Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| NGL Energy Partners L.P.NGL-PC · utilities | |
|---|---|
| Grade |  Eweakest fifth of 148 graded peers; percentile 92.5, sampling error 3.6 points; lower is stronger |
| Rank | 136 of 148 |
| Profitability | B/Cpercentile 38.6 |
| Solvency | Dpercentile 73.2 |
| Growth and financing | Epercentile 87.0 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $4.2B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 10 of 14 |
| Graded from | filings received through May 28, 2026134 days before the rescan; every figure keyed to the SEC receipt date |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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No price series supplied for this render. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received May 28, 2026; the document on sec.gov.
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 to our producer customers to be used in their crude oil exploration and production activities. As part of processing water, we aggregate and sell recovered crude oil, also known as skim oil. We also dispose of solids such as tank bottoms, drilling fluids and drilling muds and perform other ancillary services such as truck washouts.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 38.6 | |||||||
| Gross profitability | 23.3% | [1-3] | 17.5% | 25.0 | 81 | 2026-03-31 | |
| Return on invested capital | not computable | 6.0% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (11.6%) | [1,4-6] | (5.0%) | 22.2 | 271 | 2026-03-31 | |
| Gross margin stability, five years | 7.4 pts | [2-3,7-14] | 4.6 pts | 68.5 | 55 | 2026-03-31 | |
| Solvency, sleeve percentile 73.2 | |||||||
| Twelve-month failure probability | not computable | 0.06% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
| Altman Z double-prime | not computable | 1.48 | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | 8.88x | [15-18] | 3.63x | 95.7 | 117 | 2026-03-31 | |
| Interest coverage | 0.37x | [17,19] | 2.37x | 84.1 | 83 | 2026-03-31 | |
| Current ratio | 1.05x | [20-21] | 0.97x | 39.9 | 282 | 2026-03-31 | |
| Growth and financing, sleeve percentile 87.0 | |||||||
| Revenue growth, three-year compound | (17.8%) | [2,7,9,11] | 0.7% | 94.6 | 222 | 2026-03-31 | |
| Free cash flow growth, three-year compound | (21.4%) | [5,22-28] | (11.8%) | 64.8 | 55 | 2026-03-31 | |
| Reinvestment rate | (249.3%) | [17-18,20-22,29-32] | 59.0% | 94.4 | 72 | 2026-03-31 | |
| Asset growth, three years | (8.5%) | [1,6,33-34] | 6.4% | 94.3 | 246 | 2026-03-31 | |
| Net share issuance, one year | not computable | 0.4% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.368; sampling error 3.6 percentile points on 148 peers.
Among 148 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 133 | H2O America (HTO) H2O America (HTO) Eweakest fifth; percentile 89.8 Nasdaq · Water Supply market equity $2.4B; last close $58.04 No active warnings; 7 of 14 inputs | 89.8 | E | |
| 134 | Dominion Energy, Inc. (D) Dominion Energy, Inc. (D) Eweakest fifth; percentile 90.5 NYSE · Electric Services market equity $54.3B; last close $61.76 No active warnings; 9 of 14 inputs | 90.5 | E | |
| 135 | Txnm Energy Inc. (TXNM) Txnm Energy Inc. (TXNM) Eweakest fifth; percentile 91.2 NYSE · Electric Services market equity $6.5B; last close $58.58 No active warnings; 7 of 14 inputs | 91.2 | E | |
| 136 | NGL Energy Partners L.P. (NGL) NGL Energy Partners L.P. (NGL) Eweakest fifth; percentile 92.5 NYSE · Natural Gas Transmission last close $15.28 No active warnings; 10 of 14 inputs | 92.5 | E | |
| 137 | NGL Energy Partners L.P. (NGL-PB) NGL Energy Partners L.P. (NGL-PB) Eweakest fifth; percentile 92.5 NYSE · Natural Gas Transmission No active warnings; 10 of 14 inputs | 92.5 | E | |
| 138 | NGL Energy Partners L.P. (NGL-PC) NGL Energy Partners L.P. (NGL-PC) Eweakest fifth; percentile 92.5 NYSE · Natural Gas Transmission No active warnings; 10 of 14 inputs | 92.5 | E | |
| 139 | BIG SKY Industrial Inc. (BSIN) BIG SKY Industrial Inc. (BSIN) Eweakest fifth; percentile 93.9 Nasdaq · Crude Petroleum & Natural Gas market equity $76.1M; last close $1.44 Warnings: dilution; 7 of 14 inputs | 93.9 | E | dilution |
| 140 | Xplr Infrastructure, L.P. (XIFR) Xplr Infrastructure, L.P. (XIFR) Eweakest fifth; percentile 94.6 NYSE · Electric Services market equity $974.8M; last close $10.34 No active warnings; 7 of 14 inputs | 94.6 | E | |
| 141 | Spire Inc. (SR) Spire Inc. (SR) Eweakest fifth; percentile 95.6 NYSE · Natural Gas Distribution last close $77.93 No active warnings; 7 of 14 inputs | 95.6 | E | |
| 142 | Spire Inc. (SRJN) Spire Inc. (SRJN) Eweakest fifth; percentile 95.6 NYSE · Natural Gas Distribution last close $21.09 No active warnings; 7 of 14 inputs | 95.6 | E | |
| 143 | Mammoth Energy Services, Inc. (TUSK) Mammoth Energy Services, Inc. (TUSK) Eweakest fifth; percentile 96.6 Nasdaq · Oil & Gas Field Services, NEC market equity $132.8M; last close $2.77 Warnings: fortress balance sheet; 7 of 14 inputs | 96.6 | E | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 97.0 | 2204 |
| sector peers, equal sleeves (the grade) | E | 92.5 | 148 |
| same exchange, equal sleeves | E | 97.9 | 984 |
| sector peers, equal inputs | E | 95.9 | 148 |
Each letter is one fifth of the 148 graded peers, about 29 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-09 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | not computable | 15.5% | missing required 12-1 monthly returns: 2026-08, 2026-07, 2026-06, 2026-05, 2026-04, 2026-03, 2026-02, 2026-01, 2025-12, 2025-11, 2025-10 | |
| Distance from 52-week high | not computable | (15.4%) | need at least 20 price observations; found 0 | |
| EBIT to enterprise value | not computable | 4.6% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 1.3% | required accounting or market input is missing | |
| Book value to price | not computable | 0.53 | required accounting or market input is missing | |
| Sales to price | not computable | 0.45 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | (7.2%) | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | not computable | 0.04 | missing required 12-1 monthly returns: 2026-08, 2026-07, 2026-06, 2026-05, 2026-04, 2026-03, 2026-02, 2026-01, 2025-12, 2025-11, 2025-10 |
Inputs: EBIT $94.7M; free cash flow $144.7M; book equity $1.7B; sales $3.2B; debt $3.3B; cash $5.1M[35].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2026-03-31 | ||
|---|---|---|
| Return on assets above zero | (3.1%) | ✗ fail[4,6] |
| Operating cash flow above zero | $366.0M | ✓ pass[5] |
| Return on assets improved | (3.9 pts) | ✗ fail[4,6,33,36] |
| Operating cash flow exceeds net income | $508.2M | ✓ pass[4-5] |
| Long-term leverage fell | 11.9 pts | ✗ fail[1,6,33,37-38] |
| Current ratio improved | (25.5 pts) | ✗ fail[20-21,31-32] |
| No new shares issued | n/a | |
| Gross margin improved | 3.1 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | (0.6 pts) | ✗ fail[2,6-7,33] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $5.1M[39] |
| Operating cash flow, four quarters | $409.8M[5,39-43] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 66 |
| 10-Q received Aug 4, 2026 | |
| Median daily dollar volume | n/a |
| 63 sessions | |
| Days since newest grade input | 134 |
Downloads [top]
|
Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $4.2B | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $3.2B | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $2.2B | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$142.3M | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $366.0M | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $4.6B | 2025-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 7 | revenue | us-gaap:Revenues | $3.5B | 2025-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 8 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $2.5B | 2025-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 9 | revenue | us-gaap:Revenues | $4.2B | 2024-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 10 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $3.2B | 2024-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:Revenues | $5.7B | 2023-03-31 | 2025-05-29 | 10-K | filing · viewer · series |
| 12 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $4.7B | 2023-03-31 | 2025-05-29 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:Revenues | $7.9B | 2022-03-31 | 2024-06-06 | 10-K | filing · viewer · series |
| 14 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $7.1B | 2022-03-31 | 2024-06-06 | 10-K | filing · viewer · series |
| 15 | total debt | us-gaap:LongTermDebt | $3.2B | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 16 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $8.5M | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 17 | operating income | us-gaap:OperatingIncomeLoss | $94.7M | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 18 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $268.7M | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 19 | interest expense | us-gaap:InterestExpense | $257.5M | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 20 | current assets | us-gaap:AssetsCurrent | $774.0M | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 21 | current liabilities | us-gaap:LiabilitiesCurrent | $739.5M | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 22 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $221.3M | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 23 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $297.5M | 2025-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 24 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $245.8M | 2025-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $376.2M | 2024-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 26 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $152.3M | 2024-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $445.2M | 2023-03-31 | 2025-05-29 | 10-K | filing · viewer · series |
| 28 | capital expenditure | us-gaap:PaymentsToAcquireProductiveAssets | $147.8M | 2023-03-31 | 2025-05-29 | 10-K | filing · viewer · series |
| 29 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | -$178.8M | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 30 | income tax | us-gaap:IncomeTaxExpenseBenefit | -$276,000 | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 31 | current assets | us-gaap:AssetsCurrent | $962.1M | 2025-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 32 | current liabilities | us-gaap:LiabilitiesCurrent | $739.2M | 2025-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 33 | assets | us-gaap:Assets | $5.0B | 2024-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 34 | assets | us-gaap:Assets | $5.5B | 2023-03-31 | 2025-05-29 | 10-K | filing · viewer · series |
| 35 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 124,814,289 | 2026-07-31 | 2026-08-04 | 10-Q | filing · viewer · series |
| 36 | net income | us-gaap:NetIncomeLoss | $39.4M | 2025-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 37 | long term debt | us-gaap:LongTermDebtNoncurrent | $3.2B | 2026-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 38 | long term debt | us-gaap:LongTermDebtNoncurrent | $3.0B | 2025-03-31 | 2026-05-28 | 10-K | filing · viewer · series |
| 39 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $5.1M | 2026-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $77.0M | 2026-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $255.9M | 2025-12-31 | 2026-02-03 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $73.7M | 2025-09-30 | 2025-11-04 | 10-Q | filing · viewer · series |
| 43 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $33.2M | 2025-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 92.5 is 12.5 points from the nearest band edge; sampling error is 3.6 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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