NGL Energy Partners LP vs Western Midstream Partners, LP
Western Midstream Partners, LP is the larger business, with $3.84bn of revenue in fiscal 2025 against $3.16bn for NGL Energy Partners LP (1.2 times as much). Western Midstream Partners, LP grew faster (6.6% against -9.0%). Western Midstream Partners, LP kept more of each dollar of sales as profit: a net margin of 30.7% against -4.5%.
| Latest fiscal year | NGL Energy Partners LPNGL, 2026 | Western Midstream Partners, LPWES, 2025 |
|---|---|---|
| Revenue | $3.16bn | $3.84bn |
| Revenue growth | -9.0% | 6.6% |
| Net income | −$142m | $1.18bn |
| Operating margin | 3.0% | 41.7% |
| Net margin | -4.5% | 30.7% |
| Return on equity | — | — |
| Free cash flow | $145m | $1.49bn |
| Cash | $8.5m | $819m |
| Total debt | $3.28bn | $8.64bn |
| Debt to equity | — | — |
| Dividend per share | — | — |
| Dividend yield | — | 8.2% |
| Share buybacks | $47.6m | $0 |
| Employees | 449 | — |
| Market value | $2.06bn | $18.23bn |
| Price vs our value range | Within our value range | Below our value range |
| Moat score | 9 (Weak) | 81 (Strong) |
| Insider trades, 12 months | 6 buys, 1 sales | 2 buys, 1 sales |