# Enterprise Products Partners L.P. (EPD) — Stock CV

Enterprise Products Partners L.P. is a $78.0B utility company. Revenue grew 6.8% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~9.2 years of free cash flow. It trades at 12.4× earnings — near the lowest of its own history.

> Enterprise Products Partners is a master limited partnership that transports and processes natural gas, natural gas liquids, crude oil, refined products, and petrochemicals. It is one of the largest midstream companies, with operations servicing most producing regions in the continental US.

## Identity

- **Ticker**: EPD
- **Sector**: Utilities
- **Industry**: Natural Gas Transmission
- **Headquarters**: HOUSTON, TX
- **Employees**: 7 300
- **Website**: https://www.enterpriseproducts.com
- **Market cap**: $78.0B
- **Last price**: $36.13
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $58.5B
- **Net income**: $6.30B
- **Free cash flow**: $3.46B
- **Net debt**: $31.8B
- **P/E**: 12.4
- **Revenue growth (YoY)**: 6.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 82 |
| Growth | 29 |
| Profitability | 52 |
| Health | 29 |
| Quality | 80 |
| Moat | 68 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +6.8% YoY
- [x] Profitable — $6.30B TTM
- [x] Profit growing — +2.1% YoY
- [x] Generates cash — $3.46B TTM
- [ ] Debt under control — ~9.2y of cash flow to repay
- [x] Established company — $78.0B market cap
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 24/100
- [x] Pays a dividend — yield 6.08%
- [x] Valuation not extreme — P/E 12.4

## Experience (career milestones)

- **FY2024** — Best year on record: $5.90B net income
- **FY2022** — Revenue crossed $50B: $58.2B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $23.0B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2010** — Enterprise Products acquired Enterprise GP Holdings in 2010
- **2004** — They acquired GulfTerra in September 2004

## Strengths

- Interest covered 7.0× by operating earnings

## Watch-outs

- Net debt equals ~9.2 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $40.8B | $4.63B | $6.29B |
| FY2022 | $58.2B | $5.49B | $6.08B |
| FY2023 | $49.7B | $5.53B | $4.30B |
| FY2024 | $56.2B | $5.90B | $3.57B |
| FY2025 | $52.6B | $5.81B | $2.96B |

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Source: https://stockcv.com/EPD — derived from company filings; may be delayed or incomplete. Information, not investment advice.