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NGL Energy Partners LP · Tenets
How NGL measures up against value, income, timing, and long-hold tenets. Every criterion shows the live number and the pass rule. Always free.
The tenets below and the 0-100 Tenet Score on this report are two separate computations: each tenet runs its own criteria and its own pass rule, while the score is a percentile composite reported as one of four verdict words (Strong, Solid, Mixed or Weak).
1 / 17 qualify todayas of 2026-10-02 · computed nightly from our fundamentals DB; point-in-time auditable.
QUALIFIES
1
meet every gate today
BORDERLINE
6
within one input of the gate
FAILS
9
miss at least one gate
UNKNOWN
1
insufficient data to judge
passesfailsborderlineunknown
Value — six classic philosophies
Buffett Qualitydurable moat
✕ FailsUnknown — no dataROE ≥ 15%— · ≥ 15.0%
FailsGross margin ≥ 40%(fiscal 2026: held in its sector pending the TTM check)30.9% · ≥ 40.0%
FailsNet margin ≥ 15%(TTM through Jun 30, 2026)−3.7% · ≥ 15.0%
Unknown — no dataDebt/equity ≤ 0.5— · ≤ 0.50
PassesGrowing FCF (multi-yr)(fiscal 2021 to 2026)4.3% per year · > 0
Decided by the pass rule for Buffett Quality.The pass rule for Buffett Quality is what decides that verdict, and it is not restated here. 2 of 5 carry no data.Buffett Quality under The screens ›
Piotroski F-Scorefinancial strength
✕ 5 / 9FailsReturn on assets positive(fiscal 2026)−3.3% · > 0
PassesOperating cash flow positive(fiscal 2026)$366.0M · > 0
FailsReturn on assets improving(fiscal 2026)0.9% → −3.3%
PassesEarnings backed by cash (CFO > net income)(fiscal 2026)$366.0M vs −$139.2M
FailsLeverage falling (long-term debt / assets)(fiscal 2026)64.3% → 77.2%
FailsCurrent ratio improving(fiscal 2026)1.30 → 1.05
PassesNo share dilution (≤ +2%)(fiscal 2026)−3.9%
PassesGross margin expanding(fiscal 2026)27.7% → 30.9%
PassesAsset turnover improving(fiscal 2026)0.75 → 0.76
Decided by the pass rule for Piotroski F-Score.The pass rule for Piotroski F-Score is what decides that verdict, and it is not restated here. These checks score 5 of 9.Piotroski F-Score under The screens ›
Munger Compoundershigh-ROIC quality
✕ FailsFailsROIC ≥ 15%(TTM through Jun 30, 2026)5.3% · ≥ 15.0%
FailsNet debt/EBITDA ≤ 3×(fiscal 2026: held in its sector pending the TTM check)8.9× · ≤ 3.0×
Unknown — no dataAltman Z ≥ 3 (safe zone)— · ≥ 3.00
Decided by the pass rule for Munger Compounders.The pass rule for Munger Compounders is what decides that verdict, and it is not restated here. 1 of 3 carry no data.Munger Compounders under The screens ›
Magic FormulaROC + earnings yield (threshold check; full rank needs universe)
✕ FailsPassesEBIT > 0(fiscal 2026: held in its sector pending the TTM check)$94.7M · > 0
FailsEarnings yield EBIT/EV ≥ 6%(fiscal 2026: held in its sector pending the TTM check)2.5% · ≥ 6.0%
FailsReturn on capital ≥ 25%(fiscal 2026: held in its sector pending the TTM check)4.5% · ≥ 25.0%
Decided by the pass rule for Magic Formula.The pass rule for Magic Formula is what decides that verdict, and it is not published separately on the methodology page.About this screen ›
Graham Defensivemargin of safety
✕ FailsFailsSize: market cap ≥ $2B$201.3M · ≥ $2.0B
FailsCurrent ratio ≥ 2(quarter ending Jun 30, 2026)1.14 · ≥ 2.00
FailsPositive EPS 10y2y
PassesPays a dividend$0.89 · > 0
Unknown — no dataEPS growth ≥ 3%/yr— · ≥ 3.0%
Unknown — no dataP/E ≤ 15— · ≤ 15.00
Unknown — no dataP/E × P/B ≤ 22.5— · ≤ 22.50
Decided by the pass rule for Graham Defensive.The pass rule for Graham Defensive is what decides that verdict, and it is not restated here. 3 of 7 carry no data.Graham Defensive under The screens ›
Lynch GARPgrowth at reasonable price (historical-CAGR basis)
— UnknownUnknown — no dataPEG < 1 (hist. growth)— · < 1.00
Unknown — no dataEPS growth 10–30%— · 10.0%–30.0%
Verdict Unknown for this set.Verdict Unknown for this set. None of the 2 checks below carry data.Lynch GARP under The screens ›
Income — dividend safety
Income & Dividend Safetycoverage over headline yield
✕ FailsPassesPays a dividend$0.89 · > 0
FailsYield in a healthy band (not a yield trap)0.0% · 1.0%–8.0%
PassesCovered by free cash flow1.20 · ≥ 1.20
Unknown — no dataEarnings payout not stretched−86.3% · ≤ 75.0%
FailsBalance sheet can sustain the payout8.9× · ≤ 4.0×
FailsAnnual dividend raised 10+ years running (Aristocrat ≥25, King ≥50)0.00 · ≥ 10.00
PassesNo dividend cut in the last 5 yearsLast cut 2020
Fails5-year dividend growth ≥ 5%/yr−31.0% · ≥ 5.0%
Decided by the pass rule for Income & Dividend Safety.The pass rule for Income & Dividend Safety is what decides that verdict, and it is not published separately on the methodology page. 1 of 8 carry no data.
Dividend Growthraises you can count on
~ BorderlinePassesPays a dividend$0.89 · > 0
FailsAnnual dividend raised 10+ years running (Aristocrat ≥25, King ≥50)0.00 · ≥ 10.00
PassesNo dividend cut in the last 5 yearsLast cut 2020
Fails5-year dividend growth ≥ 5%/yr−31.0% · ≥ 5.0%
PassesCovered by free cash flow1.20 · ≥ 1.20
Unknown — no dataPayout not stretched— · ≤ 75.0%
Decided by the pass rule for Dividend Growth.The pass rule for Dividend Growth is what decides that verdict, and it is not restated here. 1 of 6 carry no data.Dividend Growth under The screens ›
Long Hold — quality compounders
Quality Compounderhigh returns, reinvested, few new shares
✕ FailsFailsReturn on invested capital ≥ 15% in 4+ of the last 5 years0 of 4 on file
FailsRevenue compounding ≥ 8%/yr over 5 years−9.6% per year · ≥ 8.0%
PassesNot diluting: diluted share count flat-to-down (≤ +1%/yr)−0.1% · ≤ 1.0%
FailsFree cash flow margin ≥ 12%4.6% · ≥ 12.0%
Not scored: see the reason belowEarnings backed by cash (operating cash flow ≥ net income)Cash-flow-to-earnings quality isn't available in our data for this period.— · ≥ 1.00
Reading: holds. Not a gate checkDisciplined buybacks: actively reducing the share count (bonus)reading, not a gate check−0.1%
Decided by the pass rule for Quality Compounder.The pass rule for Quality Compounder is what decides that verdict, and it is not restated here. 1 of 5 carry no data. Lines marked as readings are published beside the checks and are not gate checks.Quality Compounder under The screens ›
Timing — dip & swing receipts
Drawdown Contexta dip, not a collapse
~ BorderlinePassesOff its 52-week high by 8–35% (a dip, not a collapse)18.1% · 8.0%–35.0%
FailsDip within its own normal pullback band0.24
PassesNot past where its dips have historically recovered from1.28
PassesA dip in an uptrend (above a rising 200-day)14.21
FailsHigher-low structure still intactstructure broken · higher low
PassesClear of the earnings blackout (more than 5 days out)39.00 · > 5.00
Decided by the pass rule for Drawdown Context.The pass rule for Drawdown Context is what decides that verdict, and it is not published separately on the methodology page.
Reversal Evidencedaily close onlysigns the pullback is turning
~ BorderlineUnknown — no dataA bullish MACD cross within 10 sessions— · ≤ 10.00
FailsReclaimed a rising 50-day EMA16.43
PassesPrinted a higher lowyes
PassesA volume thrust on the turn (≥ 1.2× normal)1.28 · ≥ 1.20
FailsReversal signals fired: 3 of 4 (MACD·MA·HL·Vol)2.00 · ≥ 3.00
Decided by the pass rule for Reversal Evidence.The pass rule for Reversal Evidence is what decides that verdict, and it is not published separately on the methodology page. 1 of 5 carry no data.
Not-a-Value-Trap Gatecheap for a good reason, not a broken one
✕ FailsFailsIn the cheap half of its own 5-year valuation range(through fiscal 2026)0.7×
PassesEarnings estimates not being cut0.68
FailsReturns on capital not deteriorating0.02
Decided by the pass rule for Not-a-Value-Trap Gate.The pass rule for Not-a-Value-Trap Gate is what decides that verdict, and it is not published separately on the methodology page.
Quality Floorpasses the quality/value gate on this dip
✕ FailsPassesOperating profit is positive(fiscal 2026: held in its sector pending the TTM check)$94.7M · > 0
FailsReturn on invested capital ≥ 10%(TTM through Jun 30, 2026)5.3% · ≥ 10.0%
Not scored: see the reason belowA solvent balance sheet (Altman Z ≥ 1.8, net debt/EBITDA ≤ 4)The Altman Z-score isn't derivable from the statements we have on file, so this two-part test is left unscored.—
FailsQuality score ≥ 5027.80 · ≥ 50.00
FailsRevenue growing over 5 years(fiscal 2021 to 2026)−9.6% per year · > 0
Decided by the pass rule for Quality Floor.The pass rule for Quality Floor is what decides that verdict, and it is not published separately on the methodology page. 1 of 5 carry no data.
Qualified Dipa pullback with receipts, not a falling knife
~ BorderlineA research signal from published criteria, not a recommendation.
FailsDrawdown context18.1% off its 52-week high
FailsReversal evidence2 of 4 signals fired
FailsTrap gate1 of 3 held
FailsQuality floor1 of 5 held · 1 no data
Invalidation level (structure break): below this the dip's structure has broken$16.33
Decided by the pass rule for Qualified Dip.The pass rule for Qualified Dip is what decides that verdict, and it is not restated here.Qualified Dip under The screens ›
Trend Alignmentprice in a confirmed uptrend
~ BorderlineFailsTrading above its 50-day average16.74
PassesTrading above its 200-day average14.21
Passes50-day average above the 200-day (uptrend stack)16.74
Passes50-day average sloping up0.02 · > 0
Decided by the pass rule for Trend Alignment.The pass rule for Trend Alignment is what decides that verdict, and it is not published separately on the methodology page.
Relative Strengthoutperforming, ranked vs the universe
✓ QualifiesPasses3-month return in the top half of the universe0.71 · ≥ 0.50
Passes12-minus-1 momentum in the top half of the universe0.98 · ≥ 0.50
PassesRelative strength vs the S&P 500 improving0.00 · > 0
PassesEarnings estimates being revised up0.68
Decided by the pass rule for Relative Strength.The pass rule for Relative Strength is what decides that verdict, and it is not published separately on the methodology page.
Momentum Triggera trigger you can see
~ BorderlineFailsMACD above its signal line−0.58
Not scored: see the reason belowBack above the 50-day on a fresh cross (≤10 sessions)This is a two-part reading (price back above the 50-day, and a bullish momentum cross inside 10 sessions) and a dated momentum cross is not on record for this name yet, so it is left unscored rather than counted either way.—
PassesHigher high and higher low (stair-stepping up)higher high · higher low
PassesA volume thrust on the move (≥ 1.2× normal)1.28 · ≥ 1.20
Decided by the pass rule for Momentum Trigger.The pass rule for Momentum Trigger is what decides that verdict, and it is not published separately on the methodology page. 1 of 4 carry no data.
Volatility Regimecontext, not a signal
Context, not scoredAverage daily swing: elevated0.04
Volatility band width: expanded (wide range)0.81
Distance from its 52-week high: mid-range0.18
✓
Every verdict is auditableEach criterion shows the live number and the pass rule side by side — a receipt, not a rating. Several of these screens publish their rule in full under The screens; each row links to its own section where there is one.
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Unknown ≠ failAn “— Unknown” verdict means the inputs were insufficient: context, not a signal, and never counted as a fail.
Computed from our fundamentals DB; historical-CAGR PEG basis for Lynch. Research, not investment advice. Tenet's rulesets are independently developed from publicly available sources, and Tenet is not affiliated with, sponsored by, endorsed by or otherwise associated with any referenced investor or trademark owner. Full notice. MAGIC FORMULA is a trademark of MagicFormulaInvesting.com LLC.