Cheniere Energy Partners, L.P. (CQP) vs Cheniere Energy, Inc. (LNG)

Cheniere Energy Partners, L.P. and Cheniere Energy, Inc. are both Oil & Gas Midstream companies. Cheniere Energy, Inc. is the larger, with a market value of $56.8B against $30.8B — 1.8× the size. Cheniere Energy Partners, L.P. trades at the lower P/E: 11.1× against 19.9×. Cheniere Energy, Inc. grew revenue faster over the last twelve months: 17.5% against 15.4%. Cheniere Energy Partners, L.P. has the higher net margin (23.1% vs 13.5%) and the higher return on invested capital (16.4% vs 11.8%). Both pay a dividend; Cheniere Energy Partners, L.P. yields more (8.27% vs 1.04%). Across the 23 metrics below, Cheniere Energy Partners, L.P. leads on 15 and Cheniere Energy, Inc. on 8.

Valuation

Metric CQP LNG Oil & Gas Midstream median
P/E 11.12 19.89 13.19
P/S 2.67 2.61 2.60
P/B 40.72 4.88 2.08
Price to free cash flow 11.02 20.70 10.14
EV/EBITDA 9.75 9.95 8.11
EV/Sales 3.89 3.66 3.89
Earnings yield 8.99% 5.03% 6.83%
Free cash flow yield 9.07% 4.83% 6.94%

Profitability

Metric CQP LNG Oil & Gas Midstream median
Gross margin 40.64% 38.53% 58.81%
Operating margin 33.63% 29.89% 32.14%
Net margin 23.11% 13.50% 21.16%
Free cash flow margin 24.23% 12.61% 10.15%
Return on equity 1,283.57% 25.52% 11.30%
Return on assets 15.35% 6.27% 5.00%
Return on invested capital 16.40% 11.80% 6.13%

Growth

Metric CQP LNG Oil & Gas Midstream median
Revenue growth (TTM) 15.44% 17.54% 15.44%
EPS growth (last fiscal year) 21.65% 69.93% —
Revenue growth, 5-year CAGR 11.77% 16.38% 8.96%
Net income growth, 5-year CAGR 22.04% 0.00% 0.00%

Health

Metric CQP LNG Oil & Gas Midstream median
Debt to equity 19.16 2.09 0.78
Current ratio 1.22 0.87 1.19
Net debt to EBITDA 3.23 2.03 3.42

Dividend

Metric CQP LNG Oil & Gas Midstream median
Dividend yield 8.27% 1.04% 7.29%
Payout ratio — 0.04 0.64

Size

Metric CQP LNG Oil & Gas Midstream median
Market cap 30.81b 56.83b 3.61b

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