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NGL Energy Partners LP

Rank #294DeclineWatchlistCompare with other stocks

NGL · NYSE · Energy

NGL Energy Partners LP (NGL) — Rank #294 by gross profitability (GP/assets 0.23) · ROE — · Piotroski F-Score N/A.

As-of 2026-10-30 · CIK 0001504461 · all metrics point-in-time as of the filing date.

About

NGL Energy Partners LP engages in the crude oil, condensate, natural gas liquids, crude oil and produced water businesses in the United States.

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It operates through three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The Water Solutions segment transports, treats, recycles, and disposes produced and flowback water generated from crude oil and natural gas production; aggregates and sells recovered crude oil; disposes solids, such as tank bottoms, and drilling fluid and muds, as well as performs truck washouts; and sells produced water for reuse and recycle, and brackish non-potable water. The Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs; and provides storage, terminaling, and transportation services through pipelines and storage tanks. The Liquids Logistics segment offers natural gas liquids to commercial, retail, and industrial customers across the United States and Canada through its five terminals, third-party storage and terminal facilities, nine common carrier pipelines and a fleet of leased railcars. This segment also provides services for marine exports of butane through its facility located in Chesapeake, Virginia; and owns a propane pipeline in Michigan. NGL Energy Holdings LLC serves as the general partner of the company.

NGL Energy Partners LP was founded in 1940 and is headquartered in Tulsa, Oklahoma.

Industry
Oil & Gas Midstream
Sector
Energy
State
DE
Filer Category
Accelerated filer
Fiscal Year End
March 31

Company Snapshot

P/E, P/B, and dividend yield matter most — book value provides a floor.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

449

Industry

Oil & Gas Midstream

Exchange

NYSE

8/10

Flags passed

NGL fails 2 critical flags

Passes 8 of 10 quality flags

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • FAIL
    Operating margin declining

    Operating margin lower than prior year

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin

Strengths Revenue growth accelerating · RPO outpacing revenue

No data Dilution · Valuation — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.23
Return on equity
—
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
—
Current ratio
1.14×
Net cash
-$3.26B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.4%

Growth

0/1 pass
Revenue growth
-9.0%
Piotroski F-Score
N/A
Share dilution
—

Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.

Profitability

Does it make money well?

Warning: Operating margin declining, Revenue declining YoY · GP/assets 0.23

Gross profitability (GP / assets)

0.23

Primary signal (Novy-Marx).

1st of 6 SIC 4922 peers

Return on equity

—

Gross margin

30.9%

2nd of 6 SIC 4922 peers

Revenue growth (YoY)

-9.0%

RPO growth (YoY)

48.6%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2023202420252026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-17.8%

Revenue CAGR (5Y)

-9.6%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

-21.4%

Cash Flow Health

Is the cash real?

No warning flags · FCF 202% above net income

Free cash flow

$144.68M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

201.7%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.4%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $3.26B

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

—

Current ratio

1.14×

4th of 6 SIC 4922 peers

Quick ratio

—

Net cash

-$3.26B

Cash & equivalents minus total debt.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No data

Capital allocation quality

Composite score

1.3 / 5

Weak
Share count trend
N/A0/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-6.2%1/5 Weak

Lifecycle Phase History

20212026
Decline
Hypergrowth
Value

Price History

NGL+817.1% · +55.6% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports