MeritValue

Energy Transfer LP

ETdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'

The thesis, from the filings

Energy Transfer LP earns about 11% on equity. The cash-flow models don't apply cleanly here — the ledger says why below.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$67.4B1$89.9B2$78.6B3$82.7B3$85.5B3
Net income$5.47B4$4.76B5$3.94B6$4.81B6$4.43B6
Operating cash flow$11.2B7$9.05B8$9.56B9$11.5B9$10.1B9
Capital expenditure$2.82B10$3.38B11$3.13B12$4.16B12$6.3B12
Free cash flow (derived)$8.34B7$5.67B8$6.42B9$7.34B9$3.85B9
Total debt$99.4B13$96.5B14$104.8B15$119.5B16$136.7B16
Cash & equivalents$336M17$257M18$161M19$312M20$1.27B20
Diluted shares—————

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

iii. Is this a good business?
Moat signal · return on equity
11% avg · 5y
FY21 14%FY22 12%FY23 9%FY24 10%FY25 9%

It earned an average 11% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 37% 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001276187-24-000024 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001276187-25-000018 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001276187-26-000013 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001276187-24-000024 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001276187-25-000018 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001276187-26-000013 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001276187-24-000024 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001276187-25-000018 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001276187-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001276187-24-000024 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001276187-25-000018 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001276187-26-000013 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001276187-23-000014 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001276187-24-000024 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001276187-25-000018 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001276187-26-000013 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001276187-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001276187-24-000024 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001276187-25-000018 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001276187-26-000013 (CashAndCashEquivalentsAtCarryingValue)