Energy Transfer LP
ET, ET-PI · Natural Gas Transmission · 3.44B shares · EDGAR filings ↗
Net buyback after stock comp: -$99M (gross $31M, SBC $130M)
Reference price $16.81 · est. market cap ~$57.8B — last insider purchase, 2025-11-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Large scaled midstream MLP with ample liquidity but mid-pack returns and thin margins relative to sector.
Strengths
- Top-decile cash balance (93rd pct) and solid current ratio (75th pct) support a capital-intensive footprint
- Adequate interest coverage (2.6x, 62nd pct) on a fee-based transmission base
Risks
- Net (19th pct), operating (21st pct) and OCF (12th pct) margins all below sector median
- Earnings (-7.9%) and revenue (+3.5%) growth both subdued; ROA only 37th pct
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Strong balance sheetStrong balance sheet — $1.3B cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
25.8%
Operating margin
10.6%
Net margin
5.2%
Return on assets
3.1%
Revenue growth (QoQ)
9.7%
Net-income growth
-7.9%
Net debt / EBITDA
4.6×
Interest coverage
2.6×
Current ratio
1.2×
EBITDA
$14.7B
Cash & investments
$1.3B
Stock comp / revenue
0.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-08 | WARREN KELCY L | Grant | 1.1M | $19.83 |
| 2026-01-02 | MCREYNOLDS JOHN W | Grant | 7.4K | — |
| 2026-01-02 | Anderson Steven R. | Grant | 7.4K | — |
| 2026-01-02 | Grimm Michael K | Grant | 7.4K | — |
| 2026-01-02 | Perry James Richard | Grant | 7.4K | — |
| 2026-01-02 | Ramsey Matthew S. | Grant | 7.4K | — |
| 2025-12-29 | Grimm Michael K | Gift | 10 | — |
| 2025-12-29 | Anderson Steven R. | Gift | 10 | — |
| 2025-12-29 | Perry James Richard | Gift | 10 | — |
| 2025-12-05 | MCCREA MARSHALL S III | Tax withheld | 382K | $16.60 |
| 2025-12-05 | MCCREA MARSHALL S III | Grant | 704K | — |
| 2025-12-05 | Bramhall Dylan | Grant | 200K | — |
| 2025-12-05 | McIlwain Gregory G. | Tax withheld | 46K | $16.60 |
| 2025-12-05 | Long Thomas E | Tax withheld | 331K | $16.60 |
| 2025-12-05 | Long Thomas E | Grant | 704K | — |
| 2025-12-05 | Sturrock Troy | Tax withheld | 23K | $16.60 |
| 2025-12-05 | Sturrock Troy | Grant | 57K | — |
| 2025-12-05 | Bramhall Dylan | Tax withheld | 47K | $16.60 |
| 2025-12-05 | Wright James M. | Tax withheld | 47K | $16.60 |
| 2025-12-05 | Wright James M. | Grant | 180K | — |
| 2025-11-20 | WARREN KELCY L | Buy | 1.0M | $16.81 |
| 2025-11-19 | WARREN KELCY L | Buy | 1.0M | $16.95 |
| 2025-08-20 | WARREN KELCY L | Buy | 1.4M | $17.36 |
| 2025-08-19 | WARREN KELCY L | Buy | 650K | $17.30 |
| 2025-06-13 | Perry James Richard | Sell | 1.4K | $18.48 |
| 2025-01-02 | Perry James Richard | Grant | 7.8K | — |
| 2025-01-02 | Anderson Steven R. | Grant | 7.8K | — |
| 2025-01-02 | Grimm Michael K | Grant | 7.8K | — |
| 2025-01-02 | MCREYNOLDS JOHN W | Grant | 7.8K | — |
| 2025-01-02 | Ramsey Matthew S. | Grant | 7.8K | — |
| 2025-01-02 | Brannon Richard D | Grant | 7.8K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-03 | Exec/director change | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-02-17 | ResultsExhibits | filing ↗ |
| 2026-01-27 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-01-13 | Material agreementOtherExhibits | filing ↗ |
| 2026-01-06 | Reg FDExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-11-03 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-03 | 2026-06-01 | 0001276187-26-000030 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001276187-26-000026 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001276187-26-000021 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0001276187-26-000013 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001276187-26-000004 ↗ |
| 8-K | 2026-01-27 | 2026-01-27 | 0001193125-26-024378 ↗ |
| 8-K | 2026-01-13 | 2026-01-12 | 0001193125-26-011876 ↗ |
| 8-K | 2026-01-06 | 2026-01-06 | 0001193125-26-003456 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001276187-25-000119 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001276187-25-000116 ↗ |
| 8-K | 2025-11-03 | 2025-10-31 | 0001276187-25-000111 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001276187-25-000108 ↗ |