return on Invested Capital (ROIC)3.06%2.2%2.91%5.38%6.61%2.62%7.56%6.44%6.63%6.7%
Gross Margin12.77%15.73%17.06%17.37%20.51%26.31%19.95%14.8%17.56%18.98%
Net Margin2.82%2.65%2.35%3.13%6.49%-1.66%8.11%5.29%5.01%5.82%
Debt / Equity1.56x1.96x1.47x1.47x1.50x1.63x1.26x1.19x1.19x1.30x
Interest Coverage1.41x1.03x1.41x2.63x3.09x1.28x3.88x3.36x3.22x2.92x
FCF Conversion2.58x3.43x4.64x4.43x2.32x-11.36x2.04x1.90x2.43x2.39x
Revenue Growth-24.36%-10.97%8.05%33.47%0.23%-28.15%73.07%33.31%-12.56%5.2%

Revenue by Segment

2015201620172018201920202021202220232024
Oil and Gas----15.92B9.44B15.3B23.47B23.49B25.37B
Oil and Gas Growth------40.68%62.03%53.43%0.08%7.99%
Oil and Gas, Refining and Marketing----16.75B10.51B17.77B26.02B23.39B22.05B
Oil and Gas, Refining and Marketing Growth------37.24%68.97%46.46%-10.11%-5.72%
NGL sales----8.29B6.8B15.24B20.11B15.96B19.11B
NGL sales Growth------18.01%124.26%31.96%-20.67%19.73%
Natural Gas, Midstream----9.09B8.98B9.23B10.91B11.43B12.03B
Natural Gas, Midstream Growth------1.14%2.75%18.18%4.78%5.24%
Natural gas sales----3.29B2.63B9.16B8.54B3.26B2.74B
Natural gas sales Growth------20.09%247.85%-6.81%-61.82%-16.02%
Product and Service, Other----873M586M721M827M1.06B1.38B
Product and Service, Other Growth------32.88%23.04%14.70%28.30%30.35%
Crude oil transportation and services---17.33B------
Crude oil transportation and services Growth----------
Investment In Sunoco LP16.93B15.7B11.72B16.99B------
Investment In Sunoco LP Growth--7.30%-25.32%44.96%------
NGL and refined products transportation and services---11.12B------
NGL and refined products transportation and services Growth----------
Midstream---7.52B------
Midstream Growth----------
Intrastate Transportation And Storage---3.74B------
Intrastate Transportation And Storage Growth----------
Others---2.23B------
Others Growth----------
Interstate Transportation and Storage---1.68B------
Interstate Transportation and Storage Growth----------
Investment In USAC---508M------
Investment In USAC Growth----------
Investment In ETP34.29B21.83B29.05B-------
Investment In ETP Growth--36.35%33.11%-------
Investment in Lake Charles LNG216M197M197M-------
Investment in Lake Charles LNG Growth--8.80%0.00%-------
Adjustments And Eliminations-9.32B-218M-451M-------
Adjustments And Eliminations Growth-97.66%-106.88%-------

Revenue by Geography

2015201620172018201920202021202220232024

Frequently Asked Questions

Valuation & Price

Energy Transfer LP (ET) has a price-to-earnings (P/E) ratio of 13.6x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Energy Transfer LP (ET) reported $79.76B in revenue for fiscal year 2024. This represents a 868% increase from $8.24B in 2011.

Energy Transfer LP (ET) grew revenue by 5.2% over the past year. This is steady growth.

Yes, Energy Transfer LP (ET) is profitable, generating $4.52B in net income for fiscal year 2024 (5.8% net margin).

Dividend & Returns

Yes, Energy Transfer LP (ET) pays a dividend with a yield of 7.74%. This makes it attractive for income-focused investors.

Energy Transfer LP (ET) has a return on equity (ROE) of 10.6%. This is reasonable for most industries.

Energy Transfer LP (ET) generated $5.26B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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