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Side-by-side financial comparison of NGL Energy Partners LP (NGL) and Primo Brands Corp (PRMB). Click either name above to swap in a different company.
Primo Brands Corp is the larger business by last-quarter revenue ($1.6B vs $909.8M, roughly 1.7× NGL Energy Partners LP). NGL Energy Partners LP runs the higher net margin — 5.2% vs -0.8%, a 6.0% gap on every dollar of revenue. Primo Brands Corp produced more free cash flow last quarter ($57.3M vs $45.7M).
NGL Energy Partners LP is a U.S.-based midstream energy services firm. It offers transportation, storage, and logistics solutions for crude oil, natural gas liquids, and renewable fuels, plus water management services for upstream energy producers, operating primarily across North American markets.
Primo Brands Corporation is an American-Canadian water company offering multi-gallon bottled water, water dispensers, self-service refill water machines, and water filtration appliances. The company is headquartered in Tampa, Florida, and services residential and commercial customers across the United States, Canada, Europe and Israel.
NGL vs PRMB — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $909.8M | $1.6B |
| Net Profit | $47.2M | $-13.0M |
| Gross Margin | 29.0% | 27.7% |
| Operating Margin | 12.1% | 1.2% |
| Net Margin | 5.2% | -0.8% |
| Revenue YoY | -41.3% | — |
| Net Profit YoY | 249.3% | — |
| EPS (diluted) | — | $-0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $909.8M | $1.6B | ||
| Q3 25 | $674.7M | $1.8B | ||
| Q2 25 | $622.2M | $1.7B | ||
| Q1 25 | $971.1M | $1.6B | ||
| Q4 24 | $982.4M | — | ||
| Q3 24 | $756.5M | $0 | ||
| Q2 24 | $759.2M | $1.3B | ||
| Q1 24 | $1.0B | $1.1B |
| Q4 25 | $47.2M | $-13.0M | ||
| Q3 25 | $29.3M | $16.8M | ||
| Q2 25 | $68.9M | $27.6M | ||
| Q1 25 | $13.7M | $28.7M | ||
| Q4 24 | $13.5M | — | ||
| Q3 24 | $2.5M | $-2.0K | ||
| Q2 24 | $9.7M | $54.5M | ||
| Q1 24 | $-236.8M | $33.5M |
| Q4 25 | 29.0% | 27.7% | ||
| Q3 25 | 37.6% | 29.9% | ||
| Q2 25 | 38.5% | 31.3% | ||
| Q1 25 | 26.9% | 32.3% | ||
| Q4 24 | 25.1% | — | ||
| Q3 24 | 30.9% | — | ||
| Q2 24 | 29.0% | 32.7% | ||
| Q1 24 | 21.8% | 30.4% |
| Q4 25 | 12.1% | 1.2% | ||
| Q3 25 | 14.0% | 8.3% | ||
| Q2 25 | 15.7% | 6.5% | ||
| Q1 25 | 8.4% | 9.5% | ||
| Q4 24 | 8.6% | — | ||
| Q3 24 | 10.8% | — | ||
| Q2 24 | 10.8% | 12.1% | ||
| Q1 24 | -9.4% | 11.0% |
| Q4 25 | 5.2% | -0.8% | ||
| Q3 25 | 4.3% | 1.0% | ||
| Q2 25 | 11.1% | 1.6% | ||
| Q1 25 | 1.4% | 1.8% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 1.3% | 4.1% | ||
| Q1 24 | -22.8% | 2.9% |
| Q4 25 | — | $-0.03 | ||
| Q3 25 | — | $0.04 | ||
| Q2 25 | — | $0.07 | ||
| Q1 25 | — | $0.08 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-20.00 | ||
| Q2 24 | — | $0.25 | ||
| Q1 24 | — | $0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.5M | $376.7M |
| Total DebtLower is stronger | $2.9B | $5.2B |
| Stockholders' EquityBook value | — | $3.0B |
| Total Assets | $4.4B | $10.6B |
| Debt / EquityLower = less leverage | — | 1.72× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.5M | $376.7M | ||
| Q3 25 | $8.7M | — | ||
| Q2 25 | $5.4M | — | ||
| Q1 25 | $13.5M | — | ||
| Q4 24 | $5.7M | — | ||
| Q3 24 | $4.5M | — | ||
| Q2 24 | $5.3M | — | ||
| Q1 24 | $38.9M | — |
| Q4 25 | $2.9B | $5.2B | ||
| Q3 25 | $2.9B | $5.1B | ||
| Q2 25 | $2.9B | $5.1B | ||
| Q1 25 | $3.0B | $5.0B | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $2.9B | — |
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-2.0K | ||
| Q2 24 | — | $-296.8M | ||
| Q1 24 | — | $-349.8M |
| Q4 25 | $4.4B | $10.6B | ||
| Q3 25 | $4.3B | $11.0B | ||
| Q2 25 | $4.2B | $11.0B | ||
| Q1 25 | $4.6B | $11.0B | ||
| Q4 24 | $4.8B | — | ||
| Q3 24 | $4.9B | $0 | ||
| Q2 24 | $4.8B | — | ||
| Q1 24 | $5.0B | — |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | — | 1.51× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $182.3M | $203.1M |
| Free Cash FlowOCF − Capex | $45.7M | $57.3M |
| FCF MarginFCF / Revenue | 5.0% | 3.7% |
| Capex IntensityCapex / Revenue | 15.0% | 9.4% |
| Cash ConversionOCF / Net Profit | 3.86× | — |
| TTM Free Cash FlowTrailing 4 quarters | $126.7M | $302.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $182.3M | $203.1M | ||
| Q3 25 | $40.5M | $283.4M | ||
| Q2 25 | $33.2M | $155.0M | ||
| Q1 25 | $155.0M | $38.8M | ||
| Q4 24 | $153.8M | — | ||
| Q3 24 | $6.7M | $0 | ||
| Q2 24 | $-18.1M | $102.5M | ||
| Q1 24 | $152.2M | $6.0M |
| Q4 25 | $45.7M | $57.3M | ||
| Q3 25 | $9.5M | $167.7M | ||
| Q2 25 | $11.1M | $101.1M | ||
| Q1 25 | $60.4M | $-23.2M | ||
| Q4 24 | $152.1M | — | ||
| Q3 24 | $-82.9M | — | ||
| Q2 24 | $-78.0M | $61.4M | ||
| Q1 24 | $119.8M | $-17.5M |
| Q4 25 | 5.0% | 3.7% | ||
| Q3 25 | 1.4% | 9.5% | ||
| Q2 25 | 1.8% | 5.8% | ||
| Q1 25 | 6.2% | -1.4% | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | -11.0% | — | ||
| Q2 24 | -10.3% | 4.7% | ||
| Q1 24 | 11.5% | -1.5% |
| Q4 25 | 15.0% | 9.4% | ||
| Q3 25 | 4.6% | 6.6% | ||
| Q2 25 | 3.6% | 3.1% | ||
| Q1 25 | 9.7% | 3.8% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 11.8% | — | ||
| Q2 24 | 7.9% | 3.1% | ||
| Q1 24 | 3.1% | 2.1% |
| Q4 25 | 3.86× | — | ||
| Q3 25 | 1.38× | 16.87× | ||
| Q2 25 | 0.48× | 5.62× | ||
| Q1 25 | 11.29× | 1.35× | ||
| Q4 24 | 11.39× | — | ||
| Q3 24 | 2.74× | — | ||
| Q2 24 | -1.87× | 1.88× | ||
| Q1 24 | — | 0.18× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
PRMB
| Regional Spring Water | $765.1M | 49% |
| Purified Water | $484.5M | 31% |
| Other | $188.4M | 12% |
| Premium Water | $90.3M | 6% |
| Other Water | $25.8M | 2% |
