Does Energy Transfer LP have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Energy Transfer LP (ET) 30.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 32, returns on capital 14, balance-sheet safety 1, capital discipline 80.

Is ET stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $17.89 per share versus a recent price of $20.32 — 14% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ET's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 30.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Energy Transfer LP

ET · Utilities · $69.9B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power32

Median gross margin 25.1% over 10y, stable.

Returns on capital14

Median ROIC 7.5%, above the 9% hurdle in 10% of years.

Balance-sheet safety1

Net debt/EBITDA 4.6x, interest coverage 3x.

Capital discipline80

Owner earnings +18.1%/yr, share count n/a.

Margin of safety

Above valueOn sale

14% above value

Owner earnings (normalized): $5.5B
Est. intrinsic value / share: $17.89
Recent price: $20.32
Discount to value: 14% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

Energy Transfer LP booked $85.5B of revenue in FY2025 in the Utilities sector and kept 25.8% of it as gross profit — a moderate-margin business by that measure. After every other cost, 5.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $9.3B (FY2008) to $85.5B (FY2025) — about 13.9% a year compounded over 17 years.

It earned 7.2% on invested capital in FY2025, with a median of 6.7% across 18 filed years. The Returns on Capital filter above scores it 14/100.

The balance sheet carried $68.3B of total debt in FY2025 against $4.4B of owner earnings — roughly 15.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 1/100.

The share count rose 1443.1% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 80/100.

Put together: Capital Discipline is the strongest of the four filters (80/100) and Balance-Sheet Safety the weakest (1/100), which is how ET lands at 30/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$85.5B FY2025

Gross marginRevenue kept after cost of goods25.8% FY2025

Return on invested capitalOperating profit on the capital employed7.2% FY2025

Owner earningsCash an owner could take out$4.4B FY2025

Gaps in a line mean that item isn’t in ET’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale30.2 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ET has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#34 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#32CETY CLEAN ENERGY TECHNOLOGIES, INC.31.5 out of 100, No moatNo moat
#33BESS BIMERGEN ENERGY CORPORATION31.3 out of 100, No moatNo moat
#35CLNE CLEAN ENERGY FUELS CORP.28.2 out of 100, No moatNo moat
#36TXNM TXNM Energy, Inc.23.2 out of 100, No moatNo moat

Compare ET with its nearest peers →All Utilities companies on the Index →

Common questions about ET

Does Energy Transfer LP have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Energy Transfer LP (ET) 30.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 32, returns on capital 14, balance-sheet safety 1, capital discipline 80.
Is ET stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $17.89 per share versus a recent price of $20.32 — 14% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ET's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 30.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ET. See the disclaimer.