Energy Transfer LP, (ET) Fair Value & Analysis
Energy · US · Market cap $64.5B
Energy Transfer LP,
ET · US
Fair value as of: Jul 17, 2026
From 24 valuation models · updated 24 days ago
Share price +1.4% over the past month.
Below-average quality, and screening another 12% overvalued on our models.
What matters now
- A fairly wide model range ($14.95 to $29.50) leaves room in how you read the outcome.
- Our model range runs from $14.95 (bear) to $29.50 (bull), base $17.69. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 38/100 (below-average quality) with medium evidence: read the verdict with care.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.
How to read this chart
60‑month range $5.67 – $20.67 · fair‑value band $14.95 – $29.50 · the $20.13 price screens above the $17.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.
Analysis
Energy Transfer LP, (ET) currently trades at $20.13, while our model-based Fair Value estimate is $17.69, implying the stock looks roughly 12.1% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Energy Transfer LP, generated revenue of $92.3B at a net margin of 4.7%. Revenue grew 32.1% year over year. It earns a return on equity of 12.4%. Net debt stands at $70.3B. Fundamentals as of Jul 17, 2026
Our scenario range runs from $14.95 (bear case) to $29.50 (bull case); at $20.13, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 31% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -35% fair-value upside, at -12%, ET screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 24 models by family
Widest divergence: Growth Earnings ($22.69) versus Growth DCF ($6.14). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 35 · Market factors (momentum, volatility) 71
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Energy Transfer LP, together with its subsidiaries, provides energy-related services in the United States. It operates through Intrastate Transportation and Storage; Interstate Transportation and Storage; Midstream; Natural Gas Liquid (NGL) and Refined Products Transportation and Services; Crude Oil Transportation and Services; Investment in Sunoco LP; …
Full company description
Energy Transfer LP, together with its subsidiaries, provides energy-related services in the United States. It operates through Intrastate Transportation and Storage; Interstate Transportation and Storage; Midstream; Natural Gas Liquid (NGL) and Refined Products Transportation and Services; Crude Oil Transportation and Services; Investment in Sunoco LP; Investment in USA Compression Partners, LP (USAC); and All Other segments. The company owns and operates natural gas transportation pipelines and storage facilities; and approximately 12,200 miles of intrastate natural gas transportation pipelines and 20,090 miles of interstate natural gas pipelines. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users. In addition, the company owns and operates natural gas gathering pipelines, processing plants, and treating and conditioning facilities; and natural gas gathering, compression, treating, dehydration and processing, oil pipeline facilities. Further, it owns 5,700 miles of NGL pipelines; NGL fractionation and storage facilities; and other NGL storage assets and terminals. Additionally, the company provides crude oil transportation, terminalling, trucking, acquisition, and marketing activities; owns and operates approximately 18,000 miles of crude oil trunk and gathering pipelines; and sells and distributes motor fuels and other petroleum products under the Sunoco and EcoMaxx brands. It also offers natural gas compression; wholesale power trading; and carbon dioxide and hydrogen sulfide removal services, as well as management of coal and natural resources properties; sells standing timber; leases coal-related infrastructure facilities; and collects oil and gas royalties. The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. Energy Transfer LP was founded in 1996 and is headquartered in Dallas, Texas.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Energy Transfer LP, reported revenue of $82.6B in FY2025 versus $67.4B in FY2021, a compound +5.2%/yr. Reported net income was $4.9B in FY2025, compounding −2.7%/yr from FY2021.
ET screens 12% overvalued. Compare with Enbridge Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Energy Transfer LP (ET) (Q2 2026) Earnings Call Highlights: Record Volumes and Raised Guidance ...
- Sector Update: Energy Stocks Decline Late Afternoon
- Sector Update: Energy Stocks Lower in Afternoon Trading
- Energy Transfer Q2 Earnings Beat Estimates on NGL Growth, View Up
Peer Group
Oil & Gas Midstream · 87 stocks
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.
Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $56.46 | $47.20 | -16% |
| The Williams Companies, Inc WMB | $73.38 | $12.03 | -84% |
| Enterprise Products Partners L.P. EPD | $38.31 | $24.74 | -35% |
| TC Energy Corporation TRP | C$97.79 | C$42.00 | -57% |
| Kinder Morgan, Inc KMI | $32.54 | $11.12 | -66% |
| ONEOK, Inc OKE | $93.52 | $64.05 | -32% |
| Targa Resources Corp TRGP | $273.35 | $79.61 | -71% |
| MPLX LP owns and MPLX | $57.17 | $37.05 | -35% |
| Cheniere Energy, Inc LNG | $255.83 | $211.18 | -17% |
| Venture Global, Inc VG | $13.80 | $14.42 | +4% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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