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Energy Transfer
ETEnergyGenerated Sep 5, 2026, 02:26 PM UTC
ET (Energy Transfer) analytical snapshot. Revenue grew +3.5% YoY to $85.54B. 5-year revenue CAGR +4.9%; 10y CAGR +9.6%. Net margin at 5.18% (contracting ▼). Market cap $74.03B at $21.50 per share. EV/Operating income ≈ 15.67 (EV $141.42B). FCF DCF intrinsic value ≈ $24.42 → implied upside +13.6%. Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score 8 (data confidence 80%). Descriptive analytics from public filings — not investment advice.
Market cap
$74.03B
3.44B shares
Price
$21.50
NYQ
P/E (ttm)
—
Revenue (FY)
$85.54B
YoY +3.5%
Net margin
5.18%
▼ 0.11pp
Free cash flow
$3.85B
4.50% margin
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree 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 Aug 6, 2026. 37 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 19, 2026.
- Latest quarterly report (10-Q) filed Aug 6, 2026.
- 37 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
Aug 6, 2026
8-K (recent)
37
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 |
|---|---|---|
| Aug 4, 2026 | 8-K | 8-K |
| Jul 21, 2026 | 8-K | 8-K |
| Jul 8, 2026 | 8-K | 8-K |
| 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 |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -43Deteriorating
68% conf
3 risk signal(s), 1 positive signal(s), 2 watch item(s) detected from XBRL filing diff analysis. Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- Inventory buildup exceeds sales growth: Inventory grew +55.4% vs revenue +3.5%. Excess inventory may signal weakening demand, potential write-downs, or supply chain overcommitment. Watch gross margin for discounting impact.
- Free cash flow deteriorating: FCF declined +47.6% YoY (from $7.34B to $3.85B). With OCF at $10.15B and capex at $6.30B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- Restatement of financial statements: The term "restatement of" "previously issued" appears in 3 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 2.29x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- NEW: Impairment charge: Impairment charge appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- NEW: Off-balance sheet arrangements: Off-balance sheet arrangements appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- 11 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 2 new risk-language term(s) detected in filing text: Impairment charge, Off-balance sheet arrangements.
- Ongoing high-severity risk language: Restatement of financial statements.
Revenue
$85.54B
+3.5% YoY
Gross profit
$7.30B
+26.3% YoY
Operating income
$9.03B
-1.2% YoY
Net income
$4.43B
-7.9% YoY
Operating cash flow
$10.15B
-11.8% YoY
Capex
$6.30B
+51.4% YoY
Total assets
$141.29B
+12.7% YoY
Long-term debt
$68.33B
+14.3% YoY
Filing quality score
70/100
11 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $82.67B | $85.54B | $2.87B | +3.5% |
| Gross profit | $5.78B | $7.30B | $1.52B | +26.3% |
| Operating income | $9.14B | $9.03B | $-111.0M | -1.2% |
| Net income | $4.81B | $4.43B | $-381.0M | -7.9% |
| Operating cash flow | $11.51B | $10.15B | $-1.36B | -11.8% |
| Capex | $4.16B | $6.30B | $2.14B | +51.4% |
| Total assets | $125.38B | $141.29B | $15.91B | +12.7% |
| Long-term debt | $59.76B | $68.33B | $8.57B | +14.3% |
| Cash & equivalents | $312.0M | $1.27B | $960.0M | +307.7% |
| Stockholders equity | $46.02B | $49.01B | $2.99B | +6.5% |
| Inventory | $3.07B | $4.77B | $1.70B | +55.4% |
| Accounts receivable | $8.47B | $9.05B | $581.0M | +6.9% |
| SG&A expense | $1.18B | $1.18B | $3.0M | +0.3% |
| Interest expense | $3.13B | $3.47B | $349.0M | +11.2% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax, AociLossCashFlowHedgeCumulativeGainLossAfterTax, DerivativeAssetNotSubjectToMasterNettingArrangement, DerivativeLiabilityNotSubjectToMasterNettingArrangement, EffectOfLIFOInventoryLiquidationOnIncome, GainContingencyUnrecordedAmount, InterestExpenseNonoperating, OciEquityMethodInvestmentAfterTax, OtherReceivablesNetCurrent, PartnersCapitalAccountUnitsAcquisitions |
| 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 |
|---|---|---|---|---|
| Restatement of financial statements | high | 3 | 2 | Ongoing |
| Impairment charge | medium | 5 | 0 | NEW |
| Restructuring | medium | 5 | 2 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 0 | NEW |
| Related party transactions | low | 5 | 2 | Ongoing |
Filing signal breakdown
Red flags: 3
Positive: 1
Watch: 2
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 5Stable
80% conf
Revenue grew +3.5% YoY to $85.54B. 5-year revenue CAGR +4.9%; 10y CAGR +9.6%. Net margin at 5.18% (contracting ▼).
- Revenue grew +3.5% YoY to $85.54B.
- 5-year revenue CAGR +4.9%; 10y CAGR +9.6%.
- Net margin at 5.18% (contracting ▼).
- Return on equity 9.05%, ROA 3.14%, ROIC 7.69%.
- Gross margin 0.00%, operating margin 10.55%.
- Free cash flow margin 4.50% ($3.85B).
- Net income down ▼ +7.9% YoY.
- Debt/equity 1.38, current ratio 1.16, net debt $67.39B.
- Asset turnover 0.58 — capital efficiency.
Revenue (FY)
$85.54B
YoY +3.5%
Net margin
5.18%
▼ 0.11pp
ROE
9.05%
ROA 3.14%
ROIC
7.69%
EPS (diluted)
—
Free cash flow
$3.85B
4.50% margin
Debt / equity
1.38
Cash $1.02B
Current ratio
1.16
Equity $49.74B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $82.67B | +5.2% | 0.00 | 11.05 | 5.82 | $7.34B | 10.46 |
| 2025 | $85.54B | +3.5% | 0.00 | 10.55 | 5.18 | $3.85B | 9.05 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Sep 30, 2024 | $20.77B | +0.2% | — | 5.70% |
| Mar 31, 2025 | $21.02B | -2.8% | +1.2% | 6.29% |
| Jun 30, 2025 | $19.24B | -7.2% | -8.5% | 6.04% |
| Sep 30, 2025 | $19.95B | -3.9% | +3.7% | 5.11% |
| Mar 31, 2026 | $27.77B | +32.1% | +39.2% | 4.52% |
| Jun 30, 2026 | $34.33B | +78.4% | +23.6% | 6.08% |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score 20Improving
83% conf
Market cap $74.03B at $21.50 per share. EV/Operating income ≈ 15.67 (EV $141.42B). FCF DCF intrinsic value ≈ $24.42 → implied upside +13.6%.
- Market cap $74.03B at $21.50 per share.
Market cap
$74.03B
3.44B shares
P/E (ttm)
—
P/S
0.87
P/B
1.49
EV
$141.42B
Intrinsic (DCF)
$24.42
+13.6% vs price
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score 65Improving
85% conf
Price $21.50 — uptrend (above 200-DMA); 1-month momentum positive. RSI(14) 63.73.
- Price $21.50 — uptrend (above 200-DMA); 1-month momentum positive.
Price
$21.50
NYQ
RSI(14)
63.73
50-DMA
$20.46
200-DMA
$18.90
Volatility (ann.)
17.30%
52w range
$16.18–$21.77
-1.2% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.77%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.77%
10Y−2Y
0.41pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score -18Deteriorating
83% conf
Composite risk Elevated. Leverage debt/equity 1.38 (moderate). Liquidity current ratio 1.16 (adequate).
- Composite risk: Elevated.
Risk level
Elevated
Debt / equity
1.38
Current ratio
1.16
Margin stdev
2.58pp
Cash / assets
0.69%
Liab / assets
—
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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
14.32
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewMarket cap $74.03B at $21.50 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 |
|---|---|---|
| Intuit Inc. INTU | 35 | Supportive |
| CF Industries CF | 34 | Supportive |
| MercadoLibre Inc. MELI | 29 | Supportive |
| Shopify Inc. SHOP | 27 | Supportive |
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| Newmont Corp. NEM | 24 | Supportive |
| Booking Holdings BKNG | 24 | Supportive |
| Uber Technologies UBER | 24 | Supportive |
| Salesforce Inc. CRM | 23 | Supportive |
| Meta Platforms Inc. META | 23 | Supportive |
| Okta Inc. OKTA | 18 | Supportive |
| Qualcomm Inc. QCOM | 18 | Supportive |
| Roku Inc. ROKU | 17 | Supportive |
| Comcast Corp. CMCSA | 17 | Supportive |
| Microsoft Corp. MSFT | 16 | Supportive |
| Marvell Technology MRVL | 16 | Supportive |
| Netflix Inc. NFLX | 15 | Supportive |
| Workday Inc. WDAY | 15 | Supportive |
| Adobe Inc. ADBE | 14 | Supportive |
| Pinterest Inc. PINS | 14 | Supportive |
| Datadog Inc. DDOG | 14 | Supportive |
| Airbnb Inc. ABNB | 12 | Supportive |
| Dollar General Corp. DG | 12 | Supportive |
| T-Mobile US Inc. TMUS | 12 | Supportive |
| NVIDIA Corp. NVDA | 11 | Supportive |
| Energy Transfer ET● you | 8 | Supportive |
| ConocoPhillips COP | 8 | Supportive |
| Oracle Corp. ORCL | 8 | Supportive |
| Spotify Technology SPOT | 8 | Supportive |
| Lam Research Corp. LRCX | 8 | Supportive |
| Cloudflare Inc. NET | 8 | Supportive |
| Delta Air Lines DAL | 7 | Supportive |
| Valero Energy VLO | 7 | Supportive |
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| Chipotle Mexican Grill CMG | 3 | Supportive |
| GE Aerospace GE | 2 | Supportive |
| Snowflake Inc. SNOW | 2 | Supportive |
| Zscaler Inc. ZS | 2 | Supportive |
| IBM Corp. IBM | 2 | Supportive |
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