NGL Energy Partners LP (NGL) Fair Value & Analysis
Energy · US · Market cap $2.0B · ISIN US62913M1071
What is NGL Energy Partners LP really worth?
NGL Energy Partners LP
NGL · US
Below-average quality, and trading another 358% above our fair value of $3.97.
Risks
Fair value as of: Aug 22, 2026
From 11 valuation models · updated 14 days ago
Share price +14.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($10.99). The favourable scenario is already priced in.
- Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The model range is unusually wide ($3.97 to $10.99). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.
How to read this chart
60‑month range $1.04 – $18.97 · fair‑value band $3.97 – $10.99 · the $18.18 price screens above the $3.97 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 22, 2026.
Analysis
NGL Energy Partners LP (NGL) currently trades at $18.18, while our model-based Fair Value estimate is $3.97, implying the stock looks roughly 357.9% overvalued today. The Quality Score stands at 40/100 (below-average quality), in the Energy sector. Bull case: the Dividend Discount group reads highest at a median of $7.61 per share, and 0 of the 6 models we run sit above the $18.18 price. Bear case: the Multiples group reads lowest at $5.05, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, NGL Energy Partners LP generated revenue of $3.2B at a net margin of −4.5%. Revenue declined 13.3% year over year. It earns a return on equity of −51.7%. Net debt stands at $3.3B. Fundamentals as of Aug 22, 2026
Our scenario range runs from $3.97 (bear case) to $10.99 (bull case); at $18.18, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 360% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at −78%, NGL screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 11 models by family
Widest divergence: Dividend Discount ($7.61) versus Asset-Based ($0.1400). Highest evidence: 5Y EBITDA Exit (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 37 · Market factors (momentum, volatility) 81
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
NGL Energy Partners LP engages in the transportation, storage, blending, and marketing of crude oil, natural gas liquids, refined products/renewables, and water solutions in the United States. It operates through three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics.
Full company description
NGL Energy Partners LP engages in the transportation, storage, blending, and marketing of crude oil, natural gas liquids, refined products/renewables, and water solutions in the United States. It operates through three segments: Water Solutions, Crude Oil Logistics, and Liquids Logistics. The Water Solutions segment transports, treats, recycles, and disposes produced and flowback water generated from crude oil and natural gas production; aggregates and sells recovered crude oil; disposes solids, such as tank bottoms, drilling fluid, and muds, as well as performs truck and frac tank washouts; and sells produced water for reuse and recycle, and brackish non-potable water. The Crude Oil Logistics segment purchases crude oil from producers and marketers and transports it to refineries for resale at pipeline injection stations, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs; and provides storage, terminaling, and transportation services through pipelines and storage tanks. The Liquids Logistics segment offers natural gas liquids to commercial, retail, and industrial customers across the United States and Canada through its five terminals, third-party storage and terminal facilities, nine common carrier pipelines and a fleet of leased railcars. This segment also provides services for marine exports of butane through its facility located in Chesapeake, Virginia; and owns a propane pipeline in Michigan. NGL Energy Holdings LLC serves as the general partner of the company. NGL Energy Partners LP was founded in 1940 and is headquartered in Tulsa, Oklahoma.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
NGL Energy Partners LP reported revenue of $3.2B in FY2026 versus $7.9B in FY2022, a compound −20.6%/yr. Reported net income was −$180M in FY2026.
NGL screens 358% overvalued. Compare with Enbridge Inc →
Peer Group
Oil & Gas Midstream · 89 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $50.72 | $35.83 | −29% |
| The Williams Companies, Inc WMB | $74.05 | $11.73 | −84% |
| Enterprise Products Partners L.P. EPD | $39.02 | $20.94 | −46% |
| TC Energy Corporation TRP | C$88.72 | C$24.53 | −72% |
| Kinder Morgan, Inc KMI | $31.60 | $10.92 | −65% |
| Energy Transfer LP, ET | $21.31 | $11.45 | −46% |
| MPLX LP owns and MPLX | $59.25 | $36.42 | −39% |
| ONEOK, Inc OKE | $95.69 | $58.62 | −39% |
| Targa Resources Corp TRGP | $286.91 | $79.61 | −72% |
| Cheniere Energy, Inc LNG | $280.80 | $199.99 | −29% |
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