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NGL Energy Partners USD

NGL Energy Partners LP operates in the United States, handling the transportation, treatment, and disposal of produced water from oil and gas production, as well as the logistics of crude oil and natural gas liquids through pipelines, storage terminals, and other facilities.

At a glance: strengths & risks
✓Revenue growing (+59% y/y, Q1 2026)✓Profit growing (+14% y/y, Q1 2026)✗Loss-making last FY✗Margins compressing (27%→21%, Q1 2026)✗High leverage (9.2x EBITDA)✗Pricier than own history (EV/EBITDA 13.2 vs avg 6.2)

Sector: Oil & gas

Geography: USA (Permian Basin, Bakken, Eagle Ford)

COMM_NGL

Price chart

15.54 USDDay 0.32%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
15.54 USD · 0.32%
Market cap
2.0 bn USD

Growth

Δ revenue y/y
59.1%
Δ EBITDA y/y
26.8%

Multiples

P/E (LTM)
—
3y avg: 10.9x
P/B (FY)
—
P/E (ann.)
6.3x
EV/EBITDA (LTM)
13.2x
3y avg: 6.2x
EV/EBITDA (ann.)
6.3x

Cash return

Dividend yield
—
FCF yield (LTM)
7.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-73.7%
↓ details

Liquidity

Daily turnover (listing)
0.8 mln USD

Shares: yahoo_fundamentals_timeseries/NGL

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK990.0
y/y 59.1%
145.3
y/y 49.1%
66.7
y/y -4.4%
212.0
y/y 26.8%
78.7
y/y 14.2%
77.0-108.84180.1
y/y -0.2%
-236.5
y/y -266.0%
-118.2%3396.7Link
2026-03-31Q1 2026 (3M)OK949.5
y/y -2.2%
-206.6
y/y -354.7%
66.3
y/y 2436.3%
-140.3
y/y -267.6%
-287.7
y/y -2196.2%
76.8-9.54175.5
y/y -9.4%
-296.6
y/y -303.3%
160.7%3348.9Link
2025-12-31Q4 2025 (3M)OK909.8
y/y -7.4%
109.7
y/y 29.5%
65.5
y/y -5.9%
175.2
y/y 13.6%
47.2
y/y 249.3%
182.3-136.64382.6
y/y -9.6%
119.5
y/y -26.5%
51.7%3056.2Link
2025-09-30Q3 2025 (3M)OK674.7
y/y -10.8%
94.3
y/y 15.7%
67.2
y/y -48.3%
161.4
y/y -23.7%
29.3
y/y 1093.3%
73.7-53.14301.6
y/y -12.0%
123.8
y/y -33.2%
88.0%3023.7Link
2025-06-30Q2 2025 (3M)OK622.2
y/y -18.1%
97.5
y/y 18.7%
69.8
y/y 7.2%
167.2
y/y 13.6%
68.9
y/y 611.8%
33.2-22.14188.3
y/y -13.5%
142.5
y/y -33.4%
191.2%2997.6Link
2025-03-31Q1 2025 (3M)OK971.1
y/y —
81.1
y/y 182.8%
2.6
y/y -96.2%
83.7
y/y 391.2%
13.7
y/y 105.8%
173.1-34.64609.4
y/y -8.2%
145.8
y/y -67.4%
25.5%3070.3Link
2024-12-31Q4 2024 (3M)OK982.4
y/y -47.5%
84.7
y/y -16.8%
69.6
y/y -0.4%
154.2
y/y -10.2%
13.5
y/y -70.4%
153.8-1.74848.5
y/y -9.6%
162.6
y/y -81.1%
10.4%3198.5Link
2024-09-30Q3 2024 (3M)OK756.5
y/y -70.3%
81.5
y/y -5.3%
130.0
y/y 86.2%
211.5
y/y 35.7%
2.5
y/y -91.2%
-11.3-149.54890.2
y/y -13.1%
185.3
y/y -77.3%
4.9%3227.1Link
2024-06-30Q2 2024 (3M)OK759.2
y/y -53.0%
82.1
y/y 14.0%
65.1
y/y -11.1%
147.2
y/y 1.3%
9.7
y/y -49.8%
-18.1-59.94839.6
y/y -8.8%
214.0
y/y -72.8%
11.7%3116.5Link
2024-03-31FY 2024 (12M)OK—
y/y -26.9%
-97.9
y/y —
69.2
y/y —
-28.8
y/y —
-236.8
y/y —
97.13.45020.1
y/y -8.0%
448.1
y/y -41.6%
-22.0%2912.1Link
2023-12-31Q4 2023 (3M)OK1869.8
y/y —
101.8
y/y —
69.9
y/y —
171.7
y/y —
45.7
y/y —
92.8-39.55362.5
y/y —
860.8
y/y —
7.3%2786.8Link
2023-09-30Q3 2023 (3M)OK2545.8
y/y —
86.0
y/y —
69.8
y/y —
155.8
y/y —
28.0
y/y —
131.1-80.45627.9
y/y —
815.2
y/y —
14.0%2876.9Link
2023-06-30Q2 2023 (3M)OK1616.1
y/y —
72.0
y/y —
73.2
y/y —
145.2
y/y —
19.3
y/y —
55.1-35.85305.7
y/y —
787.1
y/y —
9.9%2895.5Link
2023-03-31FY 2023 (12M)OK5679.0
y/y —
244.0
y/y —
290.1
y/y —
534.1
y/y —
51.4
y/y —
445.2-147.85456.1
y/y —
767.4
y/y —
—2945.2Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)51
Long-term debt (incl. LT leases)3 351
− Cash & equivalents5
Net debt3 397

Net debt / LTM EBITDA: 8.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-50005001 0001 5002 0002023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-300%-200%-100%0%100%2023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-200-10001002002023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0004 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 8.11x of reported net profit; after capex, 3.55x. Loss years (2022, 2024, 2026) are left out of the ratio.
year20222023202420252026
cash flow / profit—8.66x—7.56x—
accruals, % of assets-6.4%-7.2%-10.4%-5.6%-12.2%
net debt / EBITDA 9.2x · EBIT covers interest 0.4x · capex 0.6x of depreciation
● Net debt / EBITDA 9.2x at the last full year.
● EBIT covers interest 0.4x.
Midstream partnerships distribute nearly all cash and carry contracted leverage; the leverage bar is set higher for them here.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Brent

Current 117spot vs LTM +19%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -73.7% ▼ -1.5 pp 1d

Main driver: Brent +53% vs LTM; revenue ×1.19 vs costs ×1.04; EBITDA 408→615; at 6.4× EV/EBITDA → -74%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+55%116.7276.5181.20+53%+6%
Henry Hub Gas (rev)+45%2.633.383.12-22%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue3 524
LTM EBITDA408
LTM cash costs (revenue − EBITDA)3 116
2 · Revenue projection
Revenue multiplier — spot×1.189 (+19%)
= Spot revenue4 190
Revenue multiplier — 3y price×0.999 (-0%)
= 3-year-price revenue3 520
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs3 240
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs3 240
4 · EBITDA projection (revenue − costs)
= Spot EBITDA950
= 3-year-price EBITDA280
Conservative EBITDA = min(spot, avg)615
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)6.4x
Target EV = EV/EBITDA × conservative EBITDA3 917
Net debt3 405
Target market cap = EV − net debt512
Current market cap1 945

Upside = target market cap ÷ current − 1 = -73.7%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q22 5461 071+137.7%156-181—
2023 Q31 8701 368+36.7%172-18—
2024 Q41 6551 273+30.1%-69-46—
2024 Q17591 893-59.9%14727—
2024 Q27561 573-51.9%211-73—
2024 Q39821 331-26.2%154158-2.2%
2025 Q41 2631 280-1.4%93330-71.8%
2025 Q1622971-36.0%167163+2.6%
2025 Q2675861-21.6%16193+74.5%
2025 Q3910914-0.5%175154+13.8%
2026 Q4950913+4.0%-140177-179.4%
2026 Q1990903+9.6%212188+12.9%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -9% vs -16% the year before — a +7.4 pp move. 3-year CAGR -18%.
revenue growth by year: 2024 -27% · 2025 -16% · 2026 -9%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.9x · target 75th pct (3y) 21.8x · LTM avg 9.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal26.53.2x3.2x
LukoilRussia44.72.5x5.1x
Occidental Petroleumglobal63.35.2x5.2x
GazpromRussia33.72.9x5.8x
TatneftRussia18.23.0x6.0x
RosneftRussia51.33.3x6.7x
ConocoPhillipsglobal188.87.7x7.7x
Gazprom NeftRussia33.84.2x8.5x
Chevronglobal432.88.9x8.9x
SantosAustralia20.69.5x9.6x
Exxon Mobilglobal765.610.8x10.8x
NovatekRussia44.68.7x17.7x
Group median4.7x7.2x
Group average5.8x7.9x
This companyglobal2.013.2x13.2x

Group median 4.7x as traded, 7.2x adjusted; this company 13.2x — a 83% premium.

Group average 5.8x as traded, 7.9x adjusted; against the average this company is at a 66% premium.

At the adjusted group median the market cap would be -122% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of NGL Energy Partners — from primary filings.

Frequently asked questions

What is NGL Energy Partners's EV/EBITDA?
NGL Energy Partners trades at 13.2x EV/EBITDA.
What is NGL Energy Partners's return on equity (ROE)?
NGL Energy Partners's ROE is -118.2%.
What is NGL Energy Partners's market capitalization?
NGL Energy Partners's market cap is 2.0 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map