MeritValue

ENTERPRISE PRODUCTS PARTNERS L.P.

EPDdata completeness 88%19 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'

The thesis, from the filings

The estimate methods put fair value between $6.29 and $26.19 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$40.8B1$58.2B2$49.7B3$56.2B3$52.6B3
Net income$4.63B4$5.49B5$5.53B6$5.9B6$5.81B6
Operating cash flow$8.51B7$8.04B8$7.57B9$8.12B9$8.59B9
Capital expenditure$2.22B10$1.96B11$3.27B11$4.54B11$5.62B12
Free cash flow (derived)$6.29B7$6.08B8$4.3B9$3.57B9$2.97B9
Total debt$29.5B13$28.3B14$28.7B15$31.9B16$34.4B16
Cash & equivalents$2.82B17$76M18$180M19$583M20$969M20
Diluted shares2.20B2.20B2.19B2.19B2.19B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
—
your share of equity
Profit it earned you last year
$26.55
Free cash flow it threw off
$13.55
Debt you’d be carrying
$157.2

10 shares of this business that earned you $26.55 and generated $13.55 of cash last year, against $157.2 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 16% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $6.29 and $26.19 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$6.29
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$3.57B
DCF · Growth Exit 5Y
$8.04
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$3.57B
Earnings Power Value
$26.19
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.53B
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $8.04
The three cases
Bear0.0%$8.04
Base0.0%$8.04
Bull5.0%$13.69

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001061219-24-000006 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001061219-25-000006 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001061219-26-000006 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001061219-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001061219-25-000006 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001061219-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001061219-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001061219-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001061219-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001061219-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001061219-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2025-12-31 · accession 0001061219-26-000006 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001061219-23-000006 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001061219-24-000006 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001061219-25-000006 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001061219-26-000006 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001061219-23-000006 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001061219-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001061219-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001061219-26-000006 (CashAndCashEquivalentsAtCarryingValue)