` Comparison: NEXT, ET - Alpha Spread

NEXT
vs
ET

Over the past 12 months, NEXT has underperformed ET, delivering a return of -36% compared to the ET's 16% drop.

Valuation Growth Profitability Solvency Stocks Performance
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NEXT
ET
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Stocks Compared:
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Valuation Comparison

NEXT Intrinsic Value
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ET Intrinsic Value
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Company Last Price Intrinsic Value DCF Value Relative Value Wall St Target
NextDecade Corp
NASDAQ:NEXT
5.23 USD
Energy Transfer LP
NYSE:ET
16.4 USD
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Valuation Scenario:
Bear Case
Base Case
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Growth Comparison

Growth Over Time
NEXT, ET

NEXT
ET
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Revenue
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Company LTM Historical Growth Growth Streak % Positive Years Max Drawdown Volatility Forecasted Growth
3 Years 5 Years 10 Years 1 Year 3 Years
NextDecade Corp
Revenue
Energy Transfer LP
Revenue

All metrics are calculated based on data from the last 10 years.

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Profitability Comparison

Free Cash Flow
NEXT, ET

NEXT
ET
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Free Cash Flow
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Company LTM Average Historical Growth FCF Margin Conversion
3 Years 5 Years 3 Years 5 Years 10 Years
NextDecade Corp
NASDAQ:NEXT
Energy Transfer LP
NYSE:ET
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What is Free Cash Flow?

Gross Margin

NEXT
0%
ET
27%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
Energy Transfer LP

Operating Margin

NEXT
0%
ET
11.6%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
Energy Transfer LP

Net Margin

NEXT
0%
ET
5.4%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
Energy Transfer LP

FCF Margin

NEXT
0%
ET
6.5%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
Energy Transfer LP

ROE

NEXT
-43.5%
ET
12.3%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
Energy Transfer LP

ROA

NEXT
-3.2%
ET
3.4%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
Energy Transfer LP

ROIC

NEXT
-3.5%
ET
7.2%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
Energy Transfer LP

ROCE

NEXT
-3.8%
ET
8.1%
LTM 3Y Avg 5Y Avg 10Y Avg
NextDecade Corp
Energy Transfer LP

Solvency Comparison

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Balance Sheet Comparison
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Stocks Performance

Stocks Performance
NEXT, ET

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ET
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1Y 3Y 5Y 10Y 15Y 20Y
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Performance Gap
NEXT, ET

Performance Gap Between NEXT and ET
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Performance By Year
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ET
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