# Enterprise Products Partners LP (EPD.US)

Canonical: https://gigainvestors.com/s/EPD

Analysis as of: 2026-10-16T07:28:19.197Z. Financial observations: FY1998–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $35.57 per share; close as of 2026-10-15.

Estimated value: low $32.62 per share, central $43.58 per share, high $51.03 per share. Buy at or below the central value $43.58 per share. Valuation as of 2026-10-16T07:28:19.197Z; scenarios are not confidence intervals.

Expected annual return: 11.5% at the stated quote. About 11.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.13×

- FY2018: 0.15×

- FY2019: 0.19×

- FY2020: 0.19×

- FY2021: 0.15×

- FY2022: 0.12×

- FY2023: 0.14×

- FY2024: 0.13×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.5%

- ROIC, second-lowest year: 9.4%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 13.9%

- Recent gross margin (lower of latest and 3-year median): 13.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.7%

- ROIC including acquisitions, ten-year median: 6.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.9%

- FY2017: 9.4%

- FY2018: 12.1%

- FY2019: 13.0%

- FY2020: 10.5%

- FY2021: 12.8%

- FY2022: 13.7%

- FY2023: 13.5%

- FY2024: 13.3%

- FY2025: 12.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $23B

- Net income, five-year total: $27B

- Return on incremental invested capital: 14.7%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 3.1 pp

- Working capital / revenue, final three-year average: 19.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.78×

- FY2024: 1.00×

- FY2025: 0.45×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.4% vs 13.3%

- Per-share earnings: 1.26 to 2.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: $14B

- Cumulative retained earnings: $30B

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.8%

- Per-share value change: $1.40

- Per-share value, starting three-year median: $1.26

- Per-share value, ending three-year median: $2.66

- Buybacks concentrated in cheaper years (correlation): 0.86

- Average buyback yield: 0.3%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $1.5B

- Cumulative net income, 10 years: $45B

- ROIC, first three-year median: 9.4%

- ROIC, last three-year median: 13.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.20

- FY2017: $1.30

- FY2018: $1.91

- FY2019: $2.09

- FY2020: $1.71

- FY2021: $2.11

- FY2022: $2.50

- FY2023: $2.52

- FY2024: $2.69

- FY2025: $2.66

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 0.75×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: -3.4%

- FY2018: -3.4%

- FY2019: -3.1%

- FY2020: -3.3%

- FY2021: -5.7%

- FY2022: -3.7%

- FY2023: -2.9%

- FY2024: -2.9%

- FY2025: -3.6%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bruce Berkowitz](https://gigainvestors.com/fairx): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 2.3% a year for ten years · "Rising Permian Volumes and Expansions Support EPD's Growth Outlook" (finance.yahoo.com, Aug 2026) · sales -6.4%

Story as of 2026-10-16T09:58:42.292Z; price observation 2026-10-15.

Price needs cash profits to grow 2.3% a year for ten years

- 2025-05-30: Enterprise Products slips as license requirement could lead to lower China exports ([seekingalpha.com](https://seekingalpha.com/news/4453939-enterprise-products-slips-as-license-requirement-could-lead-to-lower-china-exports?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-08-31: Enterprise Products Partners (EPD) Outlook Strengthens with Executive Share Purchase and Occidental Acquisition ([finance.yahoo.com](https://finance.yahoo.com/news/enterprise-products-partners-epd-outlook-054947554.html))

- 2025-11-21: EPD to Generate Additional Cash Flows From $5B Project Backlog ([finance.yahoo.com](https://finance.yahoo.com/news/epd-generate-additional-cash-flows-145100640.html))

- 2026-02-04: Enterprise Q4 Earnings Beat on Higher Gas Pipeline Volumes ([finance.yahoo.com](https://finance.yahoo.com/news/enterprise-q4-earnings-beat-higher-162700676.html))

- 2026-04-30: Enterprise Products Partners Links Record Q1 To Higher 2026 Growth Plans ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/enterprise-products-partners-links-record-080512412.html))

- 2026-08-31: Rising Permian Volumes and Expansions Support EPD's Growth Outlook ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/rising-permian-volumes-expansions-support-165500946.html))

### Sales · FY2024–2025

sales -6.4%; source https://www.sec.gov/Archives/edgar/data/1061219/000106121926000006/epd-20251231.htm; observed 2026-02-27.

- FY2016: $23B 

- FY2017: $29B 

- FY2018: $37B 

- FY2019: $33B 

- FY2020: $27B 

- FY2021: $41B 

- FY2022: $58B 

- FY2023: $50B 

- FY2024: $56B 

- FY2025: $53B 

### Gross margin · FY2025

gross margin 13.6%; source https://www.sec.gov/Archives/edgar/data/1061219/000106121926000006/epd-20251231.htm; observed 2026-02-27.

- FY2016: 14.9% 

- FY2017: 12.7% 

- FY2018: 14.2% 

- FY2019: 17.6% 

- FY2020: 21.0% 

- FY2021: 14.6% 

- FY2022: 11.6% 

- FY2023: 13.5% 

- FY2024: 12.8% 

- FY2025: 13.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas midstream; annual sales are USD 52.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1061219/000106121926000006/epd-20251231.htm (filed 2026-02-27); FY2025: revenue 52596000000; grossProfit 7156000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EPD.US: Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services; Crude Oil Pipelines & Services; Natural Gas Pipelines & Services; and Petrochemical & Refined Products Services. The NGL Pipelines & Services segment offers natural gas processing and related NGL marketing activities. This segment operates natural gas processing facilities located in Colorado, Louisiana, Mississippi, New Mexico, Texas, and Wyoming; NGL pipelines; NGL fractionation facilities; NGL and related product storage facilities; and NGL marine terminals. The Crude Oil Pipelines & Services segment operates crude oil pipelines; and crude oil storage and marine terminals, which include a fleet of approximately 200 tractor-trailer tank trucks that are used to transport crude oil. It also engages in crude oil marketing activities. The Natural Gas Pipelines & Services segment operates natural gas pipeline systems to gather, treat, and transport natural gas. It leases underground salt dome natural gas storage facilities in Napoleonville, Louisiana; owns an underground salt dome storage cavern in Wharton County, Texas; and transports, stores, and markets natural gas. The Petrochemical & Refined Products Services segment operates propylene fractionation facilities, including propylene fractionation units and propane dehydrogenation facilities, and related marketing activities; butane isomerization complex and related deisobutanizer operations; and octane enhancement, isobutane dehydrogenation, and high purity isobutylene production facilities. It also operates refined products pipelines and terminals; and ethylene export terminals; and provides refined products marketing and marine transportation services. The company was founded in 1968 and is headquartered in Houston, Texas.

### Why customers stay

Margins ranged from 12.8% to 13.6% during 2023–25; it earns 12.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 13.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 12.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1061219/000106121926000006/epd-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 13.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.08884572732871628],[2017,0.09413270550526799],[2018,0.1213592702676479],[2019,0.12951866504324255],[2020,0.10482813183152548],[2021,0.12814743857547556],[2022,0.1373188868591736],[2023,0.1349305747016535],[2024,0.13270747237578412],[2025,0.12009075043262236]]; median 0.12475335442156173. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 300 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 3025100000; owner earnings 1040000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 1503900000; upkeep 1644000000; owner earnings 2799300000. Growth capex / owner earnings = 0.5372414532204479.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 2431600000; upkeep 1791600000; owner earnings 4172399999. Growth capex / owner earnings = 0.5827820919813015.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 4531700000; owner earnings 2051700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 3287900000; owner earnings 2599000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 349200000; upkeep 1874000000; owner earnings 4638000000. Growth capex / owner earnings = 0.07529107373868046.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 1964000000; owner earnings 5500000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 3266000000; owner earnings 4338000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 2350000000; upkeep 2194000000; owner earnings 5901000000. Growth capex / owner earnings = 0.3982375868496865.

- Source: https://www.sec.gov/Archives/edgar/data/1061219/000106121926000006/epd-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 5620000000; owner earnings 2589000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,3300500000],[2017,3569900000],[2018,3726900000],[2019,3839800000],[2020,3891000000],[2021,3930400000],[2022,4095000000],[2023,4301000000],[2024,4512000000],[2025,4678000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1061219/000106121926000006/epd-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 300000000 USD.

### Are managers owners

Insiders own 33% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EPD.US SharesStats.PercentInsiders = 33.046 percentage points; cache date 2026-10-16.

### What could break it

An IRS tax dispute could require additional payments.

- Source: https://www.sec.gov/Archives/edgar/data/1061219/000106121926000006/epd-20251231.htm (filed 2026-02-27); ility if a court finds that limited partner actions constitute control of our business.

•Unitholders may have a liability to repay distributions.

•Our general partner’s interest in us and the control of our general partner may be transferred to a third party without unitholder consent.

Tax Risks to Common Unitholders

•Our tax treatment depends on our status as a partnership for federal income tax purposes, which could be subject to potential legislative, judicial or administrative changes and differing interpretations, possibly on a retroactive basis.

36

Table of Contents

•A successful IRS contest of the federal income tax positions we take and certain valuation methodologies we adopt in determining a unitholder’s allocation of income, gain, loss and deductions may adversely impact the market for our common units and the cost of any IRS contest will reduce our cash available for distribution to unitholders.

•If the IRS makes audit adjustments to our income tax returns, it (and some states) may assess and collect any taxes (including any applicable penalties and interest) resulting from such audit adjustment directly from us, in which case we would pay the taxes directly to the IRS and our cash available for distribution to our unitholders might be substantially reduced.

•Our unitholders may be required to pay taxes on their share of our income even if they do not receive any cash distributions from us.

•Tax gains or losses on the disposition of our common units could be more or less than expected.

•We treat each purchaser of our common units as having the same tax benefits without regard to the common units purchased. The IRS may challenge this treatment, which could adversely affect the value of our common units.

•Our common unitholders will likely be subject to state and local taxes and return filing requirements in states where they do not live as a result of an investment in our common units.

Discussion of Key Risk Factors

The following discussion provides additional information regarding each of our key risk factors by category: Risks Relating to Our Business, Risks Relating to Our Partnership Structure and Tax Risks to Common Unitholders.

Risks Relating to Our Business

The impact of a global public health crisis or foreign conflict on global oil and gas markets may have material adverse consequences for general economic, financial and business conditions, and could materially and adversely affect our business, financial condition, results of operations and liquidity and those of our customers, suppliers and other counterparties.

Changes in the supply of and demand for hydrocarbon products impacts both the volume of products that we purchase and sell and the level of services that we provide to customers, which in turn impacts our financial position, results of operations and cash flows.

Global public health crises, such as t

### What the price says

The price assumes cash profits grow 2.3% yearly over ten years; actual growth was 27.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.019792815534952823. Price 35.57; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.10332232562793955 → FY2025 1.18327239488117. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $25.24 per share

- 2016-11: $25.93 per share

- 2016-12: $27.04 per share

- 2017-01: $28.33 per share

- 2017-02: $28.03 per share

- 2017-03: $27.61 per share

- 2017-04: $27.32 per share

- 2017-05: $26.81 per share

- 2017-06: $27.08 per share

- 2017-07: $27.20 per share

- 2017-08: $26.07 per share

- 2017-09: $26.07 per share

- 2017-10: $24.50 per share

- 2017-11: $24.63 per share

- 2017-12: $26.51 per share

- 2018-01: $27.62 per share

- 2018-02: $25.42 per share

- 2018-03: $24.48 per share

- 2018-04: $26.84 per share

- 2018-05: $28.90 per share

- 2018-06: $27.67 per share

- 2018-07: $29.00 per share

- 2018-08: $28.60 per share

- 2018-09: $28.73 per share

- 2018-10: $26.82 per share

- 2018-11: $26.25 per share

- 2018-12: $24.59 per share

- 2019-01: $27.67 per share

- 2019-02: $27.65 per share

- 2019-03: $29.10 per share

- 2019-04: $28.63 per share

- 2019-05: $27.89 per share

- 2019-06: $28.87 per share

- 2019-07: $30.11 per share

- 2019-08: $28.51 per share

- 2019-09: $28.58 per share

- 2019-10: $26.03 per share

- 2019-11: $26.32 per share

- 2019-12: $28.16 per share

- 2020-01: $25.77 per share

- 2020-02: $23.34 per share

- 2020-03: $14.30 per share

- 2020-04: $17.56 per share

- 2020-05: $19.10 per share

- 2020-06: $18.17 per share

- 2020-07: $17.60 per share

- 2020-08: $17.56 per share

- 2020-09: $15.79 per share

- 2020-10: $16.57 per share

- 2020-11: $19.40 per share

- 2020-12: $19.59 per share

- 2021-01: $20.23 per share

- 2021-02: $21.32 per share

- 2021-03: $22.02 per share

- 2021-04: $23.01 per share

- 2021-05: $23.61 per share

- 2021-06: $24.13 per share

- 2021-07: $22.57 per share

- 2021-08: $22.26 per share

- 2021-09: $21.64 per share

- 2021-10: $22.68 per share

- 2021-11: $21.39 per share

- 2021-12: $21.96 per share

- 2022-01: $23.64 per share

- 2022-02: $24.42 per share

- 2022-03: $25.81 per share

- 2022-04: $25.91 per share

- 2022-05: $27.42 per share

- 2022-06: $24.37 per share

- 2022-07: $26.73 per share

- 2022-08: $26.32 per share

- 2022-09: $23.78 per share

- 2022-10: $25.25 per share

- 2022-11: $24.81 per share

- 2022-12: $24.12 per share

- 2023-01: $25.60 per share

- 2023-02: $25.53 per share

- 2023-03: $25.90 per share

- 2023-04: $26.31 per share

- 2023-05: $25.33 per share

- 2023-06: $26.35 per share

- 2023-07: $26.51 per share

- 2023-08: $26.61 per share

- 2023-09: $27.37 per share

- 2023-10: $26.04 per share

- 2023-11: $26.78 per share

- 2023-12: $26.35 per share

- 2024-01: $26.76 per share

- 2024-02: $27.45 per share

- 2024-03: $29.18 per share

- 2024-04: $28.08 per share

- 2024-05: $28.50 per share

- 2024-06: $28.98 per share

- 2024-07: $28.86 per share

- 2024-08: $29.34 per share

- 2024-09: $29.11 per share

- 2024-10: $28.66 per share

- 2024-11: $34.43 per share

- 2024-12: $31.36 per share

- 2025-01: $32.65 per share

- 2025-02: $33.41 per share

- 2025-03: $34.14 per share

- 2025-04: $29.90 per share

- 2025-05: $30.82 per share

- 2025-06: $31.01 per share

- 2025-07: $30.99 per share

- 2025-08: $32.14 per share

- 2025-09: $31.27 per share

- 2025-10: $30.79 per share

- 2025-11: $32.74 per share

- 2025-12: $32.06 per share

- 2026-01: $33.19 per share

- 2026-02: $36.14 per share

- 2026-03: $37.84 per share

- 2026-04: $38.70 per share

- 2026-05: $36.79 per share

- 2026-06: $36.76 per share

- 2026-07: $38.05 per share

- 2026-08: $38.82 per share

- 2026-09: $35.61 per share

- 2026-10: $36.04 per share

## Annual estimated value (USD per share)

- FY2016: low $3.47 per share, central $3.95 per share, high $4.59 per share

- FY2017: low $6.70 per share, central $7.63 per share, high $8.86 per share

- FY2018: low $8.25 per share, central $9.39 per share, high $10.90 per share

- FY2019: low $10.19 per share, central $11.59 per share, high $13.46 per share

- FY2020: low $13.14 per share, central $14.91 per share, high $17.28 per share

- FY2021: low $20.29 per share, central $22.96 per share, high $26.52 per share

- FY2022: low $28.26 per share, central $32.92 per share, high $38.28 per share

- FY2023: low $23.41 per share, central $26.64 per share, high $30.94 per share

- FY2024: low $26.88 per share, central $30.69 per share, high $35.65 per share

- FY2025: low $25.12 per share, central $28.55 per share, high $33.11 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1061219/000106121926000006/epd-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 1,958,036 EPD shares; USD 71,977,000 reported position value; 0.12% of portfolio; add; quarter 2026 Q2.
- [Thomas Gayner](https://gigainvestors.com/MKL): 569,000 EPD shares; USD 20,916,000 reported position value; 0.16% of portfolio; add; quarter 2026 Q2.
- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): 24,855 EPD shares; USD 914,000 reported position value; 0.26% of portfolio; hold; quarter 2026 Q2.
- [Bruce Berkowitz](https://gigainvestors.com/fairx): 5,455,800 EPD shares; USD 200,555,000 reported position value; 13.46% of portfolio; hold; quarter 2026 Q2.
- [Leon Cooperman](https://gigainvestors.com/oa): 1,373,755 EPD shares; USD 50,499,000 reported position value; 1.42% of portfolio; hold; quarter 2026 Q2.

# EPD — Enterprise Products Partners LP

Held by 5 investors · USD 344,861,000 total · 2026 Q2 · reported price USD 36.76 (split-adjusted).
Page: https://gigainvestors.com/s/EPD

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bruce Berkowitz (https://gigainvestors.com/fairx) | USD 200,555,000 | 14% | hold |
| Matthew McLennan (https://gigainvestors.com/FE) | USD 71,977,000 | 0.1% | add +0.85% |
| Leon Cooperman (https://gigainvestors.com/oa) | USD 50,499,000 | 1.4% | hold |
| Thomas Gayner (https://gigainvestors.com/MKL) | USD 20,916,000 | 0.2% | add +181.68% |
| William Browne (https://gigainvestors.com/TB) | USD 1,951,130 | 0.0% | sold |
| Ron Muhlenkamp (https://gigainvestors.com/MUHL) | USD 914,000 | 0.3% | hold |

## Total held by quarter

- 2010 Q4: USD 10,391,680 · 1 holder · USD 20.80
- 2011 Q1: USD 11,325,346 · 2 holders · USD 21.54
- 2011 Q2: USD 11,340,831 · 2 holders · USD 21.62
- 2011 Q3: USD 9,474,920 · 2 holders · USD 22.41
- 2011 Q4: USD 905,011 · 2 holders · USD 23.21
- 2012 Q1: USD 984,978 · 2 holders · USD 25.25
- 2012 Q2: USD 989,937 · 2 holders · USD 25.64
- 2012 Q3: USD 886,084 · 2 holders · USD 26.83
- 2012 Q4: USD 828,017 · 2 holders · USD 25.08
- 2013 Q1: USD 997,006 · 2 holders · USD 30.16
- 2013 Q2: USD 1,028,007 · 2 holders · USD 31.11
- 2013 Q3: USD 385,056 · 1 holder · USD 30.56
- 2013 Q4: USD 417,942 · 1 holder · USD 33.17
- 2014 Q1: USD 0 · 0 holders
- 2014 Q2: USD 0 · 0 holders
- 2014 Q3: USD 0 · 0 holders
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 17,000,060 · 1 holder · USD 29.26
- 2016 Q3: USD 21,965,739 · 1 holder · USD 27.63
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 0 · 0 holders
- 2018 Q2: USD 0 · 0 holders
- 2018 Q3: USD 0 · 0 holders
- 2018 Q4: USD 0 · 0 holders
- 2019 Q1: USD 0 · 0 holders
- 2019 Q2: USD 0 · 0 holders
- 2019 Q3: USD 0 · 0 holders
- 2019 Q4: USD 0 · 0 holders
- 2020 Q1: USD 8,379,471 · 1 holder · USD 14.30
- 2020 Q2: USD 18,406,501 · 1 holder · USD 18.17
- 2020 Q3: USD 53,008,704 · 2 holders · USD 15.79
- 2020 Q4: USD 135,266,306 · 4 holders · USD 19.59
- 2021 Q1: USD 145,176,693 · 3 holders · USD 22.02
- 2021 Q2: USD 130,773,041 · 4 holders · USD 24.13
- 2021 Q3: USD 148,874,826 · 4 holders · USD 21.64
- 2021 Q4: USD 163,362,921 · 4 holders · USD 21.96
- 2022 Q1: USD 188,889,324 · 3 holders · USD 25.81
- 2022 Q2: USD 187,332,215 · 3 holders · USD 24.37
- 2022 Q3: USD 192,540,715 · 3 holders · USD 23.78
- 2022 Q4: USD 182,083,545 · 4 holders · USD 24.12
- 2023 Q1: USD 199,501,277 · 4 holders · USD 25.90
- 2023 Q2: USD 208,453,058 · 4 holders · USD 26.35
- 2023 Q3: USD 234,685,980 · 5 holders · USD 27.37
- 2023 Q4: USD 219,782,504 · 4 holders · USD 26.35
- 2024 Q1: USD 239,757,483 · 5 holders · USD 29.18
- 2024 Q2: USD 236,900,760 · 5 holders · USD 28.98
- 2024 Q3: USD 246,187,265 · 5 holders · USD 29.11
- 2024 Q4: USD 265,309,032 · 5 holders · USD 31.36
- 2025 Q1: USD 287,804,521 · 5 holders · USD 34.14
- 2025 Q2: USD 270,165,813 · 6 holders · USD 31.01
- 2025 Q3: USD 273,828,795 · 5 holders · USD 31.27
- 2025 Q4: USD 284,473,117 · 5 holders · USD 32.06
- 2026 Q1: USD 342,431,822 · 6 holders · USD 37.84
- 2026 Q2: USD 344,861,000 · 5 holders · USD 36.76