Energy

Midstream Energy

13 investable US stocks · data to Saturday, October 24, 2026

Acquirer's Multiple percentile today49th percentile

Cheaper than in 57% of quarters since 1999Its usual range since 1999 is the 34th to 67th percentile (the middle 80% of quarters), with a median of the 55th. Lower is cheaper: the 10th percentile is cheaper than 90% of the investable US market; the 50th is the middle.

Is it cheap because returns are depressed?

The industry is in its usual range on the multiple, and returns on assets are strong (higher than in 96% of quarters). Free cash flow yield is high (higher than in 76% of quarters). A low multiple can be warranted when returns on assets are low, and a high one when they are high, so the multiple reads best next to returns and free cash flow, each against the industry's own history.

Over- or under-earning?

Over-earning

Return on assets ranks at the 66th percentile of investable US stocks, against a median of the 44th and a low of the 26th since 1999. That is well above its usual level, so it may be over-earning, and today's multiple is likely too low on a normalized basis. If earnings normalize, the multiple would likely rise: from the 49th percentile today (about the middle of the market) to around the 56th (dearer than 56% of investable US stocks), judging by where it sat in past quarters when returns were at their usual level. If returns fell to their low, it would be around the 65th (dearer than 65% of investable US stocks).

Percentile	Today	Returns normal	Returns at low
Return on assets (higher is better)	66th	44th (median)	26th (low)
Acquirer's Multiple (lower is cheaper)	49th	56th	65th

Midstream Energy's return on assets as a percentile, quarterly since 1999. The shaded band is its usual range; the dashed line its median.

Percentiles among investable US stocks. Return on assets is operating income over total assets, trailing 12 months. The last two columns show where it sat in past quarters when returns were within 7.5 points of their median (62 quarters) and of their low (16). The past, not a forecast.

Against its own history

Each chart is the industry's median stock as a percentile of all investable US stocks, quarterly since 1999. For the Acquirer's Multiple and debt to equity, lower is better. The shaded band is its usual range (the middle 80% of quarters); the dashed line is its long-run median; the dot is today. Green shading marks the better end of each scale and red the worse, and today's dot takes the colour of where it sits.

Acquirer's MultipleUsual rangePercentile of enterprise value ÷ operating income: lower is cheaper. Cheaper than in 57% of quarters since 1999.

Free cash flow yieldHigher than usualPercentile of free cash flow yield: higher is a bigger yield. Higher than in 76% of quarters since 1999.

Shareholder yieldHigher than usualDividends plus buybacks, as a percentile: higher is a bigger yield. Higher than in 74% of quarters since 1999.

Dividend yieldUsual rangePercentile of dividend yield: higher is a bigger yield. Higher than in 58% of quarters since 1999.

Return on assets, 5-yrNear its bestPercentile of five-year return on assets: higher is better. Higher than in 96% of quarters since 1999.

Debt to equityMost debt on recordPercentile of debt to equity: lower is less debt. More indebted than in 90% of quarters since 1999.

Company sizeNear its largestPercentile of market cap: higher is larger. Larger than in 95% of quarters since 1999.

Midstream Energy stocks in the screens today

In today's screens, cheapest first. ● marks one of a screen's 30 tracked picks.

Stock	Screen	Acquirer's Multiple	FCF yield	Shareholder yield

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Other Energy industries

Fossil Fuel Exploration and Production cheaper than 68%Support Activities for Oil and Gas Operations cheaper than 66%Downstream Energy dearer than 50%Coal and Uranium Mining dearer than 96%

Quarterly since 1999 from point-in-time data. Each quarter, every investable US stock (price above $3, market cap above $75M, average daily trading above $850,000, no OTC, ADRs or MLPs) is placed in a percentile (0-100) against all the others on each metric. An industry's value is the median percentile of its stocks. Industries follow FactSet's RBICS classification. Percentiles describe the past; they are not investment advice or a forecast.