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Enterprise Products Partners L.P. (EPD)

NYSE / Energy / Oil & Gas Midstream

Share price

36.82 USD Market dataClose of Oct 16, 2026

Market capitalisation

79.51B USD Market dataClose of Oct 16, 2026
Market data
Oct 16, 2026
Filed accounts
FY2025, filed Feb 27, 2026
Ratios computed
Oct 16, 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 invested capital, after tax

11.4% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

13.84x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

3.7% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 23.02B USDFY2016 Net income: 2.51B USDFY2017 Revenue: 29.24B USDFY2017 Net income: 2.80B USDFY2018 Revenue: 36.53B USDFY2018 Net income: 4.17B USDFY2019 Revenue: 32.79B USDFY2019 Net income: 4.59B USDFY2020 Revenue: 27.20B USDFY2020 Net income: 3.77B USDFY2021 Revenue: 40.81B USDFY2021 Net income: 4.63B USDFY2022 Revenue: 58.19B USDFY2022 Net income: 5.49B USDFY2023 Revenue: 49.72B USDFY2023 Net income: 5.53B USDFY2024 Revenue: 56.22B USDFY2024 Net income: 5.90B USDFY2025 Revenue: 52.60B USDFY2025 Net income: 5.81B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 13.84x at the close of 2026-10-16 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), 13.84x sits at the 40th percentile; the middle half of that group runs from 12.33x to 21.80x.

Is it good

Return on invested capital was 11.4% in FY2025, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Energy sector (108 companies), 11.4% sits at the 72nd percentile; the middle half of that group runs from 2.6% to 11.9%.

Is it safe

Interest coverage was 5.19x 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 Enterprise Products Partners L.P.'s return on invested capital stayed above the median of the Energy sector, year by year. (FY2022 to FY2025, 4 fiscal years of Enterprise Products Partners L.P. with a comparable figure)
The direction
Which way Enterprise Products Partners L.P.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Enterprise Products Partners L.P.)
What could explain it
What in Enterprise Products Partners L.P.'s filed statements could explain the movements. (7 readings drawn from the statement lines Enterprise Products Partners L.P. filed)
What to check next
What to check next on Enterprise Products Partners L.P., and where in its filings. (2 questions for Enterprise Products Partners L.P.)
In one paragraph
One paragraph on Enterprise Products Partners L.P.'s returns, cash, balance sheet and price. (15 of sixteen figures read for Enterprise Products Partners L.P.)

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

Research EPDPart 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 27, 2026, accession 0001061219-26-000006.

3 of 10

Quality

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

SEC filingComputed

Enterprise Products Partners L.P: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax11.4% ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Return on equity19.5% ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Return on capital employed, pre-tax11.2% ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Return on assets7.5% ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Gross margin26.7% ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Operating margin13.8% ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Net margin11.1% ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
EPD 11.1%
TRGP 11.3%KMI 18.0%OKE 10.1%ENB 11.5%VG 19.9%
10.1%19.9%
Net margin: EPD 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

Enterprise Products Partners L.P: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.17 ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Current ratio1.04 ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Quick ratio0.74 ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Interest coverage5.19x ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
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 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Net debt33.91B ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Total assets 77.90BTotal liabilities 47.33BShareholders' equity 29.74BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Enterprise Products Partners L.P owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 27, 2026, 0001061219-26-000006).

Enterprise Products Partners L.P: balance sheet position
Total assets77.90B FiledFY2025 10-K, filed Feb 27, 2026
Total liabilities47.33B FiledFY2025 10-K, filed Feb 27, 2026
Shareholders' equity29.74B FiledFY2025 10-K, filed Feb 27, 2026
Cash969.0M FiledFY2025 10-K, filed Feb 27, 2026
Total debt34.88B FiledFY2025 10-K, filed Feb 27, 2026
Net debt33.91B
Current ratio1.04
Debt to equity1.17

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

Enterprise Products Partners L.P: what the market charges, each with its source
FigureValue, source and document
Price to earnings13.84x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
P/E on trailing twelve months12.78x ComputedClose of Oct 16, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.71x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Price to sales1.53x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Enterprise value to EBIT15.75x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Enterprise value to EBITDA12.24x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Price to earnings over growth1.50 ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Diluted earnings per share2.66 USD FiledFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Graham number28.52 USD ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006

We publish no fair value or price target of our own. Value EPD 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 Enterprise Products Partners L.P today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Enterprise Products Partners L.P: valuation
Share price36.82 USD
Market capitalisation79.51B USD
Enterprise value to EBITDA12.24x
Graham number28.52 USD
Diluted earnings per share, FY20252.66 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 4, 2017: low 5.87x, median 12.17x, high 23.71x, latest 12.78x. 2,313 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Enterprise Products Partners L.P

  1. Targa Resources Corp. (TRGP)Market cap 63.24B USD
  2. Kinder Morgan, Inc. (KMI)Market cap 76.16B USD
  3. ONEOK, Inc. (OKE)Market cap 58.82B USD
  4. Enbridge Inc. (ENB)Market cap 107.20B USD
  5. Venture Global, Inc. (VG)Market cap 31.80B 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

Enterprise Products Partners L.P: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield3.7% ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Free cash flow2.96B USD ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Free cash flow margin5.6% ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Dividend yield6.0% ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
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 27, 2026, 0001061219-26-000006
FY2016 Free cash flow: 1.08B USDFY2016 Net income: 2.51B USDFY2017 Free cash flow: 1.56B USDFY2017 Net income: 2.80B USDFY2018 Free cash flow: 1.90B USDFY2018 Net income: 4.17B USDFY2019 Free cash flow: 1.99B USDFY2019 Net income: 4.59B USDFY2020 Free cash flow: 2.60B USDFY2020 Net income: 3.77B USDFY2021 Free cash flow: 6.29B USDFY2021 Net income: 4.63B USDFY2022 Free cash flow: 6.08B USDFY2022 Net income: 5.49B USDFY2023 Free cash flow: 4.30B USDFY2023 Net income: 5.53B USDFY2024 Free cash flow: 3.57B USDFY2024 Net income: 5.90B USDFY2025 Free cash flow: 2.96B USDFY2025 Net income: 5.81B 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.

Enterprise Products Partners L.P.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
13.84xFY2025Oct 16, 2026
2.71xFY2025Oct 16, 2026
15.75xFY2025Oct 16, 2026
3.7%FY2025Oct 16, 2026
11.4%FY2025Feb 27, 2026
6.0%FY2025Oct 16, 2026
1.17FY2025Feb 27, 2026
1.04FY2025Feb 27, 2026
1.53xFY2025Oct 16, 2026
1.50FY2025Oct 16, 2026
n/aFY2025Oct 16, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.71FY2025Feb 27, 2026
6/9FY2025Feb 27, 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 16, 2026. Ratios recomputed Oct 16, 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 Enterprise Products Partners L.P filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Enterprise Products 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
FY202552.60B7.27B5.81B2.662.96B13.8%19.5%10-K, Feb 27, 20260001061219-26-000006
FY202456.22B7.34B5.90B2.693.57B13.1%20.5%10-K, Feb 28, 20250001061219-25-000006
FY202349.72B6.93B5.53B2.524.30B13.9%20.0%10-K, Feb 28, 20240001061219-24-000006
FY202258.19B6.91B5.49B2.506.08B11.9%20.6%10-K, Feb 28, 20230001061219-23-000006
FY202140.81B6.10B4.63B2.106.29B15.0%18.3%10-K, Feb 28, 20220001061219-22-000008
FY202027.20B5.04B3.77B1.712.60B18.5%15.5%10-K, Mar 1, 20210001061219-21-000009
FY201932.79B6.08B4.59B2.091.99B18.5%18.5%10-K, Feb 28, 20200001061219-20-000014
FY201836.53B5.41B4.17B1.911.90B14.8%17.5%10-K, Mar 1, 20190001061219-19-000007
FY201729.24B3.93B2.80B1.301.56B13.4%12.4%10-K, Feb 28, 20180001061219-18-000008
FY201623.02B3.58B2.51B1.201.08B15.6%11.4%10-K, Feb 24, 20170001061219-17-000008
  • Revenue, compound annual growth FY2016 to FY2025: 9.6%
  • Earnings, compound annual growth FY2016 to FY2025: 9.8%
  • Earnings per share, compound annual growth FY2016 to FY2025: 9.2%
  • Free cash flow, compound annual growth FY2016 to FY2025: 11.8%

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

Enterprise Products Partners L.P: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.71 ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Piotroski F-score6/9 ComputedFY2025 10-K, filed Feb 27, 2026, 0001061219-26-000006
Named tests met1 of 30 Computed
Beta0.14 ComputedClose of Oct 16, 2026

The named tests

Of 30 tests value investors published: 1 met, 28 not met, 1 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
ROIC at or above WACC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); 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); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(5)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Altman Z-Score: 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.
  • Payout Ratio: 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.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: 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

  • 5 figures could not be read on this company, among them Positive Earnings Streak, Altman Z-Score, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 1 named test comes 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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