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GEL, Genesis Energy

Pipelines & Midstream capital-intensive Cyclical

We provide an integrated suite of services to crude oil and natural gas producers, refiners, and industrial and commercial enterprises.

We are a growth-oriented master limited partnership ("MLP") formed in Delaware in 1996 focused on the midstream segment of the crude oil and natural gas industry.

We have a diverse portfolio of assets, including pipelines, offshore hub and junction platforms, refinery-related plants, storage tanks, terminals, railcars, rail unloading facilities, barges and other vessels, and trucks.

Latest annual: FY2025 10-K

GEL · Genesis Energy

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.6B

−1.8% YoY · −2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.7B 5-yr avg $2.0B

Operating margin 18.6% 5-yr avg 10.6%

Owner-earnings margin 11% 5-yr avg −3%

Free cash flow margin 11% 5-yr avg −3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Onshore Transportation and Services (48%), Offshore Pipeline Transportation (33%) and Marine Transportation (20%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 11% through the cycle, a solid margin the cost base and competition set as much as the price does. The margin is cyclical, swinging between −13% and 16% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Capital spending runs about 12% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on throughput and the contracts behind it. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 3 segments, the largest Onshore Transportation and Services at 48%.

Revenue by reportable segment, FY2025

Onshore Transportation and Services48%$779M
Offshore Pipeline Transportation33%$532M
Marine Transportation20%$319M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$1.7B	$2.0B	$2.9B	$2.5B	$1.8B	$2.1B	$2.8B	$1.7B	$1.7B	$1.6B	$1.7B	RevenueRevenue
3%	3%	2%	2%	3%	3%	2%	4%	4%	5%	4%	SG&A / revenueSG&A/rev
$206M	$221M	$170M	$273M	($246M)	$76M	$315M	$205M	$170M	$258M	$313M	Operating incomeOp. inc.
12.1%	10.9%	5.8%	11.0%	−13.5%	3.6%	11.3%	11.9%	10.2%	15.8%	18.6%	Operating marginOp. mgn
$113M	$83M	($6M)	$96M	($417M)	($165M)	$75M	$118M	($64M)	($440M)	$35M	Net incomeNet inc.
3%	-5%	—	1%	—	—	4%	0%	—	—	2%	Effective tax rateTax rate
											Cash flow & returns
$283M	$324M	$390M	$382M	$297M	$338M	$334M	$521M	$392M	$253M	$310M	Operating cash flowOp. cash
$222M	$252M	$313M	$320M	$295M	$310M	$296M	$280M	$313M	$251M	$235M	DepreciationDeprec.
($59M)	($6M)	$79M	($42M)	$422M	$184M	($55M)	$98M	$137M	$427M	$27M	Working capital & otherWC & other
$463M	$251M	$195M	$163M	$144M	$301M	$424M	$620M	$587M	$187M	$131M	CapexCapex
27.0%	12.4%	6.7%	6.6%	7.9%	14.2%	15.2%	36.0%	35.4%	11.5%	7.8%	Capex / revenueCapex/rev
($180M)	$73M	$195M	$219M	$153M	$37M	($90M)	($99M)	($195M)	$66M	$178M	Owner earningsOwner earn.
−10.5%	3.6%	6.7%	8.8%	8.4%	1.7%	−3.2%	−5.7%	−11.8%	4.0%	10.6%	Owner earnings marginOE mgn
($180M)	$73M	$195M	$219M	$153M	$37M	($90M)	($99M)	($195M)	$66M	$178M	Free cash flowFCF
−10.5%	3.6%	6.7%	8.8%	8.4%	1.7%	−3.2%	−5.7%	−11.8%	4.0%	10.6%	Free cash flow marginFCF mgn
$0	$5M	$3M	$0	—	—	—	—	—	—	$0	AcquisitionsAcquis.
—	—	—	—	—	$0	$0	$1M	$0	$0	—	BuybacksBuybacks
											Balance sheet
$7M	$9M	$10M	$29M	$21M	$20M	$8M	$9M	$7M	$6M	$4M	Cash & investmentsCash+inv
$225M	$495M	$323M	$417M	$392M	$400M	$722M	$760M	$480M	$608M	$629M	ReceivablesReceiv.
$99M	$89M	$74M	$65M	$100M	$78M	$78M	$135M	$38M	$55M	$39M	InventoryInvent.
$120M	$271M	$127M	$219M	$198M	$264M	$428M	$589M	$388M	$491M	$508M	Accounts payablePayables
$203M	$313M	$270M	$263M	$294M	$214M	$372M	$306M	$129M	$173M	$159M	Operating working capitalOper. WC
$360M	$636M	$443M	$593M	$580M	$542M	$853M	$964M	$912M	$687M	$703M	Current assetsCur. assets
$261M	$456M	$333M	$415M	$383M	$497M	$709M	$967M	$859M	$700M	$721M	Current liabilitiesCur. liab.
1.4×	1.4×	1.3×	1.4×	1.5×	1.1×	1.2×	1.0×	1.1×	1.0×	1.0×	Current ratioCurr. ratio
$325M	$325M	$302M	$302M	$302M	$302M	$302M	$302M	$302M	$302M	$302M	GoodwillGoodwill
$5.7B	$7.1B	$6.5B	$6.6B	$5.9B	$5.9B	$6.4B	$7.0B	$7.0B	$4.9B	$4.8B	Total assetsAssets
$3.1B	$3.7B	$3.4B	$3.4B	$3.4B	$3.0B	$3.5B	$3.8B	$3.8B	$3.0B	$3.2B	Total debtDebt
$3.1B	$3.7B	$3.4B	$3.4B	$3.4B	$3.0B	$3.5B	$3.8B	$3.8B	$3.0B	$3.2B	Net debt / (cash)Net debt
0.4%	−0.3%	0.1%	0.3%	−0.2%	0.4%	0.6%	1.5%	0.3%	0.9%	0.8%	Stock comp / revenueSBC/rev
											Per share
—	—	—	123M	123M	123M	123M	123M	122M	122M	122M	Shares out (diluted)Shares
—	—	—	$20.24	$14.89	$17.34	$22.75	$14.05	$13.56	$13.31	$13.71	Revenue / shareRev/sh
—	—	—	$0.78	$-3.40	$-1.35	$0.62	$0.96	$-0.52	$-3.60	$0.29	EPS (diluted)EPS
—	—	—	$1.79	$1.25	$0.30	$-0.73	$-0.81	$-1.59	$0.54	$1.46	Owner earnings / shareOE/sh
—	—	—	$1.79	$1.25	$0.30	$-0.73	$-0.81	$-1.59	$0.54	$1.46	Free cash flow / shareFCF/sh
—	—	—	$1.33	$1.18	$2.46	$3.46	$5.06	$4.79	$1.53	$1.07	Cap. spending / shareCapex/sh

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−6.7%/yr (6-yr)	−2.2%/yr
Owner earnings / share	−18.1%/yr (6-yr)	−15.4%/yr
Capital spending / share	+2.3%/yr (6-yr)	+5.4%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

122Mpeak FY2019

Net debt ÷ owner earnings

46.1×peak FY2021

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$66Mowner earningsvs.($440M)net incomelow FY2024

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $440M loss into $66M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($440M)	($64M)	$118M	$75M	($165M)
Depreciation & amortizationnon-cash charge added back	+$251M	+$313M	+$280M	+$296M	+$310M
Stock-based compensationreal costnon-cash, but a real cost	+$15M	+$5M	+$25M	+$18M	+$9M
Working capital & othertiming of cash in and out, other non-cash items	+$427M	+$137M	+$98M	−$55M	+$184M
Cash from operations	$253M	$392M	$521M	$334M	$338M
Capital expenditurecash put back in to keep running and to grow	−$187M	−$587M	−$620M	−$424M	−$301M
Owner earnings	$66M	($195M)	($99M)	($90M)	$37M
Owner-earnings marginowner earnings ÷ revenue	4%	-12%	-6%	-3%	2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $15M), owner earnings is nearer $51M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $3.4B · 13.2× operating profit

Heavy net debt

Cash $6M − debt $3.4B

What this means
Netting $6M of cash and short-term investments against $3.4B of debt leaves $3.4B owed, about 13.2× a year's operating profit. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 2%

Thin through the cycle

10-yr median margin, range -12%–9%; latest $66M = operating cash $253M − maintenance capex $187M

Industry peers: median 5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 4% of revenue this year, a 2% median across 10 years. Treating stock comp as the real expense it is (less $15M of SBC) leaves $51M.
Are earnings backed by cash? $253M

Loss, but cash-generative

Net income ($440M) · cash from operations $253M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? 0%

Reinvests most of it

Dividends + buybacks $0 ÷ Owner Earnings $66M

What this means
Of $66M Owner Earnings, $0 (0%) went back to shareholders, $0 dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.74×

Harvesting

Capex $187M ÷ depreciation $251M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.6B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.98×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $3.4B vs ($12M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −304%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-1.05/share (latest year $-3.60), the averaged base the calculator's gate runs on. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 10

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Operating margin 10% → 13% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 10% early to 13% lately, median 11% — pricing power intact or improving.
Worst year 2020 · −13.5% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Share count −0.0%/yr

What this means
Roughly flat share count, little dilution, little buyback.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$703M

Cash & short-term investments$4M
Receivables$629M
Inventory$39M
Other current assets$31M

Current liabilities$721M

Accounts payable$508M
Other current liabilities$212M

Current ratio0.98×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.92×stricter: inventory excluded

Cash ratio0.01×strictest: cash alone against what's due

Working capital($18M)the cushion left after near-term bills

Revenue, latest quarter vs. a year ago+12.1%the freshest read on whether the business is still growing

Current ratio, recent quarters1.1× → 1.0×

Deeper floors

Net current asset value($3.6B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$3.2B$68M of it operating leases

Deferred revenue$107Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $3.5B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$3.3B · 95%
Buybacks$1M · 0%
Retained (debt / cash)$176M · 5%

Returned to owners$1M
1% of the owner earnings the business produced over the span, $0 as dividends and $1M as buybacks.
Average price paid for buybacks$9.08
Across the years where the filing reports a share count, 0M shares were bought for $1M, about $9.08 each.
Net change in share count−0.1%
The diluted count barely moved (123M to 122M): buybacks roughly offset the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

From the proxy: how much of the business the people running it own, and how they are paid.

Stock-based compensation$15M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 6% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Genesis Energy is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereDid receivables and inventory outpace sales?19% → 40% of sales
Receivables and inventory grew from $323M to $668M while revenue grew −2%: working capital is climbing faster than sales (19% of revenue then, 40% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pipelines & Midstream

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
PAAPlains All American Pipeline L.P. Common	$44.3B	10%	2.9%	—	5%
PAGPPlains GP Holdings L.P. Class A	$44.3B	10%	2.9%	—	5%
DINOHF Sinclair	$26.9B	19%	3.8%	7%	3%
MPLXMPLX LP Common	$9.7B	—	40.3%	18%	47%
GELGenesis Energy	$1.6B	—	10.9%	—	3%
DKLDelek Logistics Partners L.P. Common	$1.0B	25%	20.9%	—	17%
Group median	—	—	7.3%	—	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Genesis Energy has delivered.

Genesis Energy’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Genesis Energy earns about $43M on its 2.7% median owner-earnings margin. This year’s 4.0% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($43M) Net of stock comp (−$13M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $178M on 122M shares outstanding (a weighted basic average, the only count this filer tags); net debt $3.2B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh GEL against another business →

Cite: Owner Scorecard, "Genesis Energy (GEL), the owner's record," https://ownerscorecard.com/c/GEL, data as of 2026-07-09.

Manual order: ← GEHC its page in the Manual GEMI →

Industry order: ← ET the Pipelines & Midstream chapter KGS →