Energy Transfer LP (ET) AI Stock Analysis

Energy Transfer LP provides midstream energy services across the United States. Its assets include approximately 11,600 miles of natural gas transportation pipelines and storage facilities, as well as 19,830 miles of interstate natural gas pipelines serving utilities, power plants, and industrial users. The partnership also operates gathering, processing, and distribution networks, alongside roughly 5,215 miles of natural gas liquids (NGL) pipelines, fractionation plants, and storage facilities. Additionally, Energy Transfer engages in crude oil transportation and marketing, refined petroleum product distribution, natural gas compression, treating services, and coal and natural resource management.

Between FY2020 and FY2025, Energy Transfer generated a 5-year revenue CAGR of 16.2%. Annual revenue peaked at $89.88B in FY2022 before dropping 12.6% in FY2023 to $78.59B. In FY2025, revenue was flat at $82.63B compared to $82.67B in FY2024, but gross margin widened to 21.8% and net income grew to $4.90B. Free cash flow decreased to $3.85B in FY2025 from $7.34B in FY2024. For the latest quarter ended June 30, 2026, quarterly revenue grew 78.4% year-over-year and quarterly earnings grew 85.3%, lifting trailing twelve months revenue to $107.38B with EPS of $1.46.

As of June 30, 2026, Energy Transfer held $1.02B in cash and short-term investments against total debt of $70.24B, resulting in net debt of $69.22B. The partnership's debt-to-equity ratio stood at 1.99, and its current ratio was 1.16 alongside total assets of $148.17B. In FY2025, operating cash flow of $10.15B supported capital expenditures of $6.30B and dividend distributions of $4.72B. In addition, share issuance totaled $973.0M, and share count expanded 22.3% over five years.

At $20.26, Energy Transfer trades at a trailing P/E of 13.9x and a forward P/E of 12.0x, below the US-listed Energy median of 15.0x and 12.7x, respectively. Its price-to-sales multiple is 0.6x compared to 1.8x for the peer group, while EV/EBITDA matches the peer median at 8.0x. Over the past year, ET shares returned 30.6%, outperforming the S&P 500 (SPY) return of 16.8%. Over five years, the stock returned 201.0% compared to 83.0% for the index.

Energy Transfer pays a quarterly distribution with an annual forward dividend of $1.36 per unit, representing a dividend yield of 6.71%. The payout ratio is 86.8%, and dividends have been paid for 21 consecutive years. Over the trailing five years, dividend growth annualized at 4.3%. The most recent ex-dividend date was August 7, 2026.

Wall Street coverage consists of 15 Strong Buy, 5 Buy, and 3 Hold ratings, with no Sell or Strong Sell recommendations. The mean price target of $24.74 suggests 22.1% upside over the last close of $20.26. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $123.88B and EPS of $1.74, reflecting 43.5% EPS growth. The company has beaten EPS expectations in 2 of the last 4 quarters, with its next earnings release scheduled for November 4, 2026.

This page is an AI-written research summary of Energy Transfer LP (ET). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: ET income statement, ET balance sheet, ET key metrics, ET analyst forecast, ET chart. See the ET stock overview for the latest quote and news.