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Earnings transcript
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ET
Energy Transfer LP
$19.06
-0.28
(-1.45%)
| Exchange: | NYSE |
| Market Cap: | 65.588B |
| Shares Outstanding: | 716.651M |
Delayed data
About The Company
| Sector: | Energy | |||||
| Industry: | Oil & Gas Midstream | |||||
| CEO: | Marshall S. McCrea | |||||
| Full Time Employees: | 16248 | |||||
| Address: |
| |||||
| Website: | https://energytransfer.com |
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. Energy Transfer supplies natural gas to a diverse range of customers, such as electric utilities, independent power producers, local distribution companies, other marketing firms, and various industrial end-users. Beyond transportation, the firm manages substantial infrastructure for gathering, processing, treating, and conditioning natural gas and natural gas liquids (NGLs) across a broad geographic area that includes Texas, New Mexico, West Virginia, Pennsylvania, Ohio, Oklahoma, Arkansas, Kansas, and Louisiana. This infrastructure also covers natural gas gathering systems in Ohio, and integrated natural gas gathering, oil pipeline, and oil stabilization facilities situated in South Texas. Additionally, the company provides water transport and supply services to natural gas producers in Pennsylvania. In the NGL sector, Energy Transfer possesses approximately 5,215 miles of NGL pipelines, along with facilities for NGL and propane fractionation. Its NGL storage solutions include facilities with a working capacity of around 50 million barrels (MMBbls), supplemented by additional storage assets and terminals totaling about 17 MMBbls. The company is actively involved in the transportation, terminalling, acquisition, and marketing of crude oil, as well as the distribution of refined petroleum products like gasoline, middle distillates, and motor fuels. Complementing these primary operations, Energy Transfer offers specialized services such as natural gas compression, removal of carbon dioxide and hydrogen sulfide, natural gas cooling, dehydration, and British thermal unit (BTU) management. Furthermore, its operations extend to managing coal and other natural resource properties, selling standing timber, leasing coal-related infrastructure, collecting oil and gas royalties, and generating electrical power. Established in 1996 and headquartered in Dallas, Texas, the company officially adopted its current name, Energy Transfer LP, in October 2018, having previously been known as Energy Transfer Equity, L.P.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 78,586,000 | 82,671,000 | 82,626,000 |
| Gross Profit | 13,801,000 | 15,692,000 | 18,007,000 |
| EBITDA | 12,560,000 | 15,396,000 | 14,927,000 |
| Operating Income | 8,295,000 | 9,138,000 | 9,440,000 |
| Net Income | 3,935,000 | 4,814,000 | 4,901,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 113,698,000 | 125,380,000 | 141,286,000 |
| Total Liabilities | 68,981,000 | 78,946,000 | 92,276,000 |
| Total Stockholders Equity | 36,684,000 | 35,120,000 | 49,010,000 |
| Total Debt | 53,222,000 | 60,558,000 | 69,823,000 |
| Cash and Cash Equivalents | 161,000 | 312,000 | 0 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 9,555,000 | 11,506,000 | 0 |
| Capital Expenditure | -3,134,000 | -4,164,000 | 0 |
| Free Cash Flow | 6,421,000 | 7,342,000 | 0 |
| Net Income | 5,294,000 | 6,565,000 | 0 |
| Net Change in Cash | -96,000 | 151,000 | 960,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 105,442,283.728 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 132,362,119.171 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 120,773,000 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 20,873,009.568 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 26,201,972.134 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 23,907,828.012 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 6,310,375.501 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 8,500,266.002 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 7,557,507.502 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 1,393,213.106 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 1,748,905.967 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 1,595,778.472 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 2.070 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 2.330 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 1.730 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 4 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 5 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Record adjusted EBITDA achieved in Q4 2024, reflecting operational scale and efficiency in midstream energy infrastructure.
- Sustained strong financial performance across 2024, supported by consistent revenue generation and cash flow stability.
- Established position in the energy sector with diversified revenue segments across products and geographies, enabling resilience against isolated market fluctuations.
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Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates ET intrinsic value between $19.83 – $31.58 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about ET valuation
Is Energy Transfer LP (ET) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Energy Transfer LP (ET) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is ET a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether ET trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is ET’s P/E ratio?
You can see ET’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for ET?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is ET a good long-term investment?
Whether ET fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
ET
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Daily snapshot
-1.45
Trading Metrics:
| Open: | 19.3 | Previous Close: | 19.34 | |
| Day Low: | 19.01 | Day High: | 19.34 | |
| Year Low: | 16.18 | Year High: | 20.7 | |
| Price Avg 50: | 19.49 | Price Avg 200: | 17.93 | |
| Volume: | 8.029M | Average Volume: | 15.235M |
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Login — it's freeET full analysis
Hey everyone, welcome back to the channel where we break down stocks like we're chatting over coffee about real investment opportunities. Today we're diving deep into Energy Transfer LP, ticker ET, one of the biggest names in the midstream energy space with a massive pipeline network stretching across the country. Energy Transfer has been making waves lately with strong operational momentum, boosted distribution payouts, and growing tailwinds from data centers and LNG exports that could keep cash flows humming for…
