Last 47 quarters of trend data · Energy · Oil & Gas Midstream
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 14.90 | 8.10 | 13.79 | 10.31 | 15.89 | 14.16 | 12.91 | 16.89 | 12.54 | 11.59 | 12.29 | 9.32 | 23.38 | 12.70 | 9.74 | 8.73 | 9.51 | 6.40 | 7.56 | 7.09 | 11.97 |
| — | -42.8% | +6.8% | -39.0% | +26.7% | +22.3% | +5.1% | +81.1% | -46.4% | -8.8% | +26.1% | +6.8% | +145.9% | +98.5% | +28.9% | +23.0% | -20.6% | -51.9% | +376.5% | -12.7% | — | |
| P/S Ratio | 0.84 | 0.48 | 0.60 | 0.67 | 0.78 | 0.81 | 0.76 | 0.86 | 0.66 | 0.66 | 0.62 | 0.55 | 0.54 | 0.55 | 0.51 | 0.45 | 0.37 | 0.30 | 0.42 | 0.31 | 0.39 |
| — | -40.7% | -21.3% | -22.3% | +17.7% | +22.5% | +23.9% | +56.2% | +24.1% | +21.7% | +20.5% | +23.3% | +43.4% | +82.7% | +20.8% | +43.9% | -4.4% | -37.6% | +38.3% | -24.9% | +6.5% | |
| P/B Ratio | 1.49 | 1.31 | 1.33 | 1.22 | 1.32 | 1.37 | 1.38 | 1.46 | 1.19 | 1.20 | 1.20 | 1.02 | 1.08 | 0.96 | 0.94 | 0.90 | 0.84 | 0.75 | 0.85 | 0.58 | 0.72 |
| — | -4.0% | -3.1% | -16.1% | +11.8% | +13.8% | +14.9% | +43.1% | +9.5% | +24.4% | +27.1% | +13.6% | +29.6% | +28.4% | +11.0% | +54.2% | +15.8% | -6.3% | +43.1% | +11.9% | +58.2% | |
| P/FCF | 18.00 | 6.20 | 11.11 | — | 12.25 | 14.19 | 9.48 | 15.11 | 7.72 | 9.44 | 4.48 | 19.20 | 6.65 | 6.02 | 3.89 | 20.46 | 4.39 | 4.70 | 5.36 | 6.05 | 3.96 |
| — | -56.3% | +17.3% | — | +58.6% | +50.4% | +111.7% | -21.3% | +16.2% | +56.7% | +15.1% | -6.2% | +51.5% | +28.1% | -27.4% | +238.4% | +10.8% | -17.1% | +359.4% | +16.9% | +33.1% | |
| EV / EBITDA | 9.46 | 9.26 | 7.49 | 9.34 | 8.55 | 8.13 | 8.06 | 8.75 | 8.20 | 8.04 | 7.27 | 7.41 | 6.95 | 7.65 | 6.94 | 7.47 | 6.84 | 6.30 | 7.30 | 6.89 | 7.57 |
| — | +13.9% | -7.0% | +6.7% | +4.3% | +1.2% | +10.9% | +18.0% | +18.0% | +5.0% | +4.8% | -0.8% | +1.5% | +21.4% | -5.0% | +8.5% | -9.6% | -15.6% | +112.4% | -7.6% | -47.6% | |
| EV / EBIT | 14.79 | 9.26 | 16.21 | 13.77 | 13.54 | 12.90 | 12.10 | 13.37 | 12.23 | 9.46 | 10.52 | 11.38 | 10.39 | 12.01 | 10.49 | 11.86 | 9.98 | 9.42 | 9.78 | 10.82 | 12.54 |
| — | -28.3% | +34.0% | +3.0% | +10.7% | +36.3% | +14.9% | +17.5% | +17.7% | -21.2% | +0.3% | -4.1% | +4.1% | +27.5% | +7.3% | +9.6% | -20.4% | -20.2% | +130.6% | -10.7% | +29.1% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.8% | 21.5% | 23.8% | 25.8% | 27.0% | 14.0% | 19.7% | 21.0% | 18.3% | 18.8% | 18.0% | 18.2% | 17.2% | 17.1% | 17.7% | 15.6% | 15.0% | 13.0% | 16.6% | 16.4% | 15.5% |
| — | +54.4% | +20.8% | +22.8% | +47.6% | -25.7% | +9.7% | +15.5% | +6.2% | +9.8% | +1.8% | +16.7% | +14.6% | +31.7% | +6.5% | -4.7% | -2.8% | -28.1% | -46.0% | -38.6% | -45.1% | |
| Operating Margin | 11.4% | 10.4% | 10.7% | 10.6% | 10.8% | 12.6% | 11.9% | 11.7% | 10.5% | 11.1% | 11.0% | 10.5% | 10.8% | 10.0% | 10.9% | 8.8% | 8.6% | 8.1% | 9.0% | 9.1% | 8.6% |
| — | -17.5% | -9.4% | -9.3% | +2.7% | +13.8% | +7.7% | +10.6% | -2.5% | +10.7% | +1.4% | +19.7% | +25.2% | +23.0% | +20.5% | -2.7% | -0.3% | -23.0% | -62.4% | -32.2% | +251.8% | |
| Net Margin | 5.9% | 6.1% | 4.5% | 6.5% | 5.1% | 5.7% | 6.3% | 5.5% | 5.7% | 6.3% | 5.7% | 6.5% | 2.8% | 5.0% | 5.9% | 5.6% | 4.4% | 5.1% | 6.2% | 4.4% | 3.8% |
| — | +6.5% | -28.3% | +18.2% | -10.3% | -9.9% | +9.8% | -14.7% | +102.2% | +27.5% | -2.2% | +14.7% | -35.8% | -2.7% | -5.4% | +28.2% | +15.3% | +23.5% | -68.0% | -30.7% | +148.4% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 4.2% | 2.5% | 3.0% | 2.2% | 2.4% | 2.8% | 2.3% | 2.6% | 2.9% | 2.8% | 3.1% | 1.4% | 2.2% | 2.7% | 2.8% | 2.4% | 3.2% | 3.1% | 2.2% | 1.8% |
| — | +74.7% | -11.2% | +30.8% | -14.3% | -18.2% | +2.3% | -25.2% | +80.7% | +31.9% | +2.8% | +10.1% | -42.1% | -31.7% | -13.7% | +30.7% | +39.1% | +83.7% | -67.9% | +8.5% | +173.8% | |
| ROA | 3.7% | 1.4% | 0.9% | 1.1% | 0.8% | 0.9% | 1.1% | 0.9% | 1.0% | 1.1% | 1.1% | 1.2% | 0.5% | 0.9% | 1.1% | 1.1% | 0.9% | 1.2% | 1.2% | 0.8% | 0.7% |
| — | +61.6% | -17.5% | +24.9% | -16.8% | -21.1% | -2.8% | -28.1% | +75.3% | +27.5% | +2.0% | +9.8% | -41.5% | -28.6% | -10.2% | +35.0% | +42.7% | +87.3% | -65.6% | +21.1% | +180.3% | |
| ROIC | 6.3% | 2.2% | 1.9% | 1.6% | 1.5% | 1.7% | 1.8% | 1.6% | 1.6% | 1.7% | 1.8% | 1.7% | 1.9% | 1.5% | 1.7% | 1.5% | 1.7% | 1.8% | 1.5% | 1.5% | 1.3% |
| — | +31.3% | +6.6% | -2.5% | -3.5% | -1.0% | -4.6% | -7.5% | -16.5% | +11.8% | +6.1% | +14.6% | +12.7% | -12.7% | +12.6% | +3.0% | +26.7% | +22.2% | -57.9% | +23.1% | +506.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.45 | 1.39 | 1.42 | 1.45 | 1.36 | 1.34 | 1.30 | 1.30 | 1.29 | 1.27 | 1.22 | 1.19 | 1.19 | 1.18 | 1.17 | 1.19 | 1.18 | 1.19 | 1.23 | 1.26 | 1.28 |
| — | +3.5% | +9.3% | +11.5% | +5.3% | +5.5% | +6.7% | +9.6% | +8.2% | +7.8% | +4.4% | -0.3% | +1.3% | -0.5% | -5.3% | -5.3% | -8.3% | -9.3% | -11.2% | -22.6% | -21.6% | |
| Debt / EBITDA | 4.85 | 19.20 | 15.57 | 20.49 | 17.82 | 16.15 | 15.71 | 16.58 | 17.14 | 16.64 | 14.92 | 16.02 | 14.64 | 16.91 | 15.40 | 17.13 | 16.07 | 15.50 | 17.51 | 18.95 | 19.46 |
| — | +18.9% | -0.9% | +23.6% | +4.0% | -2.9% | +5.3% | +3.5% | +17.0% | -1.6% | -3.1% | -6.5% | -8.9% | +9.1% | -12.1% | -9.6% | -17.4% | -16.6% | +81.0% | -16.7% | -57.1% | |
| Current Ratio | 1.22 | 1.16 | 1.17 | 1.22 | 1.41 | 1.15 | 1.12 | 1.12 | 1.08 | 1.14 | 1.18 | 1.10 | 1.05 | 0.81 | 1.12 | 1.17 | 1.08 | 1.15 | 1.14 | 0.97 | 0.92 |
| — | +0.9% | +4.1% | +8.6% | +30.4% | +0.8% | -4.9% | +1.8% | +2.4% | +40.6% | +5.5% | -5.4% | -2.7% | -28.9% | -2.2% | +19.8% | +17.5% | +19.3% | +13.8% | -8.8% | -9.5% | |
| Quick Ratio | 0.89 | 0.94 | 0.93 | 0.89 | 1.14 | 0.92 | 0.92 | 0.88 | 0.88 | 0.92 | 1.00 | 0.86 | 0.85 | 0.64 | 0.92 | 0.93 | 0.86 | 0.98 | 1.00 | 0.79 | 0.74 |
| — | +2.7% | +0.8% | +0.7% | +30.4% | -0.3% | -8.5% | +1.7% | +3.1% | +43.9% | +9.3% | -6.8% | -1.2% | -34.8% | -8.2% | +18.0% | +16.8% | +28.1% | +29.4% | +1.8% | +0.5% | |
| Interest Coverage | 2.89 | 3.92 | 2.23 | 3.12 | 2.55 | 2.78 | 3.18 | 2.96 | 2.84 | 3.91 | 3.45 | 3.16 | 3.53 | 2.88 | 3.33 | 3.05 | 3.57 | 3.66 | 3.84 | 3.07 | 2.58 |
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Includes 30+ ratios · 47 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 14.9x. The average P/E over the last 4 quarters is 12.0x. 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.