# Energy Transfer LP Common Units representing limited partner interests (ET) — Stock CV

Energy Transfer LP Common is a $70.5B utility company. Revenue grew 33.3% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~12.8 years of free cash flow. It trades at 13.3× earnings — around the middle of its own history.

> Energy Transfer is a diversified midstream firm operating from wellhead to consuming demand. It handles natural gas, natural gas liquids, crude oil, and refined products.

## Identity

- **Ticker**: ET
- **Sector**: Utilities
- **Industry**: Natural Gas Transmission
- **Headquarters**: DALLAS, TX
- **Employees**: 22 311
- **Website**: https://www.energytransfer.com
- **Market cap**: $70.5B
- **Last price**: $20.49
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $107B
- **Net income**: $5.29B
- **Free cash flow**: $5.22B
- **Net debt**: $67.0B
- **P/E**: 13.3
- **Revenue growth (YoY)**: 33.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 90 |
| Growth | 24 |
| Profitability | 38 |
| Health | 27 |
| Quality | 82 |
| Moat | 29 |

## Qualifications (beginner checklist) — 7 of 10 passed

- [x] Revenue growing — +33.3% YoY
- [x] Profitable — $5.29B TTM
- [ ] Profit growing — -5.8% YoY
- [x] Generates cash — $5.22B TTM
- [ ] Debt under control — ~12.8y of cash flow to repay
- [x] Established company — $70.5B market cap
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — health score 22/100
- [x] Pays a dividend — yield 6.80%
- [x] Valuation not extreme — P/E 13.3

## Experience (career milestones)

- **Q3 2026** — 3 open-market insider purchases: ~1.0M shares bought by insiders
- **2025** — The acquisition of Houston-headquartered Crestwood Equity Partners was completed in early 2025, further expanding…
- **2023** — It was announced Energy Transfer had signed a definitive agreement to acquire its…
- **FY2021** — Best year on record: $5.47B net income
- **2019** — The company acquired SemGroup for $5 billion
- **FY2018** — Revenue crossed $50B: $54.1B for the year
- **FY2018** — Positive free cash flow every year since: 8-year streak
- **2018** — Energy Transfer Equity completed its acquisition of Energy Transfer Partners, simplifying the…
- **2017** — Energy Transfer filed lawsuits against environmental groups Greenpeace USA, BankTrack and Earth…
- **FY2016** — First recorded profitable year: $995M net income
- **FY2016** — Revenue already above $10B: $37.5B in first reported year
- **2016** — During the same year, the company also agreed to purchase Williams for around $32.6 billion, however the acquisition…
- **2015** — The company acquired Regency Energy Partners for $11 billion
- **2014** — The company acquired Susser Holdings Corporation
- **2012** — Sunoco, Inc., became a wholly owned subsidiary of the company

## Strengths

- Revenue growing 33.3% year over year

## Watch-outs

- Loss-making in 1 of the recent years
- Net debt equals ~12.8 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $67.4B | $5.47B | $8.34B |
| FY2022 | $89.9B | $4.76B | $5.67B |
| FY2023 | $78.6B | $3.94B | $6.42B |
| FY2024 | $82.7B | $4.81B | $7.34B |
| FY2025 | $85.5B | $4.43B | $3.85B |

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