NGL Energy Partners LP vs South Bow
NGL Energy Partners LP is the larger business, with $3.16bn of revenue in fiscal 2026 against $1.99bn for South Bow (1.6 times as much). South Bow grew faster (-6.3% against -9.0%). South Bow 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 | South BowSOBO, 2025 |
|---|---|---|
| Revenue | $3.16bn | $1.99bn |
| Revenue growth | -9.0% | -6.3% |
| Net income | −$142m | $433m |
| Operating margin | 3.0% | — |
| Net margin | -4.5% | 21.8% |
| Return on equity | — | 16.3% |
| Free cash flow | $145m | $539m |
| Cash | $8.5m | $549m |
| Total debt | $3.28bn | $5.81bn |
| Debt to equity | — | 214.4% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $47.6m | — |
| Employees | 449 | — |
| Market value | $2.06bn | $7.25bn |
| 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 |