Energy Transfer is a diversified midstream firm operating from wellhead to consuming demand. It handles natural gas, natural gas liquids, crude oil, and refined products.
It is a $70.5B utility company. Revenue grew 33.3% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~12.8 years of free cash flow. It trades at 13.3× earnings — around the middle of its own history.
- Website
- energytransfer.com
- Location
- Dallas, TX
- Employees
- 22 311
- Sector
- Utilities
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong valuation and quality; Growth, Profitability, Health and Moat lag behind.
Valuation90
- P/E vs own history36th pct · 20/25
- FCF yield7.4% · 20/25
- P/S0.7x · 25/25
- EV/EBITDA8.2x · 25/25
Growth24
- Revenue CAGR6.1% · 12/25
- Net income CAGR-5.1% · 0/25
- EPS CAGR ~5Yn/a · 0/25
- Fwd implied growth9.2% · 12/25
Profitability38
- ROICn/a · 0/25
- ROE15.2% · 20/25
- Net margin4.9% · 6/25
- Operating margin10.0% · 12/25
Health27
- Altman Zn/a · 0/25
- Current ratio1.16 · 12/25
- Interest coverage3.0x · 10/25
- Net cash / debtD/A 47% · 5/25
Quality82
- Piotroski F6/9 · 15/25
- Beneish M-2.39 · 20/25
- FCF conversion99% · 22/25
- Margin stabilityσ 3.6% · 25/25
Moat29
- ROIC >12% years0/10 yrs · 0/25
- Median gross margin24.3% · 6/25
- FCF-positive years8/10 yrs · 18/25
- Worst-year net marginworst -1.7% · 5/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- Q3 2026Insiders3 open-market insider purchases~1.0M shares bought by insiders
- 2025AcquisitionThe acquisition of Houston-headquartered Crestwood Equity Partners was completed in early 2025, further expanding…
- 2023AcquisitionIt was announced Energy Transfer had signed a definitive agreement to acquire its…
- FY2021FinancialBest year on record$5.47B net income
- 2019AcquisitionThe company acquired SemGroup for $5 billion
- FY2018FinancialRevenue crossed $50B$54.1B for the year
- FY2018FinancialPositive free cash flow every year since8-year streak
- 2018AcquisitionEnergy Transfer Equity completed its acquisition of Energy Transfer Partners, simplifying the…
- 2017MilestoneEnergy Transfer filed lawsuits against environmental groups Greenpeace USA, BankTrack and Earth…
- FY2016FinancialFirst recorded profitable year$995M net income
- FY2016FinancialRevenue already above $10B$37.5B in first reported year
- 2016AcquisitionDuring the same year, the company also agreed to purchase Williams for around $32.6 billion, however the acquisition…
- 2015AcquisitionThe company acquired Regency Energy Partners for $11 billion
- 2014AcquisitionThe company acquired Susser Holdings Corporation
- 2012MilestoneSunoco, Inc., became a wholly owned subsidiary of the company
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Revenue growing 33.3% year over year
Watch-outs
- Loss-making in 1 of the recent years
- Net debt equals ~12.8 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+33.3% YoY
- Profitable — makes more than it spends$5.29B TTM
- Profit growing — earnings are higher than last year-5.8% YoY
- Generates cash — cash left after running and investing$5.22B TTM
- Debt under control — could handle its obligations~12.8y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$70.5B market cap
- Proven track record — years of profitability behind it9/10 profitable years
- Financially stable — balance sheet not near distresshealth score 22/100
- Pays a dividend — returns cash to shareholdersyield 6.80%
- Valuation not extreme — price not wildly above earningsP/E 13.3
Peer comparisonEnergy Transfer LP Common vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| ET this company | $70.5B | 13.3 | +33.3% | 4.9% | Strained |
| NEE NextEra Energy, Inc. | $161.3B | 17.4 | +10.8% | 32.4% | Strained |
| CEG Constellation Energy Corporation | $105.8B | 30.5 | +26.0% | 11.1% | Strained |
| SO The Southern Company | $99.1B | 21.3 | +6.4% | 15.4% | Strained |
| DUK Duke Energy Corporation | $90.9B | 17.3 | +6.3% | 15.8% | Strained |
| WMB Williams Companies Inc. | $89.2B | 29.0 | +8.7% | 25.2% | Strained |
| KMI Kinder Morgan, Inc. | $72.4B | 20.9 | +12.5% | 19.3% | Strained |
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/ET
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of ET on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $20.49 · market cap $70.5B.