Ngl Energy Partners Lp Financials

NGL

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Ngl Energy Partners Lp (NGL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NGL FY2025 2026-05-28

Gross profit held near $1.0B despite falling revenue, showing sales dollars are a weak proxy for this business.

From FY2023 to FY2025, revenue fell from $5.7B to $3.5B while gross profit stayed near $1.0B; that points to economically stronger revenue replacing lower-value volume rather than a simple business contraction. In FY2025, that richer margin shape lifted operating margin to 9.5%, but interest expense of $280M still consumed most of $329M in operating income, leaving only a 1.1% net margin.

FY2025 operating cash flow was $297M against net income of just $39M, so cash generation was materially stronger than the earnings line suggests. But capital spending rose to $246M, pulling free cash flow down to $52M from $224M in FY2024; the business produced cash, then had to reinvest most of it.

The balance sheet looks working-capital adequate but cash-thin: the current ratio improved to 1.3x even though cash ended FY2025 at only $5.6M. With long-term debt at nearly $3.0B and total assets down to $4.6B, short-term obligations appear manageable, but financing costs still absorb a large share of operating improvement.

Financial Health Signals

Financial Profile 16/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Ngl Energy Partners Lp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Ngl Energy Partners Lp has an operating margin of 3.0%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 34/100, indicating healthy but not exceptional operating efficiency. This is down from 9.5% the prior year.

Growth

Ngl Energy Partners Lp's revenue declined 9% year-over-year, from $3.5B to $3.2B. This contraction results in a growth score of 12/100.

Liquidity

Ngl Energy Partners Lp's current ratio of 1.05 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Ngl Energy Partners Lp has a free cash flow margin of 4.6%, earning a moderate score of 35/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Neutral

4/9

Ngl Energy Partners Lp passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-2.57x

For every $1 of reported earnings, Ngl Energy Partners Lp generates $-2.57 in operating cash flow ($366.0M OCF vs -$142.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.4x

Ngl Energy Partners Lp earns $0.4 in operating income for every $1 of interest expense ($94.7M vs $257.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$3.2B

YoY-9.0%

5Y CAGR-9.6%

10Y CAGR-12.1%

Ngl Energy Partners Lp generated $3.2B in revenue in fiscal year 2026. This represents a decrease of 9.0% from the prior year.

EBITDA

$363.5M

YoY-39.1%

10Y CAGR+18.9%

Ngl Energy Partners Lp's EBITDA was $363.5M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 39.1% from the prior year.

Net Income

-$142.3M

YoY-461.4%

Ngl Energy Partners Lp reported -$142.3M in net income in fiscal year 2026. This represents a decrease of 461.4% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$144.7M

YoY+180.1%

5Y CAGR+4.3%

Ngl Energy Partners Lp generated $144.7M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 180.1% from the prior year.

Cash & Debt

$8.5M

YoY+50.6%

5Y CAGR+12.0%

10Y CAGR-10.1%

Ngl Energy Partners Lp held $8.5M in cash against $3.2B in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

125M

Ngl Energy Partners Lp had 125M shares outstanding in fiscal year 2026.

Margins & Returns

Gross Margin

30.9%

YoY+3.1pp

5Y CAGR+16.8pp

10Y CAGR+24.7pp

Ngl Energy Partners Lp's gross margin was 30.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the prior year.

Operating Margin

3.0%

YoY-6.5pp

5Y CAGR+10.5pp

10Y CAGR+4.3pp

Ngl Energy Partners Lp's operating margin was 3.0% in fiscal year 2026, reflecting core business profitability. This is down 6.5 percentage points from the prior year.

Net Margin

-4.5%

YoY-5.6pp

5Y CAGR+7.7pp

10Y CAGR-2.8pp

Ngl Energy Partners Lp's net profit margin was -4.5% in fiscal year 2026, showing the share of revenue converted to profit. This is down 5.6 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

$47.6M

YoY+2141.3%

5Y CAGR+204.5%

10Y CAGR+10.4%

Ngl Energy Partners Lp spent $47.6M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 2141.3% from the prior year.

Capital Expenditures

$221.3M

YoY-10.0%

5Y CAGR+3.4%

10Y CAGR-12.0%

Ngl Energy Partners Lp invested $221.3M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 10.0% from the prior year.

NGL Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$3.2B-9.0%	$3.5B-16.5%	$4.2B-26.9%	$5.7B-28.5%	$7.9B+52.1%	$5.2B
Cost of Revenue	$2.2B-13.0%	$2.5B-21.3%	$3.2B-32.1%	$4.7B-34.3%	$7.1B+58.9%	$4.5B
Gross Profit	$974.0M+1.2%	$962.1M-0.6%	$967.9M-2.2%	$989.6M+22.4%	$808.6M+10.3%	$733.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$70.1M+26.1%	$55.6M-54.3%	$121.6M+70.1%	$71.5M+12.5%	$63.5M-9.8%	$70.5M
Operating Income	$94.7M-71.2%	$329.4M+103.4%	$161.9M-33.6%	$244.0M+193.8%	$83.0M+121.3%	-$390.8M
Interest Expense	$257.5M-8.1%	$280.1M+3.8%	$269.8M-2.0%	$275.4M+1.4%	$271.6M+36.6%	$198.8M
Income Tax	-$276K+94.4%	-$4.9M-435.0%	$1.5M+565.8%	$219K-77.4%	$971K+128.6%	-$3.4M
Net Income	-$142.3M-461.4%	$39.4M+127.4%	-$143.8M-379.8%	$51.4M+127.8%	-$184.8M+71.1%	-$639.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$949.5M+4.4%	$909.8M+34.9%	$674.7M+8.4%	$622.2M-35.9%	$971.1M-1.2%	$982.4M+29.9%	$756.5M-0.4%	$759.2M
Cost of Revenue	$732.3M+13.3%	$646.1M+53.5%	$421.0M+10.0%	$382.8M-46.0%	$709.4M-3.5%	$735.4M+40.6%	$522.9M-3.0%	$539.3M
Gross Profit	$217.3M-17.6%	$263.7M+4.0%	$253.7M+6.0%	$239.3M-8.5%	$261.6M+5.9%	$247.0M+5.8%	$233.6M+6.2%	$219.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$26.0M+66.8%	$15.6M+6.0%	$14.7M+7.2%	$13.7M	N/A	$15.0M+24.0%	$12.1M-19.0%	$15.0M
Operating Income	-$206.6M-288.4%	$109.7M+16.3%	$94.3M-3.3%	$97.5M	N/A	$84.7M+3.9%	$81.5M-0.7%	$82.1M
Interest Expense	$63.4M-0.7%	$63.8M-1.4%	$64.7M-1.3%	$65.5M	N/A	$63.1M-18.3%	$77.2M+10.7%	$69.7M
Income Tax	$86K+172.3%	-$119K-95.1%	-$61K+66.5%	-$182K	N/A	-$274K-257.5%	$174K+103.6%	-$4.8M
Net Income	-$287.7M-709.8%	$47.2M+61.1%	$29.3M-57.5%	$68.9M+402.2%	$13.7M+1.6%	$13.5M+450.4%	$2.5M-74.7%	$9.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NGL Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$4.2B-9.4%	$4.6B-8.2%	$5.0B-8.0%	$5.5B-10.1%	$6.1B+2.1%	$5.9B
Current Assets	$774.0M-19.6%	$962.1M-18.5%	$1.2B-8.6%	$1.3B-16.4%	$1.5B+53.4%	$1.0B
Cash & Equivalents	$8.5M+50.6%	$5.6M-85.5%	$38.9M+616.4%	$5.4M+42.1%	$3.8M-20.9%	$4.8M
Inventory	$67.4M-3.7%	$69.9M-34.4%	$106.6M-25.3%	$142.6M-43.2%	$251.3M+58.6%	$158.5M
Accounts Receivable	$661.2M	N/A	N/A	$1.0B-7.9%	$1.1B+54.7%	$725.9M
Goodwill	$351.5M-41.4%	$599.3M-2.9%	$617.2M-13.4%	$712.4M-4.3%	$744.4M0.0%	$744.4M
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	$739.5M0.0%	$739.2M-24.4%	$977.3M-12.0%	$1.1B-13.1%	$1.3B+40.2%	$910.8M
Long-Term Debt	$3.2B+8.8%	$3.0B+4.1%	$2.8B-0.5%	$2.9B-14.7%	$3.4B-0.8%	$3.4B
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$4.2B-4.7%	$4.4B+1.9%	$4.3B+2.7%	$4.2B-9.1%	$4.6B-4.9%	$4.8B-0.9%	$4.9B+1.0%	$4.8B
Current Assets	$774.0M+7.3%	$721.4M+0.5%	$717.9M+22.6%	$585.6M-39.1%	$962.1M-5.3%	$1.0B+1.2%	$1.0B+1.3%	$990.3M
Cash & Equivalents	$8.5M+31.3%	$6.5M-25.2%	$8.7M+59.1%	$5.4M-3.7%	$5.6M-0.6%	$5.7M+26.4%	$4.5M-14.7%	$5.3M
Inventory	$67.4M-14.5%	$78.8M-33.2%	$118.0M+44.8%	$81.5M+16.5%	$69.9M-47.9%	$134.1M-30.8%	$193.9M+22.2%	$158.7M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$351.5M-41.4%	$599.3M0.0%	$599.3M0.0%	$599.3M0.0%	$599.3M-5.5%	$634.3M0.0%	$634.3M0.0%	$634.3M
Total Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Liabilities	$739.5M+14.3%	$646.8M+13.4%	$570.3M+21.7%	$468.7M-36.6%	$739.2M-12.7%	$846.5M+2.1%	$829.0M-4.1%	$864.6M
Long-Term Debt	$3.2B+10.2%	$2.9B+0.7%	$2.9B+1.2%	$2.9B-3.1%	$3.0B-3.8%	$3.1B-1.4%	$3.1B+3.4%	$3.0B
Total Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NGL Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$366.0M+23.0%	$297.5M-20.9%	$376.2M-15.5%	$445.2M+116.3%	$205.8M-32.3%	$304.0M
Capital Expenditures	$221.3M-10.0%	$245.8M+61.4%	$152.3M+3.1%	$147.8M+3.8%	$142.4M-23.8%	$186.8M
Free Cash Flow	$144.7M+180.1%	$51.6M-76.9%	$223.9M-24.7%	$297.4M+368.5%	$63.5M-45.8%	$117.2M
Investing Cash Flow	-$16.5M+86.6%	-$122.8M-46.6%	-$83.8M-230.5%	$64.2M+130.2%	-$212.4M+4.1%	-$221.5M
Financing Cash Flow	-$346.6M-66.7%	-$207.9M+19.7%	-$258.9M+49.0%	-$507.8M-9240.7%	$5.6M+105.5%	-$100.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$47.6M+2141.3%	$2.1M+2431.0%	$84K-15.2%	$99K+10.0%	$90K-50.5%	$182K

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$110.0M-39.6%	$182.3M+350.6%	$40.5M+21.8%	$33.2M-78.6%	$155.0M+0.8%	$153.8M+2189.3%	$6.7M+137.2%	-$18.1M
Capital Expenditures	$31.6M-76.8%	$136.6M+341.4%	$30.9M+39.8%	$22.1M-41.5%	$37.9M+2126.5%	$1.7M-98.9%	$147.8M+8596.8%	$1.7M
Free Cash Flow	$78.4M+71.5%	$45.7M+380.5%	$9.5M-14.1%	$11.1M-90.5%	$117.2M-23.0%	$152.1M+207.8%	-$141.1M-614.2%	-$19.8M
Investing Cash Flow	-$64.1M+51.4%	-$132.0M-577.3%	-$19.5M-109.8%	$199.1M+3574.9%	-$5.7M+91.5%	-$67.5M+13.3%	-$77.8M-375.8%	$28.2M
Financing Cash Flow	-$43.9M+16.4%	-$52.5M-195.6%	-$17.7M+92.4%	-$232.6M-55.7%	-$149.3M-75.4%	-$85.1M-221.0%	$70.3M+260.6%	-$43.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$2.8M-82.0%	$15.7M-25.0%	$21.0M+160.3%	$8.1M	$0	$0-100.0%	$2.1M	$0

NGL Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	30.9%+3.1pp	27.7%+4.4pp	23.3%+5.9pp	17.4%+7.3pp	10.2%-3.9pp	14.0%
Operating Margin	3.0%-6.5pp	9.5%+5.6pp	3.9%-0.4pp	4.3%+3.3pp	1.0%+8.5pp	-7.5%
Net Margin	-4.5%-5.6pp	1.1%+4.6pp	-3.5%-4.4pp	0.9%+3.2pp	-2.3%+9.9pp	-12.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-3.4%-4.3pp	0.9%+3.7pp	-2.9%-3.8pp	0.9%+4.0pp	-3.0%+7.7pp	-10.8%
Current Ratio	1.05-0.3	1.30+0.1	1.21+0.0	1.16-0.0	1.21+0.1	1.11
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	4.6%+3.1pp	1.5%-3.9pp	5.4%+0.2pp	5.2%+4.4pp	0.8%-1.4pp	2.2%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	22.9%-6.1pp	29.0%-8.6pp	37.6%-0.9pp	38.5%+11.5pp	26.9%+1.8pp	25.1%-5.7pp	30.9%+1.9pp	29.0%
Operating Margin	-21.8%-33.8pp	12.0%-1.9pp	14.0%-1.7pp	15.7%	N/A	8.6%-2.2pp	10.8%-0.0pp	10.8%
Net Margin	-30.3%-35.5pp	5.2%+0.9pp	4.3%-6.7pp	11.1%+9.7pp	1.4%+0.0pp	1.4%+1.1pp	0.3%-1.0pp	1.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-6.9%-8.0pp	1.1%+0.4pp	0.7%-1.0pp	1.7%+1.4pp	0.3%+0.0pp	0.3%+0.2pp	0.1%-0.1pp	0.2%
Current Ratio	1.05-0.1	1.12-0.1	1.260.0	1.25-0.1	1.30+0.1	1.20-0.0	1.21+0.1	1.15
Debt-to-Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	8.3%+3.2pp	5.0%+3.6pp	1.4%-0.4pp	1.8%-10.3pp	12.1%-3.4pp	15.5%+34.1pp	-18.7%-16.1pp	-2.6%

Similar Companies

Teekay Corporation Ltd TK

$1.0B

Tsakos Energy TEN

$1.1B

Nordic American Tankers NAT

$1.1B

Permian Basin PBT

$1.3B

Navigator Hldgs Ltd NVGS

$1.3B

Frequently Asked Questions

What is Ngl Energy Partners Lp's annual revenue?

Ngl Energy Partners Lp (NGL) reported $3.2B in total revenue for fiscal year 2026. This represents a -9.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ngl Energy Partners Lp's revenue growing?

Ngl Energy Partners Lp (NGL) revenue declined by 9% year-over-year, from $3.5B to $3.2B in fiscal year 2026.

Is Ngl Energy Partners Lp profitable?

No, Ngl Energy Partners Lp (NGL) reported a net income of -$142.3M in fiscal year 2026, with a net profit margin of -4.5%.

What is Ngl Energy Partners Lp's EBITDA?

Ngl Energy Partners Lp (NGL) had EBITDA of $363.5M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ngl Energy Partners Lp have?

As of fiscal year 2026, Ngl Energy Partners Lp (NGL) had $8.5M in cash and equivalents against $3.2B in long-term debt.

What is Ngl Energy Partners Lp's gross margin?

Ngl Energy Partners Lp (NGL) had a gross margin of 30.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ngl Energy Partners Lp's operating margin?

Ngl Energy Partners Lp (NGL) had an operating margin of 3.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Ngl Energy Partners Lp's net profit margin?

Ngl Energy Partners Lp (NGL) had a net profit margin of -4.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Ngl Energy Partners Lp's free cash flow?

Ngl Energy Partners Lp (NGL) generated $144.7M in free cash flow during fiscal year 2026. This represents a 180.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ngl Energy Partners Lp's operating cash flow?

Ngl Energy Partners Lp (NGL) generated $366.0M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Ngl Energy Partners Lp's total assets?

Ngl Energy Partners Lp (NGL) had $4.2B in total assets as of fiscal year 2026, including both current and long-term assets.

What are Ngl Energy Partners Lp's capital expenditures?

Ngl Energy Partners Lp (NGL) invested $221.3M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Does Ngl Energy Partners Lp buy back shares?

Yes, Ngl Energy Partners Lp (NGL) spent $47.6M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does Ngl Energy Partners Lp have outstanding?

Ngl Energy Partners Lp (NGL) had 125M shares outstanding as of fiscal year 2026.

What is Ngl Energy Partners Lp's current ratio?

Ngl Energy Partners Lp (NGL) had a current ratio of 1.05 as of fiscal year 2026, which is considered adequate.

What is Ngl Energy Partners Lp's return on assets (ROA)?

Ngl Energy Partners Lp (NGL) had a return on assets of -3.4% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Ngl Energy Partners Lp's Piotroski F-Score?

Ngl Energy Partners Lp (NGL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ngl Energy Partners Lp's earnings high quality?

Ngl Energy Partners Lp (NGL) has an earnings quality ratio of -2.57x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Ngl Energy Partners Lp cover its interest payments?

Ngl Energy Partners Lp (NGL) has an interest coverage ratio of 0.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Ngl Energy Partners Lp?

Ngl Energy Partners Lp (NGL) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.