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Energy Transfer
ETEnergyGenerated Jul 5, 2026, 08:09 PM UTC
ET (Energy Transfer) analytical snapshot. Revenue declined +12.6% YoY to $78.59B. 5-year revenue CAGR +7.7%; 10y CAGR +4.6%. Net margin at 5.01% (expanding ▲). Market cap $66.52B at $19.33 per share. EV/Operating income ≈ 16.22 (EV $134.59B). FCF DCF intrinsic value ≈ $43.03 → implied upside +122.6%. Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -3 (data confidence 80%). Descriptive analytics from public filings — not investment advice.
Market cap
$66.52B
3.44B shares
Price
$19.33
NYQ
P/E (ttm)
—
Revenue (FY)
$78.59B
YoY -12.6%
Net margin
5.01%
▲ 6.67pp
Free cash flow
$6.42B
8.17% margin
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score -25Deteriorating
80% conf
Revenue declined +12.6% YoY to $78.59B. 5-year revenue CAGR +7.7%; 10y CAGR +4.6%. Net margin at 5.01% (expanding ▲).
- Revenue declined +12.6% YoY to $78.59B.
- 5-year revenue CAGR +7.7%; 10y CAGR +4.6%.
- Net margin at 5.01% (expanding ▲).
- Return on equity 9.68%, ROA 3.14%, ROIC 8.26%.
- Gross margin 0.00%, operating margin 10.56%.
- Free cash flow margin 8.17% ($6.42B).
- Net income down ▼ +17.3% YoY.
- Debt/equity 1.39, current ratio 1.17, net debt $68.07B.
- Asset turnover 0.53 — capital efficiency.
Revenue (FY)
$78.59B
YoY -12.6%
Net margin
5.01%
▲ 6.67pp
ROE
9.68%
ROA 3.14%
ROIC
8.26%
EPS (diluted)
—
Free cash flow
$6.42B
8.17% margin
Debt / equity
1.39
Cash $1.27B
Current ratio
1.17
Equity $49.74B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2016 | $52.64B | — | 0.00 | 4.51 | 1.20 | -$2.48B | 3.89 |
| 2017 | $6.45B | -87.8% | 0.00 | 10.55 | 18.44 | -$6.09B | 5.33 |
| 2018 | $9.66B | +49.9% | 0.00 | 7.85 | 10.30 | -$4.45B | 4.22 |
| 2019 | $40.52B | +319.4% | 0.00 | 6.71 | 2.35 | — | 4.25 |
| 2020 | $54.09B | +33.5% | 0.00 | 9.99 | 3.23 | — | 5.81 |
| 2021 | $54.21B | +0.2% | 0.00 | 13.29 | 6.49 | $2.10B | 11.34 |
| 2022 | $38.95B | -28.1% | 0.00 | 7.65 | -1.66 | $2.23B | -1.91 |
| 2023 | $67.42B | +73.1% | 0.00 | 13.04 | 8.11 | $8.34B | 17.43 |
| 2024 | $89.88B | +33.3% | 0.00 | 8.61 | 5.29 | $5.67B | 12.09 |
| 2025 | $78.59B | -12.6% | 0.00 | 10.56 | 5.01 | $6.42B | 9.68 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Mar 31, 2025 | $21.02B | -2.8% | — | 6.29% |
| Jun 30, 2025 | $40.26B | -4.9% | +91.5% | 6.17% |
| Jun 30, 2025 | $19.24B | -54.6% | -52.2% | 12.92% |
| Sep 30, 2025 | $60.22B | -4.6% | +212.9% | 5.82% |
| Sep 30, 2025 | $19.95B | -68.4% | -66.9% | 17.57% |
| Mar 31, 2026 | $27.77B | +32.1% | +39.2% | 4.52% |
Revenue (annual, SEC 10-K)
2016: 52,639
2017: 6,447
2018: 9,661
2019: 40,523
2020: 54,087
2021: 54,213
2022: 38,954
2023: 67,417
2024: 89,876
2025: 78,586
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Profitability trends (%)
GrossOperatingNet
Free cash flow (annual)
2016: -2,484
2017: -6,094
2018: -4,449
2019: 0
2020: 0
2021: 2,096
2022: 2,231
2023: 8,340
2024: 5,670
2025: 6,421
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Sources:SEC EDGAR — Company Facts (XBRL)
Free previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 30Improving
80% conf
Latest annual report (10-K) filed Feb 19, 2026. Latest quarterly report (10-Q) filed May 7, 2026. 39 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 19, 2026.
- Latest quarterly report (10-Q) filed May 7, 2026.
- 39 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Energy Transfer; broad institutional reporting.
- Recent filers include GPS Partners LLC, GPS Partners LLC, Green Owl Capital Management, LLC.
- 20 recent 13D activist/beneficial-ownership filings — potential catalyst.
Latest 10-K
Feb 19, 2026
Annual report
Latest 10-Q
May 7, 2026
8-K (recent)
39
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
20
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| GPS Partners LLC | 13F-HR | Nov 14, 2007 |
| GPS Partners LLC | 13F-HR | Feb 14, 2008 |
| Green Owl Capital Management, LLC | 13F-HR | Jan 28, 2016 |
| CHILDRESS CAPITAL ADVISORS, LLC | 13F-HR | Aug 11, 2023 |
| CHILDRESS CAPITAL ADVISORS, LLC | 13F-HR | May 12, 2023 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Jun 3, 2026 | 8-K | 8-K |
| May 5, 2026 | 8-K | 8-K |
| Feb 17, 2026 | 8-K | 8-K |
| Jan 27, 2026 | 8-K | 8-K |
| Jan 13, 2026 | 8-K | 8-K |
| Jan 6, 2026 | 8-K | 8-K |
| Nov 5, 2025 | 8-K | 8-K |
| Nov 3, 2025 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -66Deteriorating
68% conf
5 risk signal(s), 1 positive signal(s), 2 watch item(s) detected from XBRL filing diff analysis. Revenue grew -12.6% but receivables grew +10.6% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Receivables outpacing revenue: Accounts receivable grew +10.6% YoY vs revenue growth of -12.6%. The +23.2% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Inventory buildup exceeds sales growth: Inventory grew +23.9% vs revenue -12.6%. Excess inventory may signal weakening demand, potential write-downs, or supply chain overcommitment. Watch gross margin for discounting impact.
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 2 filing(s).
- Material weakness in internal controls: The term "material weakness" appears in 21 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- NEW: Restatement of financial statements in latest filing: The term "restate" "financial statements" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 3 filing(s).
- Operating cash flow exceeds net income: OCF is 2.43x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Endogenous analysis: Revenue grew -12.6% but receivables grew +10.6% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- 3 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 4 new risk-language term(s) detected in filing text: Going concern doubt, Restatement of financial statements, Impairment charge, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Material weakness in internal controls.
Revenue
$78.59B
-12.6% YoY
Gross profit
$1.37B
+109.8% YoY
Operating income
$8.29B
+7.2% YoY
Net income
$3.94B
-17.3% YoY
Operating cash flow
$9.55B
+5.6% YoY
Capex
$3.13B
-7.3% YoY
Total assets
$125.38B
+18.7% YoY
Long-term debt
$59.76B
+14.1% YoY
Filing quality score
66/100
3 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $89.88B | $78.59B | $-11.29B | -12.6% |
| Gross profit | $654.0M | $1.37B | $718.0M | +109.8% |
| Operating income | $7.74B | $8.29B | $557.0M | +7.2% |
| Net income | $4.76B | $3.94B | $-821.0M | -17.3% |
| Operating cash flow | $9.05B | $9.55B | $504.0M | +5.6% |
| Capex | $3.38B | $3.13B | $-247.0M | -7.3% |
| Total assets | $105.64B | $125.38B | $19.74B | +18.7% |
| Long-term debt | $52.39B | $59.76B | $7.37B | +14.1% |
| Cash & equivalents | $161.0M | $312.0M | $151.0M | +93.8% |
| Stockholders equity | $39.34B | $40.66B | $1.31B | +3.3% |
| Inventory | $2.48B | $3.07B | $592.0M | +23.9% |
| Accounts receivable | $7.65B | $8.47B | $812.0M | +10.6% |
| SG&A expense | $1.02B | $985.0M | $-33.0M | -3.2% |
| Interest expense | $2.31B | $2.58B | $272.0M | +11.8% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax, AociLossCashFlowHedgeCumulativeGainLossAfterTax, EffectOfLIFOInventoryLiquidationOnIncome |
| Removed | AccountsPayableCurrent, AccountsPayableOtherCurrent, AccrualForTaxesOtherThanIncomeTaxesCurrent, AccruedEmployeeBenefitsCurrent, AmortizationOfIntangibleAssets, AociIncludingPortionAttributableToNoncontrollingInterestTax, AssetRetirementObligation, BusinessAcquisitionsProFormaNetIncomeLoss, BusinessAcquisitionsProFormaRevenue, CashAcquiredFromAcquisition |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Going concern doubt | high | 2 | 0 | NEW |
| Material weakness in internal controls | high | 21 | 2 | Ongoing |
| Restatement of financial statements | high | 3 | 0 | NEW |
| Impairment charge | medium | 11 | 0 | NEW |
| Restructuring | medium | 53 | 2 | Ongoing |
| Off-balance sheet arrangements | medium | 6 | 0 | NEW |
| Related party transactions | low | 74 | 2 | Ongoing |
Filing signal breakdown
Red flags: 5
Positive: 1
Watch: 2
Red flags
Positive
Watch
Unlock the rest
- ProValuationMarket cap $66.52B at $19.33 per share.
- ProPrice & TechnicalsPrice $19.33 — uptrend (above 200-DMA); 1-month momentum negative.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Elevated.
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3 sections free · 4 Pro sections locked · composite -3
Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Energy Transfer is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
16.59
Fed funds
3.63%
CPI YoY
+4.2%
Analytical read
deterministic previewMarket cap $66.52B at $19.33 per share..
Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow ET stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Marathon Petroleum MPC | 25 | Supportive |
| Nike Inc. NKE | 24 | Supportive |
| Airbnb Inc. ABNB | 22 | Supportive |
| Datadog Inc. DDOG | 16 | Supportive |
| Okta Inc. OKTA | 15 | Supportive |
| Valero Energy VLO | 13 | Supportive |
| Deere & Co. DE | 12 | Supportive |
| ASML Holding NV ASML | 10 | Supportive |
| Marriott International MAR | 10 | Supportive |
| GE Aerospace GE | 10 | Supportive |
| United Parcel Service UPS | 9 | Supportive |
| Snowflake Inc. SNOW | 8 | Supportive |
| Cloudflare Inc. NET | 8 | Supportive |
| NVIDIA Corp. NVDA | 7 | Supportive |
| Alphabet Inc. GOOGL | 7 | Supportive |
| General Motors Co. GM | 7 | Supportive |
| Booking Holdings BKNG | 6 | Supportive |
| Nucor Corp. NUE | 5 | Supportive |
| Shopify Inc. SHOP | 5 | Supportive |
| Ulta Beauty Inc. ULTA | 5 | Supportive |
| Pinterest Inc. PINS | 5 | Supportive |
| Amazon.com Inc. AMZN | 4 | Supportive |
| Microchip Technology MCHP | 3 | Supportive |
| Warner Bros Discovery WBD | 3 | Supportive |
| Adobe Inc. ADBE | 3 | Supportive |
| Intuit Inc. INTU | 2 | Supportive |
| General Dynamics GD | 1 | Supportive |
| Roku Inc. ROKU | 1 | Supportive |
| Lockheed Martin LMT | 0 | Supportive |
| Boeing Co. BA | 0 | Supportive |
| Hess Corp. HES | 0 | Supportive |
| MercadoLibre Inc. MELI | -1 | Supportive |
| EOG Resources EOG | -2 | Supportive |
| Applied Materials Inc. AMAT | -2 | Supportive |
| IBM Corp. IBM | -3 | Supportive |
| Spotify Technology SPOT | -3 | Supportive |
| Energy Transfer ET● you | -3 | Supportive |
| Meta Platforms Inc. META | -4 | Supportive |
| Uber Technologies UBER | -4 | Supportive |
| Phillips 66 PSX | -4 | Supportive |
| United Airlines Holdings UAL | -5 | Supportive |
| Caterpillar Inc. CAT | -5 | Supportive |
| Alibaba Group BABA | -5 | Supportive |
| Comcast Corp. CMCSA | -6 | Supportive |
| TJX Cos. TJX | -6 | Supportive |
| Starbucks Corp. SBUX | -6 | Supportive |
| Schlumberger N.V. SLB | -7 | Supportive |
| Workday Inc. WDAY | -7 | Supportive |
| McDonald's Corp. MCD | -7 | Supportive |
| Micron Technology MU | -8 | Supportive |
| CF Industries CF | -8 | Supportive |
| Lam Research Corp. LRCX | -8 | Supportive |
| Albemarle Corp. ALB | -8 | Supportive |
| Delta Air Lines DAL | -8 | Supportive |
| Yum Brands Inc. YUM | -8 | Supportive |
| Linde plc LIN | -9 | Supportive |
| Home Depot Inc. HD | -10 | Supportive |
| Sherwin-Williams SHW | -10 | Supportive |
| Chipotle Mexican Grill CMG | -10 | Supportive |
| Old Dominion Freight ODFL | -10 | Supportive |
| Salesforce Inc. CRM | -11 | Supportive |
| Netflix Inc. NFLX | -12 | Supportive |
| Union Pacific Corp. UNP | -12 | Supportive |
| Norfolk Southern NSC | -13 | Supportive |
| Air Products & Chemicals APD | -13 | Supportive |
| Exxon Mobil Corp. XOM | -14 | Supportive |
| Palo Alto Networks PANW | -14 | Supportive |
| Royal Caribbean Group RCL | -15 | Supportive |
| Apple Inc. AAPL | -15 | Supportive |
| ConocoPhillips COP | -15 | Supportive |
| Zscaler Inc. ZS | -15 | Supportive |
| Occidental Petroleum OXY | -15 | Supportive |
| Devon Energy DVN | -16 | Supportive |
| Kinder Morgan KMI | -16 | Supportive |
| Cisco Systems Inc. CSCO | -16 | Supportive |
| CSX Corp. CSX | -16 | Supportive |
| Microsoft Corp. MSFT | -16 | Supportive |
| Tesla Inc. TSLA | -17 | Supportive |
| Walt Disney Co. DIS | -17 | Supportive |
| Dow Inc. DOW | -17 | Supportive |
| ON Semiconductor Corp. ON | -18 | Supportive |
| Oracle Corp. ORCL | -18 | Supportive |
| CrowdStrike Holdings CRWD | -18 | Supportive |
| Mosaic Co. MOS | -18 | Supportive |
| RTX Corp. RTX | -19 | Supportive |
| Advanced Micro Devices AMD | -19 | Supportive |
| Freeport-McMoRan FCX | -20 | Supportive |
| Dollar General Corp. DG | -20 | Supportive |
| Eaton Corp. ETN | -22 | Supportive |
| Chevron Corp. CVX | -22 | Supportive |
| T-Mobile US Inc. TMUS | -22 | Supportive |
| 3M Co. MMM | -23 | Supportive |
| Lowe's Cos. LOW | -24 | Supportive |
| Texas Instruments TXN | -24 | Supportive |
| Honeywell International HON | -24 | Supportive |
| Qualcomm Inc. QCOM | -25 | Supportive |
| Marvell Technology MRVL | -29 | Supportive |
| Intel Corp. INTC | -31 | Supportive |
| Verizon Communications VZ | -31 | Supportive |
| ServiceNow Inc. NOW | -33 | Supportive |
| Newmont Corp. NEM | -34 | Supportive |
| Autodesk Inc. ADSK | -34 | Supportive |
| Broadcom Inc. AVGO | -35 | Supportive |