Energy Transfer LPET -1.46%84 PB Ratio is 1.89 as of Jun. 24, 2026, which is 44% above its 10-year median of 1.31. GuruFocus rates ET with a GF Score™ of 84/100 and a GF Value™ of $19.05 (Fairly Valued). The stock has 10 warning signs investors should review. Among 923 Oil & Gas companies, Energy Transfer LP ranks worse than 63.49% on this metric.
Energy Transfer LP stock PB Ratio (=1.92) is close to 10-year high of 2.06.
The historical rank and industry rank for Energy Transfer LP's PB Ratio or its related term are showing as below:
ET'
s PB Ratio Range Over the Past 10 Years
Min: 0.59 Med: 1.31 Max: 2.06
Current: 1.89
During the past 13 years, Energy Transfer LP's highest PB Ratio was 2.06. The lowest was 0.59. And the median was 1.31.
ET's PB Ratio is ranked worse than 63.49% of 923
companies
in the Oil & Gas industry
Industry Median: 1.44
vs ET: 1.89
During the past 12 months, Energy Transfer LP's average Book Value Per Share Growth Rate was -2.70% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was -2.20% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 5.70% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Energy Transfer LP was 118.60% per year. The lowest was -2.20% per year. And the median was 16.40% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Energy Transfer LP PB Ratio Related Terms
Energy Transfer LP PB Ratio Historical Data
* Premium members only.
The historical data trend for Energy Transfer LP's PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Oil & Gas Midstream subindustry, Energy Transfer LP's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Energy Transfer LP PB Ratio vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Energy Transfer LP's PB Ratio distribution charts can be found below:
* The bar in red indicates where Energy Transfer LP's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Energy Transfer LP (ET) has a PB Ratio of 1.89 as of Jun. 24, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Energy Transfer LP and its competitors. This is 44% above median its historical median of 1.31. Over the past decade, Energy Transfer LP's PB Ratio has ranged from 0.59 to 2.06. According to the industry distribution chart, Energy Transfer LP ranks #586 out of 923 companies in the Oil & Gas industry, placing it in the top 63.5%.
Is Energy Transfer LP's PB Ratio too high?
Energy Transfer LP's current PB Ratio of 1.89 is 44% above median its 10-year median of 1.31. Over the past 10 years, this metric has ranged from a low of 0.59 to a high of 2.06. The Oil & Gas industry median PB Ratio is 1.44. Energy Transfer LP's value of 1.89 is 31.3% above this industry median. Based on the distribution chart, Energy Transfer LP ranks #586 out of 923 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Energy Transfer LP has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Energy Transfer LP's PB Ratio compare to KMI and MPLX?
According to the Oil & Gas industry distribution chart, Energy Transfer LP ranks #586 out of 923 companies for PB Ratio. This places Energy Transfer LP in the lower half of its industry. The industry median PB Ratio is 1.44. Energy Transfer LP's value of 1.89 is 31.3% above this benchmark. Historically, Energy Transfer LP's own PB Ratio has ranged from 0.59 to 2.06 over the past decade. While the company's 10-year median is 1.31 vs. the industry median of 1.44, Energy Transfer LP has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for an Oil & Gas company?
The median PB Ratio among Oil & Gas companies is 1.44, based on 923 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Energy Transfer LP's current PB Ratio of 1.89 is 31.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Energy Transfer LP and its competitors. For the Oil & Gas industry, the median PB Ratio is 1.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Energy Transfer LP's current PB Ratio is 1.89, which is 44% above median its own 10-year median of 1.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Energy Transfer LP stock overvalued right now?
Based on GuruFocus' analysis, Energy Transfer LP (ET) is currently considered Fairly Valued. The stock's GF Value™ is $19.05, compared to a current price of $18.94 — trading 0.6% below its estimated fair value. The current PB Ratio is 1.89, which is 44% above median its 10-year median of 1.31 and 31.3% above the Oil & Gas industry median of 1.44. Energy Transfer LP's overall GF Score™ is 84/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Energy Transfer LP (ET), the current PB Ratio is 1.89 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Energy Transfer LP (ET) Overvalued in 2026?
Based on GuruFocus' analysis, Energy Transfer LP stock appears to be undervalued.
The current stock price of $18.94 is trading 0.6% below its estimated GF Value™ of $19.05.
GuruFocus considers Energy Transfer LP to be Fairly Valued.
Key valuation signals for ET:
PB Ratio: 1.89 (44% above median its 10-year median of 1.31)
GF Value™: $19.05 vs. price of $18.94 (0.6% below fair value)
Industry Position: 31.3% above the Oil & Gas median (#586 of 923)
No single metric tells the full story. See the ET stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Energy Transfer is a diversified midstream firm operating from wellhead to consuming demand. It handles natural gas, natural gas liquids, crude oil, and refined products. Commodities are moved through its network of field-level gathering and processing to refineries and demand centers. Operations are concentrated in Texas and the midcontinent United States. It also controls Sunoco and USA Compression through its general partner relationship.
84GF Score
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