Forensic Analysis · Midstream Pipelines · as of Nov 9, 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.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.3
Distress distance (no retained-earnings input)
Clean
Earnings quality
3
Forensic signals
19.9%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.3, placing it in the Grey zone. 3 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 did not fall as fast as cost of sales, so days on hand lengthened — watch for markdowns.
10.2%
FY2025
Return on invested capital.Return on invested capital is 10.2% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.7-point range. After-tax operating profit was $6.2B in FY2023 and $6.5B in FY2025, with operating income at 13.9% of revenue in FY2023, 13.1% in FY2024 and 13.8% in FY2025. The capital base behind it went from $59.0B in FY2023 to $64.1B in FY2025 (+9%), while the revenue it carried went from $49.7B to $52.6B. Across FY2024–FY2025, $11.1B went into capital expenditure, acquisitions and equity-method investments against $4.5B of depreciation excluding $423M of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference.
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%.
Key fundamentals
Latest Revenue$52.60B
Revenue Growth YoY-6.4%
Revenue CAGR (2yr)+2.9%
Net Margin11.0%
Free Cash Flow$2.96B
Return on Equity19.9%
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?