NGL
NGL Energy Partners LP
NGL lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover.
NGL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Weak |
NGL's revenue is currently healthy, but its profitability, cash flow and balance sheet are under pressure.
NGL PE Valuation
NGL has no meaningful PE right now: it lost money over the past year.
NGL Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for NGL, with profitability holding steady.
NGL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.44 | — |
| Q4 2022 | -$0.48 | +$3.28 |
| Q3 2022 | -$1.03 | +$5.51 |
| Q2 2022 | -$1.03 | +$5.44 |
| Q1 2022 | -$2.22 | +$3.46 |
| Q4 2021 | -$3.76 | +$2.04 |
| Q3 2021 | -$6.54 | -$4.05 |
| Q2 2021 | -$6.47 | -$2.40 |
| Q1 2021 | -$5.68 | -$1.09 |
NGL is still losing money, but far less than before: $0.48 per share over the past year, against $6.54 at its worst in late 2021.
NGL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $986.6M | +46% |
| Q2 2026 | $990M | +59% |
| Q1 2026 | $949.5M | -2.2% |
| Q4 2025 | $909.8M | -41% |
| Q3 2025 | $674.7M | -50% |
| Q2 2025 | $622.2M | -55% |
| Q1 2025 | $971.1M | -40% |
| Q4 2024 | $1.5B | -17% |
NGL's revenue is recovering but still below its 2022 peak: $987M last quarter, up 46% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.4% | -12 points |
| Q2 2026 | 15% | -1 points |
| Q1 2026 | -22% | -32 points |
| Q4 2025 | 12% | +7.2 points |
| Q3 2025 | 14% | +8.2 points |
| Q2 2025 | 16% | +10 points |
| Q1 2025 | 10% | +16 points |
| Q4 2024 | 4.9% | -0.6 points |
NGL's operating margin was 2.4% last quarter, down 12 points from the same quarter a year ago.
NGL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$23.4M | -346% |
| Q2 2026 | -$31.7M | -386% |
| Q1 2026 | $78.4M | -33% |
| Q4 2025 | $45.7M | -70% |
| Q3 2025 | $9.5M | +$150.6M |
| Q2 2025 | $11.1M | +$89.1M |
| Q1 2025 | $117.2M | -2.2% |
| Q4 2024 | $152.1M | +185% |
NGL usually generates cash, though not every quarter: the latest was −$23M, but it generated $69M over the past year.
NGL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -0.7% | -908K shares |
| 3 years | -5.4% | -7.1M shares |
| 5 years | -3.7% | -4.8M shares |
| Available history | -2.8% | -3.5M shares |
NGL has 125M diluted shares, down 0.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $2.8M |
| Q4 2025 | $15.7M |
| Q3 2025 | $21M |
| Q2 2025 | $8.1M |
| Q1 2025 | — |
| Q4 2024 | — |
NGL spent $19M buying back its own shares over the past year, down 36% from the year before.
NGL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 10.1x | High |
| Q2 2026 | 8.1x | High |
| Q1 2026 | 9.0x | High |
| Q4 2025 | 4.4x | High |
| Q3 2025 | 4.5x | High |
| Q2 2025 | 4.6x | High |
| Q1 2025 | 5.0x | High |
| Q4 2024 | 7.4x | High |
NGL's net debt is about 10 years of its operating earnings (EBITDA), up from 4.5 years a year ago.
NGL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 25.8 | Neutral |
NGL's weekly RSI is 51 (neutral) and its Stochastic is 26 (neutral).
NGL PE vs Energy Sector
NGL has no meaningful PE right now: it lost money over the past year.
NGL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $15.5 | 1% above |
| 20 week MA | $16.1 | 2.9% below |
| 50 week MA | $14.2 | 10% above |
| 100 week MA | $9.64 | 62% above |
| 200 week MA | $6.98 | 124% above |
NGL's trend is mixed: it's above four of its five weekly moving averages, and 124% above its 200-week average.
NGL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $11.5 | $2.74 | -76% |
| 2021 | $2.74 | $1.96 | -28% |
| 2022 | $1.96 | $1.12 | -43% |
| 2023 | $1.12 | $5.57 | +397% |
| 2024 | $5.57 | $4.74 | -15% |
| 2025 | $4.74 | $9.39 | +98% |
| 2026 YTD | $9.39 | $15.6 | +66% |
NGL's yearly returns have swung widely, from +397% in 2023 to −76% in 2020. It's up 66% so far in 2026.