NGL Energy Partners LP (NGL)

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

Ticker
NGL
Exchange
NYSE
Sector
Energy
Industry
Oil & Gas Midstream
Market cap
$1.87B
52-week range
$8.35 - $19.06

Valuation

Share price
$14.95 (close of Nov 6, 2026)
P/E (TTM)
-8.53x
Price to free cash flow
27.05x
Enterprise value
$5.33B

Price performance

PeriodChange
1 day+1.36%
5 days-8.95%
1 month-4.66%
3 months-13.83%
6 months-6.03%
Year to date+49.50%
1 year+62.50%
3 years+250.94%
5 years+552.84%
10 years-10.21%
All time-28.43%

Short interest

As of
Oct 15, 2026
Shares short
3.43M
Days to cover
14.94
Change since prior report
+4.13%
Source
FINRA consolidated short interest

Profitability and growth

Return on invested capital
2.83%
Return on assets
-3.41%
Return on capital employed
2.76%
Gross margin
30.86%
Net margin
-4.51%
EBITDA margin
11.52%
Revenue growth
-9.02%
Free cash flow growth
180.12%

Cash flow and balance sheet

Free cash flow yield (TTM)
3.70%
Current ratio
1.13x
Net debt to EBITDA
10.72x

Latest reported year

Period end
Mar 31, 2026
Fiscal year
2026
Revenue
$3.16B
Cost of revenue
$2.18B
Gross profit
$974.00M
EBITDA
$363.46M
Net income
-$142.29M
Earnings per share
$-1.12
Interest expense
$257.49M
Shares outstanding
127.02M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2026-03-31$3.16B$974.00M-$142.29M-$1.12
2025-03-31$3.47B$962.11M$39.37M$0.30
2024-03-31$4.15B$967.87M-$143.75M-$1.09
2023-03-31$5.68B$989.61M$51.39M$0.39
2022-03-31$7.95B$808.60M-$184.76M-$2.22
2021-03-31$5.23B$733.20M-$639.82M-$5.68
2020-03-31$7.58B$979.62M-$397.01M-$4.59
2019-03-31$8.69B$706.10M$360.05M$2.01
2018-03-31$6.95B$690.39M-$70.88M-$1.08
2017-03-31$12.71B$478.80M$137.04M$0.99

Margins and returns by year

Period endGross marginNet marginReturn on capital
2026-03-3130.86%-4.51%2.83%
2025-03-3127.73%1.13%10.68%
2024-03-3123.30%-3.46%5.44%
2023-03-3117.43%0.90%8.26%
2022-03-3110.17%-2.32%2.37%
2021-03-3114.03%-12.24%-10.97%
2020-03-3112.92%-5.23%-0.10%
2019-03-318.13%4.14%5.77%
2018-03-319.93%-1.02%6.87%
2017-03-313.77%1.08%6.67%

Cash and debt by year

Period endCashDebt
2026-03-31$8.51M$3.22B
2025-03-31$5.65M$2.96B
2024-03-31$38.91M$2.84B
2023-03-31$5.43M$2.86B
2022-03-31$3.82M$3.35B
2021-03-31$4.83M$3.38B
2020-03-31$22.70M$3.17B
2019-03-31$18.57M$2.17B
2018-03-31$22.09M$2.71B
2017-03-31$7.83M$3.03B

Free cash flow by year

Period endFree cash flowStock-based compensation
2026-03-31$144.68M$11.21M
2025-03-31$51.65M-
2024-03-31$223.87M$1.10M
2023-03-31$297.42M$2.72M
2022-03-31$63.49M-$1.05M
2021-03-31$117.19M$6.73M
2020-03-31-$91.66M$26.51M
2019-03-31-$118.34M$41.37M
2018-03-31$4.21M$35.24M
2017-03-31-$369.97M$53.10M

Dividend history

Most recent payment
Nov 5, 2020
Payment dateDividend per share
2020-11-05$0.10
2020-08-05$0.20
2020-05-06$0.20
2020-02-06$0.39
2019-11-06$0.39
2019-08-06$0.39
2019-05-06$0.39
2019-02-05$0.39

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-05Sep 2026$0.22
2026-08-04Jun 2026$0.11
2026-05-28Mar 2026$0.18
2026-02-03Dec 2025$0.16
2025-11-04Sep 2025-
2025-08-07Jun 2025-$0.11
2025-05-29Mar 2025$0.01
2025-02-10Dec 2024$0.13

Filings and sources

Company website
nglenergypartners.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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