Enterprise Products Partners (EPD)
NYSE:EPD
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Enterprise Products Partners
(NYSE:EPD)
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Rating:73Outperform
Price Target:
$44.00
â–²(17.11% Upside)
Action:ReiteratedDate:03/28/26
EPD’s score is driven primarily by solid underlying financial performance (steady margins and strong operating cash flow) and supportive valuation (moderate P/E with a high yield). Technicals show a clear uptrend but with overbought momentum signals. The earnings call outlook is constructive (record results and expected growth into 2027), tempered by 2025 discretionary free-cash-flow pressure and leverage slightly above target; the new credit facility is a modest liquidity positive.
Positive Factors
Integrated asset base and commercial wins
Bringing multiple export trains, Permian processing trains and other assets online strengthens Enterprise's integrated network and commercial footprint. These commissioned assets increase fee-bearing capacity, diversify throughput sources and boost long-term contract coverage, supporting durable fee revenue as volumes normalize.
Negative Factors
Leverage modestly above target
Net leverage above target constrains capital allocation and raises downside risk in weaker commodity environments. Although debt is largely fixed and long-dated, elevated leverage limits optionality for growth or distributions under stress and makes reclaiming target leverage an operational priority over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated asset base and commercial wins
Bringing multiple export trains, Permian processing trains and other assets online strengthens Enterprise's integrated network and commercial footprint. These commissioned assets increase fee-bearing capacity, diversify throughput sources and boost long-term contract coverage, supporting durable fee revenue as volumes normalize.
Read all positive factors
Enterprise Products Partners (EPD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$81.22B
Dividend Yield6.72%
Average Volume (3M)4.13M
Price to Earnings (P/E)12.1
Beta (1Y)0.30
Revenue Growth-6.46%
EPS Growth-0.87%
CountryUS
Employees7,300
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.75
Shares Outstanding2,161,760,700
10 Day Avg. Volume4,849,269
30 Day Avg. Volume4,125,607
Financial Highlights & Ratios
PEG Ratio-10.82
Price to Book (P/B)2.36
Price to Sales (P/S)1.33
P/FCF Ratio23.66
Enterprise Value/Market Cap1.42
Enterprise Value/Revenue2.20
Enterprise Value/Gross Profit16.11
Enterprise Value/Ebitda11.63
Forecast
1Y Price Target
$38.38Price Target Upside2.16% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)2.81
Revenue Forecast (FY)$51.95B
Enterprise Products Partners Business Overview & Revenue Model
Company Description
Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. The company operates through four segments: NGL Pipelines ...
How the Company Makes Money
EPD makes money primarily by charging fees for midstream services under contracts with producers, refiners, petrochemical companies, and marketers. Key revenue streams include: (1) Pipeline, gathering, and transportation fees: EPD earns tariffs an...
Enterprise Products Partners Key Performance Indicators (KPIs)
Any
Gross Operating Margin By Segment
Measures profitability across different segments, revealing how efficiently each part of the business operates and where the company might improve cost management or expand margins.
Measures profitability across different segments, revealing how efficiently each part of the business operates and where the company might improve cost management or expand margins.
Data provided by:
The Fly
The FlyEnterprise Products Partners Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call reported multiple strong operational and financial achievements (record quarterly and annual adjusted EBITDA, record adjusted cash flow from operations, significant asset commissioning, highly contracted export capacity, and active capital-return programs). However, these positives were tempered by market-driven margin compression, a renegotiated LPG contract at lower fees, negative discretionary free cash flow in 2025, and leverage modestly above target. Management provided a constructive outlook with modest 2026 growth and an expected ~10% step-up in 2027 as assets fully ramp and discretionary free cash flow turns positive, while emphasizing prudent capital allocation (50–60% of projected discretionary free cash flow into buybacks/debt reduction).Positive Updates
Record Quarterly and Annual Adjusted EBITDA
Adjusted EBITDA reached a record $2.7 billion in Q4 2025, up 4% from $2.6 billion in 2024; adjusted EBITDA for full-year 2025 was a record just shy of $10 billion.
Negative Updates
Compressed Commodity Spreads and Weaker Paying Margins
Market-driven headwinds: crude averaged about $12/barrel lower in 2025 vs. 2024, reducing price spreads; RGP/PGP spreads narrowed from ~14¢/lb in 2024 to ~3¢/lb in 2025, weakening commodity-sensitive businesses and marketing spreads.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Annual Adjusted EBITDA
Adjusted EBITDA reached a record $2.7 billion in Q4 2025, up 4% from $2.6 billion in 2024; adjusted EBITDA for full-year 2025 was a record just shy of $10 billion.
Read all positive updates
Company Guidance
Enterprise guided to growth capital expenditures of $2.5–$2.9 billion in 2026 (netting to $1.9–$2.3 billion after roughly $600 million of asset-sale proceeds) and sustaining capex of about $580 million (including ~ $80 million for an octane turnaround), expects modest adjusted EBITDA and cash‑flow growth in 2026 (likely at the low end of a 3–5% range) and roughly 10% adjusted EBITDA and cash‑flow growth in 2027 versus 2026. Management said discretionary free cash flow could be near $1.0 billion in 2026 and that ~50–60% (management commentary centered on 55–60%) of that would be allocated to buybacks (a mix of opportunistic and programmatic purchases); in 2025 the partnership returned about $5.0 billion to equity investors (~$4.47 billion in distributions and $300 million in buybacks), declared a $0.55/unit distribution (up 2.8% year‑over‑year), repurchased ~ $300 million of common units in 2025 (including ~$50 million in Q4) and has used ~29% of a $5.0 billion buyback authorization while DRIP/EUP purchases totaled 4.7 million units for $150 million. Financial and operating baselines cited include record 2025 adjusted EBITDA just shy of $10.0 billion (Q4 adjusted EBITDA $2.7 billion, +4% YoY), adjusted cash flow from operations of $8.7 billion for 2025 (Q4 adjusted CFO $2.4 billion, +5% YoY), total 2025 capital investments of $1.3 billion (≈$1.0 billion growth, $230 million sustaining) with 2025 organic growth capex of $4.4 billion (≈$100 million slipped into 2026), total debt principal of $34.7 billion (weighted‑average life ~17 years, weighted‑average cost ~4.7%, ~98% fixed), consolidated liquidity of ~ $5.2 billion, and net leverage of 3.3x with a target of 2.75–3.25x that management expects to return to by 2026.Enterprise Products Partners Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
66
Positive
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 52.60B | 56.22B | 49.72B | 58.19B | 40.81B |
| Gross Profit | 7.16B | 7.22B | 6.72B | 6.72B | 5.95B |
| EBITDA | 9.92B | 9.59B | 9.05B | 8.91B | 7.98B |
| Net Income | 5.81B | 5.90B | 5.53B | 5.49B | 4.64B |
Balance Sheet | |||||
| Total Assets | 77.90B | 77.17B | 70.98B | 68.11B | 67.53B |
| Cash, Cash Equivalents and Short-Term Investments | 1.68B | 583.00M | 180.00M | 76.00M | 2.82B |
| Total Debt | 34.93B | 32.26B | 29.07B | 28.64B | 29.87B |
| Total Liabilities | 47.41B | 47.58B | 42.22B | 40.41B | 41.09B |
| Stockholders Equity | 29.74B | 28.73B | 27.67B | 26.62B | 25.33B |
Cash Flow | |||||
| Free Cash Flow | 2.96B | 3.57B | 4.30B | 6.08B | 6.29B |
| Operating Cash Flow | 8.59B | 8.12B | 7.57B | 8.04B | 8.51B |
| Investing Cash Flow | -5.49B | -5.43B | -3.20B | -4.95B | -2.13B |
| Financing Cash Flow | -2.69B | -2.16B | -4.26B | -5.84B | -4.57B |
Enterprise Products Partners Technical Analysis
Neutral
37.57
Price Trends
36.22
Positive
33.92
Positive
32.05
Positive
Market Momentum
0.57
Positive
51.82
Neutral
26.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EPD, the sentiment is Neutral. The current price of 37.57 is below the 20-day moving average (MA) of 37.74, above the 50-day MA of 36.22, and above the 200-day MA of 32.05, indicating a neutral trend. The MACD of 0.57 indicates Positive momentum. The RSI at 51.82 is Neutral, neither overbought nor oversold. The STOCH value of 26.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for EPD.
Enterprise Products Partners Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $56.75B | 11.07 | 34.93% | 7.31% | 5.19% | 11.09% | |
75 Outperform | $55.61B | 13.64 | 15.47% | 5.61% | 58.76% | 13.74% | |
73 Outperform | $81.22B | 12.07 | 19.84% | 6.72% | -6.46% | -0.87% | |
70 Outperform | $73.35B | 20.01 | 9.92% | 4.27% | 8.54% | 7.22% | |
67 Neutral | $65.13B | 12.28 | 14.09% | 8.04% | -4.67% | -8.06% | |
67 Neutral | $88.05B | 28.03 | 20.84% | 3.35% | 11.48% | -17.82% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
EPD
Enterprise Products Partners
37.57
9.75
35.04%
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72.00
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Enterprise Products Partners Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Enterprise Products Partners Establishes New 364-Day Credit Facility
Positive
Mar 27, 2026
On March 27, 2026, Enterprise Products Operating LLC entered into a new 364-day revolving credit agreement that provides up to $1.5 billion in borrowing capacity, expandable to $1.7 billion, at variable rates, replacing a prior facility of the sam...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.