Enterprise Products Partners L P (EPD) is slightly undervalued and Energy Transfer LP (ET) is undervalued.
Against our estimates of intrinsic value, ET trades at the wider discount: a margin of safety of +40%, against +13% for EPD.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $43.82; the price of $38.01 is 13% below that value, and 81% of that value comes from beyond year five.
Leak Score 54/100 on 9 of 12 signals
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $34.14; the price of $20.40 is 40% below that value, and 81% of that value comes from beyond year five.
Leak Score 49/100 on 9 of 12 signals
| Metric | EPD | ET |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $38.01 | $20.40 |
| Intrinsic value | $43.82 | $34.14 |
| Margin of safety | +13% | +40% |
| Leak Score | 54/100 (9/12) | 49/100 (9/12) |
| Market cap | $82.1B | $70.2B |
| Revenue growth, 5 years | 14.3% | 17.0% |
| Operating margin | 12.5% | 9.6% |
| Net margin | 10.7% | 4.7% |
| Return on equity | 21.1% | 15.1% |
| Debt to equity | 1.13 | 1.99 |
| P/E | 13.2x | 14.0x |
| Forward P/E | 11.9x | 12.1x |
| P/B | 2.7x | 2.2x |
| Dividend yield | 5.9% | 6.7% |