Latest Ratios: P/E Ratio -4.4x · EV/EBITDA 8.2x · ROE -52.1%. (2009–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.9B | $1.6B | $599M | $761M | $380M | $288M | $263M | $331M | $1.7B | $1.3B | $2.5B |
| Enterprise Value | $5.3B | $4.9B | $3.7B | $3.7B | $3.3B | $3.8B | $3.7B | $3.6B | $3.9B | $4.0B | $5.5B |
| P/E Ratio → | -4.42 | — | — | — | — | — | — | — | 4.79 | — | 23.79 |
| P/S Ratio | 0.61 | 0.50 | 0.17 | 0.18 | 0.07 | 0.04 | 0.05 | 0.04 | 0.20 | 0.08 | 0.19 |
| P/B Ratio | — | — | 0.86 | 0.76 | 0.29 | 0.23 | 0.18 | 0.15 | 29.51 | 16.29 | 1.15 |
| P/FCF | 13.30 | 10.83 | 11.60 | 14.74 | 1.28 | 4.54 | 2.25 | — | — | 316.43 | — |
| P/OCF | 5.26 | 4.28 | 2.01 | 2.56 | 0.85 | 1.40 | 0.87 | 0.71 | 5.12 | 9.65 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.56 | 1.06 | 0.89 | 0.59 | 0.47 | 0.71 | 0.48 | 0.45 | 0.24 | 0.42 |
| EV / EBITDA | 8.16 | 7.61 | 6.16 | 8.31 | 6.23 | 9.64 | — | 13.29 | 11.40 | 20.15 | 11.36 |
| EV / EBIT | 13.72 | 12.78 | 11.22 | 37.50 | 12.41 | 52.43 | 41.02 | — | 44.72 | — | 18.59 |
| EV / FCF | — | 33.97 | 71.21 | 71.40 | 11.18 | 59.09 | 31.83 | — | — | 948.45 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.7% | 23.7% | 20.4% | 16.9% | 12.6% | 6.5% | 14.0% | 9.4% | 5.7% | 1.7% | 3.7% |
| Operating Margin | 12.2% | 12.2% | 9.5% | 3.9% | 4.3% | 1.0% | -7.5% | -0.0% | 1.5% | -0.1% | 2.0% |
| Net Profit Margin | -5.7% | -5.7% | 1.1% | -3.5% | 0.9% | -2.3% | -12.2% | -5.2% | 4.1% | -0.4% | 1.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -52.1% | -52.1% | 4.6% | -12.4% | 4.0% | -13.4% | -33.9% | -34.1% | 513.7% | -6.2% | 7.0% |
| ROA | -4.1% | -4.1% | 0.8% | -2.7% | 0.9% | -3.1% | -10.3% | -6.4% | 6.0% | -1.1% | 2.3% |
| ROIC | 8.1% | 8.1% | 6.4% | 3.0% | 4.1% | 1.3% | -5.6% | -0.1% | 3.8% | -0.3% | 3.9% |
| ROCE | 10.5% | 10.5% | 8.3% | 3.9% | 5.3% | 1.7% | -7.3% | -0.1% | 2.6% | -0.3% | 5.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 4.42 | 2.97 | 2.24 | 2.74 | 2.32 | 1.46 | 36.94 | 32.81 | 1.36 |
| Debt / EBITDA | 5.20 | 5.20 | 5.17 | 6.68 | 5.52 | 8.91 | — | 12.16 | 6.37 | 13.54 | 6.17 |
| Net Debt / Equity | — | — | 4.41 | 2.93 | 2.23 | 2.74 | 2.31 | 1.45 | 36.62 | 32.54 | 1.36 |
| Net Debt / EBITDA | 5.18 | 5.18 | 5.16 | 6.59 | 5.51 | 8.90 | — | 12.08 | 6.32 | 13.43 | 6.14 |
| Debt / FCF | — | 23.15 | 59.60 | 56.67 | 9.90 | 54.55 | 29.58 | — | — | 632.02 | — |
| Interest Coverage | 1.51 | 1.51 | 1.17 | 0.39 | 1.04 | 0.28 | 0.46 | -0.05 | 0.53 | -0.13 | 1.97 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.05 | 1.05 | 1.30 | 1.21 | 1.16 | 1.21 | 1.11 | 0.92 | 1.45 | 1.99 | 1.58 |
| Quick Ratio | 0.96 | 0.96 | 1.21 | 1.10 | 1.04 | 1.01 | 0.93 | 0.83 | 1.34 | 1.51 | 0.98 |
| Cash Ratio | 0.01 | 0.01 | 0.02 | 0.04 | 0.00 | 0.00 | 0.01 | 0.03 | 0.01 | 0.02 | 0.01 |
| Asset Turnover | — | 0.76 | 0.75 | 0.83 | 1.04 | 1.31 | 0.88 | 1.17 | 1.47 | 2.75 | 2.06 |
| Inventory Turnover | 35.77 | 35.77 | 39.50 | 32.38 | 34.80 | 29.56 | 28.36 | 98.65 | 60.20 | 30.15 | 22.34 |
| Days Sales Outstanding | — | 77.48 | 61.41 | 63.38 | 67.25 | 51.97 | 50.78 | 27.53 | 42.47 | 22.27 | 22.63 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.8% | 7.2% | 50.9% | 40.1% | — | — | 54.0% | 73.8% | 13.7% | 16.9% | 7.2% |
| Payout Ratio | — | — | — | — | — | — | — | — | 65.7% | — | 132.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 20.9% | — | 4.2% |
| FCF Yield | 7.5% | 9.2% | 8.6% | 6.8% | 78.3% | 22.0% | 44.5% | — | — | 0.3% | — |
| Buyback Yield | 24.4% | 30.0% | 0.4% | 0.3% | 0.0% | 0.0% | 0.1% | 80.5% | 0.0% | 1.2% | 0.0% |
| Total Shareholder Yield | 30.2% | 37.3% | 51.3% | 40.4% | 0.0% | 0.0% | 54.1% | 100.0% | 13.7% | 18.1% | 7.2% |
| Shares Outstanding | — | $127M | $132M | $132M | $131M | $130M | $129M | $127M | $123M | $121M | $112M |
High leverage and regulatory exposure
Based on reported figures, NGL trades at a forward P/E of 46.88 and an EV/EBITDA of 8.61, suggesting that the market assigns a significant discount to the partnership due to its historical debt burden and the inherent volatility of its commodity-linked logistics segments.
The elevated forward P/E multiple appears to reflect extreme earnings uncertainty rather than growth expectations, as the company struggles to stabilize its bottom line. Investors should note that the EV/EBITDA multiple, while appearing moderate relative to some peers, likely masks the underlying risk of the partnership's capital structure and the potential for future asset impairments.
According to recent financial statements, NGL's ROIC has remained stagnant, hovering near 1.4% to 2.2% over the last ten quarters, which indicates that the partnership is failing to generate returns that exceed its cost of capital, thereby eroding long-term value for unit holders.
The persistent inability to drive ROIC above low single digits suggests that the capital-intensive nature of the water disposal infrastructure is not yet yielding the expected operational efficiencies. This trend warrants further investigation into whether the current asset base is over-capitalized relative to the actual volume throughput in the Delaware Basin.
As reported in quarterly filings, NGL's cash conversion cycle has fluctuated significantly, ranging from 11 to 22 days, which highlights the operational difficulty of managing inventory and receivables across its diverse logistics and water disposal segments in a volatile energy price environment.
The inconsistency in the cash conversion cycle suggests that the partnership lacks the working capital discipline required to optimize its cash flow generation. This volatility appears to be a structural byproduct of the logistics business, which complicates the company's ability to maintain a consistent liquidity buffer.
Based on NGL's reported figures, the debt-to-EBITDA ratio has remained stubbornly high, consistently exceeding 18x over the last ten quarters, which indicates that the partnership's ability to service its debt remains severely constrained despite ongoing efforts to refinance senior secured notes.
The interest coverage ratio, which has struggled to stay above 1.5x, suggests that the partnership is operating with a razor-thin margin of safety regarding its debt obligations. Investors should monitor the impact of interest rate fluctuations on future cash flows, as the current leverage profile leaves little room for operational error.
As indicated by the rapid erosion of the equity base from $1.4 billion to $25.9 million, the P/B ratio is a fundamentally flawed metric for NGL, as it fails to account for the massive non-cash charges that have distorted the partnership's book value.
Analysts should prioritize enterprise-value-based metrics or distributable cash flow analysis over equity-based multiples, as the latter are rendered meaningless by the partnership's accounting adjustments. Relying on P/B or P/E ratios in this context likely obscures the true economic health of the underlying water infrastructure assets.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying NGL stock.
NGL Energy Partners LP's current P/E ratio is -4.4x. The historical average is 38.9x.
NGL Energy Partners LP's current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
NGL Energy Partners LP's return on equity (ROE) is -52.1%. The historical average is -4.9%.
Based on historical data, NGL Energy Partners LP is trading at a P/E of -4.4x. Compare with industry peers and growth rates for a complete picture.
NGL Energy Partners LP's current dividend yield is 5.79%.
NGL Energy Partners LP has 23.7% gross margin and 12.2% operating margin. Operating margin between 10-20% is typical for established companies.
NGL Energy Partners LP's Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.