Revenue and profitability
- Revenue: $1,549,073,000; YoY change: -17.15%; QoQ change: +14.52%
- Gross profit: $172,827,000; gross margin 11.16%; YoY change: -6.34%; QoQ change: +1.93%
- EBITDA: $143,829,000; EBITDA margin 9.28%
- Operating income: $75,497,000; operating margin 4.87%; YoY change: -25.83%; QoQ change: -2.87%
- Net income: $13,507,000; net income margin ≈ 0.87%; YoY change: -70.43%; QoQ change: +450.41%
- EPS: -0.12; EPS (diluted) -0.12; YoY EPS change: -134.29%; QoQ EPS change: +42.86%
Cash flow and liquidity
- Net cash provided by operating activities: $153,792,000
- Capital expenditures (investments in property, plant and equipment): -$58,420,000
- Free cash flow: $95,372,000
- Net change in cash: $1,188,000; cash at end of period: $5,683,000; cash at beginning: $4,495,000
- Dividends paid: -$30,752,000
- Net cash used/provided by financing activities: -$85,133,000
Balance sheet and leverage
- Total assets: $4,848,472,000; total liabilities: $4,685,880,000; total stockholders’ equity: $162,592,000
- Long-term debt: $3,166,020,000; total debt: $3,203,980,000; net debt: $3,198,297,000
- Current assets: $1,015,868,000; current liabilities: $846,453,000
- Liquidity ratios: current ratio 1.20; quick ratio 1.042; cash ratio 0.0067 (very low cash cushion)
- Leverage and coverage: debt ratio 0.661; debt-to-capitalization 0.952; interest coverage 1.115
Valuation and market context
- Price-to-book: 19.49x; price-to-sales: 2.05x; price-to-earnings: 58.64x
- Enterprise value multiple: 44.27x; dividend yield: 0.97%
- These multiples imply a premium to book value that reflects a high-debt, asset-light to moderately asset-heavy midstream franchise with limited near-term liquidity headroom and a narrow cushion for cash flow volatility.
Notes on comparability
- Peer comparisons in the provided dataset show widely varying multiples (e.g., GLOG-PA, NS-PC/NS-PB, GLOP-PC, etc.). NGL-PB’s elevated price-to-book and enterprise value multiples relative to several peers suggest investor skepticism about near-term deleveraging and potential sensitivity to macro energy demand and NGL/LLM (Liquids Logistics) volumes.