NGL Energy Partners LP(NGL)Stock Analysis
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Rank #503 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
NGL Stock Analysis & AI Quality Score
AI stock analysis and institutional research for NGL Energy Partners LP (NGL), a Energy sector company. 13F Pro's AI-powered ranking engine scores NGL at 66.7/100 on a 32-signal composite quality model, placing it at rank #503 of 2,879 stocks — the top 25% of the AI-ranked universe. NGL scores in the top quartile across revenue growth (83.7), earnings quality (76.5). Based on the latest XBRL financial filings (Q4 2026), NGL Energy Partners LP reports quarterly revenue of $949.5M, net income of $-287.7M, free cash flow of $78.4M. Top institutional holders of NGL by reported 13-F value include Invesco Ltd., MORGAN STANLEY, BANK OF AMERICA /DE/, based on the most recent SEC filings. NGL trades on the NYSE exchange and files with the SEC under CIK 1504461. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NGL daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NGL Energy Partners LP directly from SEC EDGAR. NGL Energy Partners LP's 13F Pro composite quality score has ranged between 26 and 68 since 2021, currently 66.7 — an improving long-term trajectory across 28 quarterly and live scoring snapshots.
What's Driving NGL's Business? Latest 10-K Breakdown
AI-extracted from NGL Energy Partners LP's 10-K filed 2026-05-28 — FY2026 (year ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
NGL Energy Partners reported FY2026 revenue of $3.2B and Adjusted EBITDA (continuing operations) of $660.2M, but posted a net loss of $142.3M driven by a $247.8M goodwill impairment in Crude Oil Logistics and lower margins across segments.
Biggest Revenue Drivers
Total revenue: $3,156.2M-9% YoY
Higher water disposal revenues from increased produced water volumes processed and higher pipeline revenues from LEX II Expansion.
Higher production on dedicated acreage in DJ Basin, partially offset by lower crude oil prices.
Largest Expense Items
Lower commodity costs reflecting reduced volumes from Wholesale Propane Disposition and lower crude oil prices.
Lower ABL Facility balances and lower interest rates on 2024 Term Loan B, partially offset by 2026 Term Loan B issuance.
Depreciation of newly developed facilities and infrastructure, offset by fully amortized assets.
Margins: Operating income declined $234.6M to $94.7M due primarily to goodwill impairment, lower Crude Oil Logistics margins, and impacts from Wholesale Propane Disposition, partially offset by stronger Water Solutions results. Adjusted EBITDA (continuing operations) increased $37.3M to $660.2M, reflecting operational improvements in Water Solutions despite lower margins in other segments.
Watch Items from the Filing
- Goodwill impairment of $247.8M in Crude Oil Logistics (Mar 2026) reflects fair value 30% below carrying value; segment reported operating loss of $226.9M for FY2026.
- Wholesale Propane Disposition (Apr 2025) and refined products/biodiesel exits reduce Liquids Logistics revenue ~31% YoY; remaining business concentrated in five owned terminals and leased capacity.
- Long-term debt of $3.3B with 2029 and 2032 Senior Secured Notes ($2.2B combined); debt service coverage ratio improved to 2.62x but leverage constraints limit distribution reinstatement; common unit distributions remain suspended since Q2 FY2021.
- Water Solutions segment grew Adjusted EBITDA 11% to $602.7M and announced further LEX II expansion (May 2026) to 560,000 bbl/day capacity, underwritten by new long-term volume commitment with investment-grade producer.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q4 2026
$949.5M
Net Income
Q4 2026
$-287.7M
Free Cash Flow
Q4 2026
$78.4M
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
-9.0% YoYNet Income
-461.4% YoYOperating Income
-71.2% YoYTotal Assets
-9.4% YoYTotal Debt
+9.0% YoYOp. Cash Flow
+23.0% YoY| Metric | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue | $3.16B -9.0% | $3.47B -16.5% | $4.15B -26.9% | $5.68B -28.5% | $7.95B +52.1% | $5.23B |
| Net Income | $-142.3M -461.4% | $39.4M +127.4% | $-143.8M -379.8% | $51.4M +127.8% | $-184.8M +71.1% | $-639.8M |
| Operating Income | $94.7M -71.2% | $329.4M +103.4% | $161.9M -33.6% | $244.0M +193.8% | $83.0M +121.3% | $-390.8M |
| Total Assets | $4.18B -9.4% | $4.61B -8.2% | $5.02B -8.0% | $5.46B -10.1% | $6.07B +2.1% | $5.95B |
| Total Debt | $3.25B +9.0% | $2.98B +4.3% | $2.86B -1.0% | $2.89B -13.9% | $3.36B -0.8% | $3.38B |
| Operating Cash Flow | $366.0M +23.0% | $297.5M -20.9% | $376.2M -15.5% | $445.2M +116.3% | $205.8M -32.3% | $304.0M |
AI Insight: NGL Financial Trends
NGL collapsed to a $288M net loss in Q1 2026 with operating income turning negative, while debt surged $304M despite positive operating cash flow.
• Operating income deteriorated sharply: $110M in Q4 2025 to -$207M in Q1 2026, the first negative quarter in the dataset.
• Total debt increased to $3,246M in Q1 2026 from $2,942M in Q4 2025, reversing a year-long deleveraging trend.
• Operating cash flow remained positive at $110M in Q1 2026, but insufficient to offset operational losses and balance-sheet deterioration.
⚠ Operating margin collapsed from 12.1% in Q4 2025 to -22.8% in Q1 2026. Immediate driver and sustainability critical.
⚠ Debt-to-operating-cash-flow ratio deteriorated sharply; $3.2B debt now underpinned by volatile quarterly OCF averaging $74M.
AI Insight: NGL Ratio Trends
NGL's profitability collapsed in Q1 2026, with operating margin plunging to -21.8% and ROIC falling to -25.5% after consistent positive returns through 2025.
• Operating margin fell from 12.0% in Q4 2025 to -21.8% in Q1 2026; net profit margin dropped to -30.3%.
• ROIC deteriorated from 14.9% in Q4 2025 to -25.5% in Q1 2026, erasing four quarters of double-digit returns.
• TTM operating margin compressed to 3.0% and TTM ROA turned negative at -3.4%, masking Q1 2026 weakness.
⚠ Severity and suddenness of Q1 2026 collapse — operational issue, seasonal trough, or structural deterioration — requires immediate clarification.
⚠ All profitability metrics deeply negative in latest quarter suggest cash generation may have stalled or reversed.
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Available Research
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Top Institutional Holders of NGL
Invesco Ltd.
$241.4M19,574,575 shMORGAN STANLEY
$120.8M9,793,825 shBANK OF AMERICA CORP /DE/
$102.0M8,275,036 shGOLDMAN SACHS GROUP INC
$100.1M8,121,155 shTPG GP A, LLC
$73.2M5,934,493 shING GROEP NV
$65.5M5,311,803 shCITIGROUP INC
$37.4M3,037,289 shNOMURA HOLDINGS INC
$27.2M2,204,256 shPRESCOTT GROUP CAPITAL MANAGEMENT, L.L.C.
$12.7M1,030,638 shFractal Investments LLC
$10.3M832,479 sh
| Fund | Value | Shares |
|---|---|---|
| Invesco Ltd. | $241.4M | 19,574,575 |
| MORGAN STANLEY | $120.8M | 9,793,825 |
| BANK OF AMERICA CORP /DE/ | $102.0M | 8,275,036 |
| GOLDMAN SACHS GROUP INC | $100.1M | 8,121,155 |
| TPG GP A, LLC | $73.2M | 5,934,493 |
| ING GROEP NV | $65.5M | 5,311,803 |
| CITIGROUP INC | $37.4M | 3,037,289 |
| NOMURA HOLDINGS INC | $27.2M | 2,204,256 |
| PRESCOTT GROUP CAPITAL MANAGEMENT, L.L.C. | $12.7M | 1,030,638 |
| Fractal Investments LLC | $10.3M | 832,479 |
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Popular Research
Is NGL a good stock to buy?
13F Pro's AI-powered analysis of NGL Energy Partners LP (NGL) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Energy sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NGL are available on the NGL stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own NGL?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NGL. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of NGL Energy Partners LP's investment landscape.