Latest Ratios: P/E Ratio 14.7x · EV/EBITDA 9.4x · ROE 10.2%. (2004–2025 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 | $68.2B | $60.2B | $67.0B | $43.8B | $36.8B | $22.5B | $16.7B | $33.8B | $19.3B | $19.9B | $20.8B |
| Enterprise Value | $138.5B | $130.5B | $127.3B | $96.9B | $85.6B | $72.8B | $68.6B | $85.6B | $64.9B | $63.6B | $64.4B |
| P/E Ratio → | 14.67 | 12.21 | 15.30 | 12.66 | 8.48 | 4.35 | — | 9.65 | 11.39 | 21.57 | 20.99 |
| P/S Ratio | 0.82 | 0.73 | 0.81 | 0.56 | 0.41 | 0.33 | 0.43 | 0.62 | 0.36 | 0.49 | 0.56 |
| P/B Ratio | 1.47 | 1.22 | 1.44 | 0.98 | 0.89 | 0.56 | 0.52 | 0.98 | 0.62 | 0.66 | 0.93 |
| P/FCF | 17.72 | 15.65 | 9.13 | 6.83 | 6.48 | 2.70 | 7.47 | 15.42 | 195.00 | — | — |
| P/OCF | 6.72 | 5.93 | 5.82 | 4.59 | 4.06 | 2.02 | 2.26 | 4.15 | 2.57 | 4.48 | 6.10 |
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 | — | 1.58 | 1.54 | 1.23 | 0.95 | 1.08 | 1.76 | 1.58 | 1.20 | 1.57 | 1.72 |
| EV / EBITDA | 9.39 | 8.85 | 8.90 | 7.64 | 7.19 | 5.77 | 10.31 | 8.27 | 7.86 | 12.08 | 15.84 |
| EV / EBIT | 14.67 | 13.58 | 12.44 | 11.85 | 10.54 | 8.26 | 11.71 | 11.64 | 11.41 | 16.92 | 22.28 |
| EV / FCF | — | 33.94 | 17.33 | 15.09 | 15.10 | 8.73 | 30.76 | 39.00 | 655.70 | — | — |
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 | 21.8% | 21.8% | 19.0% | 17.6% | 14.8% | 19.9% | 26.3% | 20.5% | 17.4% | 17.1% | 15.7% |
| Operating Margin | 11.4% | 11.4% | 11.1% | 10.6% | 8.6% | 13.0% | 7.6% | 13.3% | 10.0% | 6.7% | 4.9% |
| Net Profit Margin | 5.9% | 5.9% | 5.8% | 5.0% | 5.3% | 8.1% | -1.7% | 6.5% | 3.1% | 2.4% | 2.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 10.2% | 10.6% | 9.2% | 11.7% | 15.1% | -1.9% | 10.7% | 5.5% | 3.6% | 4.3% |
| ROA | 3.7% | 3.7% | 4.0% | 3.6% | 4.5% | 5.4% | -0.7% | 3.8% | 1.9% | 1.2% | 1.3% |
| ROIC | 6.3% | 6.3% | 6.7% | 6.6% | 6.4% | 7.6% | 2.6% | 6.6% | 5.4% | 2.9% | 2.2% |
| ROCE | 7.9% | 7.9% | 8.5% | 8.4% | 8.1% | 9.5% | 3.3% | 8.5% | 6.9% | 3.6% | 2.7% |
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 | 1.45 | 1.45 | 1.30 | 1.19 | 1.19 | 1.26 | 1.63 | 1.50 | 1.47 | 1.47 | 1.96 |
| Debt / EBITDA | 4.85 | 4.85 | 4.23 | 4.20 | 4.13 | 4.01 | 7.86 | 5.03 | 5.57 | 8.37 | 10.83 |
| Net Debt / Equity | — | 1.43 | 1.30 | 1.19 | 1.19 | 1.25 | 1.62 | 1.49 | 1.45 | 1.46 | 1.94 |
| Net Debt / EBITDA | 4.77 | 4.77 | 4.21 | 4.18 | 4.10 | 3.98 | 7.80 | 5.00 | 5.52 | 8.31 | 10.72 |
| Debt / FCF | — | 18.29 | 8.21 | 8.26 | 8.62 | 6.02 | 23.29 | 23.58 | 460.70 | — | — |
| Interest Coverage | 2.89 | 2.89 | 3.27 | 3.17 | 3.52 | 3.89 | 2.52 | 3.15 | 2.77 | 1.96 | 1.60 |
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 | 1.22 | 1.22 | 1.12 | 1.10 | 1.17 | 0.97 | 1.07 | 0.97 | 0.73 | 1.35 | 0.95 |
| Quick Ratio | 0.89 | 0.89 | 0.88 | 0.86 | 0.93 | 0.79 | 0.77 | 0.77 | 0.53 | 1.10 | 0.67 |
| Cash Ratio | 0.09 | 0.09 | 0.03 | 0.02 | 0.03 | 0.03 | 0.06 | 0.04 | 0.06 | 0.05 | 0.07 |
| Asset Turnover | — | 0.58 | 0.66 | 0.69 | 0.85 | 0.64 | 0.41 | 0.55 | 0.61 | 0.47 | 0.48 |
| Inventory Turnover | 12.96 | 12.96 | 21.82 | 24.15 | 31.11 | 26.80 | 16.51 | 28.13 | 24.58 | 16.62 | 12.60 |
| Days Sales Outstanding | — | 50.58 | 45.63 | 42.80 | 34.76 | 41.73 | 37.05 | 34.99 | 28.30 | 41.05 | 35.08 |
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 | 6.5% | 7.9% | 6.9% | 9.7% | 8.3% | 8.4% | 16.8% | 9.0% | 8.7% | 5.1% | 4.9% |
| Payout Ratio | 96.4% | 96.4% | 96.0% | 108.0% | 64.1% | 34.7% | — | 86.8% | 99.2% | 105.7% | 102.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.8% | 8.2% | 6.5% | 7.9% | 11.8% | 23.0% | — | 10.4% | 8.8% | 4.6% | 4.8% |
| FCF Yield | 5.6% | 6.4% | 11.0% | 14.6% | 15.4% | 37.0% | 13.4% | 6.5% | 0.5% | — | — |
| Buyback Yield | 0.0% | 0.0% | 5.2% | 0.0% | 0.0% | 0.1% | 0.0% | 0.1% | 0.1% | 0.3% | 0.0% |
| Total Shareholder Yield | 6.5% | 7.9% | 12.1% | 9.7% | 8.3% | 8.6% | 16.8% | 9.1% | 8.8% | 5.3% | 4.9% |
| Shares Outstanding | — | $3.6B | $3.4B | $3.2B | $3.1B | $2.7B | $2.7B | $2.6B | $1.5B | $1.2B | $1.1B |
High Debt Leverage
Based on current market data, Energy Transfer trades at a forward EV/EBITDA of 6.28x, which appears to reflect a persistent governance discount compared to peers like Enterprise Products Partners, suggesting investors remain cautious regarding the company's historical capital allocation and aggressive acquisition-led growth strategy.
The valuation gap relative to higher-rated midstream peers suggests that the market is not yet fully pricing in the potential for improved capital discipline or the strategic value of recent system integrations. Investors should monitor whether the current 6.8% dividend yield provides a sufficient risk premium given the company's elevated leverage profile and ongoing regulatory uncertainties.
As reported in financial statements, Energy Transfer's ROIC has hovered between 1.5% and 1.9% over the last ten quarters, a level that significantly trails industry peers and suggests that the company's massive asset base struggles to generate high returns on invested capital.
This low return profile appears to be a function of both the capital-intensive nature of the midstream business and the dilutive impact of frequent, large-scale acquisitions. The persistent gap between ROIC and the cost of capital warrants further investigation into whether recent integrations will eventually drive margin expansion or if the asset base remains structurally over-capitalized.
According to recent quarterly filings, Energy Transfer's asset turnover remains low at approximately 0.19x, reflecting the heavy reliance on fixed infrastructure assets that require significant capital investment to maintain throughput, which complicates traditional assessments of operational efficiency within the midstream sector.
The lack of consistent data for DSO and DPO metrics across the observed period makes it difficult to gauge the underlying efficiency of the marketing segment's working capital. Investors should be wary of interpreting these turnover ratios as a sign of operational weakness, as they are largely a byproduct of the company's massive, long-lived asset footprint.
Based on reported figures, Energy Transfer's debt-to-EBITDA ratio has remained elevated, peaking at 20.49x in 2025Q4, which indicates that the company's reliance on external financing to fund its expansion strategy continues to constrain its balance sheet flexibility and overall financial health.
While the interest coverage ratio has shown some stability, the absolute level of debt remains a primary risk factor that could limit the company's ability to navigate future sector-specific downturns. The persistent leverage suggests that management's priority remains inorganic growth, which may continue to pressure the company's credit profile in the near term.
As evidenced by the provided financial data, the P/E ratio is a frequently misapplied metric for Energy Transfer, as it fails to account for the massive non-cash depreciation charges inherent in a midstream business model that prioritizes asset-heavy infrastructure over short-term accounting profitability.
Investors should instead focus on Distributable Cash Flow (DCF) and Adjusted EBITDA to better understand the company's true earning power and ability to sustain distributions. Relying on P/E ratios obscures the impact of the company's aggressive acquisition history and may lead to an inaccurate assessment of its valuation relative to peers.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying ET stock.
Energy Transfer LP's current P/E ratio is 14.7x. The historical average is 25.7x. This places it at the 42th percentile of its historical range.
Energy Transfer LP's current EV/EBITDA is 9.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.7x.
Energy Transfer LP's return on equity (ROE) is 10.2%. The historical average is 12.8%.
Based on historical data, Energy Transfer LP is trading at a P/E of 14.7x. This is at the 42th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Energy Transfer LP's current dividend yield is 6.53% with a payout ratio of 96.4%.
Energy Transfer LP has 21.8% gross margin and 11.4% operating margin. Operating margin between 10-20% is typical for established companies.
Energy Transfer LP's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.