Enterprise Products Partners L.P. (EPD) Stock

Enterprise Products Partners L.P. (EPD) is a Utilities stock trading at $38.41 (as of 2026-08-20), with a market capitalization of $82.95B and a trailing P/E of 13.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Enterprise Products Partners L.P. provides midstream energy services involving natural gas, natural gas liquids, crude oil, petrochemicals, and refined products. It operates NGL, crude oil, natural gas, and petrochemical/refined products services segments, serving producers and consumers through processing, pipelines, storage, and related marine and marketing services.

Understand Enterprise Products Partners L.P.: how it makes money

Enterprise Products Partners supplies midstream energy services, including natural gas processing and the transportation and marketing of natural gas liquids, crude oil, natural gas, and petrochemical and refined products, primarily through four pipeline and services segments.

EPD’s profit engine is the gross operating margin generated by its four midstream pipeline and services businesses, with NGL (natural gas processing and NGL marketing) as the largest structural contributor.

Revenue by segment (latest quarter)
NGL$7.9B
Crude$2.2B
Petrochem & Refined$2.2B
Natural Gas$2.0B

Business quality (Mixed): Clear business model and official segment names. Segment operating drivers are provided as GOM labels (3Q 2025), but segment values tied to total revenue require mapping using those provided weights.

Valuation: At 13× earnings, EPD trades 39% below the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

  • Diversified midstream platform across four official segments (NGL, crude oil, natural gas, petrochemical and refined products): This diversification can reduce reliance on any single commodity flow within the company’s core services.
  • Scale in NGL processing and marketing: The NGL Pipelines and Services segment includes 19 natural gas processing facilities across multiple states.

Bear case

  • Segment profitability can be sensitive to operating and market conditions for natural gas, NGLs, crude oil, and refined products: Because the company earns gross operating margin from moving and processing these commodities, unfavorable conditions can pressure results.
  • Execution risk across a large physical network: Fewer operational issues and lower throughput from pipelines or processing facilities can negatively impact segment gross operating margin.
Valuation — source: SEC EDGAR (first-party)
Price$38.41
Market Cap$82.95B
P/E Ratio13.2
EV / EBITDA11.5
Price / Sales1.42
FCF Yield4.2%
DCF Value (model)$45.31
DCF Upside vs Price18.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$52.60B
Net Margin11.0%
Revenue Growth (YoY)60.8%
FCF Growth (YoY)165.5%
Financial Health — source: SEC EDGAR
Piotroski F-Score6/9 (moderate)
Valuation vs Sector & Industry
Stock P/E13.2
Sector P/E (Utilities)21.3
Industry P/E (Utilities)20.6
vs Sector-38.3%
vs Industry-36.2%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderALPS ADVISORS INC ($1.65B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorUtilities
IndustryUtilities
CEOA. James Teague
Employees7,300
CountryUS
IPO Date1998-07-28

Related Companies (Business model: Refining & Midstream Energy; 8 closest by market cap; US-domiciled)

  • The Williams Companies, Inc. (WMB)
  • Kinder Morgan, Inc. (KMI)
  • Targa Resources Corp. (TRGP)
  • ONEOK, Inc. (OKE)
  • Cheniere Energy, Inc. (LNG)
  • DT Midstream, Inc. (DTM)
  • Antero Midstream Corporation (AM)
  • Kodiak Gas Services, Inc. (KGS)
EPD earnings history · EPD institutional & insider holders · EPD KPIs & operating metrics · EPD financials · EPD investor presentations & press releases · EPD SEC filings · EPD peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.