Energy Transfer LP

NYSE:ET Stock Report

Market Cap: US$65.3b

Energy Transfer Valuation

Is ET undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of ET when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: ET ($18.98) is trading below our estimate of future cash flow value ($40.31)

Significantly Below Future Cash Flow Value: ET is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ET?

Key metric: As ET is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ET. This is calculated by dividing ET's market cap by their current earnings.
What is ET's PE Ratio?
PE Ratio15.6x
EarningsUS$4.17b
Market CapUS$65.30b

Price to Earnings Ratio vs Peers

How does ET's PE Ratio compare to its peers?

The above table shows the PE ratio for ET vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.9x
KMI Kinder Morgan
24x5.74%US$72.8b
MPLX MPLX
12x4.50%US$59.1b
EPD Enterprise Products Partners
13.5x5.61%US$78.6b
WMB Williams Companies
34.1x16.34%US$89.1b
ET Energy Transfer
15.6x11.45%US$65.3b

Price-To-Earnings vs Peers: ET is good value based on its Price-To-Earnings Ratio (15.6x) compared to the peer average (20.9x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does ET's PE Ratio compare vs other companies in the US Oil and Gas Industry?

11 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TGA TransGlobe Energy
2.2xn/aUS$272.31m
SAFX XCF Global
0.4xn/aUS$39.37m
TOPS Top Ships
2.2xn/aUS$23.18m
MVO MV Oil Trust
1.8xn/aUS$21.05m
ET 15.6xIndustry Avg. 14.4xNo. of Companies24PE01020304050+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ET is expensive based on its Price-To-Earnings Ratio (15.6x) compared to the US Oil and Gas industry average (14.4x).

Price to Earnings Ratio vs Fair Ratio

What is ET's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ET PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.6x
Fair PE Ratio24.6x

Price-To-Earnings vs Fair Ratio: ET is good value based on its Price-To-Earnings Ratio (15.6x) compared to the estimated Fair Price-To-Earnings Ratio (24.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ET forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$18.98
US$21.71
+14.40%
6.65%US$24.00US$18.50n/a21
Feb ’27US$18.45
US$21.45
+16.27%
8.00%US$24.00US$17.00n/a21
Jan ’27US$16.49
US$21.55
+30.68%
8.95%US$25.00US$17.00n/a20
Nov ’26US$16.83
US$21.81
+29.62%
8.77%US$25.00US$17.00n/a19
Oct ’26US$16.99
US$22.47
+32.26%
5.57%US$25.00US$20.00n/a18
Sep ’26US$17.72
US$22.56
+27.30%
5.68%US$25.00US$20.00n/a17
Aug ’26US$17.79
US$22.61
+27.08%
6.83%US$25.00US$19.00n/a17
Dec ’26US$16.83
US$21.60
+28.37%
8.58%US$25.00US$17.00n/a19
Feb ’26US$20.48
US$21.85
+6.69%
8.00%US$25.00US$19.00US$18.4517
Jan ’26US$19.59
US$21.26
+8.53%
6.75%US$24.00US$19.00US$16.4917
Dec ’25US$19.86
US$20.44
+2.91%
7.77%US$23.00US$17.00US$16.8317
Jul ’26US$17.81
US$22.71
+27.50%
8.12%US$26.00US$19.00n/a16
Jun ’26US$17.48
US$22.63
+29.48%
8.22%US$26.00US$19.00n/a16
May ’26US$16.53
US$22.89
+38.47%
7.74%US$26.00US$20.00n/a17
Nov ’25US$16.43
US$19.69
+19.87%
7.50%US$23.00US$17.00US$16.8317
Oct ’25US$16.10
US$19.37
+20.30%
6.83%US$23.00US$17.00US$16.9917
Sep ’25US$16.10
US$19.31
+19.94%
6.08%US$22.00US$17.00US$17.7217
Aug ’25US$16.19
US$19.37
+19.63%
8.09%US$24.00US$17.00US$17.7917
Jul ’25US$16.36
US$19.02
+16.23%
9.72%US$24.00US$15.00US$17.8117
Apr ’26US$18.73
US$23.26
+24.19%
6.70%US$26.00US$20.00n/a17
Jun ’25US$15.67
US$18.78
+19.85%
9.55%US$24.00US$15.00US$17.4817
May ’25US$15.48
US$18.53
+19.70%
8.47%US$23.00US$15.00US$16.5319
Apr ’25US$15.69
US$18.27
+16.42%
8.90%US$23.00US$15.00US$18.7319
Mar ’25US$14.98
US$18.07
+20.64%
8.10%US$22.00US$15.00US$19.2918
Feb ’25US$14.37
US$18.02
+25.38%
9.76%US$23.00US$14.00US$20.4818
Mar ’26US$19.29
US$22.73
+17.84%
6.93%US$25.00US$19.00n/a17
US$21.71
Fair Value
12.6% undervalued intrinsic discount
21
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/02/22 01:48
End of Day Share Price 2026/02/20 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Energy Transfer LP is covered by 33 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ethan BellamyBaird
Richard GrossBarclays
Theresa ChenBarclays