NGL Energy Partners LP vs Pembina Pipeline
Pembina Pipeline is the larger business, with $5.57bn of revenue in fiscal 2025 against $3.16bn for NGL Energy Partners LP (1.8 times as much). Pembina Pipeline grew faster (3.3% against -9.0%). Pembina Pipeline kept more of each dollar of sales as profit: a net margin of 21.8% against -4.5%.
| Latest fiscal year | NGL Energy Partners LPNGL, 2026 | Pembina PipelinePBA, 2025 |
|---|---|---|
| Revenue | $3.16bn | $5.57bn |
| Revenue growth | -9.0% | 3.3% |
| Net income | −$142m | $1.21bn |
| Operating margin | 3.0% | 36.1% |
| Net margin | -4.5% | 21.8% |
| Return on equity | — | 9.9% |
| Free cash flow | $145m | — |
| Cash | $8.5m | $77.3m |
| Total debt | $3.28bn | $8.51bn |
| Debt to equity | — | 69.6% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $47.6m | — |
| Employees | 449 | — |
| Market value | $2.06bn | $28.97bn |
| Price vs our value range | Within our value range | — |
| Moat score | 9 (Weak) | — |
| Insider trades, 12 months | 6 buys, 1 sales | 0 buys, 0 sales |