Energy Transfer LP (ET) Financial Ratios
22 years of historical data (2004–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↑
9.14
+19% vs avg
5yr avg: 7.67
30Y Low5.8·High15.9
P/FCF
↑
16.77
↑+106% vs avg
5yr avg: 8.16
30Y Low2.7·High195.0
P/B Ratio
↑
1.39
↑+36% vs avg
5yr avg: 1.02
30Y Low0.5·High4.1
ROE
↓
10.2%
-10% vs avg
5yr avg: 11.4%
30Y Low-2%·High104%
Debt/EBITDA
↑
4.85
+13% vs avg
5yr avg: 4.28
30Y Low4.0·High10.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ET Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Energy Transfer LP trades at 13.9x earnings, 31% above its 5-year average of 10.6x, sitting at the 42nd percentile of its historical range. Compared to the Energy sector median P/E of 15.4x, the stock trades at a discount of 10%. On a free-cash-flow basis, the stock trades at 16.8x P/FCF, 106% above the 5-year average of 8.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $64.5B | $60.2B | $67.0B | $43.8B | $36.8B | $22.5B | $16.7B | $33.8B | $19.3B | $19.9B | $20.8B |
| Enterprise Value | $134.8B | $130.5B | $127.3B | $96.9B | $85.6B | $72.8B | $68.6B | $85.6B | $64.9B | $63.6B | $64.4B |
| P/E Ratio → | 13.89 | 12.21 | 15.30 | 12.66 | 8.48 | 4.35 | — | 9.65 | 11.39 | 21.57 | 20.99 |
| P/S Ratio | 0.78 | 0.73 | 0.81 | 0.56 | 0.41 | 0.33 | 0.43 | 0.62 | 0.36 | 0.49 | 0.56 |
| P/B Ratio | 1.39 | 1.22 | 1.44 | 0.98 | 0.89 | 0.56 | 0.52 | 0.98 | 0.62 | 0.66 | 0.93 |
| P/FCF | 16.77 | 15.65 | 9.13 | 6.83 | 6.48 | 2.70 | 7.47 | 15.42 | 195.00 | — | — |
| P/OCF | 6.36 | 5.93 | 5.82 | 4.59 | 4.06 | 2.02 | 2.26 | 4.15 | 2.57 | 4.48 | 6.10 |
P/E links to full P/E history page with 30-year chart
ET EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Energy Transfer LP's enterprise value stands at 9.1x EBITDA, 19% above its 5-year average of 7.7x. The Energy sector median is 7.8x, placing the stock at a 17% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.58 | 1.54 | 1.23 | 0.95 | 1.08 | 1.76 | 1.58 | 1.20 | 1.57 | 1.72 |
| EV / EBITDA | 9.14 | 8.85 | 8.90 | 7.64 | 7.19 | 5.77 | 10.31 | 8.27 | 7.86 | 12.08 | 15.84 |
| EV / EBIT | 14.28 | 13.58 | 12.44 | 11.85 | 10.54 | 8.26 | 11.71 | 11.64 | 11.41 | 16.92 | 22.28 |
| EV / FCF | — | 33.94 | 17.33 | 15.09 | 15.10 | 8.73 | 30.76 | 39.00 | 655.70 | — | — |
ET Profitability
Margins and return-on-capital ratios measuring operating efficiency
Energy Transfer LP earns an operating margin of 11.4%, below the Energy sector average of 13.8%. ROE of 10.2% is modest. ROIC of 6.3% represents adequate returns on invested capital versus a sector median of 6.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.8% | 21.8% | 19.0% | 17.6% | 14.8% | 19.9% | 26.3% | 20.5% | 17.4% | 17.1% | 15.7% |
| Operating Margin | 11.4% | 11.4% | 11.1% | 10.6% | 8.6% | 13.0% | 7.6% | 13.3% | 10.0% | 6.7% | 4.9% |
| Net Profit Margin | 5.9% | 5.9% | 5.8% | 5.0% | 5.3% | 8.1% | -1.7% | 6.5% | 3.1% | 2.4% | 2.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 10.2% | 10.6% | 9.2% | 11.7% | 15.1% | -1.9% | 10.7% | 5.5% | 3.6% | 4.3% |
| ROA | 3.7% | 3.7% | 4.0% | 3.6% | 4.5% | 5.4% | -0.7% | 3.8% | 1.9% | 1.2% | 1.3% |
| ROIC | 6.3% | 6.3% | 6.7% | 6.6% | 6.4% | 7.6% | 2.6% | 6.6% | 5.4% | 2.9% | 2.2% |
| ROCE | 7.9% | 7.9% | 8.5% | 8.4% | 8.1% | 9.5% | 3.3% | 8.5% | 6.9% | 3.6% | 2.7% |
ET Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Energy Transfer LP carries a Debt/EBITDA ratio of 4.9x, which is highly leveraged (86% above the sector average of 2.6x). Net debt stands at $70.3B ($71.6B total debt minus $1.3B cash). Interest coverage of just 2.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.45 | 1.45 | 1.30 | 1.19 | 1.19 | 1.26 | 1.63 | 1.50 | 1.47 | 1.47 | 1.96 |
| Debt / EBITDA | 4.85 | 4.85 | 4.23 | 4.20 | 4.13 | 4.01 | 7.86 | 5.03 | 5.57 | 8.37 | 10.83 |
| Net Debt / Equity | — | 1.43 | 1.30 | 1.19 | 1.19 | 1.25 | 1.62 | 1.49 | 1.45 | 1.46 | 1.94 |
| Net Debt / EBITDA | 4.77 | 4.77 | 4.21 | 4.18 | 4.10 | 3.98 | 7.80 | 5.00 | 5.52 | 8.31 | 10.72 |
| Debt / FCF | — | 18.29 | 8.21 | 8.26 | 8.62 | 6.02 | 23.29 | 23.58 | 460.70 | — | — |
| Interest Coverage | 2.89 | 2.89 | 3.27 | 3.17 | 3.52 | 3.89 | 2.52 | 3.15 | 2.77 | 1.96 | 1.60 |
ET Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.22x means Energy Transfer LP can comfortably meet its short-term obligations, though there is limited excess liquidity. The quick ratio of 0.89x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.10x to 1.22x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.12 | 1.10 | 1.17 | 0.97 | 1.07 | 0.97 | 0.73 | 1.35 | 0.95 |
| Quick Ratio | 0.89 | 0.89 | 0.88 | 0.86 | 0.93 | 0.79 | 0.77 | 0.77 | 0.53 | 1.10 | 0.67 |
| Cash Ratio | 0.09 | 0.09 | 0.03 | 0.02 | 0.03 | 0.03 | 0.06 | 0.04 | 0.06 | 0.05 | 0.07 |
| Asset Turnover | — | 0.58 | 0.66 | 0.69 | 0.85 | 0.64 | 0.41 | 0.55 | 0.61 | 0.47 | 0.48 |
| Inventory Turnover | 12.96 | 12.96 | 21.82 | 24.15 | 31.11 | 26.80 | 16.51 | 28.13 | 24.58 | 16.62 | 12.60 |
| Days Sales Outstanding | — | 50.58 | 45.63 | 42.80 | 34.76 | 41.73 | 37.05 | 34.99 | 28.30 | 41.05 | 35.08 |
ET Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Energy Transfer LP returns 6.9% to shareholders annually primarily through dividends. The payout ratio of 96.4% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 7.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.9% | 7.9% | 6.9% | 9.7% | 8.3% | 8.4% | 16.8% | 9.0% | 8.7% | 5.1% | 4.9% |
| Payout Ratio | 96.4% | 96.4% | 96.0% | 108.0% | 64.1% | 34.7% | — | 86.8% | 99.2% | 105.7% | 102.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 8.2% | 6.5% | 7.9% | 11.8% | 23.0% | — | 10.4% | 8.8% | 4.6% | 4.8% |
| FCF Yield | 6.0% | 6.4% | 11.0% | 14.6% | 15.4% | 37.0% | 13.4% | 6.5% | 0.5% | — | — |
| Buyback Yield | 0.0% | 0.0% | 5.2% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% | 0.1% | 0.3% | 0.0% |
| Total Shareholder Yield | 6.9% | 7.9% | 12.1% | 9.7% | 8.3% | 8.6% | 16.8% | 9.1% | 8.8% | 5.3% | 4.9% |
| Shares Outstanding | — | $3.6B | $3.4B | $3.2B | $3.1B | $2.7B | $2.7B | $2.6B | $1.5B | $1.2B | $1.1B |
Peer Comparison
Compare ET with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ETYou | $65B | 13.9 | 9.1 | 16.8 | 21.8% | 11.4% | 10.2% | 6.3% | 4.9 |
 EPD | $79B | 13.8 | 11.8 | 26.7 | 13.6% | 13.1% | 19.3% | 8.3% | 3.7 |
 PAA | $15B | 12.9 | 9.1 | 6.6 | 6.0% | 3.2% | 11.0% | 5.3% | 4.7 |
 WES | $17B | 14.3 | 10.9 | 11.5 | 68.5% | 41.3% | 31.0% | 10.5% | 3.9 |
 MPLX | $58B | 11.8 | 13.4 | 14.1 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
 KMI | $70B | 23.1 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 OKE | $54B | 15.7 | 10.2 | 21.9 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
 WMB | $89B | 34.2 | 17.6 | 89.0 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
 TRP | $70B | 29.4 | 16.9 | 48.1 | 50.0% | 44.2% | 9.3% | 5.2% | 6.4 |
 ENB | $119B | 23.9 | 18.9 | 37.3 | 33.0% | 16.8% | 9.4% | 4.1% | 8.8 |
 DT | $12B | 76.7 | 38.7 | 22.9 | 81.6% | 13.1% | 6.2% | 11.8% | 0.6 |
| Energy Median | — | 15.4 | 7.8 | 13.8 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 22 years · Updated daily
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ET — Frequently Asked Questions
Quick answers to the most common questions about buying ET stock.
What is Energy Transfer LP's P/E ratio?
Energy Transfer LP's current P/E ratio is 13.9x. The historical average is 25.7x. This places it at the 42th percentile of its historical range.
What is Energy Transfer LP's EV/EBITDA?
Energy Transfer LP's current EV/EBITDA is 9.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.7x.
What is Energy Transfer LP's ROE?
Energy Transfer LP's return on equity (ROE) is 10.2%. The historical average is 12.8%.
Is ET stock overvalued?
Based on historical data, Energy Transfer LP is trading at a P/E of 13.9x. This is at the 42th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Energy Transfer LP's dividend yield?
Energy Transfer LP's current dividend yield is 6.90% with a payout ratio of 96.4%.
What are Energy Transfer LP's profit margins?
Energy Transfer LP has 21.8% gross margin and 11.4% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Energy Transfer LP have?
Energy Transfer LP's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.