Explain this page
Arphra AIPlain-English read on Enterprise Products Partners L.P.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +14.57% | +11.56% | +13.51% | +12.85% | +13.61% | +13.35% | +13.36% | +13.34% | +13.05% |
| Operating margin | +14.96% | +11.87% | +13.94% | +13.05% | +13.13% | +13.33% | +13.21% | +13.18% | +13.61% |
| EBITDA margin | +19.56% | +15.32% | +18.20% | +17.05% | +18.87% | +17.55% | +17.85% | +18.00% | +17.59% |
| EBIT margin | +14.97% | +11.93% | +14.03% | +13.15% | +13.88% | +13.79% | +14.00% | +13.76% | +13.73% |
| Pre-tax margin | +11.82% | +9.79% | +11.47% | +10.73% | +11.22% | +11.43% | +10.97% | +11.00% | +11.45% |
| Net margin | +11.37% | +9.44% | +11.13% | +10.50% | +11.05% | +11.05% | +10.86% | +10.68% | +10.61% |
| Cost structure | |||||||||
| Cost of revenue / sales | +85.43% | +88.44% | +86.49% | +87.15% | +86.39% | +84.99% | +88.50% | +89.24% | +86.39% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +0.51% | +0.41% | +0.46% | +0.43% | +0.48% | +0.47% | +0.47% | +0.45% | +0.46% |
| Effective tax rate | +1.45% | +1.44% | +0.77% | +1.08% | +0.39% | +0.74% | +0.75% | +0.75% | +0.74% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +17.54% | +19.82% | +19.24% | +19.94% | +19.02% | +19.32% | +19.00% | +18.60% | +19.04% |
| Return on assets (ROA) | +6.87% | +8.06% | +7.79% | +7.65% | +7.46% | +7.77% | +7.61% | +7.54% | +7.24% |
| Return on capital (ROC) | +10.84% | +12.26% | +11.98% | +11.86% | +10.54% | +11.13% | +11.18% | +11.20% | +11.64% |
| Return on invested capital (ROIC) | +8.24% | +9.74% | +9.57% | +9.54% | +8.88% | +9.23% | +9.19% | +9.08% | +9.08% |
| Asset turnover | +60.43% | +85.43% | +70.04% | +72.85% | +67.52% | +70.34% | +70.06% | +70.57% | +68.26% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +11.37% | +9.44% | +11.13% | +10.50% | +11.05% | +11.05% | +10.86% | +10.68% | +10.61% |
| Asset turnover (× revenue / assets) | +60.43% | +85.43% | +70.04% | +72.85% | +67.52% | +70.34% | +70.06% | +70.57% | +68.26% |
| Equity multiplier (× assets / equity) | +255.41% | +245.86% | +246.82% | +260.80% | +254.83% | +248.70% | +249.63% | +246.82% | +262.81% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.60 | 0.85 | 0.70 | 0.73 | 0.68 | 0.70 | 0.70 | 0.71 | 0.68 |
| Fixed-asset turnover | 0.97 | 1.31 | 1.09 | 1.15 | 1.02 | — | — | — | — |
| Inventory turnover | 13.00 | 20.15 | 12.83 | 12.39 | 11.70 | — | — | — | — |
| Receivables turnover | 5.84 | 8.34 | 6.40 | 6.08 | 8.09 | — | — | — | — |
| Payables turnover | 55.16 | 69.26 | 35.98 | 39.93 | 36.70 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 62.50 | 43.75 | 57.06 | 59.99 | 45.11 | — | — | — | — |
| Days inventory outstanding (DIO) | 28.07 | 18.11 | 28.45 | 29.46 | 31.20 | — | — | — | — |
| Days payables outstanding (DPO) | 6.62 | 5.27 | 10.14 | 9.14 | 9.94 | — | — | — | — |
| Cash conversion cycle | 83.96 | 56.60 | 75.37 | 80.31 | 66.37 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.84 | 1.46 | 1.37 | 1.38 | 1.48 | 1.36 | 1.40 | 1.47 | 1.41 |
| FCF / Net income | 1.36 | 1.11 | 0.78 | 0.61 | 0.51 | 0.61 | 0.62 | 0.66 | 0.64 |
| FCF margin | +15.41% | +10.44% | +8.66% | +6.35% | +5.64% | +6.76% | +6.76% | +7.06% | +6.81% |
| OCF margin | +20.86% | +13.82% | +15.22% | +14.43% | +16.32% | +15.07% | +15.20% | +15.69% | +14.92% |
| CapEx / Revenue | +5.45% | +3.38% | +6.57% | +8.08% | +10.69% | +8.69% | +8.57% | +8.55% | +8.35% |
| CapEx / D&A | 1.19 | 0.99 | 1.58 | 2.07 | 2.42 | — | — | — | — |
| Stock-based comp / Revenue | +0.37% | +0.27% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.10 | 2.50 | 2.52 | 2.69 | 2.66 | 2.90 | 3.22 | 3.45 | 3.68 |
| EPS · basic | 2.11 | 2.50 | 2.53 | 2.69 | 2.66 | 2.94 | 3.24 | 3.50 | 3.72 |
| Book value / share | 12.00 | 12.60 | 13.11 | 13.50 | 13.97 | 14.21 | 15.07 | 15.66 | 15.66 |
| Tangible BV / share | 8.10 | 8.24 | 8.83 | 9.07 | 9.46 | 14.21 | 15.07 | 15.66 | 15.66 |
| Sales / share | 18.52 | 26.46 | 22.66 | 25.65 | 24.04 | 24.86 | 26.36 | 27.27 | 28.09 |
| Operating CF / share | 3.86 | 3.66 | 3.45 | 3.70 | 3.92 | 3.75 | 4.01 | 4.28 | 4.19 |
| Free cash flow / share | 2.85 | 2.76 | 1.96 | 1.63 | 1.36 | 1.68 | 1.78 | 1.93 | 1.91 |
| Dividends / share | 1.78 | 1.86 | 1.96 | 2.06 | 2.14 | 2.08 | 2.27 | 2.36 | 2.41 |
| Payout ratio | +84.74% | +74.59% | +77.75% | +76.46% | +80.46% | +75.89% | +79.41% | +81.06% | +80.84% |
| Retention ratio | +15.26% | +25.41% | +22.25% | +23.54% | +19.54% | +24.11% | +20.59% | +18.94% | +19.16% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +42.59% | -14.56% | +13.08% | -6.44% | +4.11% | +5.24% | +4.43% | +1.29% | +5.14% |
| Gross profit · YoY | — | +13.08% | -0.13% | +7.56% | -0.94% | +2.17% | +5.32% | +4.26% | -0.88% | +3.71% |
| Profit | ||||||||||
| Operating income · YoY | — | +13.17% | +0.32% | +5.90% | -5.90% | +5.72% | +4.29% | +4.17% | +4.61% | +3.91% |
| EBITDA · YoY | — | +11.69% | +1.48% | +5.97% | +3.50% | -3.15% | +7.04% | +5.30% | -1.01% | +3.76% |
| Net income · YoY | — | +18.37% | +0.77% | +6.67% | -1.47% | +4.04% | +3.51% | +2.65% | +0.66% | +4.25% |
| Operating | ||||||||||
| EBIT · YoY | — | +13.64% | +0.49% | +5.99% | -1.26% | +3.47% | +6.80% | +2.67% | +1.07% | +4.02% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +19.05% | +0.80% | +6.75% | -1.12% | +8.90% | +10.99% | +7.40% | +6.47% | +7.25% |
| EPS · basic · YoY | — | +18.48% | +1.20% | +6.32% | -1.12% | +10.63% | +10.09% | +8.03% | +6.34% | +7.35% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $29.87B | $28.64B | $29.07B | $32.26B | $34.93B | $34.26B | $35.15B | $36.26B | $37.27B |
| Net debt | $27.05B | $28.56B | $28.89B | $31.68B | $33.68B | $33.56B | $34.41B | $35.52B | $36.5B |
| Net debt / EBITDA | 3.39 | 3.20 | 3.19 | 3.30 | 3.39 | 3.49 | 3.34 | 3.28 | 3.40 |
| Debt / equity | 1.13 | 1.03 | 1.01 | 1.09 | 1.14 | 1.09 | 1.07 | 1.05 | 1.10 |
| Debt / assets | +44.24% | +42.04% | +40.96% | +41.81% | +44.83% | +44.02% | +42.73% | +42.52% | +41.73% |
| Equity / assets | +39.15% | +40.67% | +40.52% | +38.34% | +39.24% | +40.21% | +40.06% | +40.51% | +38.05% |
| Coverage | |||||||||
| EBITDA / interest expense | 6.22 | 7.17 | 7.13 | 7.06 | 7.08 | 7.03 | 7.02 | 7.22 | 6.98 |
| Operating income / interest | 4.76 | 5.55 | 5.46 | 5.40 | 4.93 | 5.34 | 5.19 | 5.29 | 5.40 |
| Interest expense | $1.28B | $1.24B | $1.27B | $1.36B | $1.4B | $1.37B | $1.47B | $1.5B | $1.54B |
| Liquidity | |||||||||
| Current ratio | 1.14 | 0.86 | 0.93 | 1.00 | 1.04 | — | — | — | — |
| Quick ratio | 0.84 | 0.57 | 0.61 | 0.65 | 0.64 | — | — | — | — |
| Cash ratio | 0.24 | 0.01 | 0.01 | 0.04 | 0.10 | — | — | — | — |
| Working capital | $1.64B | -$1.67B | -$883M | -$44M | $528M | — | — | — | — |
| Working capital / revenue | +4.03% | -2.86% | -1.78% | -0.08% | +1.00% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).