ET
EnergyEnergy Transfer LP · Oil & Gas Midstream · $68B
What is Energy Transfer LP?
Energy Transfer LP is a large-cap midstream energy partnership headquartered in Dallas, Texas. It operates one of the most extensive pipeline and storage networks in the United States.
The partnership transports, stores, and processes natural gas, natural gas liquids, crude oil, and refined products across a vast network of pipelines spanning multiple states. Revenue is generated primarily through fee-based contracts for transportation and storage services, providing relatively predictable cash flows compared with commodity-price-sensitive energy businesses.
Energy Transfer LP was organized in 2006 and is headquartered in Dallas, Texas.
- Natural gas transportation and storage
- NGL pipeline, fractionation, and storage
- Crude oil transportation and terminalling
- Refined products distribution
Is ET a Good Stock to Buy?
UQS Score rates ET as Good overall, reflecting a balanced but nuanced profile across its five pillars.
Valuation stands out as Attractive relative to sector peers, which may appeal to income-focused investors. The partnership's scale across midstream infrastructure supports its Moat and Quality assessments at a Neutral level.
The Risk pillar is rated Weak, reflecting the partnership's elevated debt load and the structural complexities common to large MLP structures.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does ET pay dividends?
Yes — Energy Transfer LP pays a dividend.
Energy Transfer LP pays a regular distribution to unitholders, a hallmark of the MLP structure designed to return cash flow to investors. The partnership's fee-based revenue model supports distribution coverage, though the elevated debt profile warrants attention when evaluating distribution sustainability.
When does ET report earnings?
Energy Transfer LP reports financial results on a quarterly cadence, consistent with US-listed partnerships.
Results have generally reflected the scale of the midstream network, with fee-based revenues providing relative stability across commodity cycles. Growth and Quality pillar ratings remain Neutral, suggesting performance in line with sector averages rather than meaningfully above or below peers.
For the most recent quarter's results, visit Energy Transfer LP's investor relations page directly.
ET Price History
+191.1% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Energy Transfer LP?
Based on Energy Transfer LP's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
Frequently Asked Questions
What does Energy Transfer LP do?
Energy Transfer LP owns and operates a large network of pipelines and storage facilities for natural gas, natural gas liquids, crude oil, and refined products. It earns revenue primarily through fee-based transportation and storage contracts across multiple US states.
Does ET pay dividends?
Yes. As a master limited partnership, Energy Transfer LP pays regular distributions to unitholders. The MLP structure is specifically designed to distribute the majority of operating cash flow, making ET a common holding for income-focused investors.
When does ET report earnings?
Energy Transfer LP reports on a quarterly basis. For the exact schedule and most recent results, check the investor relations section of the company's official website.
Is ET a good stock to buy?
UQS Score rates ET as Good overall. The Valuation pillar is Attractive, which may interest income investors, but the Weak Risk pillar — driven by debt levels and MLP complexity — means the full picture matters. View the complete pillar breakdown with a Pro account.
Is ET overvalued?
Based on UQS Score analysis, ET's Valuation pillar is rated Attractive, suggesting the units trade at a reasonable level relative to sector peers. Full valuation metrics are available to Pro members.
What is ET's market cap bracket?
Energy Transfer LP is classified as a large-cap partnership, reflecting the significant scale of its pipeline and infrastructure assets across the United States.
Is ET a long-term quality investment?
As a long-term quality indicator, ET's UQS profile is mixed. The Attractive Valuation and broad infrastructure network are positives, but the Weak Risk rating — tied to leverage — is a factor long-term investors should weigh carefully before committing capital.
What sector does ET belong to?
Energy Transfer LP operates in the Energy sector, specifically within the midstream segment. Midstream companies focus on transporting and storing energy commodities rather than exploration or production, which generally provides more stable, fee-based revenue streams.
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Pro Analysis
ET — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| Jul 8, 2026 | 50.1 | 49.6 | 50.0 | 56.8 | 9.9 | 82.4 | -0.3 |
| Jul 7, 2026 | 50.4 | 49.9 | 50.0 | 56.8 | 9.9 | 83.6 | +0.1 |
| Jul 3, 2026 | 50.3 | 49.8 | 50.0 | 56.8 | 9.9 | 83.6 | -0.2 |
| Jul 2, 2026 | 50.5 | 50.0 | 50.0 | 56.8 | 9.9 | 84.4 | 0.0 |
| Jul 1, 2026 | 50.5 | 50.0 | 50.0 | 56.8 | 9.9 | 84.2 | 0.0 |
| Jun 30, 2026 | 50.5 | 49.9 | 50.0 | 56.8 | 9.9 | 84.4 | 0.0 |
| Jun 29, 2026 | 50.5 | 49.9 | 50.0 | 56.8 | 9.9 | 84.2 | +0.1 |
| Jun 28, 2026 | 50.4 | 49.9 | 50.0 | 56.8 | 9.9 | 84.2 | 0.0 |
| Jun 27, 2026 | 50.4 | 49.9 | 50.0 | 56.8 | 9.9 | 84.1 | -0.1 |
| Jun 26, 2026 | 50.5 | 49.9 | 50.0 | 56.8 | 9.9 | 84.2 | 0.0 |
ET — Pillar Breakdown
Quality
— 49.6/100 (25%)Energy Transfer LP has average quality metrics, with room for improvement in margins or capital efficiency.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 56.8/100 (20%)Energy Transfer LP demonstrates healthy growth trends across revenue and earnings.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 9.9/100 (15%)Energy Transfer LP presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 79.3/100 (15%)Energy Transfer LP appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 50/100 (25%)Energy Transfer LP possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for ET.
Score Composition
Financial Data
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How is the ET UQS Score Calculated?
The UQS (Unified Quality Score) for Energy Transfer LP is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Energy Transfer LP's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Energy Transfer LP is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.