Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for NGL Energy Partners LP's Beneish M-Score or its related term are showing as below:
NGL'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.71 Med: -2.6 Max: -1.19
Current: -2.81
During the past 13 years, the highest Beneish M-Score of NGL Energy Partners LP was -1.19. The lowest was -3.71. And the median was -2.60.
NGL Energy Partners LP Beneish M-Score Related Terms
NGL Energy Partners LP Beneish M-Score Historical Data
* Premium members only.
The historical data trend for NGL Energy Partners LP's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Oil & Gas Midstream subindustry, NGL Energy Partners LP's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
NGL Energy Partners LP Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, NGL Energy Partners LP's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NGL Energy Partners LP's Beneish M-Score falls into.
NGL Energy Partners LP Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of NGL Energy Partners LP for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.2532
+
0.528 * 0.8949
+
0.404 * 0.8981
+
0.892 * 0.9098
+
0.115 * 1.0066
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.3861
+
4.679 * -0.056806
-
0.327 * 1.1793
=
-2.81
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(267.246 / (267.246 + 2176.717))
/
(268.728 / (268.728 + 2205.073))
=
0.109349
/
0.10863
=
1.0066
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(-142.295 - -271.052
-
365.953)
/
4175.539
=
-0.056806
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
NGL Energy Partners LP has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
NGL Energy Partners LP (NGL) has a Beneish M-Score of -2.81 as of Jul. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NGL Energy Partners LP and its competitors. According to the industry distribution chart, NGL Energy Partners LP ranks #329 out of 823 companies in the Oil & Gas industry, placing it in the top 40%.
Is NGL Energy Partners LP's Beneish M-Score too high?
NGL Energy Partners LP's current Beneish M-Score is -2.81. Based on the distribution chart, NGL Energy Partners LP ranks #329 out of 823 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, NGL Energy Partners LP has a GF Score™ of 46/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NGL Energy Partners LP's Beneish M-Score compare to GEL and TNK?
According to the Oil & Gas industry distribution chart, NGL Energy Partners LP ranks #329 out of 823 companies for Beneish M-Score. This puts NGL Energy Partners LP in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on NGL Energy Partners LP and its competitors. NGL Energy Partners LP's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NGL Energy Partners LP stock overvalued right now?
Based on GuruFocus' analysis, NGL Energy Partners LP (NGL) is currently considered Significantly Overvalued. The stock's GF Value™ is $4.39, compared to a current price of $15.51 — trading 253.3% above its estimated fair value. The current Beneish M-Score is -2.81. NGL Energy Partners LP's overall GF Score™ is 46/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For NGL Energy Partners LP (NGL), the current Beneish M-Score is -2.81 as of Jul. 16, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is NGL Energy Partners LP (NGL) Overvalued in 2026?
Based on GuruFocus' analysis, NGL Energy Partners LP stock appears to be overvalued.
The current stock price of $15.51 is trading 253.3% above its estimated GF Value™ of $4.39.
GuruFocus considers NGL Energy Partners LP to be Significantly Overvalued.
Key valuation signals for NGL:
Beneish M-Score: -2.81
GF Value™: $4.39 vs. price of $15.51 (253.3% above fair value)
No single metric tells the full story. See the NGL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NGL Energy Partners LP is a USA-based firm that owns and operates a vertically integrated energy business. The company's operating segments include Crude Oil Logistics, Water Solutions, and Liquids Logistics. It operates crude oil Logistics, owns pipeline injection stations, and offers services for the treatment and disposal of wastewater generated from crude oil and natural gas production, as well as for the disposal of solids, such as tank bottoms and drilling fluids. The firm also supplies natural gas liquids to retailers, wholesalers, refiners, and petrochemical plants and sells propane and distillates.
46GF Score
Get the complete analysis for NGL
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NGL has been successfully added to your 
