NGL Energy Partners LP NGL

Utilities SIC 4922 - Natural Gas Transmission NAICS Transportation and Warehousing › Pipeline Transportation › Pipeline Transportation of Natural Gas derived NYSE

Originally formed in September 2010, we are a Delaware master limited partnership and our business is currently organized into the following three segments:

•Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. We also sell produced water for reuse and recycle to our producer customers to be used in their crude oil exploration and production activities. As part of processing water, we aggregate and sell recovered crude oil, also known as skim oil. We also dispose of solids such as tank bottoms, drilling fluids and drilling muds and perform other ancillary services such as truck washouts. Our activities in this segment are underpinned by long-term, fixed fee contracts and acreage dedications, a significant portion of which contain minimum volume commitments with leading oil and gas companies including large, investment grade producer customers.

Last close 15.54 2026-10-23
Market cap $1.94B 2026-06-30 share count
52-week range 6.26 - 19.06

Valuation FY2025 figures against the last close

P/S0.6x
P/E—
P/FCF13.4x
EV/EBITDA14.2x
Dividend yield—
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $3.16B$3.47B$4.15B$5.68B$7.95B$5.23B$7.58B$8.69B$6.95B$5.22B
Cost of revenue $2.18B$2.51B$3.19B$4.69B$7.14B$4.49B$6.60B$7.98B$6.26B$4.74B
Gross profit $974.0M$962.1M$967.9M$989.6M$808.6M$733.2M$979.6M$706.1M$690.4M$477.7M
SG&A $70.1M$55.6M$121.6M$71.5M$63.5M$70.5M$113.7M$107.4M$98.0M$100.8M
Operating income $94.7M$329.4M$161.9M$244.0M$83.0M-$390.8M-$3.3M$126.7M$187.3M$226.5M
Interest expense $257.5M$280.1M$269.8M$275.4M$271.6M$198.8M$181.2M$164.7M$199.1M$149.6M
Pre-tax income -$178.8M$60.1M-$156.3M$9.3M-$183.1M-$640.8M-$180.2M-$78.2M-$21.1M$117.5M
Income tax $276.0K$4.9M$1.5M$219.0K$971.0K$3.4M$345.0K$1.2M$1.4M$1.9M
Net income -$142.3M$39.4M-$143.8M$51.4M-$184.8M-$639.8M-$397.0M$360.0M-$70.9M$137.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $8.5M$5.6M$38.9M$5.4M$3.8M$4.8M$22.7M$18.6M$22.1M$7.8M
Short-term investments —$9.9M————————
Receivables ———$1.03B$1.12B$725.9M$566.8M$998.2M$1.03B$800.6M
Inventory $67.4M$69.9M$106.6M$142.6M$251.3M$158.5M$69.6M$136.1M$551.3M$561.4M
Total current assets $774.0M$962.1M$1.18B$1.29B$1.55B$1.01B$774.1M$1.81B$2.25B$1.48B
Property, plant and equipment $2.09B$2.07B$2.10B$2.22B$2.46B$2.71B$2.85B$1.83B$1.52B$1.79B
Goodwill $351.5M$599.3M$617.2M$712.4M$744.4M$744.4M$993.6M$1.11B$1.17B$1.32B
Other intangibles $805.1M$851.3M$932.7M$1.06B$1.14B$1.26B$1.61B$800.9M$913.2M$1.16B
Total assets $4.18B$4.61B$5.02B$5.46B$6.07B$5.95B$6.50B$5.90B$6.15B$6.32B
Accounts payable ———$927.6M$1.08B$679.9M$515.0M$879.1M$852.8M$658.0M
Short-term debt $11.5M$8.8M$7.0M$0$2.4M$2.2M————
Total current liabilities $739.5M$739.2M$977.3M$1.11B$1.28B$910.8M$845.8M$1.25B$1.13B$938.6M
Long-term debt $3.22B$2.96B$2.84B$2.86B$3.35B$3.38B$3.17B$2.17B$2.71B$3.03B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $366.0M$297.5M$376.2M$445.2M$205.8M$304.0M$464.1M$337.2M$138.0M-$25.0M
Depreciation and amortisation $268.7M$267.2M$282.1M$290.1M$306.2M$331.2M$276.8M$221.7M$220.0M$189.4M
Stock-based compensation $11.2M$0$1.1M$2.7M-$1.1M$6.7M$26.5M$41.4M$35.2M$53.1M
Capital expenditure $221.3M$245.8M$152.3M$147.8M$142.4M$186.8M$555.7M$455.6M$133.8M$302.8M
Investing cash flow -$16.5M-$122.8M-$83.8M$64.2M-$212.4M-$221.5M-$1.44B$453.5M$270.6M-$363.1M
Financing cash flow -$346.6M-$207.9M-$258.9M-$507.8M$5.6M-$100.4M$978.8M-$794.2M-$394.3M$371.5M
Buybacks $47.6M$2.1M$84.0K$99.0K——————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001504461-26-000012.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2.5B 0 2.5B 5B 7.5B 10B Revenue, FY2016: 5.2B Gross profit, FY2016: 477.7M Net income, FY2016: 137M Revenue, FY2017: 7B Gross profit, FY2017: 690.4M Net income, FY2017: -70.9M Revenue, FY2018: 8.7B Gross profit, FY2018: 706.1M Net income, FY2018: 360M Revenue, FY2019: 7.6B Gross profit, FY2019: 979.6M Net income, FY2019: -397M Revenue, FY2020: 5.2B Gross profit, FY2020: 733.2M Net income, FY2020: -639.8M Revenue, FY2021: 7.9B Gross profit, FY2021: 808.6M Net income, FY2021: -184.8M Revenue, FY2022: 5.7B Gross profit, FY2022: 989.6M Net income, FY2022: 51.4M Revenue, FY2023: 4.2B Gross profit, FY2023: 967.9M Net income, FY2023: -143.8M Revenue, FY2024: 3.5B Gross profit, FY2024: 962.1M Net income, FY2024: 39.4M Revenue, FY2025: 3.2B Gross profit, FY2025: 974M Net income, FY2025: -142.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $5.22B $6.95B $8.69B $7.58B $5.23B $7.95B $5.68B $4.15B $3.47B $3.16B
Gross profit $477.7M $690.4M $706.1M $979.6M $733.2M $808.6M $989.6M $967.9M $962.1M $974.0M
Net income $137.0M -$70.9M $360.0M -$397.0M -$639.8M -$184.8M $51.4M -$143.8M $39.4M -$142.3M

Recent filings and events

  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Annual report filed Form 10-K
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Annual report filed Form 10-K
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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