Energy Transfer LP (ET) is a publicly traded company in the Energy — Oil & Gas Midstream industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Energy Transfer LP functions as a comprehensive provider of energy infrastructure and associated services. The company operates extensive natural gas networks, including approximately 11,600 miles of intrastate transportation pipelines and an additional 19,830 miles dedicated to interstate transport. Its natural gas storage capabilities encompass three facilities in Texas and another two spanning Texas and Oklahoma.
Is Energy Transfer LP stock overvalued or undervalued in 2026?
Energy Transfer LP (ET) trades at 12.6× earnings (P/E), below the median of the 140 energy companies over $2bn in Kaplio's universe. At the decade median (12.3×) $20 (-2 %); at its sector median (17.3×) $28 (+37 %).
Kaplio overview: Energy Transfer LP
Market cap $70B · 52 weeks $16 – $22 (5 % below the high) · P/E 12.6× · 2027 expected P/E 11.9× · Dividend 6.6 % · Next earnings November 3, 2026 · expected EPS $0.40 · Intraday price, Oct 16 · accounts published Aug 4.
- Valuation: P/E 12.6× (fairly priced).
- Business: 5-year ROIC 7.8 % (weak).
- Balance sheet: Net debt/EBITDA 4.7× (fragile).
- Earnings: 2 of 8 (disappointing).
What would it be worth at its usual multiples?
At the decade median (12.3×) $20 (-2 %); at its sector median (17.3×) $28 (+37 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in energy: 3 of 8 pass
- FCF yield 7.0 %, fails.
- 5y avg ROIC 7.8 %, fails.
- Dividend coverage (FCF / div) 0.8×, fails.
- Net debt / EBITDA 4.7×, fails.
- Capex / Revenue 7.6 %, fails.
- Positive FCF through the cycle 8 de 10 ejercicios, passes, near the threshold.
- P/E read in reverse (cyclicals) 12.6×, passes.
- EV/EBITDA vs own 10y 8.4×, passes.
Against its peers (reference peers) — Energy Transfer LP: P/E 12.6×; EV/EBITDA 8.4×; ROIC 8.1 %; $69.7B. TC Energy Corporation (P/E 27.3×; EV/EBITDA 13.7×; ROIC 5.1 %; $67.0B), Cheniere Energy, Inc. (P/E 23.8×; EV/EBITDA 10.6×; ROIC 17.6 %; $65.9B), Kinder Morgan, Inc. (P/E 21.0×; EV/EBITDA 13.9×; ROIC 5.8 %; $75.7B).
Expensive or cheap against its last ten years?
P/E at each close: today 12.6× · median 12.3× · minimum 3.6× · maximum 21.4× · cheap below 8.9× · expensive above 16.9×. It has been cheaper than today 55% of the time over its last ten years.
Dividend
tight · Yield 6.6 % ($1.29 per share in 2025) · 5-year growth +4 % a year · Free cash flow coverage 1.3× · With $1,000 invested today you'd collect $66.40 a year ($5.53 a month).
Profitability
| Return on Equity | 16.77% |
| Return on Invested Capital | 8.14% |
| Return on Assets | 3.93% |
| Gross Margin | 24.11% |
| Operating Margin | 10.60% |
| Net Margin | 5.57% |
Financial Health
| Debt / Equity | 1.99 |
| Current Ratio | 1.16 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.22 |
Price Performance
| 1 month | +4.20% |
| 3 months | +1.18% |
| Year-to-date | +24.92% |
| 1 year | +22.84% |
| 3 years | +56.65% |
| 5 years | +116.61% |
| 10 years | +40.33% |
Dividend History
Paid in the last 12 months: $1.3450 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-11-06 | $0.3425 |
| 2026-08-07 | $0.3400 |
| 2026-05-08 | $0.3375 |
| 2026-02-06 | $0.3350 |
| 2025-11-07 | $0.3325 |
| 2025-08-08 | $0.3300 |
| 2025-05-09 | $0.3275 |
| 2025-02-07 | $0.3250 |
| 2024-11-08 | $0.3225 |
| 2024-08-09 | $0.3200 |
Amounts adjusted for stock splits.
Related companies: EQNR · E · EPD · SLB · EOG · KMI · TRP · MPLX
Explore sector: Energy · Oil & Gas Midstream
More sections of ET: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks