Energy Transfer LP (ET) - Net Assets

Latest as of March 2026: $49.99 Billion USD

Based on the latest financial reports, Energy Transfer LP (ET) has net assets worth $49.99 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($147.48 Billion) and total liabilities ($97.49 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check how tangible is Energy Transfer LP's equity to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	$49.99 Billion
% of Total Assets	33.89%
Annual Growth Rate	19.49%
5-Year Change	22.76%
10-Year Change	118.62%
Growth Volatility	31.14

Energy Transfer LP - Net Assets Trend (2004–2025)

This chart illustrates how Energy Transfer LP's net assets have evolved over time, based on quarterly financial data. See ET defensive interval ratio to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Energy Transfer LP (2004–2025)

The table below shows the annual net assets of Energy Transfer LP from 2004 to 2025. For live valuation and market cap data, see Energy Transfer LP (ET) total market value.

Year	Net Assets	Change
2025-12-31	$49.26 Billion	+6.09%
2024-12-31	$46.43 Billion	+3.84%
2023-12-31	$44.72 Billion	+8.66%
2022-12-31	$41.15 Billion	+2.55%
2021-12-31	$40.13 Billion	+24.81%
2020-12-31	$32.15 Billion	-7.29%
2019-12-31	$34.68 Billion	+10.62%
2018-12-31	$31.35 Billion	+4.49%
2017-12-31	$30.00 Billion	+33.15%
2016-12-31	$22.53 Billion	-4.58%
2015-12-31	$23.61 Billion	+5.75%
2014-12-31	$22.33 Billion	+36.90%
2013-12-31	$16.31 Billion	-0.24%
2012-12-31	$16.35 Billion	+121.28%
2011-12-31	$7.39 Billion	+18.27%
2010-12-31	$6.25 Billion	+94.01%
2009-12-31	$3.22 Billion	+37.66%
2008-12-31	$2.34 Billion	+27.46%
2007-12-31	$1.84 Billion	+23.60%
2006-12-31	$1.48 Billion	+32.11%
2005-12-31	$1.12 Billion	-4.06%
2004-12-31	$1.17 Billion	--

Equity Component Analysis

This analysis shows how different components contribute to Energy Transfer LP's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have decreased by 0.0% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Common Stock	$30.93 Billion	90.00%
Other Comprehensive Income	$82.00 Million	0.24%
Other Components	$3.36 Billion	9.76%
Total Equity	$34.37 Billion	100.00%

Energy Transfer LP Competitors by Market Cap

The table below lists competitors of Energy Transfer LP ranked by their market capitalization.

Company	Market Cap
China Telecom Corp Ltd SHG:601728	$64.52 Billion
Bajaj Finance Limited NSE:BAJFINANCE	$64.68 Billion
OVERSEA-CHIN.UNSP.ADR/2 F:OCBB	$65.08 Billion
Nippon Telegraph and Telephone Corporation F:NLV	$65.14 Billion
Comfort Systems USA Inc NYSE:FIX	$64.44 Billion
Atlas Copco A ADR F:ACO	$64.34 Billion
LG Energy Solution Ltd KO:373220	$64.14 Billion
TE Connectivity Ltd NYSE:TEL	$64.03 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Energy Transfer LP's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 35,120,000,000 to 34,368,000,000, a change of -752,000,000 (-2.1%).
Net income of 4,901,000,000 contributed positively to equity growth.
Dividend payments of 4,725,000,000 reduced retained earnings.
Share repurchases of 973,000,000 reduced equity.
New share issuances of 1,473,000,000 increased equity.
Other comprehensive income increased equity by 9,000,000.
Other factors decreased equity by 1,437,000,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	$4.90 Billion	+14.26%
Dividends Paid	$4.72 Billion	-13.75%
Share Repurchases	$973.00 Million	-2.83%
Share Issuances	$1.47 Billion	+4.29%
Other Comprehensive Income	$9.00 Million	+0.03%
Other Changes	$-1.44 Billion	-4.18%
Total Change	$-	-2.14%

Book Value vs Market Value Analysis

This analysis compares Energy Transfer LP's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 1.99x
The company is trading above its book value, indicating the market recognizes value beyond its reported assets.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2004-12-31	$-0.70	$18.75	x
2005-12-31	$-0.17	$18.75	x
2006-12-31	$0.09	$18.75	x
2007-12-31	$-0.06	$18.75	x
2008-12-31	$0.04	$18.75	x
2009-12-31	$0.08	$18.75	x
2010-12-31	$0.49	$18.75	x
2011-12-31	$0.14	$18.75	x
2012-12-31	$15.29	$18.75	x
2013-12-31	$0.96	$18.75	x
2014-12-31	$20.39	$18.75	x
2015-12-31	$22.18	$18.75	x
2016-12-31	$20.89	$18.75	x
2017-12-31	$26.07	$18.75	x
2018-12-31	$21.45	$18.75	x
2019-12-31	$8.31	$18.75	x
2020-12-31	$6.88	$18.75	x
2021-12-31	$11.43	$18.75	x
2022-12-31	$10.66	$18.75	x
2023-12-31	$11.55	$18.75	x
2024-12-31	$10.27	$18.75	x
2025-12-31	$9.42	$18.75	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Energy Transfer LP utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 14.26%
The company shows good efficiency in utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 5.93%
• Asset Turnover: 0.58x
• Equity Multiplier: 4.12x
Recent ROE (14.26%) is below the historical average (101.51%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2004	0.00%	19.18%	0.82x	0.00x	$487.05 Million
2005	0.00%	2.38%	1.25x	0.00x	$155.56 Million
2006	234.18%	1.36%	1.33x	129.49x	$102.56 Million
2007	0.00%	4.70%	0.83x	0.00x	$324.07 Million
2008	979.79%	4.04%	0.84x	289.20x	$371.22 Million
2009	602.14%	8.17%	0.45x	165.49x	$435.12 Million
2010	43.98%	2.92%	0.38x	39.65x	$148.93 Million
2011	249.23%	3.76%	0.39x	168.11x	$297.38 Million
2012	1.86%	1.79%	0.35x	2.99x	$-1.33 Billion
2013	18.13%	0.41%	0.96x	46.56x	$87.90 Million
2014	2.83%	1.14%	0.86x	2.89x	$-1.60 Billion
2015	5.04%	2.82%	0.59x	3.01x	$-1.17 Billion
2016	4.42%	2.65%	0.47x	3.51x	$-1.26 Billion
2017	3.18%	2.35%	0.47x	2.87x	$-2.05 Billion
2018	5.40%	3.13%	0.61x	2.81x	$-1.44 Billion
2019	16.05%	6.49%	0.55x	4.51x	$1.33 Billion
2020	-3.50%	-1.66%	0.41x	5.13x	$-2.50 Billion
2021	17.47%	8.11%	0.64x	3.38x	$2.34 Billion
2022	14.40%	5.29%	0.85x	3.20x	$1.45 Billion
2023	10.73%	5.01%	0.69x	3.10x	$266.60 Million
2024	13.71%	5.82%	0.66x	3.57x	$1.30 Billion
2025	14.26%	5.93%	0.58x	4.12x	$1.46 Billion

Industry Comparison

This section compares Energy Transfer LP's net assets metrics with peer companies in the Oil & Gas Midstream industry.

Industry Context

Industry: Oil & Gas Midstream
Average net assets among peers: $1,046,787,052
Average return on equity (ROE) among peers: 31.94%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Energy Transfer LP (ET)	$49.99 Billion	0.00%	1.95x	$64.52 Billion
Antero Midstream Partners LP (AM)	$15.61 Million	46.54%	0.91x	$10.12 Billion
CBL International Limited Ordinary Shares (BANL)	$4.86 Million	59.23%	3.85x	$11.23 Million
BP Prudhoe Bay Royalty Trust (BPT)	$437.70 Million	14.80%	0.00x	$2.99 Million
Brooge Holdings Ltd (BROG)	$128.62 Million	7.50%	2.36x	$284.93 Million
BW LPG Limited (BWLP)	$1.93 Billion	12.95%	0.64x	$2.75 Billion
Cheniere Energy Partners LP (CQP)	$715.00 Million	164.34%	26.11x	$28.10 Billion
Cheniere Energy Partners LP (CQP)	$1.64 Billion	-14.63%	4.19x	$25.77 Billion
DHT Holdings Inc (DHT)	$1.13 Billion	18.63%	0.41x	$2.56 Billion
Dynagas LNG Partners LP (DLNG)	$313.71 Million	1.15%	2.15x	$128.43 Million
DT Midstream Inc (DTM)	$4.15 Billion	8.91%	1.13x	$12.24 Billion

About Energy Transfer LP

NYSE:ET USA Oil & Gas Midstream

Market Cap

$64.52 Billion

Market Cap Rank

#434 Global

#223 in USA

Share Price

$18.75

Change (1 day)

+0.00%

52-Week Range

$16.21 - $20.39

All Time High

$21.08