Energy Transfer (ET) 10-K Red Flags
Risk signals extracted deterministically from Energy Transfer’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (17)
- 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 declined **+12.6%** YoY to $78.59B.
- 5-year revenue CAGR **+7.7%**; 10y CAGR +4.6%.
- Composite risk: Elevated.
- Leverage debt/equity 1.39 (moderate).
- 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.
Filings & ownership
- 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.
Full ET analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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