Cheniere Energy Partners, L.P. (CQP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+535.1%

$404.53

vs $63.70 price

Levered DCF

$272.82

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.45

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.67×	12.5×	7.16×	17.39×	14.08×	15.19×	17.69×	14.38×
P/B	8.2×	14.12×	23.22×	-24.62×	19.97×	19.71×	24.21×	21.41×
P/S	2.41×	2.95×	2.49×	1.6×	2.17×	2.28×	2.82×	2.72×
EV / EBITDA	9.12×	10.17×	6.87×	10.73×	12.18×	11.56×	13.59×	13.16×
Gross margin	34.3%	51.1%	64.7%	26.0%	37.0%	49.2%	42.8%	98.2%
Operating margin	33.3%	37.7%	52.1%	19.6%	27.1%	34.5%	29.8%	30.8%
Net margin	27.8%	28.8%	44.0%	14.5%	17.3%	19.2%	17.2%	19.8%
Current ratio	0.78×	0.77×	1.01×	1.08×	1.64×	2.42×	2.8×	2.21×
Debt / equity	4.65×	8.38×	15.41×	-14.58×	16.87×	24.76×	22.2×	19.69×
Interest coverage	4.76×	4.1×	6.12×	3.89×	3.08×	2.34×	2.31×	2.7×
Dividend yield	8.0%	8.7%	12.1%	9.6%	7.1%	9.7%	6.5%	6.4%
Payout ratio	69.1%	89.0%	68.3%	105.5%	89.0%	114.9%	107.2%	87.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	94.6%	137.8%	409.8%	-223.4%	159.2%	165.7%	147.6%	156.1%
Return on invested capital	22.3%	20.4%	29.9%	19.6%	14.2%	11.6%	11.1%	11.7%
Return on assets	17.1%	14.4%	23.5%	12.7%	8.4%	6.2%	6.1%	7.1%
Free cash flow yield	9.9%	10.9%	12.0%	13.4%	8.0%	5.5%	1.1%	6.1%
Earnings yield	11.5%	9.8%	17.7%	9.1%	8.0%	8.4%	6.1%	7.3%
Enterprise value	$40.4B	$40.6B	$39.5B	$42.9B	$36.7B	$30.5B	$35.2B	$32B
Net debt / EBITDA	3.27×	3.73×	2.68×	3.85×	5.4×	6.23×	6.14×	5.97×
Cash conversion cycle (days)	37	35	32	29	46	41	29	34