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NGL Energy Partners LP vs Kinetik Holdings: NGL and KNTK compared
NGL Energy Partners LP is the larger company: $987M of revenue in its latest quarter (Q2 FY27) against $569M for Kinetik Holdings (Q3 2026). NGL Energy Partners LP is growing faster (+46% against +23% a year earlier). Kinetik Holdings is more profitable, with an operating margin of 11.2% against 2.4%.
Where the money goes: NGL and KNTK
NGL Energy Partners LP (NGL) · Q2 FY27
NGL Energy Partners LP, Q2 FY27: revenue $987M (+46% year over year), operating margin 2.4%, net loss $42.6M, operating cash flow $94.6M. The chart follows the revenue to costs, profit and cash.
Kinetik Holdings (KNTK) · Q3 2026
Kinetik Holdings, Q3 2026: revenue $569M (+23% year over year), operating margin 11.2%, net earnings $22.1M, operating cash flow $273M. The chart follows the revenue to costs, profit and cash.
| NGL Energy Partners LP (NGL) | Kinetik Holdings (KNTK) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $987M | $569M |
| Revenue growth, Y/Y | +46% | +23% |
| Operating margin | 2.4% | 11.2% |
| Net earnings | −$42.6M | $22.1M |
| Net margin | -4.3% | 3.9% |
| Operating cash flow | $94.6M | $273M |
| Free cash flow | — | $139M |
| Market value | $1.9B | $4.0B |
| P/E | — | 6.7× |
| Analysts’ mean target | — | $58.62 |
Where the revenue comes from
NGL Energy Partners LP
- Product: $766M (78%)
- Service: $221M (22%)
Kinetik Holdings
- Product and Service: $564M (99%)
- Other revenue: $4.9M (1%)
Questions
Which is bigger, NGL Energy Partners LP or Kinetik Holdings?
NGL Energy Partners LP is the larger company: $987M of revenue in its latest quarter (Q2 FY27) against $569M for Kinetik Holdings (Q3 2026).
Is NGL Energy Partners LP or Kinetik Holdings growing faster?
NGL Energy Partners LP is growing faster (+46% against +23% a year earlier).
Which is more profitable, NGL Energy Partners LP or Kinetik Holdings?
Kinetik Holdings is more profitable, with an operating margin of 11.2% against 2.4%.
More: NGL Energy Partners LP earnings · how NGL Energy Partners LP makes money · Kinetik Holdings earnings · how Kinetik Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.