Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
NGL Energy Partners LP's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Earnings slid into a loss. Loss per share this year after a profit last year.
NGL Energy Partners LP made a loss per share in its latest year after a profit the year before.
Investment surge. Capital spending 7.0% of revenue, up from 2.6% in FY Mar 2023.
NGL Energy Partners LP is spending 7.0% of revenue on facilities and equipment, up from 2.6% in FY Mar 2023. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Annual revenue fell three years running. Fiscal-year revenue down each year from FY Mar 2023 to FY Mar 2026.
NGL Energy Partners LP's fiscal-year revenue declined in each of the three years to FY Mar 2026.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-6.5%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.49Sector median: 0.0522 · MAD: 0.0351
EBITDA yield7.7%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.85Sector median: 0.1209 · MAD: 0.0518
Free cash flow yield5.0%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.24Sector median: 0.0618 · MAD: 0.0491
Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -7.81Sector median: 0.4659 · MAD: 0.3175
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about NGL Energy Partners LP
Is NGL Energy Partners LP getting weaker?
Its latest SEC filing (Aug 4, 2026) showed no major changes. Its overall score is unchanged at 15/100 since Oct 28, 2026.
How is NGL Energy Partners LP valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 18/100 against 404 energy peers.Earnings yield -6.5% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -6.5% vs peers 5.2% (weaker than 100% of peers).
Is NGL Energy Partners LP growing?
More slowly than most of its peers. Growth scores 28/100 against 404 energy peers.3-year revenue growth -4.9% vs a peer median of -1.3% (weaker than 62% of peers).3-year revenue growth -4.9% vs peers -1.3% (weaker than 62% of peers).
How profitable is NGL Energy Partners LP?
Less profitable than most of its peers. Profitability scores 10/100 against 404 energy peers.Return on assets -3.2% vs a peer median of 4.4% (weaker than 92% of peers).Return on assets -3.2% vs peers 4.4% (weaker than 92% of peers).
How risky is NGL Energy Partners LP?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 1.14× vs a peer median of 1.37× (weaker than 63% of peers).Current ratio 1.14× vs peers 1.37× (weaker than 63% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Worth watching: NGL Energy Partners LP is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
3.2B USD
3.5B USD
+11.7%
Net income (12 months)
−142.3M USD
−132.5M USD
−6.9%
Operating margin
3.0%
4.0%
+1.0 pts
Free cash flow (12 months)
144.7M USD
101.9M USD
−29.6%
Debt
3.2B USD
3.3B USD
+1.3%
Cash
8.5M USD
5.1M USD
−40.4%
Shares outstanding
124.8M
124.8M
0.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Oil & Gas Midstream · 32 companies
Valuations in Oil & Gas Midstream are near the top of their range since Aug 2019.
86% of months since Aug 2019 were valued lower than now.
54% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +44% and earnings +16% (medians): prices rose faster than earnings.
Median price-to-sales is +39% vs the whole market, against a usual +3%.
Aug 2019Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Aug 2019; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY Mar 2022
FY Mar 2023
FY Mar 2024
FY Mar 2025
FY Mar 2026
Change
Operating margin
1.0%
4.3%
3.9%
9.5%
3.0%
▼ 6.5 pts
Net margin
-2.3%
0.9%
-3.5%
1.1%
-4.5%
▼ 5.6 pts
Return on assets (ROA)
-3.0%
0.9%
-2.9%
0.9%
-3.4%
▼ 4.3 pts
Free cash flow margin
0.8%
5.2%
5.4%
1.5%
4.6%
▲ 3.1 pts
Current ratio
1.21×
1.16×
1.21×
1.30×
1.05×
▼ 20%
Quick ratio
1.01×
1.04×
1.10×
1.21×
0.96×
▼ 21%
Interest coverage
0.31×
0.89×
0.60×
1.18×
0.37×
▼ 69%
NGL price history
Price history is added with the daily price update and will appear after the next one.