Latest Ratios: P/E Ratio 14.2x · EV/EBITDA 12.1x · ROE 19.3%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $81.4B | $70.1B | $68.7B | $57.8B | $53.0B | $48.4B | $43.1B | $62.0B | $53.8B | $57.1B | $57.3B |
| Enterprise Value | $115.1B | $103.8B | $100.4B | $86.7B | $81.6B | $75.4B | $72.3B | $89.5B | $79.6B | $81.7B | $80.9B |
| P/E Ratio → | 14.15 | 12.05 | 11.66 | 10.46 | 9.65 | 10.46 | 11.46 | 13.47 | 12.87 | 20.39 | 22.72 |
| P/S Ratio | 1.55 | 1.33 | 1.22 | 1.16 | 0.91 | 1.19 | 1.59 | 1.89 | 1.47 | 1.95 | 2.49 |
| P/B Ratio | 2.69 | 2.29 | 2.32 | 2.01 | 1.91 | 1.83 | 1.70 | 2.40 | 2.21 | 2.51 | 2.57 |
| P/FCF | 27.47 | 23.66 | 19.25 | 13.44 | 8.73 | 7.69 | 16.57 | 31.17 | 28.26 | 37.61 | 54.97 |
| P/OCF | 9.49 | 8.17 | 8.47 | 7.64 | 6.60 | 5.68 | 7.32 | 9.51 | 8.78 | 12.24 | 14.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.97 | 1.79 | 1.74 | 1.40 | 1.85 | 2.66 | 2.73 | 2.18 | 2.79 | 3.51 |
| EV / EBITDA | 12.08 | 10.90 | 10.54 | 9.63 | 9.19 | 9.46 | 10.51 | 11.44 | 11.06 | 14.66 | 15.76 |
| EV / EBIT | 16.67 | 14.22 | 13.58 | 12.43 | 11.76 | 12.35 | 14.31 | 14.97 | 14.76 | 21.13 | 22.73 |
| EV / FCF | — | 35.02 | 28.12 | 20.15 | 13.43 | 11.99 | 27.76 | 44.98 | 41.83 | 53.79 | 77.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.6% | 13.6% | 12.8% | 13.5% | 11.6% | 14.6% | 21.0% | 17.6% | 14.2% | 12.7% | 14.9% |
| Operating Margin | 13.1% | 13.1% | 13.1% | 13.9% | 11.9% | 15.0% | 18.5% | 18.5% | 14.8% | 13.4% | 15.6% |
| Net Profit Margin | 11.1% | 11.1% | 10.5% | 11.1% | 9.4% | 11.4% | 13.9% | 14.0% | 11.4% | 9.6% | 10.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.3% | 19.3% | 20.2% | 19.6% | 20.3% | 17.9% | 14.7% | 18.3% | 17.7% | 12.4% | 11.8% |
| ROA | 7.5% | 7.5% | 8.0% | 8.0% | 8.1% | 7.0% | 6.0% | 7.7% | 7.5% | 5.3% | 5.0% |
| ROIC | 8.3% | 8.3% | 9.3% | 9.1% | 9.4% | 8.5% | 7.0% | 8.8% | 8.3% | 6.3% | 6.0% |
| ROCE | 10.9% | 10.9% | 12.2% | 12.2% | 12.4% | 11.0% | 9.3% | 11.9% | 11.4% | 8.8% | 8.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.14 | 1.14 | 1.09 | 1.01 | 1.03 | 1.13 | 1.19 | 1.08 | 1.08 | 1.08 | 1.06 |
| Debt / EBITDA | 3.67 | 3.67 | 3.38 | 3.23 | 3.22 | 3.75 | 4.39 | 3.55 | 3.64 | 4.41 | 4.62 |
| Net Debt / Equity | — | 1.10 | 1.07 | 1.00 | 1.03 | 1.02 | 1.15 | 1.06 | 1.06 | 1.08 | 1.06 |
| Net Debt / EBITDA | 3.53 | 3.53 | 3.32 | 3.21 | 3.22 | 3.39 | 4.24 | 3.51 | 3.59 | 4.41 | 4.60 |
| Debt / FCF | — | 11.36 | 8.87 | 6.71 | 4.70 | 4.30 | 11.19 | 13.81 | 13.57 | 16.18 | 22.69 |
| Interest Coverage | 5.18 | 5.18 | 5.44 | 5.50 | 5.58 | 4.76 | 3.92 | 4.81 | 4.92 | 3.93 | 3.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 1.00 | 0.93 | 0.86 | 1.14 | 1.10 | 0.86 | 0.85 | 0.70 | 0.79 |
| Quick Ratio | 0.74 | 0.74 | 0.74 | 0.68 | 0.66 | 0.91 | 0.73 | 0.63 | 0.63 | 0.53 | 0.58 |
| Cash Ratio | 0.13 | 0.13 | 0.04 | 0.01 | 0.01 | 0.24 | 0.12 | 0.04 | 0.05 | 0.00 | 0.01 |
| Asset Turnover | — | 0.68 | 0.73 | 0.70 | 0.85 | 0.60 | 0.42 | 0.53 | 0.64 | 0.54 | 0.44 |
| Inventory Turnover | 11.70 | 11.70 | 12.39 | 12.83 | 20.15 | 13.00 | 6.50 | 12.92 | 20.60 | 15.85 | 11.07 |
| Days Sales Outstanding | — | 45.11 | 59.99 | 57.06 | 43.75 | 62.50 | 64.52 | 54.28 | 36.59 | 54.43 | 52.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.7% | 6.7% | 6.6% | 7.4% | 7.7% | 8.1% | 9.0% | 6.2% | 6.9% | 6.3% | 5.8% |
| Payout Ratio | 80.5% | 80.5% | 76.5% | 77.7% | 74.6% | 84.7% | 103.0% | 83.6% | 89.3% | 127.5% | 131.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.1% | 8.3% | 8.6% | 9.6% | 10.4% | 9.6% | 8.7% | 7.4% | 7.8% | 4.9% | 4.4% |
| FCF Yield | 3.6% | 4.2% | 5.2% | 7.4% | 11.5% | 13.0% | 6.0% | 3.2% | 3.5% | 2.7% | 1.8% |
| Buyback Yield | 0.4% | 0.4% | 0.3% | 0.3% | 0.5% | 0.4% | 0.4% | 0.1% | 0.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.0% | 7.1% | 6.9% | 7.8% | 8.2% | 8.6% | 9.5% | 6.3% | 7.0% | 6.3% | 5.8% |
| Shares Outstanding | — | $2.2B | $2.2B | $2.2B | $2.2B | $2.2B | $2.2B | $2.2B | $2.2B | $2.2B | $2.1B |
Regulatory and commodity volatility
According to current market data, EPD trades at a forward P/E of 12.58 and an EV/EBITDA of 11.57, multiples that consistently command a premium over peers like Energy Transfer, suggesting investors are pricing in the durability of its integrated Gulf Coast infrastructure and superior capital discipline.
The valuation premium appears justified by the company's self-funding model and lower leverage profile compared to the broader midstream sector. While the PEG ratio of 1.49 indicates that growth expectations are moderate, the market likely assigns higher value to the stability of fee-based cash flows rather than aggressive expansion.
Based on reported financial statements, EPD's ROIC has remained in a tight range between 2.0% and 2.5% over the last ten quarters, reflecting the massive capital intensity required to maintain its extensive NGL pipeline network and the long-term nature of its infrastructure-heavy business model.
The low ROIC figures are characteristic of large-scale midstream operators where the asset base is enormous and depreciation is significant. Investors should monitor whether future growth projects, such as the SPOT terminal, can generate incremental returns that exceed the company's weighted average cost of capital.
As indicated by quarterly data, EPD's cash conversion cycle has fluctuated between 62 and 83 days over the past ten quarters, with a 2026Q1 reading of 70 days, demonstrating consistent management of inventory and receivables despite the inherent volatility of its commodity-linked marketing and midstream service segments.
The stability in the CCC suggests that the company maintains effective control over its operational throughput and supplier relationships. The relatively short DPO of 10 days indicates that EPD prioritizes timely payments to its upstream partners, which is essential for maintaining the volume throughput necessary for its toll-road model.
Based on EPD's reported figures, the debt-to-EBITDA ratio has remained disciplined, hovering near 13x on an annualized basis, while interest coverage of 4.92x in 2026Q1 suggests that the company maintains a comfortable buffer for debt service despite the capital-intensive nature of its ongoing infrastructure expansion projects.
The company's ability to maintain a debt-to-equity ratio near 1.13 indicates a conservative approach to financing that contrasts with more aggressive peers. This balance sheet strength appears to be a core pillar of the company's investment-grade credit rating and its ability to sustain distributions through energy cycles.
As reported in recent filings, the P/E ratio is frequently misapplied to EPD, as it fails to account for the significant non-cash depreciation charges inherent in a massive infrastructure-heavy business, which can artificially deflate earnings and obscure the company's true cash-generating capacity for unitholders.
Analysts should prioritize Distributable Cash Flow (DCF) and Adjusted EBITDA over traditional net income-based multiples to better assess the company's performance. Relying on P/E ignores the reality that EPD's primary value proposition is its ability to generate recurring cash flow from its asset base rather than accounting profit.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying EPD stock.
Enterprise Products Partners L.P.'s current P/E ratio is 14.2x. The historical average is 27.3x. This places it at the 43th percentile of its historical range.
Enterprise Products Partners L.P.'s current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.0x.
Enterprise Products Partners L.P.'s return on equity (ROE) is 19.3%. The historical average is 13.8%.
Based on historical data, Enterprise Products Partners L.P. is trading at a P/E of 14.2x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Enterprise Products Partners L.P.'s current dividend yield is 5.68% with a payout ratio of 80.5%.
Enterprise Products Partners L.P. has 13.6% gross margin and 13.1% operating margin. Operating margin between 10-20% is typical for established companies.
Enterprise Products Partners L.P.'s Debt/EBITDA ratio is 3.7x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.