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Cheniere Energy Partners, L.p. (CQP) stock

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NYSE: CQP NYSE Oil & Gas Storage & Transportation Next results ~January 25, 2027

C+ Fundamentals grade

Cheniere Energy Partners, L.p. is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$120

Cash-flow model

Base case. Range ~$86–$180 across our lower- and higher-growth cases (1.5%–11.5% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 98% above it.

Price used: $63.16, November 3, 2026

Cheniere Energy Partners, L.p. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds74 adding, 62 cuttingOf 4 active managers that changed their stake, 3 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cheniere Energy Partners files

10-Q filed October 29: Cheniere Energy Partners, L.p.

Model value +9.3%

Revenue for the twelve months to September 2026 was $11.7bn, up 13.2% on a year earlier, slower than the 15.4% growth a quarter earlier. Free-cash-flow margin held at 24.8%. Operating margin widened to 34.2% from 29.6%. Its fundamentals grade moves from C to C+. Our model value rises from $114 to $125 a share, against a share price of $66.18. The rating stays Buy. At that price, our model says the market is pricing in cash flow shrinking about 3.3% a year for five years, slower than the 4.3% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed August 6: Cheniere Energy Partners, L.p.

Cheniere Energy Partners posted revenue of $11.7bn for the twelve months to June 2026, up 13.2% on the year, a touch slower than the 15.4% growth recorded a quarter earlier. Free-cash-flow margin was steady at 24.8%, while operating margin widened to 34.2% from 29.6%. Our model puts fair value at $114 a share, little changed, against a share price of $65.00. The rating remains Buy. At that price, the market appears to be pricing in cash flow shrinking by about 3.5% a year over five years, slower than the 4.3% a year revenue growth the partnership has actually delivered.

10-Q on SEC EDGAR

Where Cheniere Energy Partners, L.p. stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $11.5bn, up 15.4% on a year earlier, slower than the 21.0% growth a quarter earlier. Free-cash-flow margin fell to 24.2% from 25.8% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $114 a share, against a share price of $66.41. At that price, our model says the market is pricing in cash flow shrinking about 3.3% a year for five years, slower than the 4.0% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Cheniere Energy Partners, L.p.'s trailing-twelve-month revenue grew 13.2% year on year, with a free-cash-flow margin of 24.8%. Where it stands out: net margin of 28.1% ranks 5 of 29 oil & gas storage & transportation companies we cover. Where it lags: long-term debt as % of assets of 80.1% ranks 23 of 26 oil & gas storage & transportation companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$86–$180 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 14.1% while net income grew 40.9%: a 27pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $64.51 is 94% below our value per share of $120.
  • High operating margin. 34.2% of revenue is left as operating profit, against a median of 28.1% for oil & gas storage & transportation companies we cover.
  • Margins widening. Operating margin is up 4.6 points on a year ago.
  • Strong cash generation. 24.8% of revenue turned into free cash flow, against a median of 13.6% for oil & gas storage & transportation companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Share dilution. Diluted shares rose 11.7% in a year.
  • Growth easing. The growth rate is 2.3 points lower than a quarter earlier.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 80.1% ranks 23 of 26 oil & gas storage & transportation companies we cover (median 46.2%).
  • Earnings expected to fall. The consensus expects earnings per share to fall 6% next year.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.25 against an average estimate of $1.17: beat by 7.1%
Revenue
$2.57bn, up 7.1% on a year earlier
Share reaction
+2.5% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
distribution per Unit $3.3 to $3.4 (full year 2026)
Next report
October 29, 2026; average EPS estimate $1.28

Cheniere Energy Partners' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.1%
  • 1 week-4.0%
  • 1 month+3.0%
  • This year+25.5%
  • 1 year+28.7%
  • 5 years+99.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.7B
Operating margin
34.2%
Net margin
28.1%

Growth

Revenue growth
+13.2%
Change in growth rate
−2.3 pts

Cash

Free cash flow (TTM)
$2.9B
FCF margin
24.8%

Earnings

Last results
October 29, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Results
  5. Announcement
  6. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cheniere Energy Partners, L.p. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 4.0% a year for five years.That is slower than the 4.3% a year revenue growth Cheniere Energy Partners has delivered.

  • Priced in-4.0%
  • Last 12 months13.2%
  • 3 years a year-0.1%
  • 5 years a year4.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($63.15, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$120
Price used
$63.15close November 3, 2026
Implied change
▲ +98%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Cheniere Energy Partners, L.p.'s free cash flow after stock-based pay with after-tax interest added back ($3.8B, FY2026 Q3 TTM), growing 0% and 4.6% in the next two years (forecasts, guidance and its record), then back to 6.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$86–~$180 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Cheniere Energy Partners, L.p.'s free cash flow after stock-based pay ( $3.8B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Cheniere Energy Partners, L.p. as an operating company, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.56 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$86–$180 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$67 ~$56–$92 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$67–$120 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cheniere Energy Partners, L.p. with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +1%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $85$125$179$250$343$462
8.5% $58$88$126$177$243$328
10% $42$65$95$134$184$248

Valuation multiples over time Market data may be delayed

At fiscal year end 2015201620172018201920202021
Share price$12.94$15.26$16.62$21.63$25.22$23.97$30.64
Market value$4.4bn$5.2bn$5.9bn$7.5bn$8.8bn$9.6bn$14.8bn
+ Net debt (− = net cash)$11.7bn$14.6bn$16.2bn$16.3bn$16.0bn$16.5bn$16.5bn
Enterprise value$16.1bn$19.8bn$22.2bn$23.8bn$24.8bn$26.1bn$31.3bn
Multiples
Price / sales 16.4x4.8x1.4x1.2x1.3x1.6x1.6x
Price / earnings ——12.1x5.9x7.5x8.1x9.1x
Price / free cash flow ———7.0x40.7x12.3x9.0x
EV / EBITDA n/m48.8x14.8x9.9x9.6x9.8x10.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard Cheniere Energy Partners's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.5% of total assets over 10 years.

  • Durability 14 / 20

    Operating margin has been a median 31.6%; its worst year was 8.5%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 9 of 10 years, at a median 17.4% of revenue.

  • Discipline 5 / 20

    The diluted share count rose 747.6% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.97 +6% $11.3bn +5%
Next $4.66 −6% $11.2bn −0%

Next year's EPS estimate has moved +2.6% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +10.9% on 90 days ago. In the last 30 days, 4 analysts raised Cheniere Energy Partners, L.p.'s forecast and 0 cut it.

Consensus EPS forecast Cheniere Energy Partners, L.p., last 90 days
$4.40 $4.60 $4.80 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.48 Current fiscal year, 60 days ago: $4.86 Current fiscal year, 30 days ago: $4.89 Current fiscal year, 7 days ago: $4.91 Current fiscal year, Now: $4.97 $4.97 Next fiscal year, 90 days ago: $4.54 Next fiscal year, 60 days ago: $4.62 Next fiscal year, 30 days ago: $4.64 Next fiscal year, 7 days ago: $4.69 Next fiscal year, Now: $4.66 $4.66

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.48$4.54
60 days ago $4.86$4.62
30 days ago $4.89$4.64
7 days ago $4.91$4.69
Now $4.97$4.66

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.17 $1.25 +7.1%
Jun 2026 $1.01 $1.30 +28.6%
Mar 2026 $1.22 $1.71 +40.1%
Dec 2025 $1.11 $1.36 +22.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Distribution per Unit full year 2026 $3.30 to $3.40 Narrowed
    “Tightening full year 2026 distribution guidance to $3.30 - $3.40 per common unit from $3.10 - $3.40 per common unit, maintaining a base distribution of $3.10 per common unit.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Cheniere Energy Partners, L.p.'s revenue by -0.0% next year and +4.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-3.7%, weight 64%) and the company's own record (+6.5%, weight 36%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy00%
Hold643%
Sell857%

Monthly trend

  1. Oct 202664414
  2. Sep 202664414
  3. Aug 202644513
  4. Jul 202664414

Counts of recommendations published by analysts covering Cheniere Energy Partners, L.p., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.4%
of tradable shares
Days to cover
4.71
at average volume
Short interest, 1 month
−11%
to October 15, 2026
Held by institutions
47%
of shares
Held by insiders
49.6%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +30.8%

$49.33 on October 31, 2025 to $64.51

ThenNowEffect
Revenue (last 12 months) $10.0bn $11.5bn +15.4%
Net margin 24.6% 27.3% +10.9%
P/E multiple 9.7x 9.9x +2.1%
Share count 484m 484m 0.0%

Biggest factor: revenue.

Last 3 years +31.8%

$48.93 on November 3, 2023 to $64.51

ThenNowEffect
Revenue (last 12 months) $14.5bn $11.5bn −21.0%
Net margin 31.3% 27.3% −12.8%
P/E multiple 5.2x 9.9x +91.2%
Share count 484m 484m 0.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CQP+28%+45%−5%+14%+7%+26%
Industry peers (median)+41%+21%+11%+28%+11%+22%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CQP58%75%50%58%33%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CQP−15%−28%−23%−14%−24%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 60% from September 16, 2019 to March 18, 2020. Getting back needed a 152% gain, reached on March 11, 2021, 358 days after the low.

Price behaviour

52-week range
$48.30 – $71.22
From 52-week high
−9.4%
vs 50-day average
−1.5%
vs 200-day average
+3.1%
Volatility (1 year)
30%
Beta vs S&P 500
-0.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±1.9%
After a week
7 up, 4 down
typical move ±4.7%
After a month
7 up, 4 down
typical move ±5.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +2.5% −2.1% — —
August 6, 2026 +2.2% +0.5% +6.3% +8.5%
May 7, 2026 −1.3% +0.5% +0.8% +2.2%
February 26, 2026 +4.3% −1.0% +9.0% +10.4%
October 30, 2025 −2.6% −0.8% −4.7% +3.9%
August 7, 2025 −1.0% +0.7% −0.6% −2.8%
May 8, 2025 −0.8% +0.6% +5.7% −2.0%
February 20, 2025 +1.6% −2.1% +8.3% +1.3%
October 31, 2024 +1.1% −1.5% +2.9% +20.7%
August 8, 2024 −2.1% +2.8% +1.4% +0.6%
May 3, 2024 +1.3% +2.3% −3.6% −4.1%
February 22, 2024 −1.5% +2.1% −7.9% −6.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Cheniere Energy Partners, L.p.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Cheniere Energy Partners, L.p. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cheniere Energy Partners, L.p.
$8B $9B $10B $11B $12B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $9.7B Revenue (TTM), FY24 Q1: $9B Revenue (TTM), FY24 Q2: $9B Revenue (TTM), FY24 Q3: $8.9B Revenue (TTM), FY24 Q4: $8.7B Revenue (TTM), FY25 Q1: $9.4B Revenue (TTM), FY25 Q2: $10B Revenue (TTM), FY25 Q3: $10.3B Revenue (TTM), FY25 Q4: $10.8B Revenue (TTM), FY26 Q1: $11.4B Revenue (TTM), FY26 Q2: $11.5B Revenue (TTM), FY26 Q3: $11.7B $11.7B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $9.7B
FY24 Q1 $9B
FY24 Q2 $9B
FY24 Q3 $8.9B
FY24 Q4 $8.7B
FY25 Q1 $9.4B
FY25 Q2 $10B
FY25 Q3 $10.3B
FY25 Q4 $10.8B
FY26 Q1 $11.4B
FY26 Q2 $11.5B
FY26 Q3 $11.7B
Revenue growth, TTM YoY Cheniere Energy Partners, L.p.
-60% -40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -43.8% Revenue growth, TTM YoY, FY24 Q1: -46.2% Revenue growth, TTM YoY, FY24 Q2: -38.1% Revenue growth, TTM YoY, FY24 Q3: -23.7% Revenue growth, TTM YoY, FY24 Q4: -9.9% Revenue growth, TTM YoY, FY25 Q1: 3.9% Revenue growth, TTM YoY, FY25 Q2: 10.6% Revenue growth, TTM YoY, FY25 Q3: 15.4% Revenue growth, TTM YoY, FY25 Q4: 23.6% Revenue growth, TTM YoY, FY26 Q1: 21.0% Revenue growth, TTM YoY, FY26 Q2: 15.4% Revenue growth, TTM YoY, FY26 Q3: 13.2% 13.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -43.8%
FY24 Q1 -46.2%
FY24 Q2 -38.1%
FY24 Q3 -23.7%
FY24 Q4 -9.9%
FY25 Q1 3.9%
FY25 Q2 10.6%
FY25 Q3 15.4%
FY25 Q4 23.6%
FY26 Q1 21.0%
FY26 Q2 15.4%
FY26 Q3 13.2%
Operating margin (TTM) Cheniere Energy Partners, L.p.
20% 30% 40% 50% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 52.1% Operating margin (TTM), FY24 Q1: 41.8% Operating margin (TTM), FY24 Q2: 41.4% Operating margin (TTM), FY24 Q3: 40.0% Operating margin (TTM), FY24 Q4: 37.7% Operating margin (TTM), FY25 Q1: 34.4% Operating margin (TTM), FY25 Q2: 31.9% Operating margin (TTM), FY25 Q3: 29.6% Operating margin (TTM), FY25 Q4: 34.4% Operating margin (TTM), FY26 Q1: 28.5% Operating margin (TTM), FY26 Q2: 33.6% Operating margin (TTM), FY26 Q3: 34.2% 34.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 52.1%
FY24 Q1 41.8%
FY24 Q2 41.4%
FY24 Q3 40.0%
FY24 Q4 37.7%
FY25 Q1 34.4%
FY25 Q2 31.9%
FY25 Q3 29.6%
FY25 Q4 34.4%
FY26 Q1 28.5%
FY26 Q2 33.6%
FY26 Q3 34.2%
FCF margin (TTM) Cheniere Energy Partners, L.p.
20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 29.9% FCF margin (TTM), FY24 Q1: 30.6% FCF margin (TTM), FY24 Q2: 31.5% FCF margin (TTM), FY24 Q3: 31.9% FCF margin (TTM), FY24 Q4: 32.3% FCF margin (TTM), FY25 Q1: 29.6% FCF margin (TTM), FY25 Q2: 25.8% FCF margin (TTM), FY25 Q3: 24.6% FCF margin (TTM), FY25 Q4: 23.9% FCF margin (TTM), FY26 Q1: 25.0% FCF margin (TTM), FY26 Q2: 24.2% FCF margin (TTM), FY26 Q3: 24.8% 24.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 29.9%
FY24 Q1 30.6%
FY24 Q2 31.5%
FY24 Q3 31.9%
FY24 Q4 32.3%
FY25 Q1 29.6%
FY25 Q2 25.8%
FY25 Q3 24.6%
FY25 Q4 23.9%
FY26 Q1 25.0%
FY26 Q2 24.2%
FY26 Q3 24.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Cheniere Energy Partners took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $10.8B
  2. Selling, general and admin $105M · 1.0%
  3. Other operating costs $6.9B · 64.6%
  4. Operating income $3.7B · 34.4%
  5. Interest and other $719M · 6.7%
  6. Net income $3B · 27.8%

Shares of revenue. Source: Cheniere Energy Partners's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.4 0.4 0.3 0.3 0.3 0.3 0.3 1.1 4.3 6.4 6.8 6.2 9.4 17.2 9.7 8.7 10.8 11.7
Gross profit — — — — — — — 0.7 2.0 3.0 — — — — — — — —
EBITDA 0.4 0.3 0.2 0.1 0.0 0.1 0.1 0.4 1.5 2.4 2.6 2.7 3.1 4.0 5.7 4.0 4.4 4.7
Operating income 0.3 0.3 0.1 0.0 −0.0 0.0 0.0 0.3 1.2 2.0 2.0 2.1 2.6 3.4 5.0 3.3 3.7 4.0
Net income 0.2 0.1 −0.1 −0.2 −0.3 −0.4 −0.3 −0.2 0.5 1.3 1.2 1.2 1.6 2.5 4.3 2.5 3.0 3.3
Diluted EPS — $0.28 $0.20 $0.04 −$0.01 −$0.15 −$0.07 −$0.03 −$0.66 $2.51 $2.25 $2.32 $3.00 — — — — —
Growth (year on year)
Revenue — −4.2% −28.9% −6.8% +1.4% +0.2% +0.5% +307.4% +291.3% +49.3% +6.4% −9.8% +53.0% +82.4% −43.8% −9.9% +23.6% +13.2%
EBITDA — −10.4% −44.3% −46.6% −73.5% +132.2% +16.7% +488.4% +268.2% +60.7% +6.8% +4.2% +16.4% +28.9% +42.2% −30.6% +11.0% +25.3%
Operating income — −14.4% −56.5% −68.7% −183.7% — — — +362.4% +71.2% +3.1% +4.2% +20.3% +32.2% +49.0% −34.9% +13.0% +30.7%
Net income — −42.4% −149.8% — — — — — — +160.0% −7.8% +0.7% +37.8% +53.3% +70.3% −41.0% +19.0% +40.9%
Diluted EPS — — −27.6% — — — — — — — −10.4% +3.1% +29.3% — — — — —
Margins
Gross margin — — — — — — — 62.7% 46.1% 47.0% — — — — — — — —
EBITDA margin 86.5% 80.9% 63.4% 36.3% 9.5% 22.0% 25.6% 36.9% 34.7% 37.4% 37.5% 43.4% 33.0% 23.3% 59.1% 45.5% 40.8% 40.1%
Operating margin 78.7% 70.3% 43.0% 14.5% −11.9% 0.2% 1.1% 22.7% 26.9% 30.8% 29.8% 34.5% 27.1% 19.6% 52.1% 37.7% 34.4% 34.2%
Net margin 44.8% 26.9% −18.9% −66.3% −96.2% −152.6% −118.1% −15.5% 11.4% 19.8% 17.2% 19.2% 17.3% 14.5% 44.0% 28.8% 27.8% 28.1%
Free-cash-flow margin 33.0% 24.8% −0.2% −437.3% <−999% <−999% <−999% −210.5% −7.3% 16.7% 3.2% 12.6% 17.4% 21.5% 29.9% 32.3% 23.9% 24.8%
Cash flow
Cash from operations 0.2 0.1 0.0 −0.0 0.0 −0.1 −0.2 0.0 1.0 1.9 1.5 1.8 2.3 4.1 3.1 3.0 2.8 3.4
Capital spending 0.1 0.0 0.0 1.1 3.1 2.6 2.9 2.3 1.3 0.8 1.3 1.0 0.6 0.5 0.2 0.2 0.2 0.5
Free cash flow 0.1 0.1 −0.0 −1.2 −3.1 −2.8 −3.1 −2.3 −0.3 1.1 0.2 0.8 1.6 3.7 2.9 2.8 2.6 2.9
Balance sheet
Cash 0.1 0.1 0.1 0.4 0.4 0.2 0.1 0.0 0.0 0.0 1.8 1.2 0.9 0.9 0.6 0.3 0.2 0.6
Total debt 0.0 2.2 2.2 2.2 6.6 9.0 11.8 14.6 16.2 16.3 17.8 17.8 17.3 16.3 16.0 15.2 14.6 14.5
Net debt (negative = net cash) −0.1 2.1 2.1 1.8 6.2 8.7 11.7 14.6 16.2 16.3 16.0 16.5 16.5 15.4 15.5 15.0 14.4 14.0
Diluted shares — 158m 167m 201m 325m 342m 343m 343m 357m 349m 349m 399m 484m — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · September 30, 2026
What it owns · $17.8bn
Short-term assets $1.6bnLonger-term assets $16.2bn
What it owes, and who funded it · $17.0bn
Short-term liabilities $1.3bnLonger-term liabilities $15.6bn
  • Short-term assets cover short-term liabilities $1.6bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.6bn short-term assets against $15.6bn of longer-dated liabilities.
  • More cash than debt $569m of cash against $14.4bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $3.4bn of operating cash flow against $14.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.0bn against $732m of interest.

From Cheniere Energy Partners, L.p.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Competitors: side by side with peers

Closest by revenue in oil & gas storage & transportation
Last 12 months unless stated CQP TRP WMB MPLX TRGP KMI Median
Revenue, last 12 months $11.7bn $10.9bn $12.5bn $13.2bn $16.7bn $18.3bn $2.0bn
Revenue growth, last 12 months 13.2% 8.5% 8.8% 8.7% −2.0% 11.7% 8.8%
Revenue growth, 3-year average −0.1% 8.5% 4.2% 4.9% −2.1% 4.9% 4.0%
Revenue growth, latest quarter 7.1% — 10.3% 10.3% 4.2% 9.3% 10.7%
Gross margin 47.3% 98.6% — — 43.2% 51.8% 42.6%
Operating margin 34.2% 52.7% 37.5% 44.4% 22.9% 29.0% 27.3%
Operating margin, 3-year average 34.6% 39.3% 35.4% 44.0% 18.4% 28.4% 20.8%
Net margin 28.1% 23.1% 25.0% 35.7% 13.5% 19.6% 13.1%
Cash from operations / revenue 29.5% 48.2% 48.5% 45.2% 25.6% 36.7% 29.5%
Free-cash-flow margin 24.8% 13.6% −12.6% 25.2% 4.4% 16.8% 11.8%
Free-cash-flow margin, 3-year average 27.1% −1.4% 10.9% 35.0% 3.2% 19.9% 8.8%
Stock pay / revenue — 0.0% 0.7% 0.2% 0.5% — 0.5%
Change in share count 11.7% 0.2% 0.4% — −1.5% 0.1% 0.2%

Median of all 29 companies we cover in oil & gas storage & transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 oil & gas storage & transportation companies
Measure Company Peer median Rank
Revenue growth Growth 13.2% 8.8% 10 of 29
Change in growth rate Growth -2.3pp +0.5pp 18 of 29
Operating margin Profitability 34.2% 28.1% 10 of 27
Net margin Profitability 28.1% 13.1% 5 of 29
Free-cash-flow margin Cash generation 24.8% 13.6% 8 of 28
Long-term debt as % of assets Balance sheet 80.1% 46.2% 23 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Liquefied Natural Gas $10.6B 98.1% ▲ 24.2%
Regasification Service $136M 1.3% ▲ 0.7%
Other $64M 0.6% ▼ 1.5%

From Cheniere Energy Partners, L.p.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$13.8B
Institutions reporting
197
Shares held vs prior quarter
0.0%
Positions opened / closed
13 / 16

Top buyers and sellers, Q2 2026: 74 institutions bought and 62 sold ; the biggest buyer was Jane Street Group, LLC (+129K shares) and the biggest seller Alps Advisors Inc (−408K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackstone Inc. $6.2B 102.3M 45.2% 0.0%
Brookfield Corp $6.2B 101.6M 44.8% 0.0%
Alps Advisors Inc $555M 9.1M 4.0% ▼ 4.3%
Mirae Asset Global Etfs Holdings Ltd. $174M 2.8M 1.3% ▼ 0.2%
Energy Income Partners, LLC $94.8M 1.6M 0.7% ▲ 2.0%
Goldman Sachs Group Inc $68.9M 1.1M 0.5% ▲ 7.2%
Tortoise Capital Advisors, L.L.C. $65.9M 1.1M 0.5% ▼ 2.4%
Morgan Stanley $60M 984K 0.4% ▼ 1.0%
Jpmorgan Chase & Co $45.6M 753K 0.3% ▼ 9.5%
Clearbridge Investments, LLC $41.3M 678K 0.3% ▲ 10.8%
UBS Group AG $30.5M 500K 0.2% ▲ 4.7%
Neos Investment Management LLC $21.5M 352K 0.2% ▲ 39.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cheniere Energy Partners, L.p.'s complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Cheniere Energy Partners, L.p. disclosed in the last 12 months; 1 earlier trade on record.

  • Bob Gibbs(R-OH 7):Sale (full), $1,001 - $15,000, traded December 8, 2017, filed December 11, 2017

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • October 30, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Cheniere Energy Partners, L.p. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cheniere Energy Partners, L.p. in brief

What does Cheniere Energy Partners, L.p. do?
Cheniere Energy Partners, L.p. is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
What is Cheniere Energy Partners, L.p.'s stock ticker?
Cheniere Energy Partners, L.p. trades under the ticker CQP on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cheniere Energy Partners, L.p.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cheniere Energy Partners, L.p. reported revenue of $11.7B, 13.2% higher than a year earlier, according to its SEC filings.
What is Cheniere Energy Partners, L.p.'s free cash flow?
Cheniere Energy Partners, L.p.'s free-cash-flow margin is 24.8% of revenue over the trailing twelve months, ranking 8 of the 28 oil & gas storage & transportation companies we cover.
What is Cheniere Energy Partners, L.p.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Cheniere Energy Partners, L.p.'s free cash flow after stock-based pay gives ~$120 per share in the base case, and ~$86–$180 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Cheniere Energy Partners, L.p.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackstone Inc., Brookfield Corp and Alps Advisors Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Cheniere Energy Partners, L.p.'s market cap?
On December 31, 2021, Cheniere Energy Partners, L.p.'s market capitalisation was about $14.8B, with a price-to-earnings ratio of 9.1 and net debt of $16.5B. Market figures come from third-party market data and may be delayed.
Who are Cheniere Energy Partners, L.p.'s competitors?
In our Oil & Gas Storage & Transportation peer group, the companies closest to Cheniere Energy Partners, L.p. are TC Energy Corp, Williams Companies, Mplx LP, Targa Resources and Kinder Morgan. The side-by-side comparison below sets their revenue, margins and growth against Cheniere Energy Partners, L.p.'s.
When is Cheniere Energy Partners, L.p.'s next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cheniere Energy Partners, L.p. announces its own schedule.