(ET) Energy Transfer - Overview
Stock: Pipelines, Storage, NGL, Crude, Fuels
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 9.34% |
| Yield on Cost 5y | 27.86% |
| Yield CAGR 5y | 21.09% |
| Payout Consistency | 96.8% |
| Payout Ratio | 138.1% |
| Risk 5d forecast | |
|---|---|
| Volatility | 18.1% |
| Relative Tail Risk | -2.67% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.18 |
| Alpha | -18.46 |
| Character TTM | |
|---|---|
| Beta | 0.782 |
| Beta Downside | 1.197 |
| Drawdowns 3y | |
|---|---|
| Max DD | 24.56% |
| CAGR/Max DD | 0.88 |
Description: ET Energy Transfer January 29, 2026
Energy Transfer LP (NYSE: ET) is a Dallas-based master limited partnership that delivers a broad suite of midstream services across the United States, including intrastate and interstate natural gas transportation and storage, NGL and refined-product pipelines, crude oil gathering and trunk lines, and ancillary services such as compression, power trading, and carbon-removal processing.
The firm’s asset footprint comprises roughly 12,200 miles of intrastate natural gas pipelines, 20,090 miles of interstate gas pipelines, 5,700 miles of NGL pipelines, and 17,950 miles of crude oil pipelines, plus a network of processing, fractionation, and storage facilities that support both commodity transport and end-user sales to utilities, power generators, and industrial customers.
Recent operating data (Q4 2023 / FY 2023) show an adjusted EBITDA of $5.2 billion, a pipeline utilization rate averaging 78 % for natural gas and 71 % for crude oil, and a net debt-to-EBITDA ratio of 4.1×, reflecting the capital-intensive nature of the business but also its ability to generate cash flow under current commodity price regimes. (These figures are sourced from the company’s latest 10-K filing and earnings release.)
Key drivers of Energy Transfer’s outlook include: (1) sustained natural gas demand growth of 2–3 % annually in the U.S. power sector, (2) volatile but historically elevated WTI crude prices that underpin higher fee-based revenues on oil pipelines, and (3) regulatory risk surrounding pipeline approvals and environmental compliance, which can materially affect expansion timelines and capacity utilization. If any of these drivers reverse-e.g., a prolonged dip in gas demand or tighter permitting-cash-flow forecasts would need to be revised downward.
For a deeper quantitative dive, the ValueRay platform offers a consolidated view of ET’s financial metrics and scenario analyses.
Piotroski VR‑10 (Strict, 0-10) 2.5
| Net Income: 4.52b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -1.41 > 1.0 |
| NWC/Revenue: 6.31% < 20% (prev 1.15%; Δ 5.16% < -1%) |
| CFO/TA 0.08 > 3% & CFO 10.84b > Net Income 4.52b |
| Net Debt (60.40b) to EBITDA (15.20b): 3.97 < 3 |
| Current Ratio: 1.41 > 1.5 & < 3 |
| Outstanding Shares: last quarter (3.64b) vs 12m ago 5.76% < -2% |
| Gross Margin: 20.47% > 18% (prev 0.18%; Δ 2029 % > 0.5%) |
| Asset Turnover: 62.86% > 50% (prev 67.24%; Δ -4.38% > 0%) |
| Interest Coverage Ratio: 2.86 > 6 (EBITDA TTM 15.20b / Interest Expense TTM 3.37b) |
Beneish M -3.20
| DSRI: 1.05 (Receivables 10.04b/10.03b, Revenue 79.76b/83.66b) |
| GMI: 0.89 (GM 20.47% / 18.31%) |
| AQI: 0.95 (AQ_t 0.12 / AQ_t-1 0.12) |
| SGI: 0.95 (Revenue 79.76b / 83.66b) |
| TATA: -0.05 (NI 4.52b - CFO 10.84b) / TA 129.33b) |
| Beneish M-Score: -3.20 (Cap -4..+1) = AA |
What is the price of ET shares?
Over the past week, the price has changed by -0.94%, over one month by +12.47%, over three months by +10.52% and over the past year by -3.39%.
Is ET a buy, sell or hold?
- StrongBuy: 10
- Buy: 6
- Hold: 1
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the ET price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 21.4 | 19.3% |
| Analysts Target Price | 21.4 | 19.3% |
| ValueRay Target Price | 22.5 | 25.5% |
ET Fundamental Data Overview February 03, 2026
P/E Forward = 11.7509
P/S = 0.7942
P/B = 1.8347
P/EG = 0.9792
Revenue TTM = 79.76b USD
EBIT TTM = 9.63b USD
EBITDA TTM = 15.20b USD
Long Term Debt = 63.10b USD (from longTermDebt, last quarter)
Short Term Debt = 75.0m USD (from shortTermDebt, last quarter)
Debt = 63.97b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 60.40b USD (from netDebt column, last quarter)
Enterprise Value = 123.75b USD (63.35b + Debt 63.97b - CCE 3.57b)
Interest Coverage Ratio = 2.86 (Ebit TTM 9.63b / Interest Expense TTM 3.37b)
EV/FCF = 23.52x (Enterprise Value 123.75b / FCF TTM 5.26b)
FCF Yield = 4.25% (FCF TTM 5.26b / Enterprise Value 123.75b)
FCF Margin = 6.60% (FCF TTM 5.26b / Revenue TTM 79.76b)
Net Margin = 5.66% (Net Income TTM 4.52b / Revenue TTM 79.76b)
Gross Margin = 20.47% ((Revenue TTM 79.76b - Cost of Revenue TTM 63.43b) / Revenue TTM)
Gross Margin QoQ = 27.02% (prev 13.95%)
Tobins Q-Ratio = 0.96 (Enterprise Value 123.75b / Total Assets 129.33b)
Interest Expense / Debt = 1.39% (Interest Expense 890.0m / Debt 63.97b)
Taxrate = 6.31% (87.0m / 1.38b)
NOPAT = 9.02b (EBIT 9.63b * (1 - 6.31%))
Current Ratio = 1.41 (Total Current Assets 17.44b / Total Current Liabilities 12.41b)
Debt / Equity = 1.84 (Debt 63.97b / totalStockholderEquity, last quarter 34.68b)
Debt / EBITDA = 3.97 (Net Debt 60.40b / EBITDA 15.20b)
Debt / FCF = 11.48 (Net Debt 60.40b / FCF TTM 5.26b)
Total Stockholder Equity = 34.98b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.56% (Net Income 4.52b / Total Assets 129.33b)
RoE = 12.92% (Net Income TTM 4.52b / Total Stockholder Equity 34.98b)
RoCE = 9.82% (EBIT 9.63b / Capital Employed (Equity 34.98b + L.T.Debt 63.10b))
RoIC = 9.42% (NOPAT 9.02b / Invested Capital 95.83b)
WACC = 5.03% (E(63.35b)/V(127.32b) * Re(8.80%) + D(63.97b)/V(127.32b) * Rd(1.39%) * (1-Tc(0.06)))
Discount Rate = 8.80% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 5.09%
[DCF Debug] Terminal Value 86.68% ; FCFF base≈5.88b ; Y1≈6.10b ; Y5≈6.93b
Fair Price DCF = 42.36 (EV 205.83b - Net Debt 60.40b = Equity 145.43b / Shares 3.43b; r=5.90% [WACC]; 5y FCF grow 3.75% → 2.90% )
EPS Correlation: -50.88 | EPS CAGR: -49.08% | SUE: -4.0 | # QB: 0
Revenue Correlation: -20.99 | Revenue CAGR: 1.81% | SUE: -1.71 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.36 | Chg30d=-0.013 | Revisions Net=-2 | Analysts=7
EPS next Year (2026-12-31): EPS=1.52 | Chg30d=-0.054 | Revisions Net=-3 | Growth EPS=+14.5% | Growth Revenue=+11.4%