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Cheniere Energy Partners, L.P. (CQP)

NYSE / Energy / Oil & Gas Midstream

Share price

62.26 USD Market dataClose of Oct 14, 2026

Market capitalisation

30.14B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Feb 26, 2026
Ratios computed
Oct 14, 2026
Filed years
11, FY2015 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

721.5% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

10.09x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

8.5% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 1.10B USDFY2016 Net income: -171.0M USDFY2017 Revenue: 4.30B USDFY2017 Net income: 490.0M USDFY2018 Revenue: 6.43B USDFY2018 Net income: 1.27B USDFY2019 Revenue: 6.84B USDFY2019 Net income: 1.18B USDFY2020 Revenue: 6.17B USDFY2020 Net income: 1.18B USDFY2021 Revenue: 9.43B USDFY2021 Net income: 1.63B USDFY2022 Revenue: 17.21B USDFY2022 Net income: 2.50B USDFY2023 Revenue: 9.66B USDFY2023 Net income: 4.25B USDFY2024 Revenue: 8.70B USDFY2024 Net income: 2.51B USDFY2025 Revenue: 10.76B USDFY2025 Net income: 2.99B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
3 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 10.09x at the close of 2026-10-14 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Oil & Gas Midstream industry (36 companies), 10.09x sits at the 11th percentile; the middle half of that group runs from 12.45x to 22.00x.

Is it good

Return on equity was 721.5% in FY2025, in the band labelled "Exceptional, check the leverage" (25.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Oil & Gas Midstream industry (39 companies), 721.5% sits at the 99th percentile; the middle half of that group runs from 10.0% to 20.0%.

Is it safe

Interest coverage was 4.92x in FY2025, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Cheniere Energy Partners, L.P.'s operating margin stayed above the median of the Oil & Gas Midstream industry, year by year. (FY2023 to FY2025, 3 fiscal years of Cheniere Energy Partners, L.P. with a comparable figure)
The direction
Which way Cheniere Energy Partners, L.P.'s operating margin has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Cheniere Energy Partners, L.P.)
What could explain it
What in Cheniere Energy Partners, L.P.'s filed statements could explain the movements. (6 readings drawn from the statement lines Cheniere Energy Partners, L.P. filed)
What to check next
What to check next on Cheniere Energy Partners, L.P., and where in its filings. (4 questions for Cheniere Energy Partners, L.P.)
In one paragraph
One paragraph on Cheniere Energy Partners, L.P.'s returns, cash, balance sheet and price. (12 of sixteen figures read for Cheniere Energy Partners, L.P.)

These are CQP’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CQPPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 26, 2026, accession 0001383650-26-000005.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Cheniere Energy Partners, L.P: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Return on equity721.5% ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Return on capital employed, pre-tax23.6% ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Return on assets17.1% ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Operating margin34.5% ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Net margin27.8% ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
CQP 27.8%
LNG 26.7%VG 19.9%MPLX 38.1%WES 30.7%PBA 21.8%
19.9%38.1%
Net margin: CQP against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Cheniere Energy Partners, L.P: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity35.30 ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Current ratio0.78 ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Quick ratio0.68 ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Interest coverage4.92x ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Net debt14.43B ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Total assets 17.44BTotal liabilities 17.02BShareholders' equity 414.0MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Cheniere Energy Partners, L.P owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 26, 2026, 0001383650-26-000005).

Cheniere Energy Partners, L.P: balance sheet position
Total assets17.44B FiledFY2025 10-K, filed Feb 26, 2026
Total liabilities17.02B FiledFY2025 10-K, filed Feb 26, 2026
Shareholders' equity414.0M FiledFY2025 10-K, filed Feb 26, 2026
Cash182.0M FiledFY2025 10-K, filed Feb 26, 2026
Total debt14.61B FiledFY2025 10-K, filed Feb 26, 2026
Net debt14.43B
Current ratio0.78
Debt to equity35.30

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Cheniere Energy Partners, L.P: what the market charges, each with its source
FigureValue, source and document
Price to earnings10.09x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
P/E on trailing twelve months28.70x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book72.80x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Price to sales2.80x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Enterprise value to EBIT12.03x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Enterprise value to EBITDA10.14x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005

We publish no fair value or price target of our own. Value CQP on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Cheniere Energy Partners, L.P today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Cheniere Energy Partners, L.P: valuation
Share price62.26 USD
Market capitalisation30.14B USD
Enterprise value to EBITDA10.14x
Graham numbern/a
Diluted earnings per share, FY2021n/a

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 8, 2017: low 5.55x, median 21.23x, high 255.53x, latest 28.70x. 2,122 trading days with a meaningful ratio, 186 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Cheniere Energy Partners, L.P

  1. Cheniere Energy, Inc. (LNG)Market cap 58.61B USD
  2. Venture Global, Inc. (VG)Market cap 32.40B USD
  3. MPLX Lp (MPLX)Market cap 58.31B USD
  4. Western Midstream Partners, LP (WES)Market cap 18.52B USD
  5. Pembina Pipeline Corporation (PBA)Market cap 28.21B USD

Same industry (Oil & Gas Midstream) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Cheniere Energy Partners, L.P: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield8.5% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Free cash flow2.57B USD ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Free cash flow margin23.9% ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Dividend yield1.3% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
FY2016 Free cash flow: -2.31B USDFY2016 Net income: -171.0M USDFY2017 Free cash flow: -313.0M USDFY2017 Net income: 490.0M USDFY2018 Free cash flow: 1.07B USDFY2018 Net income: 1.27B USDFY2019 Free cash flow: 216.0M USDFY2019 Net income: 1.18B USDFY2020 Free cash flow: 779.0M USDFY2020 Net income: 1.18B USDFY2021 Free cash flow: 1.64B USDFY2021 Net income: 1.63B USDFY2022 Free cash flow: 3.70B USDFY2022 Net income: 2.50B USDFY2023 Free cash flow: 2.89B USDFY2023 Net income: 4.25B USDFY2024 Free cash flow: 2.81B USDFY2024 Net income: 2.51B USDFY2025 Free cash flow: 2.57B USDFY2025 Net income: 2.99B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Cheniere Energy Partners, L.P.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
10.09xFY2025Oct 14, 2026
72.80xFY2025Oct 14, 2026
12.03xFY2025Oct 14, 2026
8.5%FY2025Oct 14, 2026
n/aFY2025Feb 26, 2026
n/a No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
1.3%FY2025Oct 14, 2026
35.30FY2025Feb 26, 2026
0.78FY2025Feb 26, 2026
2.80xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2025Oct 14, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-1.87FY2025Feb 26, 2026
6/9FY2025Feb 26, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 11 filed fiscal years on record, FY2015 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Cheniere Energy Partners, L.P filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Cheniere Energy Partners, L.P: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202510.76B3.71B2.99Bn/a2.57B34.5%721.5%10-K, Feb 26, 20260001383650-26-000005
FY20248.70B3.28B2.51Bn/a2.81B37.7%n/m10-K, Feb 20, 20250001383650-25-000007
FY20239.66B5.04B4.25Bn/a2.89B52.1%n/m10-K, Feb 22, 20240001383650-24-000013
FY202217.21B3.38B2.50Bn/a3.70B19.6%n/m10-K, Feb 23, 20230001383650-23-000008
FY20219.43B2.56B1.63B3.001.64B27.1%227.0%10-K, Feb 24, 20220001383650-22-000005
FY20206.17B2.13B1.18B2.32779.0M34.5%219.5%10-K, Feb 24, 20210001383650-21-000005
FY20196.84B2.04B1.18B2.25216.0M29.8%164.3%10-K, Feb 25, 20200001383650-20-000006
FY20186.43B1.98B1.27B2.511.07B30.8%159.3%10-K, Feb 26, 20190001383650-19-000005
FY20174.30B1.16B490.0M-1.32-313.0M26.9%76.7%10-K, Feb 21, 20180001383650-18-000005
FY20161.10B250.0M-171.0M-0.20-2.31B22.7%-38.6%10-K, Feb 24, 20170001383650-17-000011
  • Revenue, compound annual growth FY2016 to FY2025: 28.8%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2021, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Cheniere Energy Partners, L.P: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-1.87 ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Piotroski F-score6/9 ComputedFY2025 10-K, filed Feb 26, 2026, 0001383650-26-000005
Named tests met3 of 30 Computed
Beta0.24 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 3 met, 22 not met, 5 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Large cap, low P/E; Owner earnings yield; Cheapest quarter on P/E (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Earnings yield and ROIC (Joel Greenblatt); ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(12)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Return on Invested Capital: No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 12 figures could not be read on this company, among them Positive Earnings Streak, Return on Invested Capital, Altman Z-Score. Each blank in the table above names the rest, with its reason. 5 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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