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NGL Energy Partners LP (NGL) 10-Year Financial Performance & Capital Metrics

NGL • • Industrial / General
EnergyMidstream Oil & GasIntegrated Midstream ServicesDiversified Midstream Operators
AboutNGL Energy Partners LP engages in the transportation, storage, blending, and marketing of crude oil, natural gas liquids, refined products / renewables, and water solutions. The company operates in 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 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 and frac tank 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. The Liquids Logistics segment supplies natural gas liquids, refined petroleum products, and biodiesel to commercial, retail, and industrial customers in the United States and Canada through its 24 terminals, third-party storage and terminal facilities, and nine common carrier pipelines, as well as through fleet of leased railcars. This segment is also involved in the marine export of butane through its facility located in Chesapeake, Virginia. NGL Energy Holdings LLC serves as the general partner of the company. The company was founded in 1940 and is headquartered in Tulsa, Oklahoma.Show more
  • Revenue $3.47B -16.5%
  • EBITDA $597M +34.4%
  • Net Income $39M +127.4%
  • EPS (Diluted) -0.60 +72.0%
  • Gross Margin 20.39% +20.7%
  • EBITDA Margin 17.2% +60.9%
  • Operating Margin 9.49% +143.5%
  • Net Margin 1.13% +132.8%
  • ROE 4.64% +137.4%
  • ROIC 6.41% +116.3%
  • Debt/Equity 4.42 +49.0%
  • Interest Coverage 1.18 +84.9%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Momentum leader: RS Rating 93 (top 7%)
  • ✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

  • ✗High debt to equity ratio of 4.4x
  • ✗Sales declining 14.5% over 5 years

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-14.59%
5Y-14.48%
3Y-24.14%
TTM-59.65%

Profit (Net Income) CAGR

10Y8.98%
5Y-
3Y-
TTM346.43%

EPS CAGR

10Y-
5Y-
3Y-
TTM92.25%

ROCE

10Y Avg1.71%
5Y Avg2.38%
3Y Avg5.84%
Latest8.32%

Peer Comparison

Diversified Midstream Operators
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
WMBThe Williams Companies, Inc.73.63B60.2933.13-3.7%20.64%15.95%3.26%1.82
KMIKinder Morgan, Inc.60.98B27.4123.43-0.55%16.62%8.51%4.93%0.99
ENBEnbridge Inc.102.19B46.8120.0022.51%9.38%12.2%5.55%1.48
DKLDelek Logistics Partners, LP2.59B48.4116.19-7.82%17%9.41%2.88%53.11
ETEnergy Transfer LP59.95B17.4613.645.2%5.66%9.58%12.25%1.30
MPLXMPLX Lp56.93B55.9713.294.5%39.71%33.17%8.59%1.53
PBAPembina Pipeline Corporation22.35B38.4712.8216.63%22.1%10.45%10.11%0.76
TRPTC Energy Corporation56.56B54.3312.263.8%28.18%9.32%2.37%1.56

Profit & Loss

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales/Revenue+11.74B13.02B16.91B8.69B7.58B5.23B7.95B8.69B4.15B3.47B
Revenue Growth %-0.3%0.11%0.3%-0.49%-0.13%-0.31%0.52%0.09%-0.52%-0.16%
Cost of Goods Sold+11.07B12.55B16.62B8.2B6.87B4.49B7.43B4.96B3.45B2.76B
COGS % of Revenue0.94%0.96%0.98%0.94%0.91%0.86%0.93%0.57%0.83%0.8%
Gross Profit+674.15M477.11M285.63M494.12M714.3M733.2M519.88M716.5M701.76M707.38M
Gross Margin %0.06%0.04%0.02%0.06%0.09%0.14%0.07%0.08%0.17%0.2%
Gross Profit Growth %0.04%-0.29%-0.4%0.73%0.45%0.03%-0.29%0.38%-0.02%0.01%
Operating Expenses+457.99M431.21M319.91M333.1M717.64M1.12B436.84M472.51M539.85M378.02M
OpEx % of Revenue0.04%0.03%0.02%0.04%0.09%0.22%0.05%0.05%0.13%0.11%
Selling, General & Admin139.54M116.57M98.13M107.41M113.66M325.03M63.55M71.48M121.63M55.59M
SG&A % of Revenue0.01%0.01%0.01%0.01%0.01%0.06%0.01%0.01%0.03%0.02%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses5.58M27.76M656K-30.42M603.97M798.92M373.29M401.03M418.22M322.43M
Operating Income+-104.6M255.08M-17.17M126.73M-3.33M-390.75M83.04M243.99M161.91M329.36M
Operating Margin %-0.01%0.02%-0%0.01%-0%-0.07%0.01%0.03%0.04%0.09%
Operating Income Growth %-2.2%3.44%-1.07%8.38%-1.03%-116.27%1.21%1.94%-0.34%1.03%
EBITDA+131.02M485.12M197.94M339.19M273.52M-72.97M389.25M534.09M443.98M596.6M
EBITDA Margin %0.01%0.04%0.01%0.04%0.04%-0.01%0.05%0.06%0.11%0.17%
EBITDA Growth %-0.56%2.7%-0.59%0.71%-0.19%-1.27%6.33%0.37%-0.17%0.34%
D&A (Non-Cash Add-back)235.62M230.03M215.12M212.46M276.85M317.78M306.21M290.11M282.06M267.25M
EBIT-54.38M296.29M-25.88M86.5M-9.92M90.94M71.55M267.95M98.35M327.75M
Net Interest Income+-121.08M-142.44M-192.85M-160M-181.18M-198.8M-254.68M-258.7M-254.62M-279.65M
Interest Income12M8.61M6.3M4.73M000000
Interest Expense133.09M150.48M199.15M164.72M181.18M198.8M254.68M258.7M254.62M280.08M
Other Income/Expense-82.86M-109.27M-206.4M-204.95M-176.87M-250.06M-266.17M-234.73M-318.18M-269.25M
Pretax Income+-187.46M145.81M-225.03M-78.22M-180.2M-640.81M-183.13M9.25M-156.27M60.1M
Pretax Margin %-0.02%0.01%-0.01%-0.01%-0.02%-0.12%-0.02%0%-0.04%0.02%
Income Tax+-367K1.94M1.35M1.23M345K-3.39M971K219K1.46M-4.88M
Effective Tax Rate %1.08%0.94%0.31%-4.6%2.2%1%1.01%5.55%0.92%0.65%
Net Income+-201.95M137.04M-70.88M360.05M-397.01M-639.82M-184.76M51.39M-143.75M39.37M
Net Margin %-0.02%0.01%-0%0.04%-0.05%-0.12%-0.02%0.01%-0.03%0.01%
Net Income Growth %-13.12%1.68%-1.52%6.08%-2.1%-0.61%0.71%1.28%-3.8%1.27%
Net Income (Continuing)-187.1M94.8M-22.48M-79.45M-180.54M-637.42M-184.1M9.04M-157.73M64.99M
Discontinued Operations049.07M-47.13M418.85M-218.24M-1.77M043.46M14.6M-21.83M
Minority Interest41.07M26.75M83.5M58.75M21.56M17.28M-35.08M-36.04M-34.6M20.67M
EPS (Diluted)+-1.930.95-0.592.93-1.42-5.68-2.22-0.56-2.14-0.60
EPS Growth %-37.6%1.49%-1.62%5.97%-1.48%-3%0.61%0.75%-2.82%0.72%
EPS (Basic)-1.930.99-0.592.93-1.42-5.68-2.22-0.56-2.14-0.60
Diluted Shares Outstanding104.84M111.85M120.99M123.02M127.41M128.98M129.84M131.01M132.15M132.01M
Basic Shares Outstanding104.84M108.09M120.99M123.02M127.41M128.98M129.84M131.01M132.15M132.01M
Dividend Payout Ratio-1.32%-0.66%------

Balance Sheet

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Total Current Assets+1.03B1.48B2.25B1.81B774.09M1.01B1.55B1.29B1.18B962.05M
Cash & Short-Term Investments28.18M12.26M22.09M18.57M22.7M4.83M3.82M5.43M38.91M13.55M
Cash Only28.18M12.26M22.09M18.57M22.7M4.83M3.82M5.43M38.91M5.65M
Short-Term Investments0000000007.9M
Accounts Receivable536.64M807.32M1.03B1.01B571.99M727.13M1.13B1.05B721.22M583.71M
Days Sales Outstanding16.6822.6322.2742.4727.5350.7851.9743.9263.3861.41
Inventory367.81M561.43M551.3M136.13M69.63M158.47M251.28M142.61M106.6M69.92M
Days Inventory Outstanding12.1316.3312.116.063.712.8712.3510.4911.279.24
Other Current Assets00517.6M580.99M44.65M48.09M83.47M98.09M313.92M294.88M
Total Non-Current Assets+4.53B4.84B3.9B4.09B5.72B4.94B4.52B4.16B3.84B3.65B
Property, Plant & Equipment1.65B1.79B1.52B1.83B3.03B2.86B2.58B2.31B2.19B2.18B
Fixed Asset Turnover7.12x7.27x11.13x4.75x2.50x1.83x3.08x3.76x1.90x1.59x
Goodwill1.32B1.45B1.2B1.11B993.59M744.44M744.44M712.36M617.23M599.35M
Intangible Assets1.15B1.16B913.15M800.89M1.6B1.25B1.12B1.04B914.85M834.25M
Long-Term Investments219.55M187.42M17.24M1.13M23.18M22.72M21.9M29.68M25.08M3.09M
Other Non-Current Assets176.04M239.6M246.24M348.41M72.2M59.88M62.95M65.06M91.41M33.98M
Total Assets+5.56B6.32B6.15B5.9B6.5B5.95B6.07B5.46B5.02B4.61B
Asset Turnover2.11x2.06x2.75x1.47x1.17x0.88x1.31x1.59x0.83x0.75x
Asset Growth %-0.15%0.14%-0.03%-0.04%0.1%-0.08%0.02%-0.1%-0.08%-0.08%
Total Current Liabilities+706.02M938.6M1.13B1.25B845.82M910.8M1.28B1.11B977.35M739.23M
Accounts Payable427.5M665.94M854.09M907.53M532.77M679.99M1.08B927.66M638.8M462.08M
Days Payables Outstanding14.119.3818.7640.4228.3155.2353.3168.2367.5561.07
Short-Term Debt7.91M29.59M646K648K4.68M2.18M2.38M34.17M36.39M8.8M
Deferred Revenue (Current)1000K1000K1000K1000K0001000K1000K1000K
Other Current Liabilities99.24M79.96M226.31M315.2M171.86M72.84M63.68M106.6M251.79M185M
Current Ratio1.46x1.58x1.99x1.45x0.92x1.11x1.21x1.16x1.21x1.30x
Quick Ratio0.94x0.98x1.51x1.34x0.83x0.93x1.01x1.04x1.10x1.21x
Cash Conversion Cycle14.7119.5915.628.112.928.4211.01-13.827.19.58
Total Non-Current Liabilities+3.16B3.15B2.85B2.22B3.38B3.54B3.53B3.03B3.04B3.17B
Long-Term Debt2.91B2.96B2.68B2.16B3.14B3.32B3.35B2.86B2.84B2.96B
Capital Lease Obligations0000121.01M103.64M72.78M58.45M85.34M85.34M
Deferred Tax Liabilities-169.4M-139.3M-109.2M0000038M0
Other Non-Current Liabilities247.24M187.61M173.51M63.58M114.08M114.61M104.35M111.23M76.42M126.32M
Total Liabilities3.87B4.09B3.98B3.47B4.23B4.45B4.8B4.14B4.02B3.91B
Total Debt+2.92B2.99B2.68B2.16B3.33B3.47B3.47B2.95B2.97B3.08B
Net Debt2.89B2.98B2.66B2.14B3.3B3.47B3.46B2.94B2.93B3.08B
Debt / Equity1.68x1.36x32.81x36.94x1.46x2.32x2.74x2.24x2.97x4.42x
Debt / EBITDA22.29x6.17x13.54x6.37x12.16x-8.91x5.52x6.68x5.17x
Net Debt / EBITDA22.08x6.14x13.43x6.32x12.08x-8.90x5.51x6.59x5.16x
Interest Coverage-0.79x1.70x-0.09x0.77x-0.02x-1.97x0.33x0.94x0.64x1.18x
Total Equity+1.74B2.19B81.69M58.49M2.27B1.5B1.27B1.32B999.17M697.37M
Equity Growth %-0.46%0.26%-0.96%-0.28%37.86%-0.34%-0.16%0.04%-0.24%-0.3%
Book Value per Share16.5519.610.680.4817.8411.629.7510.067.565.28
Total Shareholders' Equity1.69B2.17B-1.81M-255K2.25B1.48B1.3B1.35B1.03B676.7M
Common Stock1.71B2.19B1.85B2.07B1.37B582.78M401.49M455.56M134.81M-170.28M
Retained Earnings0-2.26B-2.14B-2.42B000000
Treasury Stock0000000000
Accumulated OCI-157K-1.83M-1.81M-255K-385K-266K-308K-450K-499K9K
Minority Interest41.07M26.75M83.5M58.75M21.56M17.28M-35.08M-36.04M-34.6M20.67M

Cash Flow

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operations+351.5M-26.82M137.97M337.25M464.06M303.99M205.85M445.19M297.46M297.46M
Operating CF Margin %0.03%-0%0.01%0.04%0.06%0.06%0.03%0.05%0.07%0.09%
Operating CF Growth %0.34%-1.08%6.14%1.44%0.38%-0.34%-0.32%1.16%-0.33%0%
Net Income-187.1M143.87M-69.61M339.39M-398.78M-639.19M-184.1M52.49M43.16M43.16M
Depreciation & Amortization249.21M237.79M225.74M221.67M276.85M331.2M306.21M290.88M267.25M267.25M
Stock-Based Compensation51.56M53.1M35.24M41.37M26.51M6.73M-1.05M2.72M00
Deferred Taxes195.92M-154.96M225.44M216.23M0587.61M0000
Other Non-Cash Items-82.72M-21.24M-156.82M-405.03M519.79M7.18M221.31M100.94M96.55M96.55M
Working Capital Changes124.61M-285.4M-122.02M-76.38M39.69M10.46M-136.52M-1.84M-109.49M-109.49M
Change in Receivables505.54M-269.43M-272.99M-185.72M436.35M-162.03M-397.61M86.63M114.42M114.42M
Change in Inventory74.69M-192.19M-7.65M-10.09M29.78M-92.73M-119.81M85.05M9.94M9.94M
Change in Payables-439.71M239.05M195.34M87.74M-375.26M207.5M405.42M-155.88M-145.99M-145.99M
Cash from Investing+-445.33M-363.13M270.58M453.47M-1.44B-221.49M-212.41M64.19M-122.81M-122.81M
Capital Expenditures-661.88M-363.87M-133.76M-455.59M-555.71M-186.8M-142.36M-147.76M-245.82M-245.82M
CapEx % of Revenue0.06%0.03%0.01%0.05%0.07%0.04%0.02%0.02%0.06%0.07%
Acquisitions----------
Investments----------
Other Investing-648.04M19.06M23.09M865.82M319.95M-141.06M18.87M46.07M51.11M51.11M
Cash from Financing+80.7M371.45M-394.28M-794.25M978.83M-100.38M5.55M-507.76M-207.91M-207.91M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-322.01M-181.29M-225.07M-236.63M-244.4M-142.13M00-305.29M-305.29M
Share Repurchases----------
Other Financing-53.88M-68.28M-23.55M-19.72M-130.28M-165.12M-15.8M-7.08M-14.13M-14.13M
Net Change in Cash----------
Free Cash Flow+-310.39M-390.69M4.21M-118.34M-91.66M117.19M63.49M297.42M51.65M51.65M
FCF Margin %-0.03%-0.03%0%-0.01%-0.01%0.02%0.01%0.03%0.01%0.01%
FCF Growth %-2.3%-0.26%1.01%-29.14%0.23%2.28%-0.46%3.68%-0.83%0%
FCF per Share-2.96-3.490.03-0.96-0.720.910.492.270.390.39
FCF Conversion (FCF/Net Income)-1.74x-0.20x-1.95x0.94x-1.17x-0.48x-1.11x8.66x-2.07x7.56x
Interest Paid117.19M117.91M192.94M170.63M155.44M168.64M254.81M265.42M298.98M298.98M
Taxes Paid2.3M2.02M1.84M2.42M4.93M2.59M2.48M3.35M6.17M6.17M

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-8.15%6.98%-6.23%513.69%-34.06%-33.92%-13.36%3.98%-12.4%4.64%
Return on Invested Capital (ROIC)-1.49%3.9%-0.33%3.85%-0.06%-5.56%1.28%4.07%2.97%6.41%
Gross Margin5.74%3.66%1.69%5.69%9.42%14.03%6.54%8.24%16.9%20.39%
Net Margin-1.72%1.05%-0.42%4.14%-5.23%-12.24%-2.32%0.59%-3.46%1.13%
Debt / Equity1.68x1.36x32.81x36.94x1.46x2.32x2.74x2.24x2.97x4.42x
Interest Coverage-0.79x1.70x-0.09x0.77x-0.02x-1.97x0.33x0.94x0.64x1.18x
FCF Conversion-1.74x-0.20x-1.95x0.94x-1.17x-0.48x-1.11x8.66x-2.07x7.56x
Revenue Growth-30.11%10.9%29.83%-48.61%-12.72%-31.08%52.05%9.4%-52.23%-16.47%

Revenue by Segment

2016201720182019202020212022202320242025
Liquids Logistics-----3.13B4.9B5.53B4.57B1.83B
Liquids Logistics Growth------56.31%12.98%-17.41%-59.87%
Crude Oil Logistics3.22B1.67B2.26B3.14B2.55B1.72B2.51B2.46B1.66B879.9M
Crude Oil Logistics Growth--48.19%35.59%38.78%-18.71%-32.48%45.53%-1.62%-32.81%-46.87%
Water Solutions185M159.6M229.14M301.69M422.06M370.99M544.87M697.04M730.82M755.69M
Water Solutions Growth--13.73%43.57%31.66%39.90%-12.10%46.87%27.93%4.85%3.40%
Corporate and Other-----1.25M----
Corporate and Other Growth----------
Liquids and Marketing----4.61B-----
Liquids and Marketing Growth----------
Corporate, Non-Segment---1.36M1.04M-----
Corporate, Non-Segment Growth-----23.79%-----
Refined Products And Renewables6.79B9.34B12.2B18.16B------
Refined Products And Renewables Growth-37.55%30.59%48.86%------
Liquids1.19B1.44B2.07B2.42B------
Liquids Growth-20.48%43.84%16.67%------
Retail Propane-413.11M521.39M-------
Retail Propane Growth--26.21%-------
Retail Propane352.98M---------
Retail Propane Growth----------

Frequently Asked Questions

Growth & Financials

NGL Energy Partners LP (NGL) reported $2.03B in revenue for fiscal year 2025. This represents a 55% increase from $1.31B in 2012.

NGL Energy Partners LP (NGL) saw revenue decline by 16.5% over the past year.

Yes, NGL Energy Partners LP (NGL) is profitable, generating $125.4M in net income for fiscal year 2025 (1.1% net margin).

Dividend & Returns

Yes, NGL Energy Partners LP (NGL) pays a dividend with a yield of 24.19%. This makes it attractive for income-focused investors.

NGL Energy Partners LP (NGL) has a return on equity (ROE) of 4.6%. This is below average, suggesting room for improvement.

NGL Energy Partners LP (NGL) generated $340.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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