| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 65 | — | 17.8x | Around median | |
Growth | 29 | 30.3% | 7.1% | Bottom tier | |
Quality | 28 | 4.0% | 4.5% | Bottom tier | |
Safety | 22 | 8.3x | 2.6x | Bottom tier | |
Capital Return | 23 | — | 2.12% | Bottom tier | |
Momentum | 97 | 232.3% | 2.9% | Top tier | |
Sentiment | 78 | 1 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
NGL Energy Partners LP operates as an energy infrastructure partnership focused on three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The Water Solutions segment generates operating income from transporting and disposing of produced water under long-term volume commitments, as well as revenue from oil recovered from that water, while the other activities include the Grand Mesa pipeline and the remaining butane blending business.
In fiscal 2027 Q1, revenue was $990.0 million, gross profit was $305.6 million, and net income was $78.7 million, representing a gross margin of approximately 30.9%. Adjusted EBITDA from continuing operations was $186.2 million, up approximately 30% from $143.9 million in the comparable quarter, while the Water Solutions segment generated $179.9 million and accounted for 91% of the partnership's adjusted EBITDA.
The quarterly figures reflect a clear improvement compared with a net loss of $287.7 million in fiscal 2026 Q4, but the longer-term profitability record remains mixed; net income for the twelve-month period through fiscal 2027 was negative $93.1 million despite revenue of $3.5 billion and gross profit of $1.0 billion. In fiscal 2026, the partnership recorded revenue of $3.2 billion, gross profit of $974.0 million, and a net loss of $142.3 million.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus on NGL is “Neutral,” with the average, highest, and lowest price targets all identical at $2, meaning there is no dispersion or actual range among the available estimates. This target is below the entire 52-week range of $5.36–18.99, a discrepancy that reflects significant caution compared with the unit's trading history during that period. No meaningful price-to-earnings ratio is available, as the partnership recorded a net loss of $142.3 million in fiscal 2026 and a net loss of $93.1 million for the twelve-month period through fiscal 2027, despite returning to net income in fiscal 2027 Q1.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
The Water Solutions segment was the main driver, generating adjusted EBITDA of $179.9 million, up 26% from $142.9 million in the comparable quarter. The segment accounted for 91% of the partnership's adjusted EBITDA during the quarter. Actual water disposal volumes increased 19.6% to 3.32 million barrels per day, supported by producer commitments and increased revenue from oil recovered from water.
On August 4, 2026, management raised its fiscal 2027 adjusted EBITDA guidance to a range of $725–735 million. The previous range was $715–725 million, meaning both ends increased by $10 million. The revision followed the recording of $186.2 million in adjusted EBITDA from continuing operations in fiscal 2027 Q1, up approximately 30% from the comparable quarter.
The LEX II Extension project expands the long-haul LEX system to 81 miles, with capacity to transport approximately 560 thousand barrels of produced water per day from Eddy and Lea counties in New Mexico to Andrews County in Texas. The project is supported by a new long-term contract that includes larger volume commitments and an additional committed area covering four townships in Eddy County. Management is targeting the project's entry into service by the end of 2026 and expects it to contribute to organic water volume growth of approximately 15% by fiscal 2027 Q4.
Management said during the August 4, 2026 call that it expects to redeem approximately 50% of the remaining Class D preferred units during fiscal 2027, leaving the remainder outstanding. It also said that reinstating common unit distributions could return to consideration in 2027, but linked the decision to the leverage level and the scale of high-return capital spending opportunities. The company is targeting leverage of approximately four times by the end of fiscal 2027, while noting that this measurement excludes preferred units.
The primary risk is the concentration of earnings in Water Solutions, which represented 91% of adjusted EBITDA in fiscal 2027 Q1 and more than 85% during the preceding twelve months. Growth capital spending also exceeds $200 million in fiscal 2027, while a significant portion of the resulting earnings will not appear before fiscal 2028. In addition, the TPDES permit associated with reuse projects was still in process according to the August 4, 2026 call, nearly three years after the application was submitted.
The Crude Oil Logistics segment generated adjusted EBITDA of $8.6 million in fiscal 2027 Q1, compared with $9.6 million in the comparable quarter, despite average Grand Mesa pipeline volumes increasing to approximately 74 thousand barrels per day. The Liquids Logistics segment generated $10.3 million, up from $2.9 million, supported by contracted activity at the remaining butane terminals. Management explained that butane blending will be the primary contributor to this segment going forward and that most of its earnings are generated in the second half of the fiscal year.
