What is NGL Energy Partners's operating margin?

NGL Energy Partners (NGL) reported operating margin of 12% in Q4 2025.

What is the long-term trend for NGL Energy Partners's operating margin?

Over 2 years (2021 to 2025), NGL Energy Partners's operating margin has grown at a 12.7% compound annual growth rate (CAGR), from -7.5% to 9.5%.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

NGL Energy Partners NGL Operating margin

Operating margin at other companies

Enterprise Products PartnersEPD

14.4%+1.6pp

Energy TransferET

10.3%-1.0pp

Select Water SolutionsWTTR

2.3%-2.1pp

Global PartnersGLP

1.5%-0.1pp

Delek US HoldingsDK

2.3%+1.3pp

MPLXMPLX

44.8%+0.6pp

Other financials

Income statement

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Revenue$949.5M-2.2%

Gross profit$217.3M-17.0%

Operating income$109.7M+29.5%

Net income-$287.7M-2,196%

EPS (diluted)-$0.54—

Balance sheet

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Cash & equivalents$8.5M+50.6%

Total debt$3.4B+8.9%

Total equity$119.5M-26.5%

Total assets$4.2B-9.4%

Cash flow

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Operating cash flow$110.0M-29.0%

CapEx$31.6M-16.4%

Free cash flow$78.4M-33.1%

Valuation

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Market cap$2.05B+155%

Enterprise value$5.4B+32.6%

P/S0.7×+0.4×

Profitability

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Gross margin30.9%+3.1pp

Net margin-4.5%-5.6pp

FCF margin4.6%+3.1pp

Returns & leverage

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Return on equity112.8%+89.0pp

Debt / equity25.6×+5.9×

Current ratio1×-0.3×

Where this comes from

Calculated from NGL Energy Partners’s reported figures.

operating income/total revenue=12%

Based on trailing twelve months.

The official record: NGL Energy Partners’s 10-Q, filed February 3, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is NGL Energy Partners's operating margin?: NGL Energy Partners (NGL) reported operating margin of 12% in Q4 2025.
What is the long-term trend for NGL Energy Partners's operating margin?: Over 2 years (2021 to 2025), NGL Energy Partners's operating margin has grown at a 12.7% compound annual growth rate (CAGR), from -7.5% to 9.5%.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.