Energy Transfer LP (ET) - Net Assets
Based on the latest financial reports, Energy Transfer LP (ET) has net assets worth $49.26 Billion USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($141.74 Billion) and total liabilities ($92.48 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 ET financial resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $49.26 Billion |
| % of Total Assets | 34.75% |
| 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. Also explore ET asset base for the complete picture of this company's asset base.
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 |
|---|---|
|
Canadian National Railway Co
TO:CNR
|
$65.86 Billion |
|
Vale S.A.
SA:VALE3
|
$65.89 Billion |
|
EOG Resources Inc
NYSE:EOG
|
$65.92 Billion |
|
NETEASE INC. O.N.
F:4Y01
|
$66.02 Billion |
|
The Travelers Companies Inc
NYSE:TRV
|
$65.20 Billion |
|
OVERSEA-CHIN.UNSP.ADR/2
F:OCBB
|
$65.08 Billion |
|
Transdigm Group Incorporated
NYSE:TDG
|
$64.93 Billion |
|
Macquarie Group Ltd
AU:MQG
|
$64.81 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: 2.13x
- 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 | $20.08 | x |
| 2005-12-31 | $-0.17 | $20.08 | x |
| 2006-12-31 | $0.09 | $20.08 | x |
| 2007-12-31 | $-0.06 | $20.08 | x |
| 2008-12-31 | $0.04 | $20.08 | x |
| 2009-12-31 | $0.08 | $20.08 | x |
| 2010-12-31 | $0.49 | $20.08 | x |
| 2011-12-31 | $0.14 | $20.08 | x |
| 2012-12-31 | $15.29 | $20.08 | x |
| 2013-12-31 | $0.96 | $20.08 | x |
| 2014-12-31 | $20.39 | $20.08 | x |
| 2015-12-31 | $22.18 | $20.08 | x |
| 2016-12-31 | $20.89 | $20.08 | x |
| 2017-12-31 | $26.07 | $20.08 | x |
| 2018-12-31 | $21.45 | $20.08 | x |
| 2019-12-31 | $8.31 | $20.08 | x |
| 2020-12-31 | $6.88 | $20.08 | x |
| 2021-12-31 | $11.43 | $20.08 | x |
| 2022-12-31 | $10.66 | $20.08 | x |
| 2023-12-31 | $11.55 | $20.08 | x |
| 2024-12-31 | $10.27 | $20.08 | x |
| 2025-12-31 | $9.42 | $20.08 | 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: $799,920,188
- Average return on equity (ROE) among peers: 28.31%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Energy Transfer LP (ET) | $49.26 Billion | 0.00% | 1.88x | $65.68 Billion |
| Antero Midstream Partners LP (AM) | $532.52 Million | 0.00% | 0.09x | $10.22 Billion |
| CBL International Limited Ordinary Shares (BANL) | $12.11 Million | 30.42% | 1.11x | $12.00 Million |
| BP Prudhoe Bay Royalty Trust (BPT) | $242.83 Million | 18.02% | 0.00x | $2.99 Million |
| Brooge Holdings Ltd (BROG) | $105.09 Million | 25.91% | 3.51x | $284.93 Million |
| Cheniere Energy Partners LP (CQP) | $-545.02 Million | 0.00% | 0.00x | $30.47 Billion |
| Cheniere Energy Partners LP (CQP) | $715.00 Million | 164.34% | 26.11x | $25.77 Billion |
| DHT Holdings Inc (DHT) | $1.03 Billion | 15.64% | 0.45x | $2.56 Billion |
| Dynagas LNG Partners LP (DLNG) | $367.84 Million | 16.33% | 2.01x | $140.43 Million |
| DT Midstream Inc (DTM) | $4.77 Billion | 7.43% | 1.08x | $12.24 Billion |
| Excelerate Energy Inc (EE) | $771.16 Million | 5.03% | 1.93x | $1.10 Billion |
About Energy Transfer LP
Energy Transfer LP, together with its subsidiaries, provides energy-related services in the United States. It operates through Intrastate Transportation and Storage; Interstate Transportation and Storage; Midstream; Natural Gas Liquid (NGL) and Refined Products Transportation and Services; Crude Oil Transportation and Services; Investment in Sunoco LP; Investment in USA Compression Partners, LP (… Read more