Energy Transfer LP vs SOUTHERN CO, two Utilities stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Energy Transfer is a midstream master limited partnership, tolling oil, gas, and liquids through its network and passing income to unitholders on a K-1. Southern Company is a regulated electric utility earning an approved return and paying a corporate dividend. Southern earns the higher return on equity, 10.93 percent to Energy Transfer's 8.77, and a much wider net margin, 14.46 against a thin 4.73, since a pass-through mover of volume books slim margins on large flows. The cash story runs the other way: Energy Transfer yielded 5.48 percent free cash while Southern ran negative 3.17. Energy Transfer trades at just 1.33 times book against Southern's 2.74, and is the smaller at 65.9 billion versus 109.4.
Comparison updated 2026-07-11.
| Metric | ET | SO |
|---|---|---|
| Price | $19.66 | $95.61 |
| Market cap | $67.7B | $107.8B |
| Sector | Utilities | Utilities |
| Stage | Mature | Growth |
| P/E | — | 24.4 |
| P/B | 1.36 | 2.70 |
| P/S | 0.73 | 3.57 |
| EV/EBITDA | 8.9 | 14.9 |
| Revenue growth | +12.6% | +8.6% |
| Operating margin | 10.7% | 24.0% |
| Net margin | 4.7% | 14.5% |
| Return on equity | 8.8% | 10.9% |
| Return on assets | 3.0% | 2.8% |
| Return on invested capital | 6.3% | 15.0% |
| FCF yield | 5.3% | -3.2% |
| Dividend yield | — | 3.1% |
| Debt / equity | 1.39 | 0.04 |
| Current ratio | 1.17 | 0.65 |
| Altman Z (solvency) | 6.72 | 0.75 |
| Piotroski F (quality) | 7 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.