Energy Transfer Lp's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Energy Transfer Lp (ET) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Energy Transfer Lp vs Its Competitors
- TTM: Trailing 12-month revenue of 92,287M vs 943,780M combined for tracked competitors (8.9% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+20.4% annualized vs trailing 12 months), vs accelerating (+3.9%) for its tracked peer group.
- Growth: Energy Transfer Lp generated 32.1% revenue growth year over year in Q1 2026, vs 11.6% for its tracked competitors combined.
- Profitability: Its 7.1% net margin compares with 25.9% for the peer group.
- Scale: Energy Transfer Lp ranks #4 of 49 companies by market capitalization in the Natural Gas Utilities industry, holding 7.1% of industry market cap.
- Peer revenue share: Energy Transfer Lp accounted for 10.2% of combined revenue among its tracked peer group, up from 8.7% a year earlier.
- Peer differentiation: Revenue per employee of $4.14M compares with $0.59M for the peer group (7.0x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
ET Sales vs. its Competitors, Q1 2026
Energy Transfer Lp reported revenue growth of 32.12 % year on year in Q1 2026, above its competitors' combined revenue growth of 11.55 %.
With a net margin of 7.12 %, Energy Transfer Lp reported lower profitability than its competitors (25.92 %).
Energy Transfer Lp generated 10.17 % of the combined sales of its peer group, up from 8.73 % a year earlier.
Energy Transfer Lp vs. its Competitors, Q1 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Energy Transfer Lp and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Energy Transfer Lp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Energy Transfer Lp's competitor groups requires a Commercial License.
For context: the Natural Gas Utilities industry grew revenue 24.5% year over year, combined, vs 32.1% for Energy Transfer Lp. Energy Transfer Lp's share of combined industry revenue moved from 8.84% to 9.38%, a gain of 0.54 percentage points.
Energy Transfer Lp's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Energy Transfer Lp | Yes | Yes | Yes | No |
| Competitors combined (65) | ||||
| High-Confidence Competitors (1) | ||||
| Similar-Size Competitors (8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
ET Stock Performance relative to its Competitors
ET Stock Performance relative to High-Confidence Competitors
ET Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Blue Dolphin Energy Co | 282.9% | Outperformed |
| 2 | The Bank Of New York Mellon Corporation | 282.9% | Outperformed |
| 3 | Principal Financial Group inc | 282.9% | Outperformed |
| 4 | Franklin Resources Inc | 282.9% | Outperformed |
| 5 | Invesco Ltd | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Energy Transfer Lp's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Energy Transfer Lp's Comment on Competition and Industry Peers
Publicly Traded Peers of Energy Transfer Lp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Energy Transfer Lp | 69,493.74 | 92,287.00 |
| Jpmorgan Chase and Co | 906,840.78 | 186,328.00 |
| Bank Of America Corporation | 404,609.27 | 121,098.00 |
| Morgan Stanley | 303,821.16 | 68,350.00 |
| The Goldman Sachs Group Inc | 279,373.77 | 52,259.00 |
| Wells Fargo and Company | 248,473.80 | 83,940.00 |
| SUBTOTAL | 3,304,603.31 | 1,036,286.41 |
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Sources: Energy Transfer Lp's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Energy Transfer Lp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Energy Transfer Lp's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| South Bow Corporation | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Energy Transfer Lp's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Energy Transfer Lp's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Energy Transfer Lp | Crude oil transportation and services 27.94 % |
| Citigroup inc | Markets 29.42 % |
| Schwab Charles Corp | Investor Services 78.17 % |
| Prudential Financial Inc | Total Reconciling Items 1.88 % |
| The Hartford Insurance Group Inc | P&C Business Insurance 55.32 % |
| Principal Financial Group inc | Segment Retirement and Income Solutions 46.80 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Energy Transfer Lp's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Energy Transfer Lp | 69,494 | 4,136,390 | 267,312 |
| Jpmorgan Chase and Co | 906,841 | 584,995 | 200,752 |
| Bank Of America Corporation | 404,609 | 568,535 | 158,005 |
| Morgan Stanley | 303,821 | 823,494 | 245,422 |
| The Goldman Sachs Group Inc | 279,374 | 1,102,511 | 442,468 |
| Wells Fargo and Company | 248,474 | 351,213 | 95,100 |
| PEERS TOTAL | 3,235,110 | 593,097 | 157,172 |
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Energy Transfer Lp's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Franklin Resources Inc | United States 72.53 % |
| Invesco Ltd | Americas 75.98 % |
| Stifel Financial Corp | Americas 55.21 % |
| Brc Group Holdings Inc | North America 93.52 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Energy Transfer Lp's Position in Industry Market Structure
Market-capitalization share and concentration across all 48 companies in Energy Transfer Lp's industry classification, broader than the peer set above. Market cap in millions of $.Energy Transfer Lp ranks #4 of 48 companies by market capitalization in its industry, holding 7.11 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 599, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Enbridge Inc | 102,251 | 10.44 % |
| 2 | Williams companies inc | 83,937 | 8.57 % |
| 3 | Enterprise Products Partners L p | 80,470 | 8.21 % |
| 4 | Energy Transfer Lp | 69,678 | 7.11 % |
| 5 | Kinder Morgan Inc | 1,234 | 5.2% |
| 6 | Tc Energy Corporation | 1,234 | 5.2% |
| 7 | Targa Resources Corp | 1,234 | 5.2% |
| 8 | Cheniere Energy Partners L p | 1,234 | 5.2% |
| 9 | Mplx Lp | 1,234 | 5.2% |
| 10 | Cheniere Energy Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Energy Transfer Lp's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Energy Transfer Lp's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Enbridge Inc | 102,251 | -5.81 % |
| 2 | Williams companies inc | 83,937 | 8.23 % |
| 3 | Enterprise Products Partners L p | 80,470 | 16.80 % |
| 4 | Energy Transfer Lp | 69,678 | 15.57 % |
| 5 | Kinder Morgan Inc | 1,234 | 12.3% |
| 6 | Tc Energy Corporation | 1,234 | 12.3% |
| 7 | Targa Resources Corp | 1,234 | 12.3% |
| 8 | Cheniere Energy Partners L p | 1,234 | 12.3% |
| 9 | Mplx Lp | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Energy Transfer Lp's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Energy Transfer Lp's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Natural Gas Utilities industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (81 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 25.15 % | 58.03 % (avg) | -32.9 pp |
| Operating Margin | 10.31 % | industry median | -9.5 pp |
| EBITDA Margin | 15.20 % | 31.10 % (avg) | -15.9 pp |
| Capital Intensity (Capex / Revenue) | 7.58 % | 20.19 % (avg) | -12.6 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Energy Transfer Lp's Valuation vs Competitive Position
Valuation multiples vs the Natural Gas Utilities industry average (81 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 15.3x | 21.6x | -6.3x |
| EV / EBITDA | 9.1x | 11.4x | -2.3x |
| P/B | - | 2.6x | - |
| Return on Equity | - | industry aggregate | - |
| Return on Invested Capital | - | 6.01 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Energy Transfer Lp's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 33.68 % | - | - | 73.07 % | 33.31 % | -12.56 % | 5.20 % | 3.47 % |
| Operating Margin | 9.89 % | - | 7.65 % | 13.04 % | 8.61 % | 10.56 % | 11.05 % | 10.55 % |
| Return on Invested Capital | 6.23 % | 9.79 % | 1.98 % | 5.41 % | - | - | - | - |
| P/E | 12.0x | - | - | 4.6x | 9.0x | 12.4x | 13.7x | 13.7x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Energy Transfer Lp's BCG Growth-Share Matrix
Relative market share (vs Energy Transfer Lp's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Energy Transfer Lp falls in the Dog quadrant: relative market share of 0.68x vs its largest competitor, in an industry growing revenue 6.7% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Energy Transfer Lp's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 599 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 7.58 % vs industry average 20.19 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Energy Transfer Lp's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Energy Transfer Lp's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Energy Transfer Lp's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Energy Transfer Lp falls in the Medium attractiveness / Low strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Energy Transfer Lp's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+20.4% annualized vs trailing 12 months).
Weaknesses
- Operating margin 9.5 points below the industry median.
- Underperforming the U.S.A. 500 over the trailing 12 months.
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Energy Transfer Lp's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Energy Transfer Lp | 0.09 | 1.23 | 1.51 |
| Jpmorgan Chase and Co | 0.17 | 0.42 | 1.40 |
| Bank Of America Corporation | 0.09 | 0.52 | 1.25 |
| Morgan Stanley | 0.40 | 1.12 | 3.16 |
| The Goldman Sachs Group Inc | 0.50 | 0.79 | 3.11 |
| Wells Fargo and Company | 0.11 | 0.80 | 1.41 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Energy Transfer Lp's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Energy Transfer Lp | Q1 2026 | +32.1 % | +14.9 % |
| Jpmorgan Chase and Co | Q2 2026 | +30.4 % | +44.0 % |
| Bank Of America Corporation | Q2 2026 | +15.0 % | +27.5 % |
| Morgan Stanley | Q2 2026 | -30.6 % | +58.1 % |
| The Goldman Sachs Group Inc | Q2 2026 | -65.3 % | +78.0 % |
| Wells Fargo and Company | Q2 2026 | +14.2 % | +21.6 % |
| PEERS TOTAL | +10.6 % | +37.8 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Energy Transfer Lp's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Energy Transfer Lp | Q1 2026 | +35.8 % | +56.5 % |
| Jpmorgan Chase and Co | Q2 2026 | -6.4 % | - |
| Bank Of America Corporation | Q2 2026 | - | - |
| Morgan Stanley | Q2 2026 | - | +7.3 % |
| The Goldman Sachs Group Inc | Q2 2026 | -73.4 % | +5.5 % |
| Wells Fargo and Company | Q2 2026 | -16.2 % | - |
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Energy Transfer Lp's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Energy Transfer Lp | 4.39% | 5.29% | 13.74% |
| Jpmorgan Chase and Co | 1.35% | 3.71% | 17.50% |
| Bank Of America Corporation | 0.97% | 2.76% | 11.13% |
| Morgan Stanley | 1.35% | 1.95% | 17.85% |
| The Goldman Sachs Group Inc | 1.07% | 1.86% | 16.95% |
| Wells Fargo and Company | 1.05% | 2.94% | 12.48% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Energy Transfer Lp's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Energy Transfer Lp | 16.78 | 0.75 |
| Jpmorgan Chase and Co | 14.17 | 4.87 |
| Bank Of America Corporation | 12.78 | 3.34 |
| Morgan Stanley | 15.67 | 4.45 |
| The Goldman Sachs Group Inc | 14.19 | 5.35 |
| Wells Fargo and Company | 11.82 | 2.96 |
| PEERS AVERAGE | 12.90 | 3.19 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.