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what it is
Genesis Energy moves crude oil, natural gas, and sulfur by pipeline, barge, and processing plants.
how it gets paid
Last year Gel made $1.6B in revenue. Offshore pipeline transportation and processing was the main engine at $0.64B, or 40% of sales.
why growth slowed
Revenue fell 1.8% last year. The $1.2B quarter was the clean number; the -$4.23 EPS number was the messy one.
what just happened
Genesis posted $1.2B in revenue, while EPS sank to -$4.23.
At a glance
C++ balance sheet — some cracks in the foundation
15/100 earnings predictability — expect surprises
2.2% return on capital — nothing to write home about
-$1.24 fy2024 eps est
$3B fy2024 rev est
xvary composite: 46/100 — below average
What they do
Genesis Energy moves crude oil, natural gas, and sulfur by pipeline, barge, and processing plants.
You do not rebuild 450 miles of pipeline overnight. Genesis owns four onshore crude systems across five states, so leaving is painful. Its business is split across offshore pipes, sodium minerals, onshore tanks, and marine transport, which keeps one weak market from taking the whole company down.
How they make money
$1.6B
annual revenue · their business grew -1.8% last year
Offshore pipeline transportation and processing
$0.64B
Onshore facilities and transportation
$0.45B
Sodium minerals and sulfur services
$0.35B
Marine transportation
$0.16B
The products that matter
moves Gulf crude through offshore systems
Offshore Pipeline Transportation
$1.0B · 62.5% of listed segment revenue
This is the core business. It generated $1.0B in the current segment view, grew 5%, and management is pointing to a 15–20% EBITDA growth target for 2026.
core earnings engine
moves refined products by vessel
Marine Transportation
$0.4B · 25.0% of listed segment revenue
A fleet of 87 vessels supports this segment. It declined 2%, and the page only gives you one clear positive read: performance stabilized in Q4 2025.
recovery watch
produces soda ash and related output
Soda Ash Mining
$0.2B · 12.5% of listed segment revenue
This is the smallest bucket at $0.2B. It adds diversification, but at 12.5% of the listed revenue mix it does not carry the investment case.
small diversifier
Key numbers
$3.1B
Debt load
That debt stack is bigger than the market cap, so lenders get paid before your stock does.
19.2%
Op margin
That means $19.20 of every $100 in sales stays after operating costs.
2.2%
ROC
You are getting $2.20 back for every $100 tied up in the business.
$1.6B
Annual sales
That is the sales base supporting the whole setup.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $3.1B (59% of capital)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for GEL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Genesis posted $1.2B in revenue, while EPS sank to -$4.23.
Revenue jumped 187% from a weak comparison base. EPS was still deeply negative, so the bigger top line did not fix the bottom line.
$400M
revenue
-$4.23
eps
21.1%
gross margin
the number that mattered
The $1.2B quarter was the clean number; the -$4.23 EPS number was the messy one.
source: company earnings report, 2026
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What could go wrong
the #1 risk is $3.1B of debt against a roughly $2B equity value.
high
refinancing risk stays center stage
Long-term debt is $3.1B, equal to 59% of capital, and the current ratio is 0.98. Management extended a $900M credit line to 2031 and announced a $500M+ notes offering, which tells you exactly where attention is focused.
If capital markets get less friendly, equity holders feel it first.
med
offshore volume concentration
Offshore Pipeline is 62.5% of the listed segment revenue. A business that concentrated cannot afford weak Gulf volumes, project delays, or lower throughput for long.
One segment does most of the work, so weakness there travels fast.
med
marine stabilization could prove temporary
Marine Transportation is $0.4B of revenue and 25.0% of the listed segment mix. The page gives you stabilization in Q4 2025, not a full recovery. Those are different things.
If the fleet slips again, the diversification argument gets thinner.
low
cash distribution limits internal self-help
As an MLP, Genesis Energy is built to pass through cash rather than hoard it. That structure can make debt reduction and reinvestment slower than investors would like when the balance sheet is already tight.
The business has fewer easy ways to de-risk itself from the inside.
A leveraged business with a 0.98 current ratio, a -27% net margin snapshot, and $3.1B of debt does not need many things to go wrong at once.
source: institutional data · regulatory filings · risk analysis
Pay attention to
balance sheet
debt versus liquidity
$3.1B of long-term debt and a 0.98 current ratio are the two numbers to keep on your screen. If either moves the wrong way, the equity case gets thinner fast.
calendar
q1 2026 earnings
Estimated report date: may 7, 2026. You want to hear whether profitability held and whether management sounds more relaxed about leverage than it did last quarter.
operations
offshore 2026 ebitda target
Management's 15–20% EBITDA growth target for offshore is the optimistic number on the page. If that starts slipping, the whole improvement story loses force.
refinancing
senior notes and credit line follow-through
A $500M+ senior notes offering was announced on feb 19, 2026, with expected settlement on mar 4, 2026. Pair that with the extended $900M credit line to 2031 and watch how aggressively management uses the breathing room.
Analyst rankings
earnings predictability
15 / 100
Earnings predictability: 15/100. In human-speak, analysts do not view this as a clean, easy-to-model earnings story.
risk rank
3
Risk rank: 3. That's roughly middle-of-the-pack safety, which sounds calmer than the balance sheet actually feels.
price stability
30 / 100
Price stability: 30/100. You should expect a bumpier ride than the average utility-like infrastructure stock.
source: institutional data
Institutional activity
institutional ownership data for GEL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$18
current price
n/a
target midpoint · n/a from current
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