Energy Transfer LP (ET) intrinsic value & 10-year financials
Energy Transfer LP (ET) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 9.6% a year to $85.5B, with an average return on invested capital of 6.5%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $20.26
- Revenue (FY2025)
- $85.5B
- Revenue growth (10-yr CAGR)
- 9.6%
- ROIC (10-yr avg)
- 6.5%
- Free cash flow (FY2025)
- $3.8B
ET 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $85.5B | $4.4B | — | $3.8B | 10.6% | 7.5% |
| FY2024 | $82.7B | $4.8B | — | $7.3B | 11.1% | 8.1% |
| FY2023 | $78.6B | $3.9B | — | $6.4B | 10.6% | 8.3% |
| FY2022 | $89.9B | $4.8B | — | $5.7B | 8.6% | 8.3% |
| FY2021 | $67.4B | $5.5B | — | $8.3B | 13.0% | 9.8% |
| FY2020 | $39.0B | -$648.0M | — | $2.2B | 7.7% | 3.5% |
| FY2019 | $54.2B | $3.6B | — | $2.1B | 13.4% | 8.5% |
| FY2018 | $54.1B | $1.7B | — | $99.0M | 9.9% | 7.1% |
| FY2017 | $40.5B | $954.0M | — | -$4.0B | 6.7% | 1.9% |
| FY2016 | $37.5B | $995.0M | — | -$4.7B | 4.0% | 2.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Energy Transfer LP is a consistent compounder, expanding top-line revenue at 9.6% annually over the past decade.
Energy Transfer LP has historically struggled to out-earn its cost of capital, averaging just 6.5% ROIC.
Over the decade, Energy Transfer LP shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Energy Transfer LP is modeled at 9.6% normalized earnings growth with a 5.1% bond-yield adjustment.