Loading…
Midstream energy MLP handling crude oil logistics, produced-water disposal/recycling, and liquid petroleum gas distribution.
Midstream energy MLP handling crude oil logistics, produced-water disposal/recycling, and liquid petroleum gas distribution.
Producers pay a fee per barrel to have the salty, oily water that comes up with oil and gas hauled away and disposed of, often under long-term agreements, and this water business carries the company. Crude and liquids logistics earn margins on moving and trading barrels, which swing more with commodity markets.
Moat: narrow (scale, installed base). Large produced-water disposal network in the Permian/Delaware basins is capital-intensive to replicate.
Headquarters: Tulsa, Oklahoma, United States · Founded: 2010 · Employees: 449
Size NGL Energy Partners LP (NGL) is a United States Energy company (Oil & Gas Pipelines) with a market value of $1.87B, the 1845th largest of 3,117 United States companies the cockpit tracks. Shares closed at $14.95 on 6 Nov 2026.
Performance Over six months the shares fell 8.4%, against -8.4% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 10 in its peer set.
Growth Revenue fell 21.6% over the last twelve months (peer median +14.7%); the operating margin is 12.0% (peer median 18.6%).
Valuation It trades at 11.9× forward earnings against a peer median of 13.2× (5th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is -10%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.8 points above its cost of capital (6.8% WACC).
Backlog Backlog (remaining performance obligations) was $667M at 30 Sep 2026, up 18% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Credit NGL Energy Partners LP has 1 bond outstanding ($900M), rated B+ by the agencies and trading like BB- at a weighted spread of 188 bp.
Short interest Short interest is 2.8% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.52B | $3.16B | $3.47B | $4.15B | $8.69B |
| Revenue growth | — | -9% | -16% | -52% | — |
| Gross profit | $796M | $752M | $714M | $708M | $798M |
| EBITDA | $680M | $646M | $615M | $552M | $687M |
| Net income | -$132M | -$180M | $39.4M | -$143M | $51.5M |
| Free cash flow | $102M | $145M | $53.6M | $224M | $294M |
| Capital expenditure | $308M | $221M | $246M | $152M | $148M |
| Total debt | $3.40B | $3.36B | $3.08B | $2.95B | $2.95B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NGL Energy Partners LP NGL | $1.87B | -8% | -22% | 12% | 11.9× | 1.2% |
| Select Water Solutions WTTR | $2.09B | -4% | -2% | 4% | 28.9× | n/a |
| Waterbridge Infrastructure LLC WBI | $3.06B | -9% | +103% | 17% | 40.2× | n/a |
| Genesis Energy, L.P GEL | $1.57B | -21% | -17% | 19% | n/a | 2.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NGL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.1% | -7.7% | 3rd highest of 10 |
| 6-month return | -8.4% | -8.4% | 5th lowest of 10 |
| Distance from 52-week high | -21.6% | -23.4% | 5th highest of 10 |
| Revenue growth (TTM) | -21.6% | +14.7% | 2nd lowest of 10 |
| Operating margin | 12.0% | 18.6% | 3rd lowest of 10 |
| Forward P/E | 11.9× | 13.2× | 5th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | 1.2% | 7.7% | 3rd least demanding of 8 |
| Growth delivered (Del g) | -9.6% | +12.2% | 2nd lowest of 8 |
| Hurdle (Req g minus delivered) | +10.8 pp | +0.8 pp | 2nd most demanding of 8 |
| ROIC minus cost of capital | +2.8 pp | -1.6 pp | 3rd highest of 10 |
| EV / EBITDA | 8.6× | 16.3× | 2nd cheapest of 8 |
| Net debt / EBITDA | 5.0× | 4.7× | 5th least indebted of 9 |
| Bond spread | 188 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NGL Energy Partners LP NGL | United States | $1.87B | -8% | -22% | 12% | 11.9× | 1.2% | -9.6% |
| Rockpoint Gas Storage RGSI.TO | Canada | $2.26B | -16% | +15% | 75% | 8.7× | -3.8% | +21.7% |
| Friedrich Vorwerk VH2.DE | Germany | $1.50B | -5% | +22% | 19% | 11.1× | -8.0% | +19.3% |
| Sinopec Kantons 0934.HK | Hong Kong | $1.31B | +3% | +10% | 27% | 9.2× | 7.7% | +1.8% |
| Delek Logistics Partners LP DKL | United States | $2.99B | +1% | +30% | 15% | 11.8× | 13.0% | +12.2% |
| Golar LNG GLNG | United States | $4.40B | -23% | +95% | 46% | n/a | n/a | n/a |
| Sichuan Shudao Equipment and Technology 300540.SZ | China | $742M | -41% | -14% | 8% | 48.0× | n/a | n/a |
| Plains GP Holdings LP PAGP | United States | $5.10B | +11% | +9% | 3% | 14.7× | 2.6% | +13.4% |
| Summit Midstream SMC | United States | $551M | -9% | +21% | 16% | 147.3× | 10.9% | +7.9% |
| South Bow SOBO.TO | Canada | $6.54B | -8% | -26% | 24% | 16.5× | 13.9% | -25.8% |
NGL Energy Partners LP has 1 bond outstanding with $900M face value. The agencies rate it B+; its bonds trade like BB-. Weighted yield 6.33%, a spread of 188 bp over government bonds.
NGL Energy Partners LP reported $667M of remaining performance obligations at 30 Sep 2026, up 18% from a year earlier and down 3% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.