Enterprise Products Partners L.P. (EPD) 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

+41.7%

$53.19

vs $37.55 price

Levered DCF

$56.15

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.07

Grey zone

Rating

Overall 2 / 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	12.05×	11.66×	10.42×	9.65×	10.41×	11.46×	13.41×	12.81×
P/B	2.36×	2.37×	2.06×	1.97×	1.89×	1.76×	2.49×	2.24×
P/S	1.33×	1.21×	1.15×	0.9×	1.17×	1.57×	1.88×	1.46×
EV / EBITDA	10.71×	10.4×	9.51×	9.1×	9.4×	10.05×	11.18×	11.04×
Gross margin	13.6%	12.8%	13.5%	11.6%	14.6%	21.0%	17.6%	14.2%
Operating margin	13.1%	13.1%	13.9%	11.9%	15.0%	18.5%	18.5%	14.8%
Net margin	11.1%	10.5%	11.1%	9.4%	11.4%	13.9%	14.0%	11.4%
Current ratio	1.04×	1×	0.93×	0.86×	1.14×	1.1×	0.86×	0.85×
Debt / equity	1.17×	1.12×	1.05×	1.08×	1.18×	1.24×	1.12×	1.1×
Interest coverage	4.9×	5.4×	5.46×	5.55×	4.76×	3.91×	4.89×	4.93×
Dividend yield	6.7%	6.6%	7.5%	7.8%	8.2%	9.1%	6.2%	7.0%
Payout ratio	80.5%	76.5%	77.7%	74.6%	84.7%	103.0%	83.6%	89.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.6%	20.5%	20.0%	20.6%	18.3%	15.5%	18.5%	17.5%
Return on invested capital	10.3%	11.5%	11.6%	11.8%	10.5%	8.9%	11.0%	10.4%
Return on assets	7.5%	7.6%	7.8%	8.1%	6.9%	5.9%	7.4%	7.3%
Free cash flow yield	4.2%	5.2%	7.5%	11.6%	13.1%	6.1%	3.2%	3.6%
Earnings yield	8.3%	8.7%	9.7%	10.5%	9.7%	8.8%	7.4%	7.8%
Enterprise value	$103.8B	$99.7B	$86B	$81.1B	$75B	$72B	$89.1B	$79.4B
Net debt / EBITDA	3.47×	3.3×	3.19×	3.2×	3.39×	4.07×	3.45×	3.59×
Cash conversion cycle (days)	66	80	75	57	84	109	69	41