WallStSmart

NGL Energy Partners LP (NGL)vsTC Energy Corp (TRP)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

TC Energy Corp generates 390% more annual revenue ($15.48B vs $3.16B). TRP leads profitability with a 22.2% profit margin vs -4.5%. TRP appears more attractively valued with a PEG of 4.45. TRP earns a higher WallStSmart Score of 55/100 (C).

NGL

Avoid

32

out of 100

Grade: F

Growth: 2.0Profit: 5.5Value: 3.7Quality: 4.3
Piotroski: 4/9

TRP

Buy

55

out of 100

Grade: C

Growth: 4.7Profit: 7.5Value: 3.3Quality: 3.0
Piotroski: 4/9Altman Z: 0.54
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

NGLFair Value (-1.9%)

Margin of Safety

-1.9%

Fair Value

$11.25

Current Price

$15.22

$3.97 premium

UndervaluedFair: $11.25Overvalued
TRPSignificantly Overvalued (-48.9%)

Margin of Safety

-48.9%

Fair Value

$40.92

Current Price

$68.43

$27.51 premium

UndervaluedFair: $40.92Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

NGL1 strengths · Avg: 9.0/10
Return on EquityProfitability
25.5%9/10

Every $100 of equity generates 26 in profit

TRP4 strengths · Avg: 9.0/10
Operating MarginProfitability
47.5%10/10

Strong operational efficiency at 47.5%

Market CapQuality
$70.53B9/10

Large-cap with strong market position

Profit MarginProfitability
22.2%9/10

Keeps 22 of every $100 in revenue as profit

Free Cash FlowQuality
$1.10B8/10

Generating 1.1B in free cash flow

Areas to Watch

NGL4 concerns · Avg: 2.3/10
Operating MarginProfitability
2.1%3/10

Operating margin of 2.1%

PEG RatioValuation
8.062/10

Expensive relative to growth rate

Revenue GrowthGrowth
-13.3%2/10

Revenue declined 13.3%

EPS GrowthGrowth
-60.1%2/10

Earnings declined 60.1%

TRP4 concerns · Avg: 2.5/10
P/E RatioValuation
28.0x4/10

Moderate valuation

PEG RatioValuation
4.452/10

Expensive relative to growth rate

EPS GrowthGrowth
-8.5%2/10

Earnings declined 8.5%

Altman Z-ScoreHealth
0.542/10

Distress zone — elevated risk

Comparative Analysis Report

WallStSmart Research

Bull Case : NGL

The strongest argument for NGL centers on Return on Equity.

Bull Case : TRP

The strongest argument for TRP centers on Operating Margin, Market Cap, Profit Margin. Profitability is solid with margins at 22.2% and operating margin at 47.5%.

Bear Case : NGL

The primary concerns for NGL are Operating Margin, PEG Ratio, Revenue Growth. Debt-to-equity of 129.59 is elevated, increasing financial risk.

Bear Case : TRP

The primary concerns for TRP are P/E Ratio, PEG Ratio, EPS Growth. Debt-to-equity of 2.25 is elevated, increasing financial risk.

Key Dynamics to Monitor

NGL profiles as a turnaround stock while TRP is a mature play — different risk/reward profiles.

TRP carries more volatility with a beta of 0.98 — expect wider price swings.

TRP is growing revenue faster at 6.6% — sustainability is the question.

TRP generates stronger free cash flow (1.1B), providing more financial flexibility.

Bottom Line

TRP scores higher overall (55/100 vs 32/100), backed by strong 22.2% margins. Both earn "Buy" and "Avoid" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

NGL Energy Partners LP

ENERGY · OIL & GAS MIDSTREAM · USA

NGL Energy Partners LP is engaged in the crude oil and liquids logistics and water solutions businesses. The company is headquartered in Tulsa, Oklahoma.

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TC Energy Corp

ENERGY · OIL & GAS MIDSTREAM · USA

TC Energy Corporation is an energy infrastructure company in North America. The company is headquartered in Calgary, Canada.

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