Energy Transfer LP (ET) is undervalued and MPLX LP (MPLX) is slightly undervalued.
Against our estimates of intrinsic value, ET trades at the wider discount: a margin of safety of +40%, against +16% for MPLX.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $70.27; the price of $59.16 is 16% below that value, and 81% of that value comes from beyond year five.
Leak Score 69/100 on 9 of 12 signals
| Metric | ET | MPLX |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $20.40 | $59.16 |
| Intrinsic value | $34.14 | $70.27 |
| Margin of safety | +40% | +16% |
| Leak Score | 49/100 (9/12) | 69/100 (9/12) |
| Market cap | $70.2B | $60.0B |
| Revenue growth, 5 years | 17.0% | 6.8% |
| Operating margin | 9.6% | 38.8% |
| Net margin | 4.7% | 39.3% |
| Return on equity | 15.1% | 33.9% |
| Debt to equity | 1.99 | 1.86 |
| P/E | 14.0x | 12.7x |
| Forward P/E | 12.1x | 12.3x |
| P/B | 2.2x | 4.3x |
| Dividend yield | 6.7% | 7.7% |