Start here if you're new
what it is
NGL moves crude, treats wastewater, and sells propane through 24 terminals in the U.S. and Canada.
how it gets paid
Last year Ngl Energy Partners made $3.5B in revenue.
why it's growing
Revenue grew 257.3% last year. 3.07M bbl/day was the real tell. Water volumes rose 17%.
what just happened
NGL posted $2.2B of quarterly revenue, and the quarter came in above estimates.
At a glance
C+ balance sheet — struggling to keep the lights on
20/100 earnings predictability — expect surprises
32.8x trailing p/e — you're paying up for this one
5.5% return on capital — nothing to write home about
-$0.43 fy2024 eps est
xvary composite: 34/100 — weak
What they do
NGL moves crude, treats wastewater, and sells propane through 24 terminals in the U.S. and Canada.
NGL says it runs the largest integrated network of large-diameter wastewater pipes. It also has 24 terminals and 3.07M bbl/day of water volumes. switching costs → leaving is painful → so what: your waste stream is not easy to reroute.
How they make money
$3.5B
annual revenue · their business grew +257.3% last year
total revenue
$3.5B
+257.3%
The products that matter
wastewater disposal and recycling
Water Solutions
$1.8B · +15% growth
This $1.8B segment processed a record 3.07M barrels per day last quarter, up 17% from last year. That's the growth engine the equity case depends on.
record volumes
transportation, storage, terminals
Crude Oil Logistics
$1.0B · -5% last year
This is still a $1.0B business, but revenue fell 5% last year. It gives you scale, though not much stability.
commodity-linked
propane and refined products marketing
Liquids & Refined Products
$0.7B · flat
At $0.7B in revenue and flat growth, this segment adds volume but not much momentum. For you as a shareholder, it's more ballast than catalyst.
steady, not exciting
Key numbers
$3.0B
debt load
You are looking at $3.0B of long-term debt, or 68% of capital. That is a lot of fixed claims on a $1B equity story.
17.5%
operating margin
NGL keeps 17.5 cents of operating profit per revenue dollar. That is decent, but not a free pass.
5.5%
return on capital
Every $100 put to work earned $5.50. That is fine for a utility. It is thin for a leveraged partnership.
1.4
beta
A 1.4 beta means the stock moves about 40% more than the market. Your nerves need a helmet.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $3.0B (68% 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 NGL right now.
source: institutional data · return history unavailable
What just happened
beat estimates
NGL posted $2.2B of quarterly revenue, and the quarter came in above estimates.
Revenue rose 143% vs. prior year. EPS was $0.10 versus $0.09 expected, and adjusted EBITDA hit $172.5M.
$2.2B
revenue
$0.10
eps
27.73%
gross margin
the number that mattered
3.07M bbl/day was the real tell. Water volumes rose 17%, and the disposal network is still doing the heavy lifting.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is refinancing roughly $2.9B of long-term debt while the equity is worth only about $1B.
high
debt refinancing wall
NGL has about $2.9B in long-term debt and only $6.5M in cash. A $250M bridge loan and $450M in senior notes come due soon, so refinancing terms matter almost as much as operating results.
Higher rates or restrictive terms would hit cash flow first and equity value second.
med
water growth does most of the heavy lifting
Water Solutions generated $1.8B of revenue, grew 15%, and processed a record 3.07M barrels per day. That's good news, but it also means the investment case is increasingly leaning on one segment to carry the whole company.
If water volumes flatten, the deleveraging story weakens fast.
med
the other segments are not giving you much help
Crude Oil Logistics is still a $1.0B segment, but revenue fell 5% last year. Liquids & Refined Products brought in $0.7B and was flat. That leaves less room for a stumble anywhere else.
Weak commodity-linked segments can offset gains from the water business and keep leverage elevated.
about $3B of long-term debt, only $6.5M of cash, and a stock that swung from $3 to $13 in 52 weeks — that's a thin margin for error.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
q4 fy2026 earnings report
Expected on or around June 4, 2026. The number that matters is full-year EBITDA against the $650M–$660M guide.
debt
$250M bridge loan maturity
This is not paperwork. The terms of any refinancing will tell you what lenders think of the story.
operations
water volumes after the 3.07M record
You want this figure to keep moving up, or at least hold near current levels. A stall would hit the cleanest part of the thesis.
target
fy2027 EBITDA above $700M
Management says it can get there. If you own the stock, you need to see a believable path from $172.5M quarterly adjusted EBITDA to that number.
Analyst rankings
earnings predictability
20 / 100
in human-speak, analysts do not view these earnings as stable. Expect messy quarters.
risk rank
5
This sits safer than only 5% of stocks in the dataset. Translation: this is a high-risk name.
price stability
10 / 100
The stock does not behave like a bond proxy. It behaves like a leveraged turnaround.
source: institutional data
Institutional activity
institutional ownership data for NGL is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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