CQP
Cheniere Energy Partners, L.P.
CQP's fundamentals are strong and it looks cheap: trading at 11x earnings, below its usual 14x. Analysts expect earnings growth, though they disagree widely on how much.
CQP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Stable |
CQP's profitability and cash flow are currently strong, and its revenue and balance sheet are stable.
CQP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $58.27 | -5.1% |
| Current | 11x | $61.40 | — |
| Forward | 13x | $61.40 | — |
| Fair | 14x | $79.71 | +30% |
| Expensive | 19x | $108 | +76% |
Historical ranges are pointers, not guarantees.
CQP's PE is in its cheap range at 11x. On analysts' estimates for next year's earnings, today's price would be 13x, in its fair range.
CQP Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CQP, but weaker profitability. However, they disagree widely on these estimates.
CQP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.79 | -16% |
| Q3 2026 | $5.72 | +49% |
| Q2 2026 | $5.51 | +34% |
| Q1 2026 | $4.28 | +3.1% |
| Q4 2025 | $5.17 | +22% |
| Q3 2025 | $3.83 | -17% |
| Q2 2025 | $4.11 | -13% |
| Q1 2025 | $4.15 | -10% |
| Q4 2024 | $4.25 | -39% |
CQP's earnings per share have fallen from their peak: $5.72 over the past year, against $10.15 in late 2023.
CQP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +7.1% |
| Q2 2026 | $2.6B | +5.2% |
| Q1 2026 | $3.6B | +20% |
| Q4 2025 | $2.9B | +18% |
| Q3 2025 | $2.4B | +17% |
| Q2 2025 | $2.5B | +30% |
| Q1 2025 | $3B | +30% |
| Q4 2024 | $2.5B | -8.4% |
CQP's revenue is recovering but still below its 2022 peak: $2.6B last quarter, up 7.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 32% | +2.7 points |
| Q2 2026 | 52% | +23 points |
| Q1 2026 | 10% | -18 points |
| Q4 2025 | 50% | +18 points |
| Q3 2025 | 29% | -11 points |
| Q2 2025 | 29% | -11 points |
| Q1 2025 | 28% | -11 points |
| Q4 2024 | 33% | -8 points |
CQP's operating margin was 32% last quarter, up 2.7 points from the same quarter a year ago.
CQP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $712M | +17% |
| Q2 2026 | $433M | -12% |
| Q1 2026 | $879M | +45% |
| Q4 2025 | $864M | +4.5% |
| Q3 2025 | $610M | -6.4% |
| Q2 2025 | $490M | -30% |
| Q1 2025 | $605M | -4.4% |
| Q4 2024 | $827M | -4.5% |
CQP's free cash flow has been positive every quarter for seven years: $2.9B over the past year, up 14% from the year before.
CQP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | +5.1K shares |
| 3 years | 0% | +18.6K shares |
| 5 years | 0% | +57.7K shares |
| Available history | +39% | +135M shares |
CQP has 484M diluted shares, about the same as a year ago.
CQP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Moderate |
| Q2 2026 | 3.1x | Elevated |
| Q1 2026 | 3.6x | Elevated |
| Q4 2025 | 3.3x | Elevated |
| Q3 2025 | 3.9x | Elevated |
| Q2 2025 | 3.8x | Elevated |
| Q1 2025 | 3.8x | Elevated |
| Q4 2024 | 3.8x | Elevated |
CQP's net debt is about 3.0 years of its operating earnings (EBITDA), down from 3.9 years a year ago.
CQP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.6 | Neutral |
| Stochastic | 34.4 | Neutral |
CQP's weekly RSI is 47 (neutral) and its Stochastic is 34 (neutral).
CQP PE vs Energy Sector
| Metric | CQP | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 18% below |
| PE % | 22 | 61 | 39 pts below |
CQP is trading at 11x earnings, a 18% discount to the Energy sector's median of 13x.
CQP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $62.9 | 2.4% below |
| 20 week MA | $64.7 | 5.1% below |
| 50 week MA | $61.9 | 0.8% below |
| 100 week MA | $59.5 | 3.3% above |
| 200 week MA | $55.0 | 12% above |
CQP has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 12% above its 200-week average.
CQP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $40.0 | $33.2 | -17% |
| 2021 | $33.2 | $41.6 | +25% |
| 2022 | $41.6 | $58.8 | +41% |
| 2023 | $58.8 | $49.8 | -15% |
| 2024 | $49.8 | $53.5 | +7.4% |
| 2025 | $53.5 | $53.5 | -0.1% |
| 2026 YTD | $53.5 | $61.4 | +15% |
CQP has finished lower in three of the last six years. It's up 15% so far in 2026.