Last 48 quarters of trend data · Energy · Oil & Gas Midstream
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Energy Transfer LP's quarterly P/E stands at 13.8x, up 6.8% year-over-year. EV/EBITDA has compressed 6.5% YoY to 7.5x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.89 | 13.79 | 10.31 | 15.89 | 14.16 | 12.91 | 16.89 | 12.54 | 11.59 | 12.29 | 9.32 | 23.38 | 12.70 |
| — | +6.8% | -39.0% | +26.7% | +22.3% | +5.1% | +81.1% | -46.4% | -8.8% | +26.1% | +6.8% | +145.9% | +98.5% | |
| P/S Ratio | 0.78 | 0.60 | 0.67 | 0.78 | 0.81 | 0.76 | 0.86 | 0.66 | 0.66 | 0.62 | 0.55 | 0.54 | 0.55 |
| — | -21.3% | -22.3% | +17.7% | +22.5% | +23.9% | +56.2% | +24.1% | +21.7% | +20.5% | +23.3% | +43.4% | +82.7% | |
| P/B Ratio | 1.39 | 1.33 | 1.22 | 1.32 | 1.37 | 1.38 | 1.46 | 1.19 | 1.20 | 1.20 | 1.02 | 1.08 | 0.96 |
| — | -3.1% | -16.1% | +11.8% | +13.8% | +14.9% | +43.1% | +9.5% | +24.4% | +27.1% | +13.6% | +29.6% | +28.4% | |
| P/FCF | 16.77 | 4.94 | — | 12.25 | 14.19 | 9.48 | 15.11 | 7.72 | 9.44 | 4.48 | 19.20 | 6.65 | 6.02 |
| — | -47.9% | — | +58.6% | +50.4% | +111.7% | -21.3% | +16.2% | +56.7% | +15.1% | -6.2% | +51.5% | +28.1% | |
| EV / EBITDA | 9.14 | 7.53 | 9.34 | 8.55 | 8.13 | 8.06 | 8.75 | 8.20 | 8.04 | 7.27 | 7.41 | 6.95 | 7.65 |
| — | -6.5% | +6.7% | +4.3% | +1.2% | +10.9% | +18.0% | +18.0% | +5.0% | +4.8% | -0.8% | +1.5% | +21.4% | |
| EV / EBIT | 14.28 | 16.30 | 13.77 | 13.54 | 12.90 | 12.10 | 13.37 | 12.23 | 9.46 | 10.52 | 11.38 | 10.39 | 12.01 |
| — | +34.7% | +3.0% | +10.7% | +36.3% | +14.9% | +17.5% | +17.7% | -21.2% | +0.3% | -4.1% | +4.1% | +27.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Energy Transfer LP's operating margin was 10.7% in Q1 2026, up 0.2 pp QoQ and down 1.1 pp YoY. Gross margin expanded 20.8% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.8% | 23.8% | 25.8% | 27.0% | 14.0% | 19.7% | 21.0% | 18.3% | 18.8% | 18.0% | 18.2% | 17.2% | 17.1% |
| — | +20.8% | +22.8% | +47.6% | -25.7% | +9.7% | +15.5% | +6.2% | +9.8% | +1.8% | +16.7% | +14.6% | +31.7% | |
| Operating Margin | 11.4% | 10.7% | 10.6% | 10.8% | 12.6% | 11.9% | 11.7% | 10.5% | 11.1% | 11.0% | 10.5% | 10.8% | 10.0% |
| — | -9.4% | -9.3% | +2.7% | +13.8% | +7.7% | +10.6% | -2.5% | +10.7% | +1.4% | +19.7% | +25.2% | +23.0% | |
| Net Margin | 5.9% | 7.1% | 6.5% | 5.1% | 5.7% | 6.3% | 5.5% | 5.7% | 6.3% | 5.7% | 6.5% | 2.8% | 5.0% |
| — | +13.0% | +18.2% | -10.3% | -9.9% | +9.8% | -14.7% | +102.2% | +27.5% | -2.2% | +14.7% | -35.8% | -2.7% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 4.0% | 3.0% | 2.2% | 2.4% | 2.8% | 2.3% | 2.6% | 2.9% | 2.8% | 3.1% | 1.4% | 2.2% |
| — | +40.0% | +30.8% | -14.3% | -18.2% | +2.3% | -25.2% | +80.7% | +31.9% | +2.8% | +10.1% | -42.1% | -31.7% | |
| ROA | 3.7% | 1.4% | 1.1% | 0.8% | 0.9% | 1.1% | 0.9% | 1.0% | 1.1% | 1.1% | 1.2% | 0.5% | 0.9% |
| — | +30.0% | +24.9% | -16.8% | -21.1% | -2.8% | -28.1% | +75.3% | +27.5% | +2.0% | +9.8% | -41.5% | -28.6% | |
| ROIC | 6.3% | 1.9% | 1.6% | 1.5% | 1.7% | 1.8% | 1.6% | 1.6% | 1.7% | 1.8% | 1.7% | 1.9% | 1.5% |
| — | +6.3% | -2.5% | -3.5% | -1.0% | -4.6% | -7.5% | -16.5% | +11.8% | +6.1% | +14.6% | +12.7% | -12.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Energy Transfer LP's Debt/EBITDA ratio is 15.5x, down from 20.5x last quarter — elevated, raising questions about debt serviceability.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.45 | 1.42 | 1.45 | 1.36 | 1.34 | 1.30 | 1.30 | 1.29 | 1.27 | 1.22 | 1.19 | 1.19 | 1.18 |
| — | +9.0% | +11.5% | +5.3% | +5.5% | +6.7% | +9.6% | +8.2% | +7.8% | +4.4% | -0.3% | +1.3% | -0.5% | |
| Debt / EBITDA | 4.85 | 15.52 | 20.49 | 17.82 | 16.15 | 15.71 | 16.58 | 17.14 | 16.64 | 14.92 | 16.02 | 14.64 | 16.91 |
| — | -1.2% | +23.6% | +4.0% | -2.9% | +5.3% | +3.5% | +17.0% | -1.6% | -3.1% | -6.5% | -8.9% | +9.1% | |
| Current Ratio | 1.22 | 1.17 | 1.22 | 1.41 | 1.15 | 1.12 | 1.12 | 1.08 | 1.14 | 1.18 | 1.10 | 1.05 | 0.81 |
| — | +4.1% | +8.6% | +30.4% | +0.8% | -4.9% | +1.8% | +2.4% | +40.6% | +5.5% | -5.4% | -2.7% | -28.9% | |
| Quick Ratio | 0.89 | 1.17 | 0.89 | 1.14 | 0.92 | 0.92 | 0.88 | 0.88 | 0.92 | 1.00 | 0.86 | 0.85 | 0.64 |
| — | +27.4% | +0.7% | +30.4% | -0.3% | -8.5% | +1.7% | +3.1% | +43.9% | +9.3% | -6.8% | -1.2% | -34.8% | |
| Interest Coverage | 2.89 | 2.23 | 3.12 | 2.55 | 2.78 | 3.18 | 2.96 | 2.84 | 3.91 | 3.45 | 3.16 | 3.53 | 2.88 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying ET stock.
Energy Transfer LP's current P/E is 13.9x. The average P/E over the last 4 quarters is 13.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Energy Transfer LP's current operating margin is 11.4%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Energy Transfer LP's business trajectory between earnings reports.