Forensic Analysis · Energy / Oil & Gas · as of Aug 10, 2026
Enterprise Products Partners L.P. (EPD)
A forensic read on Enterprise Products Partners L.P. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.5
Distress distance (no retained-earnings input)
Clean
Earnings quality
5
Forensic signals
13.9
P / E (ttm)
19.5%
ROE
$81.7B
Market cap
5.89%
Dividend yield
-6.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Enterprise Products Partners L.P. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.5, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
37d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 31 to 37 FY2024→FY2025 (against cost of goods sold; inventory -2% vs -9% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
9.9%
FY2025
Return on invested capital.Return on invested capital is 9.9% in the latest fiscal year and steady — a modest positive spread over its ~8% cost of capital — growth adds value, though not dramatically.
-0.2%/yr
FY2022–FY2025
Share count.Diluted share count changed -1% over the last 3 years to FY2025 (-0.2%/yr). Roughly flat — buybacks ($300M) are about offsetting stock comp ($197M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
168% of FCF
FY2025
Shareholder returns.Returned $5.0B to shareholders (buybacks + dividends) in FY2025 — 168% of free cash flow, but 58% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $197M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 175%.
$296M
FY2020–FY2020
Goodwill impairments.Took $296M of goodwill writedowns across 1 year (FY2020 ($296M)) — about 8% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$52.60B
Revenue Growth YoY-6.4%
Revenue CAGR (3yr)-3.3%
Net Margin11.0%
Free Cash Flow$2.96B
Return on Equity19.5%
Debt / Equity1.16x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Enterprise Products Partners L.P.'s actual 10-K/10-Q/8-K filings?