Question 1

What is Energy Transfer LP's P/B ratio?

Accepted Answer

Energy Transfer LP (ET) P/B ratio is 1.9× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Energy Transfer LP?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Energy Transfer LP specifically, the relevant sector benchmark is the current sector median of 2.4×.

Question 5

Is Energy Transfer LP's P/B ratio high or low?

Accepted Answer

Energy Transfer LP's P/B ratio of 1.9× is above its own 5-year average of 1.4× and below the sector median of 2.4×. That places the current reading at the 92th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Energy Transfer LP's historical P/B ratio range?

Accepted Answer

In the available daily series, Energy Transfer LP (ET) P/B ratio has ranged from a low of 0.6× in 2020 to a high of 1138.3× in 2009. The 5-year average is 1.4× and the 5-year median is 1.3×.

Question 7

What was Energy Transfer LP's P/B ratio in 2025?

Accepted Answer

Energy Transfer LP (ET) P/B ratio at the end of 2025 was 1.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Energy Transfer LP's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$60.19B	$34.37B	1.8×	-0.2×	Dec 31, 2025
2024	$67.11B	$35.12B	1.9×	+0.7×	Dec 31, 2024
2023	$45.24B	$36.68B	1.2×	+0.1×	Dec 31, 2023
2022	$36.68B	$33.03B	1.1×	+0.4×	Dec 31, 2022
2021	$23.25B	$31.30B	0.7×	-0.2×	Dec 31, 2021
2020	$16.68B	$18.54B	0.9×	-0.6×	Dec 31, 2020
2019	$33.95B	$21.92B	1.5×	+0.1×	Dec 31, 2019
2018	$30.81B	$20.56B	1.5×	—	Dec 31, 2018
2017	$18.63B	−$1.19B	—	—	Dec 31, 2017
2016	$20.22B	−$1.69B	—	—	Dec 31, 2016
2015	$14.46B	−$930.00M	—	—	Dec 31, 2015
2014	$31.08B	$665.00M	46.7×	+25.9×	Dec 31, 2014
2013	$22.54B	$1.08B	20.9×	+14.8×	Dec 31, 2013
2012	$12.84B	$2.11B	6.1×	-18.0×	Dec 31, 2012
2011	$9.05B	$376.39M	24.0×	+4.2×	Dec 31, 2011
2010	$8.71B	$438.27M	19.9×	+17.8×	Dec 31, 2010
2009	$6.82B	$3.22B	2.1×	+0.6×	Dec 31, 2009
2008	$3.61B	$2.34B	1.5×	—	Dec 31, 2008
2007	$7.69B	−$96.81M	—	—	Nov 30, 2007
2006	$4.49B	−$245.85M	—	—	Nov 30, 2006
2005	$3.15B	−$18.29M	—	—	Nov 30, 2005


Williams Companies (WMB)	6.9×
Enphase Energy (ENPH)	4.5×
Marathon Petroleum (MPC)	4.3×
Baker Hughes (BKR)	3.1×
Valero Energy (VLO)	3.1×
Halliburton (HAL)	3.0×
SLB (SLB)	2.9×
Exxon Mobil (XOM)	2.8×
Phillips 66 (PSX)	2.6×
ONEOK (OKE)	2.5×
ConocoPhillips (COP)	2.5×
EOG Resources (EOG)	2.5×
Kinder Morgan (KMI)	2.4×
National Fuel Gas (NFG)	2.3×
APA (APA)	2.3×
Chevron (CVX)	2.2×
First Solar (FSLR)	2.1×
Devon Energy (DVN)	2.0×
Enbridge (ENB)	1.8×
Occidental Petroleum (OXY)	1.6×
EQT (EQT)	1.6×
Diamondback Energy (FANG)	1.5×
Expand Energy (EXE)	1.3×
Sunrun (RUN)	1.0×
NACCO Industries (NC)	0.9×

P/B Ratio for Energy Transfer LP (ET)

P/B Ratio daily chart for Energy Transfer LP (ET)

Historical P/B Ratio for Energy Transfer LP (ET) from 2005 to 2025

About P/B Ratio at Energy Transfer LP (ET)

Energy Transfer LP P/B Ratio by Year

Energy Transfer LP P/B Ratio 2025: 1.8×

Energy Transfer LP P/B Ratio 2024: 1.9×

Energy Transfer LP P/B Ratio 2023: 1.2×

Energy Transfer LP P/B Ratio 2022: 1.1×

Energy Transfer LP P/B Ratio 2021: 0.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Energy Transfer LP (ET) Key Financials

P/B Ratio daily chart for Energy Transfer LP (ET)

Historical P/B Ratio for Energy Transfer LP (ET) from 2005 to 2025

About P/B Ratio at Energy Transfer LP (ET)

Energy Transfer LP P/B Ratio by Year

Energy Transfer LP P/B Ratio 2025: 1.8×

Energy Transfer LP P/B Ratio 2024: 1.9×

Energy Transfer LP P/B Ratio 2023: 1.2×

Energy Transfer LP P/B Ratio 2022: 1.1×

Energy Transfer LP P/B Ratio 2021: 0.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Energy Transfer LP's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Energy Transfer LP?

+Is Energy Transfer LP's P/B ratio high or low?

+What is Energy Transfer LP's historical P/B ratio range?

+What was Energy Transfer LP's P/B ratio in 2025?

+Why does Energy Transfer LP's P/B ratio change over time?

Energy Transfer LP (ET) Key Financials