Latest revenue
$909.8M
as of 2025-12-31
Latest net income
$47.2M
as of 2025-12-31
Net margin
5.2%
as of 2025-12-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $2.24B
- Enterprise value
- $2.24B
- P/E (trailing)
- 57.0×
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 0.0%
- 52-wk high
- $18.80
- 52-wk low
- $3.10
- Beta
- —
- Shares out
- 123.8M
5-year trend
dashed bar = fiscal Q4 derived from 10-K annual − Q1 − Q2 − Q3 (SEC requires only three 10-Qs per year).
What this company does
Item 1. Business Overview We are a diversified midstream energy partnership that transports, treats, recycles and disposes of produced and flowback water generated as part of the energy production process as well as transports, stores, markets and provides other logistics services for crude oil and liquid hydrocarbons. Originally formed in September 2010, we are a Delaware master limited partnership and our business is currently organized into the following three segments: •Our Water Solutions segment transports, treats, recycles and disposes of produced and flowback water generated from crude oil and natural gas production. We also sell produced water for reuse and recycle and brackish…
AI summary unavailable — showing raw filing excerpt
Generated from NGL's filing dated 2025-05-29
Key risks
Item 1A. Risk Factors The nature of our business activities subjects us to a wide variety of hazards and risks. The following is a summary and a description of the material risks relating to our business activities that we have identified. In addition to the factors discussed elsewhere in this Annual Report, you should carefully consider the risks and uncertainties described below, which could have a material adverse effect on our business, financial condition or results of operations, including our ability to generate cash to fund our operations, repay indebtedness and pay distributions. You should also consider the interrelationship and potential compounding effects if multiple risks are…
AI summary unavailable — showing raw filing excerpt
Generated from NGL's filing dated 2025-05-29
Profitability
Operating margin
9.5%
271.9%Net margin
1.1%
154.9%Return on assets
0.9%
129.8%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q4 2025 2025-12-31 | $909.8M | -7.4% | $47.2M | +249.3% | 5.2% |
Q3 2025 2025-09-30 | $674.7M | -10.8% | $29.3M | +1093.3% | 4.3% |
Q2 2025 2025-06-30 | $622.2M | -18.1% | $68.9M | +611.8% | 11.1% |
Q1 2025 2025-03-31 | $971.1M | -40.4% | $13.7M | +105.8% | 1.4% |
Q4 2024 2024-12-31 | $982.4M | -47.5% | $13.5M | -70.4% | 1.4% |
Q3 2024 2024-09-30 | $756.5M | -58.9% | $2.5M | -91.2% | 0.3% |
Q2 2024 2024-06-30 | $759.2M | -53.0% | $9.7M | -49.8% | 1.3% |
Q1 2024 2024-03-31 | $1.63B | — | $-236.8M | — | -14.5% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Natural Gas Transmission · SIC 4922
Your notes
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Insider activity
Insider buying
$580.2K
Insider selling
$0
Net activity
+$580.2K
Distinct insiders
1
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns NGL
Institutional value
$445.1M
Total shares held
36.5M
Distinct holders
62
-31 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | Invesco Ltd. | 19.6M | $241.4M | -10.6K (-0.1%) | Trimmed |
| 2 | ING GROEP NV | 5.3M | $65.5M | +137.0K (+2.6%) | Added |
| 3 | CITIGROUP INC | 3.0M | $37.4M | +453.3K (+17.5%) | Added |
| 4 | JPMORGAN CHASE & CO | 3.1M | $37.0M | +33.1K (+1.1%) | Added |
| 5 | PRESCOTT GROUP CAPITAL MANAGEMENT, L.L.C. | 1.0M | $12.7M | +40.0K (+4.0%) | Added |
| 6 | Fractal Investments LLC | 832.5K | $10.3M | +0 (+0.0%) | No change |
| 7 | BNP PARIBAS FINANCIAL MARKETS | 613.5K | $7.6M | +314.5K (+105.2%) | Added |
| 8 | UBS Group AG | 283.9K | $3.5M | +79.2K (+38.7%) | Added |
| 9 | HighTower Advisors, LLC | 275.3K | $3.4M | +0 (+0.0%) | No change |
| 10 | Mariner, LLC | 259.0K | $3.2M | +3.5K (+1.4%) | Added |
| 11 | Cetera Investment Advisers | 250.0K | $3.1M | +6.4K (+2.6%) | Added |
| 12 | ALPS ADVISORS INC | 236.0K | $2.9M | — | New |
| 13 | STEPHENS INC /AR/ | 190.0K | $2.3M | +0 (+0.0%) | No change |
| 14 | GROUP ONE TRADING LLC | 170.9K | $2.1M | +53.9K (+46.1%) | Added |
| 15 | CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT | 150.0K | $1.8M | +0 (+0.0%) | No change |
| 16 | WHITTIER TRUST CO | 138.5K | $1.8M | +0 (+0.0%) | No change |
| 17 | JANE STREET GROUP, LLC | 94.5K | $1.2M | -229.4K (-70.8%) | Trimmed |
| 18 | Carter Financial Group, INC. | 64.9K | $800.1K | +0 (+0.0%) | No change |
| 19 | NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO | 52.8K | $651.6K | -46.7K (-46.9%) | Trimmed |
| 20 | KWMG, LLC | 49.1K | $604.9K | +0 (+0.0%) | No change |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
Coming once NGL's latest filing finishes processing.