AdvanSix (ASIX) vs Westlake Chemical Partners LP (WLKP)

AdvanSix and Westlake Chemical Partners LP are both Chemicals companies. Westlake Chemical Partners LP is the larger, with a market value of $758.1M against $425.3M — 1.8× the size. AdvanSix has negative trailing earnings, so its P/E is not meaningful; Westlake Chemical Partners LP trades at 13.3×. Westlake Chemical Partners LP grew revenue faster over the last twelve months: 12.1% against 2.96%. Westlake Chemical Partners LP has the higher net margin (4.66% vs −1.14%) and the higher return on invested capital (19.9% vs −0.75%). Both pay a dividend; Westlake Chemical Partners LP yields more (4.30% vs 0.33%). Across the 21 metrics below, Westlake Chemical Partners LP leads on 14 and AdvanSix on 7.

Valuation

Metric ASIX WLKP Chemicals median
P/E n/m 13.25 —
P/S 0.27 0.62 0.44
P/B 0.54 0.99 1.13
Price to free cash flow n/m 1.86 7.30
EV/EBITDA 10.33 3.02 9.48
EV/Sales 0.47 1.21 0.86
Earnings yield (4.18%) 7.55% (10.53%)
Free cash flow yield (6.03%) 53.74% 4.86%

Profitability

Metric ASIX WLKP Chemicals median
Gross margin 5.62% 31.16% 16.03%
Operating margin (0.82%) 28.80% (0.82%)
Net margin (1.14%) 4.66% (3.05%)
Free cash flow margin (1.65%) 33.14% 1.50%
Return on equity (2.19%) 7.20% (5.24%)
Return on assets (1.07%) 4.56% (2.51%)
Return on invested capital (0.75%) 19.85% (0.75%)

Growth

Metric ASIX WLKP Chemicals median
Revenue growth (TTM) 2.96% 12.06% 2.53%
EPS growth (last fiscal year) 11.11% (22.03%) —
Revenue growth, 5-year CAGR 5.62% 3.83% 2.20%
Net income growth, 5-year CAGR 1.36% (5.95%) 0.00%

Health

Metric ASIX WLKP Chemicals median
Debt to equity 0.35 0.52 0.71
Current ratio 1.28 3.44 1.99
Net debt to EBITDA 1.39 0.79 3.49

Dividend

Metric ASIX WLKP Chemicals median
Dividend yield 0.33% 4.30% 2.33%
Payout ratio 0.15 — 0.00

Size

Metric ASIX WLKP Chemicals median
Market cap 425.27m 758.14m 643.59m

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