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ValueScreener company report

NGL Energy Partners LP (NGL)

NYSE / Energy / Oil & Gas Midstream

Share price

14.81 USD Market dataClose of Oct 15, 2026

Market capitalisation

1.85B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2026, filed May 28, 2026
Ratios computed
Oct 15, 2026
Filed years
15, FY2011 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

n/a Computed

From the FY2026 filing

Why n/a

No shareholders equity line is filed for this year.

Read quality

Valuation

Price to earnings

n/m Computed

FY2026 accounts, priced at the latest close

Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

Read valuation

Cash generation

Free cash flow yield

7.8% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 12.71B USDFY2017 Net income: 137.0M USDFY2018 Revenue: 6.95B USDFY2018 Net income: -70.9M USDFY2019 Revenue: 8.69B USDFY2019 Net income: 360.0M USDFY2020 Revenue: 7.58B USDFY2020 Net income: -397.0M USDFY2021 Revenue: 5.23B USDFY2021 Net income: -639.8M USDFY2022 Revenue: 7.95B USDFY2022 Net income: -184.8M USDFY2023 Revenue: 5.68B USDFY2023 Net income: 51.4M USDFY2024 Revenue: 4.15B USDFY2024 Net income: -143.8M USDFY2025 Revenue: 3.47B USDFY2025 Net income: 39.4M USDFY2026 Revenue: 3.16B USDFY2026 Net income: -142.3M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it safe

Interest coverage was 0.37x in FY2026, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether NGL Energy Partners LP's gross margin stayed above the median of the Energy sector, year by year. (FY2017 to FY2026, 10 fiscal years of NGL Energy Partners LP with a comparable figure)
The direction
Which way NGL Energy Partners LP's gross margin has moved, and how steadily. (FY2017 to FY2026, 10 filed years of NGL Energy Partners LP)
What could explain it
What in NGL Energy Partners LP's filed statements could explain the movements. (6 readings drawn from the statement lines NGL Energy Partners LP filed)
What to check next
What to check next on NGL Energy Partners LP, and where in its filings. (3 questions for NGL Energy Partners LP)
In one paragraph
One paragraph on NGL Energy Partners LP's returns, cash, balance sheet and price. (9 of sixteen figures read for NGL Energy Partners LP)

These are NGL’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research NGLPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed May 28, 2026, accession 0001504461-26-000012.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

NGL Energy Partners LP: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No shareholders equity line is filed for this year.

n/a ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Return on equity
Why n/a

No shareholders equity line is filed for this year.

n/a ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Return on capital employed, pre-tax2.8% ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Return on assets-3.4% ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Gross margin30.9% ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Operating margin3.0% ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Net margin-4.5% ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
NGL -4.5%
GEL -27.0%GLP 0.5%TEN 20.1%NVGS 17.1%SMC -1.1%
-27.0%20.1%
Net margin: NGL against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

NGL Energy Partners LP: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

No shareholders equity line is filed for this year.

n/a ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Current ratio1.05 ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Quick ratio0.96 ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Interest coverage0.37x ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Net debt3.35B ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Total assets 4.18BTotal liabilities 4.47BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What NGL Energy Partners LP owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed May 28, 2026, 0001504461-26-000012).

NGL Energy Partners LP: balance sheet position
Total assets4.18B FiledFY2026 10-K, filed May 28, 2026
Total liabilities4.47B FiledFY2026 10-K, filed May 28, 2026
Shareholders' equityn/a FiledFY2026 10-K, filed May 28, 2026
Cash8.5M FiledFY2026 10-K, filed May 28, 2026
Total debt3.36B FiledFY2026 10-K, filed May 28, 2026
Net debt3.35B
Current ratio1.05
Debt to equityn/a
  • Shareholders' equity: The 2026 balance sheet files equity only as one total for the parent's shareholders and the minority holders together (-297m). The parent's share is not filed on its own, so equity, debt against equity and return on equity are left blank rather than divided by money that belongs to other owners.
  • Debt to equity: FY2026: No shareholders equity line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

NGL Energy Partners LP: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 28, 2026, 0001504461-26-000012
P/E on trailing twelve months4.03x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Price to sales0.59x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Enterprise value to EBIT54.86x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Enterprise value to EBITDA14.30x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Diluted earnings per share
Why n/a

The FY2026 filing carries no diluted earnings per share we could read.

n/a FiledFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012

We publish no fair value or price target of our own. Value NGL on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for NGL Energy Partners LP today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

NGL Energy Partners LP: valuation
Share price14.81 USD
Market capitalisation1.85B USD
Enterprise value to EBITDA14.30x
Graham numbern/m
Diluted earnings per share, FY2024n/a

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 3.99x, median 7.47x, high 22.59x, latest 4.03x. 462 trading days with a meaningful ratio, 2,061 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like NGL Energy Partners LP

  1. Genesis Energy, L.P. (GEL)Market cap 1.70B USD
  2. Global Partners LP (GLP)Market cap 1.66B USD
  3. Tsakos Energy Navigation Limited (TEN)Market cap 1.55B USD
  4. Navigator Holdings Ltd. (NVGS)Market cap 1.35B USD
  5. Summit Midstream Corp. (SMC)Market cap 413.2M USD

Same industry (Oil & Gas Midstream) and size band (Small, 300M to 2B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

NGL Energy Partners LP: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield7.8% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Free cash flow144.7M USD ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Free cash flow margin4.6% ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Dividend yield0.0% ComputedClose of Oct 15, 2026 · FY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
FY2017 Free cash flow: -370.0M USDFY2017 Net income: 137.0M USDFY2018 Free cash flow: 4.2M USDFY2018 Net income: -70.9M USDFY2019 Free cash flow: -118.3M USDFY2019 Net income: 360.0M USDFY2020 Free cash flow: -91.7M USDFY2020 Net income: -397.0M USDFY2021 Free cash flow: 117.2M USDFY2021 Net income: -639.8M USDFY2022 Free cash flow: 63.5M USDFY2022 Net income: -184.8M USDFY2023 Free cash flow: 297.4M USDFY2023 Net income: 51.4M USDFY2024 Free cash flow: 223.9M USDFY2024 Net income: -143.8M USDFY2025 Free cash flow: 51.6M USDFY2025 Net income: 39.4M USDFY2026 Free cash flow: 144.7M USDFY2026 Net income: -142.3M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

NGL Energy Partners LP: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2026Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2026Oct 15, 2026
n/a The filed balance sheet reports no shareholders equity.
54.86xFY2026Oct 15, 2026
7.8%FY2026Oct 15, 2026
n/aFY2026May 28, 2026
n/a No shareholders equity line is filed for this year.
0.0%FY2026Oct 15, 2026
n/aFY2026May 28, 2026
n/a No shareholders equity line is filed for this year.
1.05FY2026May 28, 2026
0.59xFY2026Oct 15, 2026
n/mFY2026Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2026Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-3.29FY2026May 28, 2026
4/9FY2026May 28, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 15 filed fiscal years on record, FY2011 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports NGL Energy Partners LP filed with the SEC. Each year names its filing. Amounts in USD, as filed.

NGL Energy Partners LP: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20263.16B94.7M-142.3Mn/a144.7M3.0%n/a10-K, May 28, 20260001504461-26-000012
FY20253.47B329.4M39.4Mn/a51.6M9.5%n/a10-K, May 29, 20250001504461-25-000014
FY20244.15B161.9M-143.8M-2.14223.9M3.9%n/a10-K, Jun 6, 20240001504461-24-000013
FY20235.68B244.0M51.4Mn/a297.4M4.3%n/a10-K, May 31, 20230001504461-23-000041
FY20227.95B83.0M-184.8M-2.2263.5M1.0%n/a10-K, Jun 6, 20220001504461-22-000010
FY20215.23B-390.8M-639.8M-5.68117.2M-7.5%n/a10-K, Jun 3, 20210001504461-21-000025
FY20207.58B-3.3M-397.0M-4.59-91.7M-0.0%-23.9%10-K, Jun 1, 20200001504461-20-000022
FY20198.69B126.7M360.0M2.01-118.3M1.5%16.2%10-K, May 30, 20190001504461-19-000038
FY20186.95B187.3M-70.9M-1.084.2M2.7%-3.5%10-K, May 30, 20180001504461-18-000024
FY201712.71B205.9M137.0M0.95-370.0M1.6%6.4%10-K, May 26, 20170001504461-17-000019
  • Revenue, compound annual growth FY2017 to FY2026: -14.3%
  • Earnings: Earnings was not positive in both 2017 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2017 and 2024, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2017 and 2026, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

NGL Energy Partners LP: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-3.29 ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Piotroski F-score4/9 ComputedFY2026 10-K, filed May 28, 2026, 0001504461-26-000012
Named tests met0 of 30 Computed
Beta0.35 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 17 not met, 13 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Clean books, high ROIC
Not measured
Low PEG, low debt (Peter Lynch); High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; P/E times P/B (Benjamin Graham); High returns, low debt; Book or below, low debt (Walter Schloss); Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(17)
  • Debt to Equity: No shareholders equity line is filed for this year.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • P/B Ratio: We do not hold this figure for this company, so there is nothing to show.
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Return on Invested Capital: No shareholders equity line is filed for this year.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Return on Equity: No shareholders equity line is filed for this year.
  • Dividend Yield: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 17 figures could not be read on this company, among them Debt to Equity, Positive Earnings Streak, P/B Ratio. Each blank in the table above names the rest, with its reason. 13 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

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