Enterprise Products Partners L.P. (0S23) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Enterprise Products Partners L.P. $41.96, price $35.96, upside +16.7%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $9.61 – $39.55 · fair‑value band $18.06 – $58.56 · the $35.96 price screens below the $41.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services; Crude Oil Pipelines & Services; Natural Gas Pipelines & Services; and Petrochemical & Refined Products Services.
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Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services; Crude Oil Pipelines & Services; Natural Gas Pipelines & Services; and Petrochemical & Refined Products Services. The NGL Pipelines & Services segment offers natural gas processing and related NGL marketing activities. This segment operates natural gas processing facilities located in Colorado, Louisiana, Mississippi, New Mexico, Texas, and Wyoming; NGL pipelines; NGL fractionation facilities; NGL and related product storage facilities; and NGL marine terminals. The Crude Oil Pipelines & Services segment operates crude oil pipelines; and crude oil storage and marine terminals, which include a fleet of approximately 200 tractor-trailer tank trucks that are used to transport crude oil. It also engages in crude oil marketing activities. The Natural Gas Pipelines & Services segment operates natural gas pipeline systems to gather, treat, and transport natural gas. It leases underground salt dome natural gas storage facilities in Napoleonville, Louisiana; owns an underground salt dome storage cavern in Wharton County, Texas; and transports, stores, and markets natural gas. The Petrochemical & Refined Products Services segment operates propylene fractionation facilities, including propylene fractionation units and propane dehydrogenation facilities, and related marketing activities; butane isomerization complex and related deisobutanizer operations; and octane enhancement, isobutane dehydrogenation, and high purity isobutylene production facilities. It also operates refined products pipelines and terminals; and ethylene export terminals; and provides refined products marketing and marine transportation services. The company was founded in 1968 and is headquartered in Houston, Texas.
Stock analysis
Enterprise Products Partners L.P. (0S23) currently trades at $35.96, while our model-based Fair Value estimate is $41.96, implying the stock looks roughly 14.3% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $47.76 per share, and 12 of the 26 models we run sit above the $35.96 price.
Bear case: the Asset-Based group reads lowest at $9.13, and 14 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: $18.06 (bear) to $58.56 (bull), the price of $35.96 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Enterprise Products Partners L.P. reported revenue of $52.6B in FY2025 versus $41.6B in FY2021, a compound +6.1%/yr. Reported net income was $5.8B in FY2025, compounding +6.0%/yr from FY2021.
Key figures
Market cap $78.7B · P/E ratio 0.2 · P/S ratio 0.02 · EPS (TTM) $2.09 · Dividend yield 6.1% · Net margin 11.1% · Return on equity 19.8% · Return on assets (EBIT) 9.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −10% fair-value upside, at 17%, 0S23 screens cheaper than that median.
Fair Value models
Bear $18.06Fair Value $41.96Bull $58.56
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−5.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.5%
Start year 2020 (pandemic). Over 10 years: +6.9% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+11.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.1%
Dividend (yield on the price)6.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.1% vs 7.8%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 13%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+21.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +19.0% a year for the price and +1.2% for the forecasts.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Midstream · 83 stocks
Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Above median
Fair Value upside+16.7% · Top 25%
Profitability
Return on equity (TTM)19.8% · Above median
Return on assets5.7% · Above median
Net margin (TTM)10.8% · Below median
Operating margin (TTM)11.8% · Below median
Growth and dividend
Revenue growth60.8% · Top 25%
Dividend yield (TTM)6.1% · Above median
Balance sheet
Debt / equity0.96× · Above median
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
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Is Enterprise Products Partners L.P. (0S23) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $41.96 versus a price of $35.96, about +17% upside (undervalued).
What is the fair value of 0S23?
Our model-based fair value for Enterprise Products Partners L.P. is $41.96 (as of Sep 24, 2026), built from audited fundamentals. The current price: $35.96.
What is the quality score of 0S23?
Enterprise Products Partners L.P. has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Enterprise Products Partners L.P. (0S23)?
Our model-based price target is the fair value of $41.96 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $18.06, optimistic scenario $58.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Enterprise Products Partners L.P. stock forecast for 2026?
Our models put fair value at $41.96, about +17% upside versus a price of $35.96 (undervalued). Cautious scenario $18.06, optimistic scenario $58.56. The calculation is refreshed regularly with new filings.
What is the revenue of Enterprise Products Partners L.P. (0S23)?
Enterprise Products Partners L.P. reported trailing-twelve-month revenue of about $58.5B (latest available figure, as of Sep 24, 2026).
Does Enterprise Products Partners L.P. pay a dividend?
Enterprise Products Partners L.P. currently shows a dividend yield of about 6.13% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Enterprise Products Partners L.P. (0S23)?
For today's price to be fair in a discounted-cash-flow model, Enterprise Products Partners L.P. would have to grow free cash flow by +21.9 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0S23 use?
Our models discount Enterprise Products Partners L.P. at 9.0 %: a base by market capitalisation (unknown), damped by beta 0.48, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Enterprise Products Partners L.P. that is +21.9 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Enterprise Products Partners L.P. (0S23) delivered so far?
Over the past 5 years revenue at Enterprise Products Partners L.P. grew +14.6 % a year. The price currently implies +21.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Enterprise Products Partners L.P. (0S23) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Enterprise Products Partners L.P. (+21.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Enterprise Products Partners L.P. (0S23)?
The free-cash-flow yield on the price is 2.92 %: that much free cash flow Enterprise Products Partners L.P. produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Enterprise Products Partners L.P. (0S23)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Enterprise Products Partners L.P. it is $41.96 per share (as of Sep 24, 2026), against a price of $35.96. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Enterprise Products Partners L.P. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0S23 trades below its calculated fair value: price $35.96, fair value $41.96, a gap of about +17% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0S23?
No. The price is what the market pays today ($35.96); the fair value is what the company's own numbers justify ($41.96). For Enterprise Products Partners L.P. the two are $6.01 per share apart. That gap is exactly why we show both numbers side by side.
How much is Enterprise Products Partners L.P. worth?
The market values Enterprise Products Partners L.P. at about $78.7B (market capitalisation, as of Sep 24, 2026). Per share that is $35.96; our models calculate a fair value of $41.96 per share.
What do the bullish and bearish scenarios say about 0S23?
Our models span a range for Enterprise Products Partners L.P.: cautious scenario $18.06, base $41.96, optimistic $58.56 per share (as of Sep 24, 2026, price $35.96). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0S23?
Enterprise Products Partners L.P. trades at a price-to-earnings ratio of 0.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $41.96 is built from several models across several years.
How solid is the balance sheet of Enterprise Products Partners L.P. (0S23)?
Balance-sheet figures for Enterprise Products Partners L.P. (as of Sep 24, 2026): return on equity 19.8%, debt of 0.96 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is 0S23 from its 52-week high?
Enterprise Products Partners L.P. trades at $35.96, about 9% below its 52-week high of $39.55 and 27% above the low of $28.29 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $41.96 is for.
Which stocks are comparable to Enterprise Products Partners L.P.?
From the same area (Industrials) we also value Enbridge Inc, The Williams Companies, Inc, Energy Transfer LP,, Kinder Morgan, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Enterprise Products Partners L.P. stock attractive at the current price?
The data as of Sep 24, 2026: price $35.96, calculated fair value $41.96 (+17%), Quality Score 53/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0S23 calculated?
We run Enterprise Products Partners L.P. through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $41.96, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Enterprise Products Partners L.P. currently trades 14 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Enterprise Products Partners L.P. (0S23)?
The closing price on Oct 2, 2026 was $35.96. Our model-based fair value is $41.96, about +17% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Enterprise Products Partners L.P. right now?
The model range is unusually wide ($18.06 to $58.56). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Enterprise Products Partners L.P. (0S23) come from?
Earnings per share at Enterprise Products Partners L.P. grew +8.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.4 %, EBIT margin +2.6 %, tax rate +0.0 %, residual (interest, one-offs) +0.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Enterprise Products Partners L.P.
How large is the market capitalisation of Enterprise Products Partners L.P. (0S23)?
The market capitalisation of Enterprise Products Partners L.P. is $78.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Enterprise Products Partners L.P. (0S23)?
The price-to-sales ratio of Enterprise Products Partners L.P. is 0.02 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Enterprise Products Partners L.P. (0S23)?
Earnings per share at Enterprise Products Partners L.P. are $2.09 (price ÷ EPS = P/E 0.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Enterprise Products Partners L.P. (0S23)?
The dividend yield of Enterprise Products Partners L.P. is 6.1% (payout 106%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Enterprise Products Partners L.P. (0S23)?
The net margin of Enterprise Products Partners L.P. is 11.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Enterprise Products Partners L.P. (0S23)?
The return on equity (ROE) of Enterprise Products Partners L.P. is 19.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Enterprise Products Partners L.P. (0S23)?
On an EBIT basis the return on assets of Enterprise Products Partners L.P. is 9.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Enterprise Products Partners L.P. (0S23)?
The operating margin of Enterprise Products Partners L.P. is 11.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Enterprise Products Partners L.P. (0S23)?
Revenue at Enterprise Products Partners L.P. is growing +60.8% versus a year earlier (3y avg −3.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Enterprise Products Partners L.P. (0S23)?
Earnings per share at Enterprise Products Partners L.P. are growing +29.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Enterprise Products Partners L.P. (0S23) carry?
The net debt of Enterprise Products Partners L.P. is $33.7B (fiscal year 2025, ≈ 11.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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