Stock fact sheet · data as of
Energy Transfer LP (ET): fair value, margin of safety and Wheel Score
Energy · Oil & Gas Midstream · United States · High Yield Income
Is ET undervalued?
At 19.88 (close of 16 Oct 2026), ET trades 25% under the GLS average fair value of 26.67. 4 of the 9 models that produced a value land above the price. A discount of this size counts as a positive margin of safety in every GLS screen; whether it is enough depends on the rest of the picture - the health score, the moat and the option premium below.
There is a wide gap between GLS Growth (4.95) and DCF (54.63). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files ET under High Yield Income: a dividend yield above 4%.
Nine valuation models for ET
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 54.63 | +175% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 19.76 | -1% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 37.02 | +86% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 11.75 | -41% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 4.95 | -75% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 44.32 | +123% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 29.06 | +46% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 19.79 | -0% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 18.79 | -6% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -21.56 | -208% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 25.00 | +26% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Energy Transfer LP scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the Sunday Scan's "6 or more" rule with room to spare. A GLS Moat score of 2.6/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC 4.6%, ROE 14.3%, ROA 3.5% - with debt at 2.08 times equity and a free-cash-flow yield of 7.6%. Debt of 2.08 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is high at 6.77% (payout ratio 82%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 4/10, insider activity 10/10 and Congressional trading 1/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 4.6% |
|---|---|---|---|
| GLS Moat | 2.6 / 10 | ROE | 14.3% |
| Debt / equity | 2.08 | ROA | 3.5% |
| Free-cash-flow yield | 7.6% | Payout ratio | 82% |
| Institutions | 4 / 10 | Insiders · Congress | 10 · 1 / 10 |
Wheel Score 77: Good
With a Wheel Score of 77 - the Good band - Energy Transfer LP clears the Sunday Scan's "70 or higher" rule. The parts: Value 23/25, Health 16/20, Moat 4/15, Premium 14/20, Stability 20/20; Moat (4/15) scores lowest.
Implied volatility is 29% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (14 of 20 points). The option chain is deep: 1,094,858 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 12.5M shares a day on a market cap of $68.5B, with a beta of 0.60 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 20 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 23 / 25 | 25% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 4 / 15 | moat 2.6/10 | |
| Premium | 14 / 20 | implied volatility 29% | |
| Stability | 20 / 20 | 12.5M shares/day, $68.5B cap, beta 0.60 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 3 Nov 2026 (before the open), 18 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Oil & Gas Midstream
The 12 companies below are the closest to Energy Transfer LP by market cap within the Oil & Gas Midstream industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| KMI Kinder Morgan, Inc. | 32.82 | 23.78 | -38% | 57Fair | $73.1B |
| TRP TC Energy Corporation | 61.14 | 64.85 | +6% | 73Good | $63.7B |
| TRGP Targa Resources Corp. | 290.91 | 153.51 | -90% | 63Fair | $62.4B |
| EPD Enterprise Products Partners L.P. | 35.57 | 34.43 | -3% | 64Fair | $76.8B |
| MPLX MPLX Lp | 57.12 | 67.89 | +16% | 77Good | $57.9B |
| LNG Cheniere Energy, Inc. | 279.15 | 507.09 | +45% | 87Prime | $57.7B |
| OKE ONEOK, Inc. | 90.65 | 115.64 | +22% | 78Good | $57.1B |
| WMB The Williams Companies, Inc. | 72.80 | 41.67 | -75% | 58Fair | $89.0B |
| ENB Enbridge Inc. | 46.83 | 42.08 | -11% | 53Fair | $104.4B |
| VG Venture Global, Inc. | 13.27 | 24.59 | +46% | 86Prime | $33.2B |
| CQP Cheniere Energy Partners, L.P. | 62.25 | 115.62 | +46% | 81Prime | $30.1B |
| PBA Pembina Pipeline Corporation | 48.52 | 41.17 | -18% | 51Fair | $28.2B |
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Start free See the Sunday ScanQuestions about ET
Is ET undervalued right now?
By the GLS models, moderately: at 19.88 the stock trades 25% below the average fair value of 26.67 (data as of 16 Oct 2026).
What is the Wheel Score of ET and what does it mean?
ET scores 77 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for ET?
26.67 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Energy Transfer LP report earnings next?
The next earnings report is due on 3 Nov 2026 (before the open), 18 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does ET have listed options, and how liquid are they?
Yes. The nightly snapshot found 688 listed contracts with 1,094,858 open interest across all expiries and implied volatility of 29% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.